FKLI will open higher today, for the first trade, one can attempt to Long 1-3 points below the opening price. Try get 5-7 points profit and put a stop 5 points away from your entry point. Close your position by the end of the day.
As for FCPO, market extended losses Friday on some evening of positions for the weekend and protection against the MPOB data and export numbers next week. Selling was prompted by lower CBT soyoil, crude mineral oil and China Dalian futures. Losses were however, held by talks of better exports in the coming weeks. Prices were 10 to 22 lower in the morning and 32 to 11 lower in the afternoon.
Market will be looking towards the MPOB April data on Monday and the cargo surveyors' export numbers for the 1-10 and 1-15 May for incentives in the coming week. Generally, a big build up in end April stocks, although expected, may curb the current bullish sentiment. Exports are expected to be higher in view of the zero CPO export duty for May which will be positive. Think market needs new factors for any major moves.
Technical view - the narrow range trading kept indicators neutral. Prices may turn sideways. Trend sideways ; RSI 50.74 ; stochastic turned down from overbought ; support 2110 / 2070 / 2050 / 2000 ; resistance 2200 / 2250 / 2320.
As for other news...
This week focus:
(1) 🇨🇳 China's central bank unexpected cut its benchmark lending rate by 25 basis points to 5.1% on Sunday, its third reduction since November, as economic growth cools to levels not seen since the global financial crisis.
(2) any significant progress on Greek negotiations with Eurozone finance ministers meeting.
(3) whether crude oil prices extend last Friday's downward correction and help reduce the U.S. Inflation expectations
🇺🇸 April's jobs report showed a creation of 223,000 jobs and an unemployment rate of 5.4%. Analysts polled by Reuters expected the nonfarm payrolls report to show the creation of 224,000 jobs in April, with unemployment lower at 5.4%.
🇺🇸 U.S. stocks closed sharply higher on Friday as investors cheered a jobs report that showed economic growth but not enough, in the eyes of most, to warrant central bank tightening immediately.
* Dow +267
* S&P +28
* Nasdaq +58
€ European stocks were up, led by strength in the UK FTSE 100 Index which recovered from a 1-month low and is up +1.84% after election results showed that Conservatives would win more than half of Parliament's 650 seats, outnumbering the Labour party and allow Prime Minister Cameron to end a coalition with the Liberal Democrats. British banks and utilities rallied after the defeat of the Labour party, which had pledged more taxes on banks and fixed prices in the energy industry.
🇩🇪 The German Mar trade balance widened to a surplus of +23.0 billion euros, a larger surplus than expectations of +20.0 billion euros. Mar exports rise +1.2% m/m, stronger than expectations of +0.4% m/m, and Mar imports rose +2.4% m/m, stronger than expectations of +0.1% m/m and the biggest increase in 6 months.
🇨🇳 The China Apr trade balance widened to a surplus of +$34.13 billion, less than expectations of +$39.60 billion. Apr exports unexpectedly fell for a second month as they dropped -6.4% y/y, weaker than expectations of +1.6%, and Apr imports fell for a sixth month as they slumped -16.2% y/y, weaker than expectations of -12.2% y/y.
⛽Crude oil futures settled up 45 cents, or 0.76%, at $59.39 after oilfield services firm Baker Hughes reported that the U.S. oil rig count fell for the 22nd consecutive week. Also, strong demand from China, after China Apr crude imports rose +8.7% y/y to a record 30.29 MMT. While Brent crude settled down 15 cents at $65.39 a barrel.
👑 Gold settled higher on Friday, as revisions to U.S. payrolls data supported speculation that the Federal Reserve may hold off raising interest rates in the immediate future. Now, $1,190.
🌴 FCPO (RM2,162) extended losses as lower CBT Soyoil, China Dalian Futures and crude mineral oil. This week, market players looking forward toward Monday MPOB data and exports data for 1-10 May &1-15 May. Market need new factors for any major moves.
Ringgit ~ 3.5950 / 3.5970 vs USD
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