As for FCPO, market closed about unchanged after an erratic trading session. Erosion in CBT soyoil and China Dalian futures opened market lower. Weekend profit taking and ideas that losses yesterday were overdone brought better buying. Together with weaker ringgit, which lost up to 0.8 pct vs USD, market extended gains in the afternoon. However, slower export pace for 1-20 June exports resulted in market easing towards close. Prices were 10 lower to 14 higher in the morning and rose to 23 higher in the afternoon before coming off.
Market will be looking towards the 1-20 and 1-25 June exports to be reported by cargo surveyors next week for some incentives. Unless exports are better than a month ago, stocks will increase as production is likely to be slightly higher on better harvest ahead of Ramadan. In any case, expect market to show greater emphasis towards the weather situation, particularly in the US and India.
Technical view - no change in negative indicators. Prices may move to 2200. Ringgit ~ 3.7390 / 3.7420 vs USD. Trend down ; RSI 47.74 ; support 2225 / 2150 / 2120 / 2070 ; resistance 2280 / 2330 / 2360 / 2400.
In other news...
Greece and its foreign creditors and with anxious depositors pulling billions of euros out of Greek banks, Greek Prime Minister Alexis Tsipras made a new offer on a reforms package on Sunday, showing a new willingness to make concessions that could unlock frozen aid to avert a default. Both sides are due to continue the negotiations at a crisis summit in Brussels this week.
🇺🇸 U.S. stocks closed lower on Friday following the Nasdaq's record high as investors eyed developments in the Greece debt negotiations amid quarterly options expirations.
€ European stocks were positive on Friday as optimism the Greek debt crisis can be contained. Greek bank stocks rose and led European stocks higher on speculation the ECB will extend a lifeline to Greek lenders after three people familiar with the matter said the ECB plans to hold an emergency session of its Governing Council today to discuss the deteriorating liquidity situation of Greek banks.
€ The Eurozone Apr current account shrank to a surplus of 20.4 billion euros (nsa) from the downward revised 24.4 billion euro surplus from Mar.
🇨🇳 China's Shanghai Composite down -6.42% at a 3-week low as it corrects lower from its recent 7-1/3 year high on valuation concerns. The slide was also sparked by fresh tightening moves on margin lending by the China Securities Regulatory Commisiion (CSRC), as well as a deluge of initial public offerings (IPOs) that posed a huge threat to market liquidity.
🇯🇵 Bank of Japan(BOJ) largely stuck to the script in its rates decision on Friday, maintaining its massive asset buying program which increases the money base at an annual pace of 80 trillion yen ($650 billion).
⛽ Crude oil fell >1% on Friday, the first decline after three days of gains, as worries over the Greek fiscal crisis, weaker oil products prices and pre-weekend profit taking undercut the market.
👑 Gold held near a three-week high on Friday and was set for a second weekly gain, bolstered by the U.S. Federal Reserve's caution on an interest rate rise and worries over Greece, even as a recovering dollar capped gains. Now, $1,198.70 (-1.4)
🌴 FCPO (RM2,237) closed unchanged after an erratic trading session. Market opened lower as erosion in CBT Soyoil and China Dalian Futures. However, due to weekend profit taking and ideas that losses were overdone brought better buying. Market looking forward the 1-20 and 1-25 June exports this week for some incentive in direction. Indicators remain in negative side.
No comments:
Post a Comment