Wednesday, March 31, 2010

Tanjong, Topglove, Supermax, MRCB, Astro

DJ MARKET TALK: Charts Tips Tanjong May Rise To MYR19.15 -Maybank
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0549 GMT [Dow Jones] STOCK CALL: Maybank Investment rates Tanjong (2267.KU) at Short-Term Buy based on charts with upside targets at MYR18.25, then MYR19.15. Technical analyst Lee Cheng Hooi says stock made Wave 4 low at MYR16.98 in February, with oversold signals. Adds, with share price now above 19-day, 50-day simple moving averages, also positive indicators (like CCI, DMI, MACD, Stochastic and Oscillator), Ascending Triangle Breakout yesterday, Tanjong could soon test resistance levels. Stock last flat at MYR18.08. Resistance at MYR18.30, then MYR18.90. On downside, next support at MYR17.44, stop loss at MYR17.42


DJ Top Glove Executive: FY 2010 U.S. Sales May Grow 10% On Healthcare Reform
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KUALA LUMPUR (Dow Jones)-- Top Glove Corp.'s (7113.KU) sales to the U.S. market will likely grow at a faster 10% this fiscal year against a 5% rise as earlier expected following the recently announced healthcare reform bill, its chairman Lim Wee Chai said Wednesday.

Lim told reporters at the sidelines of the Invest Malaysia conference that the 10% growth for the fiscal year ending Aug. 31 translates into an increase of about MYR60 million in sales to the U.S.

Meanwhile, Lim said earnings for its fiscal second half year will at least match if not exceed the results for the first half.

In the first half, Top Glove posted revenue of MYR982.2 million and net profit of MYR138.8 million.


DJ Supermax Corp: Expect 5%-7% Rise In Glove Sales To U.S. In 2010
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KUALA LUMPUR (Dow Jones)--Malaysia latex glovemaker Supermax Corp (7106.KU) expects to increase its exports of examination gloves to the U.S. by 5% to 7% in 2010 following the recently announced U.S. healthcare reform bill that will lead to coverage for 32 million uninsured Americans, a top exectuive said Wednesday.

"We should be able to capitalize on the demand uptake estimated at 10% to 12% per annum, or (an increase in sales of) MYR35 million to MYR40 million," Executive Chairman and Managing Director Stanley Thai said on the sidelines of the Invest Malaysia conference.

The group's exports to the U.S. currently account for 42% of total sales, he said.

Supermax will have the capability to produce 17.58 billion gloves by Dec. 31 after its ninth manufacturing plant that will have an annual capacity of 2.3 billion comes onstream in April, he added.


DJ MARKET TALK: Affin Raises MRCB Target To MYR1.92; Keeps Buy
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0306 GMT [Dow Jones] STOCK CALL: Affin Investment keeps Malaysian Resources Corp (1651.KU) at Buy, raises target to MYR1.92 from MYR1.77 on improved prospects, as property developer likely to be among key beneficiaries of plans by government to develop 3000 acres of land in Sungei Buloh, near Kuala Lumpur. Prime Minister Najib says at Invest Malaysia conference Tuesday government will partner Employees Provident Fund (EPF) to develop land into "new hub" for central Klang Valley, expects MYR5 billion in new investment. Analyst Kevin Low says MRCB could be beneficiary as EPF holds 39.1% stake; notes firm on lookout for new strategic land bank after completion of its KL Sentral development in 2013, also raised MYR380 million from the recent rights issue. "We estimate that a one-third share in a MYR5 billion development at a pretax margin of 20% would enhance MRCB's RNAV by 17 sen, from MYR1.92 currently to MYR2.09," says Low. Stock +4.4% at MYR1.66


*DJ Astro All Asia Downgraded To Neutral From Buy By OSK Research


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Favelle, KPJ, NEM, Tenaga, EON


DJ MARKET TALK: EON Capital May Rise On Revived HL Bank Offer

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0011 GMT [Dow Jones] EON Capital (5266.KU) may rise to test MYR7.10 vs yesterday's close at MYR7.03 (unchanged) says dealer; this following Hong Leong Bank's (5819.KU) MYR4.92 billion (MYR7.10/share) revived offer Tuesday for EON Capital's assets, liabilities. "The revived offer from Hong Leong Bank is not a surprise after the appointment of seven new (EON Capital) directors who are in favor of a deal with Hong Leong," says dealer. "The offer price has not changed...whether or not this will be accepted by the new board remains to be seen, but the chances have improved." Hong Leong Bank's offer in January was rejected by EON Capital's then directors as it "significantly undervalues" the company. EON Capital has to revert to Hong Leong Bank on this offer by April 5 or it will lapse


DJ MARKET TALK: IOI Corp May Rise On Asset Acquisition Plans

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0008 GMT [Dow Jones] IOI Corp (1961.KU) may rise to test resistance at MYR5.45 (March 19 high) on optimism company will soon make key acquisitions to expand plantation, property businesses; this after Executive Director Lee Yeow Chor tells Dow Jones Newswires IOI has identified acquisition opportunities, including planted oil palm estates in Indonesia, land for property development in Malaysia and Singapore. Lee adds, despite drop in palm oil production in 1H FY10, there's chance recovery in output in 2H FY10 may be enough to help IOI match FY09 production; tips 3-5% growth in output in FY11; Lee also says IOI set to launch S$1.1 billion Singapore property project in April. "It will be positive for the company if it indeed acquires estates that are already planted and are productive these will immediately contribute to earnings," dealer says; adds, however, lack of details on timing, pricing of acquisitions may cap gains. IOI ended 0.2% lower at MYR5.39 yesterday.


DJ MARKET TALK: Tenaga May Rise On Higher Power Demand Forecast

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2352 GMT [Dow Jones] Tenaga Nasional (5347.KU) may rise to test 200-day moving average of MYR2.13, says dealer with local brokerage; this after Tenaga CEO Che Khalib says FY2010 power demand growth likely to come in at 6%-7%, higher than earlier guidance of 2%-3%; adds PM's comments on New Economic Model, tariffs, subsidies, positive and may reignite foreign interest in stock; also government may announce power tariff before June. "The higher power demand guidance and possible electricity hike may rekindle interest in the stock," says dealer. Tuesday, stock closed flat at MYR8.02.


DJ MARKET TALK: Malaysia NEM "A Positive Step" -Capital Economics

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2349 GMT [Dow Jones] Malaysia's New Economic Model (NEM), published Tuesday, "is a positive step toward promoting long-term economic reform," says Capital Economics. Notes, boosting foreign investment, lifting education standards, reducing role of government is right way to increase trend GDP growth. House awaits more details to come in 3Q, says "implementation of reforms will surprise on the upside and lift KL equities." Adds, NEM aims to lift Malaysia to developed country status by 2020; requires boosting GDP growth to 6.5% on-year from the 4%-5% since late-1990s; "strategy outlined today for doing this looks about right." Notes, markets already expect more state sector sell-offs; "this should lift KL stocks, which have gained in recent weeks. The price/earnings ratio is still reasonable at around 16 times 2010 earnings and provides scope for more upside too." Forecasts KLCI at 1,500 by end-2010, +14% from Tuesday's close at 1,319. Maintains long-held view GDP will expand by 5.0% this year, noting Bank Negara recently lifted GDP forecast, is now broadly in line with house's 2010 view.


DJ MARKET TALK: KPJ Healthcare May Rise On Higher Profit Guidance

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2348 GMT [Dow Jones] KPJ Healthcare (5878.KU) may rise to test MYR3.00 (yesterday's intraday high) vs yesterday's close at MYR2.86 (down 3.7%) says dealer; this after MD of country's largest private healthcare Siti Sa'diah Sheikh Bakir says expects 2010 net profit to grow minimum 19% this year on expansion in number of hospitals, rising healthcare demand. Siti Sa'diah tells Dow Jones KPJ "will at least sustain" 19% of net profit growth recorded in 2009. Adds, group will continue to maintain expansion policy of adding minimum of two hospitals per year to meet revenue target of MYR2 billion by 2012. Dealer says previous reported target was for earnings to grow 10%-15% per annum over next few years; "with the new guidance, it looks like the management is more optimistic on healthcare demand... it also exceeds street estimates." KPJ posted a net profit of MYR101.9 million on revenue of MYR1.45 billion in 2009.


DJ MARKET TALK: Favelle May Rise On MYR79.8M Orders Clinched

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2338 GMT [Dow Jones] Favelle Favco (7229.KU) may rise to test 90 sen psychological resistance after clinching MYR79.8 million worth of orders for supply of cranes to be delivered in 2010-2011. "The contracts are expected to contribute positively to earnings and net assets...for the financial year ending 31 December 2010 and beyond," company says; dealer says contract size considerable for Favelle Favco as boosts orderbook by 20% (orderbook totaled MYR418 million as at February 2010). Favelle Favco ended down 1.2% at 84 sen.

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Tuesday, March 30, 2010

KLCI May Rise, ESSO, Genting Plantation

DJ MARKET TALK: KLCI May Rise; Banks Expected To Lead; 1334 Cap
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0046 GMT [Dow Jones] KLCI may rise, extend its winning streak to 6 sessions following gains in U.S. stocks overnight and optimism about country's economic outlook. "Market sentiment should remain buoyant today in anticipation of the announcement by the Prime Minister on the New Economic Model...for further market liberalization measures to boost foreign participation," says TA Research. Tips KLCI to test immediate resistance at 1325, with stronger resistance eyed at 1334. Banking stocks such as Maybank (1155.KU) and CIMB (1023.KU), viewed as proxy to wider economy, may lead gains. KLCI ended +0.3% at 1319.21 yesterday.

DJ MARKET TALK: Esso May Rise On Buyout Offer Speculation
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0022 GMT [Dow Jones] Esso Malaysia (3042.KU) may rise to MYR2.63 (January high) on speculation the operator of retail stations may be taken private by parent ExxonMobil [XOM]; this after Malaysian Reserve newspaper reported that ExxonMobil may offer to buyout remaining 35% of Malaysian unit it doesn't already own; no further details were provided; "There could be speculative interest in the stock, but the absence of any details on the offer price may cap gains," dealer says. Esso ended unchanged at MYR2.51 yesterday.


DJ MARKET TALK: Genting Plantations May Fall On Mall Pact Delay

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0021 GMT [Dow Jones] Genting Plantations (2291.KU) may fall to MYR6.85 support (high of March 24) after missing deadline to formalize agreement with Simon Property Group (SPG) to set up Chelsea Premium Outlets in Malaysia; Genting Plantations announced that deadline has been extended by another 3 months; company had unveiled in September 2009 proposal to set-up JV with Simon Property to develop and operate upscale outlet mall in Johor state, which would be first such outlet in Southeast Asia; dealers say delay in signing of definitive agreement may raise doubts about project. "One thing is for sure, with the extension of the deadline, the earlier stated target of having the outlet mall up and running by early 2011 looks highly unlikely to be met. This may give investors an excuse to take some profits from this stock, which rallied to a 2-year high last week," dealer says. Genting Plantations ended 0.6% lower at MYR6.96 yesterday


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Monday, March 29, 2010

Stocks Soar, but Many Analysts Ask Why

The unemployment rate remains locked in a range that recalls the economic doldrums of the early 1980s. Housing is stuck in a ditch, with foreclosures rising. And consumers are still reluctant to part with the little cash they do have.

Yet the stock markets are partying like it's 2003, when hiring was brisk, real estate was booming, wallets were fat -- and the major stock indexes started a four-year rally that would double their value and push them to new heights just before the financial crisis hit.

Judging from stock prices alone, one would think the economy was poised for a roaring comeback. But the federal government plans to unplug the economic life-support programs that stimulated production, kept interest rates low and placed a thick cushion under the real estate market.

Some analysts see ample reason for caution in equities, with many economists, including those at the Federal Reserve, forecasting tepid growth in the near term.

"The market is as overvalued now as it was undervalued a year ago," said David A. Rosenberg, chief economist and strategist for Gluskin Sheff, an investment firm. "There's a very high degree of complacency."

The incongruity of it all can be seen clearly in an analysis of price-to-earnings ratios, a gauge of how expensive stocks are relative to their performance.

Ratios in the Standard & Poor's 500-stock index are hovering about 13 percent above the average since 2005; a year ago, they were about 40 percent below the average. That suggests that investors are betting on robust earnings through the end of the year, a view that many economists do not embrace.

"The stock market has priced in a bit more than what we've got so far," said Jeffrey A. Hirsch, editor of The Stock Trader's Almanac. "We're due for a pause."

Recent rallies have been narrow, with a modest number of stocks reaching 52-week highs even when the broader market surged. There is a sense in some corners that stock prices will decline: investors are betting more on stocks' falling now than they have since July.

Mr. Hirsch, citing historical patterns, predicts a 20 to 30 percent dip in the markets before they can climb again. The Dow Jones industrial average is more than 60 percent above its lows a year ago, flirting with 11,000 for the first time since the onset of the financial crisis, though it remains more than 3,000 off its prerecession peak.

The S.& P. 500 is up nearly 75 percent from a year ago, and the Nasdaq is up nearly 90 percent.

The first part of this year had glittering reports on fourth-quarter earnings and mildly upbeat news on economic indicators like retail sales and orders for durable goods.

In response, the broad-based S.& P. 500 has climbed 4.6 percent this year. Autos, consumer electronics, regional banks and home builders -- all losers in 2009 -- have led the way. Banking stocks, which drove much of last year's rally, continue to surge, with many regional banks up more than 40 percent.

Even during some of the stock markets' better weeks, jitters have seemed to lurk just beneath the surface. The Dow rode a rare eight-day winning streak this month, but trading was light and day-to-day gains were small, casting doubt on the significance of the uptick.

During much of the financial crisis, traders clung to bond funds for safety. But as the appetite for risk has returned, investors have begun snapping up stocks: over the last several weeks, new cash has poured into American equity funds at a brisk pace, and mutual funds have shown particular strength.

Many market participants expect the momentum to continue, with stocks ending the year 10 to 20 percent higher. While few expect strong economic growth this year, investors believe that the recovery is intact and that earnings will continue to grow.

"A lot of people believe the government will just keep pumping money into this," said Doug Roberts, chief investment strategist for Channel Capital Research.

There are signs that some of investors' optimism may be excessive.

Interest rates, kept at historical lows by the Fed during the financial crisis, are starting to rise because of the flight from bonds and concern over rising debt, particularly that of the United States.

Standard mortgage rates hovered near 5 percent last week after auctions of seven-year Treasury notes were met with weak demand, sending yields higher. A sustained rise in interest rates would crimp growth by making borrowing more expensive for consumers, businesses and governments. It could also attract some investors away from equities and into bonds.

Another concern is the nation's intractable unemployment rate, which has hampered consumer spending and worsened a foreclosure crisis in the housing market. Employers are still not adding jobs, though the rate of job losses has declined in recent months, raising hopes that a turning point is at hand.

Consumer confidence has improved modestly from its low a year ago, but spending is still weak.

Some clarity may come to the market on Friday, when the government releases its monthly snapshot of the labor market. Forecasters expect the data to show 200,000 new jobs, with the unemployment rate holding steady at 9.7 percent.

When first-quarter earnings results begin trickling in next month, investors will be looking for signs that companies have put cost-cutting behind them and strengthened revenue.

"We've managed to at least temporarily suspend the financial crisis," Mr. Roberts said. "The question now is, 'You've gotten past the first act; what's the encore?'"

Source ==> http://finance.yahoo.com/banking-budgeting/article/109190/stocks-soar-but-many-analysts-ask-why?sec=topStories&pos=1&asset=&ccode=
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KLCI, Glove Makers, SPK-Sentosa, Axiata

DJ MARKET TALK:Axiata May Rise;Raises $600M From Stk Sale Of Unit

Dow Jones] Axiata (6888.KU) may rise to test MYR3.94 (2-week high) after pricing sale of 20% stake in Indonesian unit PT XL Axiata (EXCL.JK) at IDR3,300/share; sale price was at higher end of guidance, raising $600 million for Axiata; offering was covered at 3-4 times, says Axiata chief executive Jamaludin Ibrahim; XL Axiata chief executive Hasnul Suhaimi says between 50%-80% of shares will be allocated to Indonesian investors, with the rest to foreign investors; offering includes 1.8% greenshoe option which could be sold within one month; dealers say pricing of sale at top end of indicative range may boost Axiata shares; "Axiata's original cost of investment in the shares was about MYR1.4 billion, which means they will make a gain of up to MYR600 million from the sale," dealer says. Axiata ended 0.5% lower at MYR3.80 Friday, XL's share prices closed at IDR3,500.

DJ MARKET TALK: SPK-Sentosa May Rise On Unit Abu Dhabi Contract

GMT [Dow Jones] SPK-Sentosa Corp. (1813.KU) may rise after unit Pembinaan SPK awarded AED29.9 million (about MYR27.1 million) contract by Aldar Properties for main works on Al Raha Gardens Community Retail Center development in Abu Dhabi; trader tips stock may rise to MYR0.41 (30-day moving average) vs Friday's close of MYR0.35 (+1.5%) says trader. SPK-Sentosa says project, which starts this month, will contribute positively to FY10 net profit, will be completed by December. Trader says contract decent size for firm; in 4Q09, SPK posted net profit of MYR6.5 million on revenue of MYR49.5 million; but reported FY09 loss of MYR13.3 million. Adds "this award will be important in helping company swing back into the black in 2010."

DJ MARKET TALK: KLCI Biased Up; Glove Makers May Gain; 1318 Cap

0048 GMT [Dow Jones] KLCI likely to remain rangebound with positive bias ahead of investment conference starting Tuesday, where PM Najib expected to unveil new measures to boost economic growth, attract foreign investors. "Investors will mostly stay on the sidelines today to wait for fresh leads from the conference. The anticipation that there will be some good news from the conference may help keep the market in positive territory for the fifth consecutive day," dealer says; tips KLCI in 1312-1318 range. TA Research says rubber glove makers like Supermax (7106.KU) and Latexx (7064.KU) expected to maintain uptrend on strong medical glove demand outlook following recent U.S. healthcare bill approval. KLCI ended +0.2% at 1315.14 Friday.

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Friday, March 26, 2010

DJ MARKET TALK: Charts Tip Cahya Mata May Rise To MYR3.10-Maybank

0505 GMT [Dow Jones] STOCK CALL: Maybank Investment rates Cahya Mata Sarawak Bhd (2852.KU) at Short Term Buy based on charts with upside targets at MYR2.82, then MYR3.10. "CMSB is in a very firm major Wave 3 uptrend, confirmed by the positive crossovers on its technical indicators," says chartist Lee Cheng Hooi. Adds, resistance eyed at MYR2.79, then MYR3.08. Stock last flat at MYR2.59. On downside, next support at MYR2.15; stop loss at MYR2.13


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Stocks abandon rally

NEW YORK (CNNMoney.com) -- Stocks gave up gains Thursday, ending little changed, as a late-session bounce in the dollar sapped the strength out of a rally that had pushed the Dow, S&P 500 and Nasdaq near new 18-month highs.

The Dow Jones industrial average (INDU) added 5 points, or less than 0.1%. Earlier it had risen as much as 119 points, to within 46 points of 11,000, before giving back most of those gains. The S&P 500 index (SPX) lost 2 points, or 0.2%. The Nasdaq composite (COMP) was little changed.

The market rallied through the early afternoon after Best Buy and Qualcomm issued upbeat profit forecasts and Federal Reserve Chairman Ben Bernanke said interest rates can stay low for a while.

But the advance crumbled in the last half hour as the dollar firmed up and commodity prices and stocks cut gains. Treasury prices tumbled, boosting the corresponding yields after the government's auction of $32 billion in seven-year notes drew tepid demand.

Stocks fell Wednesday after Fitch's downgrade of Portugal's debt increased worries about euro zone debt issues, sending the dollar higher.

However, the trend has been largely to the upside over the last few weeks, with the major indexes rising in five of the last six weeks, pushing the Dow industrials closer to 11,000, a key psychological level.

Investors are also still reacting well to the end of the uncertainty around the health care bill, which President Obama signed into law Tuesday, said Kelli Hill, portfolio manager at Ashfield Capital Partners.

"The uncertainty about the health care bill is gone and there are plenty of indications that the economic recovery is picking up," she said. "Best Buy's report shows corporate earnings are going to keep improving, and the run-up in the technology and transportation sectors is an economic play."

A broad stock advance petered out by the close, with technology and retail shares holding on to gains and energy, materials, metal and mining stocks all retreating.

Market breadth turned mixed after having been positive through the session. Trading volume was moderate. On the New York Stock Exchange, winners topped losers four to three on volume of 1.156 billion shares. On the Nasdaq, decliners topped advancers eight to five on volume of 2.60 billion shares.

After the close, Oracle (ORCL, Fortune 500) reported weaker earnings that beat forecasts and higher revenue that also topped expectations.

Best Buy: The electronics retailer reported higher quarterly sales and earnings that topped estimates thanks to stronger sales of high-ticket items like notebook computers, mobile phones and flat-panel TVs.

The company also lifted its full-year earnings forecast due to increased demand for electronics in an improving economy.

Bernanke: The Federal Reserve chairman, speaking before a House committee Thursday said that record-low rates are still needed to keep the economy chugging along.

He said that a still germinating economic recovery, a persistently high unemployment rate and little in the way of inflationary pressure mean the Fed has some breathing room when it comes to interest rates. He said higher rates will be needed at some point in the future, but not in the near term.

Bernanke was speaking before the House Financial Services Committee as part of a hearing on how the Fed plans to withdraw the emergency funding programs put in place at the height of the financial crisis.

His comments essentially echoed those in the statement accompanying last week's Fed decision, in which the central bank held interest rates steady at historic lows near zero percent.

Greece: Worries about a Greek default were further cooled Thursday following a series of developments as a European Union (EU) summit was about to get underway in Brussels.

Reports say EU leaders want to put together a joint loan package for Greece of €22 billion to €23 billion that would be funded by euro zone nations and the International Monetary Fund, should Greece run out of borrowing options.

Earlier, Greece and Spain called for the EU to create a bailout fund to provide cheap loans to struggling member nations. Meanwhile, the European Central Bank extended looser funding rules.

Worries about a euro zone debt crisis were exacerbated Wednesday after ratings agency Fitch lowered Portugal's debt rating.

Like Greece, Portugal is one of the PIIGS, the five euro zone nations with serious debt problems. Ireland, Italy and Spain are the other three.

Dubai: Dubai's government said it will inject $9.5 billion in funding into Dubai World and its property development arm Nakheel as part of a long-in-the-works restructuring plan. Even with the infusion, Dubai World will still owe its creditors more than $14 billion.

Global markets were rocked in November when the city-state, the most populous of the seven United Arab Emirates, requested a freeze on $26 billion in debt payments, raising worries that it would default.

The $9.5 billion infusion was seen a step in the right direction.

VIX: The Volatility (VIX) index, the market's so-called fear gauge, turned higher in the late afternoon as investors backed out of stocks. The VIX and the market typically move in opposing directions. On Wednesday, the VIX fell to a two-and-a-half-year low.

Labor market: The number of Americans filing new claims for unemployment fell last week to the lowest level in six weeks. Claims fell to 442,000 last week from a revised 456,000 the previous week. Economists surveyed by Briefing.com thought claims would fall to 450,000.

Continuing claims, a measure of Americans who have been receiving benefits for a year or more, fell to 4,648,000 from 4,725,500 in the previous week.
What if interest rates don't rise?

The dollar and commodities: The dollar fell versus the euro and gained against the yen.

U.S. light crude oil for May delivery slipped 8 cents to settle at $80.45 a barrel on the New York Mercantile Exchange.

COMEX gold for May delivery rose $4.10 to settle at $1,092.90 per ounce.

Bonds: Treasury prices fell, raising the yield on the 10-year note to 3.93% from 3.83% late Wednesday after a tepid response to an auction of seven-year notes. Treasury prices and yields move in opposite directions.

A $32 billion auction of $7 year notes drew moderate demand, following a mild response to Wednesday's auction of $42 billion in five-year notes.

World markets: In overseas trading, European markets gained. London's FTSE rose 0.9%, France's CAC 40 rose 1.3% and Germany's DAX added 1.6%. Asian markets ended mixed, with Hong Kong's Hang Seng index down 1.1% and Japan's Nikkei index up 0.1%. To top of page

Thursday, March 25, 2010

Oil Falls On US Inventory Build, Stronger Dollar

LATEST ON OIL

Oil Falls On US Inventory Build, Stronger Dollar

By Claire Rangel
Of DOW JONES NEWSWIRES


NEW YORK -- Crude oil prices fell to a seven-session low Wednesday due to a sharp rise in U.S. crude inventories and on a stronger dollar. Worries over sovereign debt in Europe led investors out of perceived riskier assets.

Light, sweet crude for May delivery settled $1.30, or 1.6%, lower at $80.61 a barrel on the New York Mercantile Exchange. Brent crude on the ICE futures exchange settled $1.08, or 1.3%, lower at $79.62 a barrel.

The U.S. Energy Information Administration reported a hefty 7.25 million barrel increase in crude inventories for last week, substantially more than the 1.4 million barrel gain that analysts surveyed by Dow Jones Newswires were expecting.

Oil briefly dropped below $80 a barrel on the data, but market participants were not entirely surprised by the level of the rise since the American Petroleum Institute, an industry group, had reported late Tuesday a 7.5 million barrel increase in crude stocks.

The stock build was partly due to an increase in crude imports to their highest weekly total since September. Tim Evans, analyst with Citi Futures Perspective in New York, noted that crude imports may have been bunched up following weather-related delays in recent weeks.

Some of the losses in oil, though, were halted by a greater-than-expected draw in oil product stocks. Gasoline inventories fell 2.7 million barrels against expectations of a 1.3 million barrel fall and distillate stocks, that include diesel and heating oil, slipped 2.4 million barrels compared with projections of a 600,000 barrel decline. Refinery processing rates increased 0.5 percentage point to 81.1% of total capacity.

With the U.S. gearing up for the summer driving season, more attention is paid to the size of gasoline stocks and the level of oil demand.

Total products supplied--a proxy for demand--in the last four weeks averaged 19.4 million barrels a day, a 3.6% increase on a year ago. Gasoline demand last week rose 238,000 barrels a day to 9.1 million barrels a day.

Oil prices were also weighed down by sovereign debt woes in Europe. This caused the dollar to soar to a 10-month high against the euro as investors exited riskier assets and moved into the dollar. Oil tends to fall on a stronger dollar as it makes the commodity more expensive to buy with other currencies.

"We're seeing a flight to safety that's hit commodities across the board, and oil is no exception," said Mike Zarembski, senior commodities analyst with OptionsXpress in Chicago.

Investors were nervous after Fitch Ratings lowered its long-term credit rating for Portugal, adding to fears that the debt crisis in Europe may not be contained.

Investors were less confident in the European Union's ability to provide a bail-out package for Greek debt after France and Germany sought the participation of the International Monetary Fund in offering financial aid to Greece. The EU will meet Thursday for a two-day summit.

Traders were also monitoring news that top oil producer Saudi Arabia had arrested 113 al Qaeda-linked militants accused of plotting attacks on oil facilities and security sites in the kingdom, state-run Saudi Press Agency reported Wednesday.

Front-month April reformulated gasoline blendstock, or RBOB, settled 4.17 cents, or 1.8%, lower to $2.2211 a gallon. April heating oil settled 3.11 cents, or 1.5%, lower to $2.0707 a gallon.


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Monday, March 15, 2010

List of Brokers in Malaysia

For Full List of Malaysia Stock Broking, Securities And Investment Firms and their branches go to BURSA

A.A. Anthony Securities Sdn. Bhd.
Tingkat 1, 2 & 3, Bangunan Heng Guan
171, Jalan Burmah
10050 Georgetown, Pulau Pinang
Tel: (60) 4 229 9318
Fax: (60) 4 226 8788
Website: http://www.aaasec.com.my/

Affin Investment Bank Bhd
14th, 21st, 24th, 26th & 27th Floor
Menara Boustead, 69 Jalan Raja Chulan
50200 Kuala Lumpur
Tel: (60) 3 2142 3700
Fax: (60) 3 2142 3799
Website: http://www.affininvestmentbank.com.my/

Alliance Investment Bank Bhd
18th-20th Floor, Menara Multi-Purpose
Capital Square, No.8, Jalan Munshi Abdullah
50100 Kuala Lumpur
Tel: (60) 3 2694 4888
Fax: (60) 3 2694 6200
Website: http://www.allianceinvestmentbank.com.my/

AmInvestment Bank Bhd
8th-9th, 11th-19th, 21st-25th Floors
AmBank Group Building, 55 Jalan Raja Chulan
50200 Kuala Lumpur
Tel: (60) 3 2078 2633
Fax: (60) 3 2078 2842
Website: http://www.amsecurities.com/

Aseambankers Malaysia Berhad
Level 31-33, Menara Maybank
100 Jalan Tun Perak
50050 Kuala Lumpur
Tel: (60) 3 2059 1888
Fax: (60) 3 2078 4194
Website: http://www.aseam.com.my/

BIMB Securities Sdn. Bhd.
1st-2nd Floors, Block Podium
AMDB Building No. 1 Jalan Lumut
50400 Kuala Lumpur
Tel: (60) 3 4043 3533
Fax: (60) 3 4041 3433

CIMB Investment Bank Bhd
6th, 7th & 10th Floors, Bangunan CIMB
Jalan Semantan Bukit Damansara
50490 Kuala Lumpur
Tel: (60) 3 2084 8888
Fax: (60) 3 2084 9688
Website: http://www.cimb.com.my/

CLSA Securities Malaysia Sdn. Bhd.
Bilik 20-01, Aras 20
Menara Dion, 27 Jalan Sultan Ismail
50250 Kuala Lumpur
Tel: (60) 3 2056 7888
Fax: (60) 3 2056 7988

Credit Suisse Securities (Malaysia) Sdn. Bhd.
Suite 7.6, Level 7
Menara IMC, 8 Jalan Sultan Ismail
50250 Kuala Lumpur
Tel: (60) 3 2723 2020
Fax: (60) 3 2026 9500

ECM Libra Avenue Securities Sdn. Bhd.
Tingkat 1, 2, 3 & 8A, Wisma Genting
Jalan Sultan Ismail
50250 Kuala Lumpur
Tel: (60) 3 2178 1888
Fax: (60) 3 2161 8818
Website: https://www.ecmlibra.com/ecmlsmy/

FA Securities Sdn. Bhd.
No. 51 & 51A, Ground, Mezzanine, & 1st Floor
Jalan Tok Lam
20100 Kuala Terengganu, Terengganu
Tel: (60) 9 623 8128
Fax: (60) 9 623 8129

HLG Securities Sdn. Bhd.
Levels 5-8, Menara HLA
No. 3 Jalan Kia Peng
50450 Kuala Lumpur
Tel: (60) 3 2168 1168
Fax: (60) 3 2161 6311
Website: http://www.hlebroking.com/

HwangDBS Investment Bank Berhad
Levels 2, 3, 4, 5, 7 & 8 Wisma Sri Pinang, 60 Green Hall
Levels 2, 3, 4, 5, 6, 7 & 8 Wisma Sri Pinang II, 42 Green Hall
10200 Pulau Pinang
Tel: (60) 4 263 6996
Fax: (60) 4 263 9597
Website: http://einvest.hdbsib.com/bin/home.asp

Innosabah Securities Berhad
Lot 11-12, Block K
Lot 6, 7 & 9, Block H
Lot 11, Block I
Sadong Jaya, Karamunsing
88100 Kota Kinabalu, Sabah
Tel: (60) 8 823 4099
Fax: (60) 8 823 4100
Website: http://www.innosabah.com.my/

Inter-Pacific Securities Sdn. Bhd.
West Wing, Level 13
Berjaya Times Sqaure
No.1, Jalan Imbi
55100 Kuala Lumpur
Tel: (60) 3 2117 1888
Fax: (60) 3 2144 1686
Website: http://www.paconline.com.my/

JF Apex Securities Berhad
3rd, 5th, 6th & 10th Floor, Menara Apex
Off Jalan Semenyih, Bukit Mewah
43000 Kajang, Selangor
Tel: (60) 3 8736 1118
Fax: (60) 3 8737 4532
Website: http://www.apexetrade.com/bin/home.asp

JPMorgan Securities (Malaysia) Sdn. Bhd.
Menara Dion, Aras 27
Jalan Sultan Ismail
50250 Kuala Lumpur
Tel: (60) 3 2270 4700
Fax: (60) 3 2270 4787

Jupiter Securities Sdn. Bhd.
Levels 8-9, Menara Olympia
No. 8 Jalan Raja Chulan
50200 Kuala Lumpur
Tel: (60) 3 2034 1888
Fax: (60) 3 2034 2288
Website: http://www.jssb.com.my/

KAF-Seagroatt & Campbell Securities Sdn. Bhd.
11th - 14th, Chulan Tower
No. 3, Jalan Conlay
50450 Kuala Lumpur
Tel: (60) 3 2168 8800
Fax: (60) 3 2168 8840

Kenanga Investment Bank Berhad
Tingkat Bawah, 1-14, 16, 17 & 20
Kenanga International, Jalan Sultan Ismail
50250 Kuala Lumpur
Tel: (60) 3 2162 1490
Fax: (60) 3 2161 4990
Website: http://www.kenanga.com.my/

Kuwait Finance House (Malaysia) Berhad
Aras 17 & 18, Tower 2
MNI Twins, 11 Jalan Pinang
50740 Kuala Lumpur
Tel: (60) 3 2055 7777
Fax: (60) 3 2166 7999
Website: http://www.kfh.com.my/

M & A Securities Sdn. Bhd.
5th, 6th, 7th & 8th Floors
M & A Building 52A Jalan Sultan Idris Shah
30000 Ipoh, Perak
Tel: (60) 5 241 9800
Fax: (60) 5 255 1015
Website: http://www.mna.com.my/

Macquarie (Malaysia) Sdn. Bhd.
Aras 10, Menara Dion
No. 27, Jalan Sultan Ismail
50250 Kuala Lumpur
Tel: (60) 3 2059 8833
Fax: (60) 3 2381 7889

Malacca Securities Sdn. Bhd.
No. 1, 3 & 5, Jalan PPM 9
Plaza Pandan Malim (Business Park), Balai Panjang
75250 Melaka
Tel: (60) 6 337 1533
Fax: (60) 6 337 1550

Malaysian Issuing House Sdn. Bhd.
27th Floor, Menara Multi-Purpose
Capital Square, No. 8 Jalan Munshi Abdullah
50100 Kuala Lumpur
Tel: (60) 3 2693 2075
Fax: (60) 3 2693 0858
Website: http://www.mih.com.my/

Mercury Securities Sdn. Bhd.
Ground, 1st, 2nd & 3rd Floors
Wisma UMNO Lorong Bagan Luar Dua
12000 Butterworth, Pulau Pinang
Tel: (60) 4 332 2123
Fax: (60) 4 323 1813

MIDF AMANAH Investment Bank Bhd
10th, 12th, 14th, 15th and 18th Floor
Bangunan Amanah Capital
No.82, Jalan Raja Chulan
50200 Kuala Lumpur
Tel: (60) 3 2163 0630
Fax: (60) 3 2163 0248
Website: http://www.midf.com.my/main

MIDF Consultancy & Corporate Services Sdn. Bhd.
12th Floor, MIDF Building
195A Jalan Tun Razak
50400 Kuala Lumpur
Tel: (60) 3 2161 3355
Fax: (60) 3 2161 7161

MIMB Investment Bank Bhd
Tingkat 18, 19 & 21, Menara EON Bank
288 Jalan Raja Laut
50350 Kuala Lumpur
Tel: (60) 3 2691 0200
Fax: (60) 3 2698 5388

OSK Investment Bank Berhad
9th, 12th & 21st Floors
Plaza OSK Jalan Ampang
50450 Kuala Lumpur
Tel: (60) 3 2333 8333
Fax: (60) 3 2175 3333
Website: http://www.osk.com.my/

PM Securities Sdn. Bhd.
Tingkat Bawah, Mezanin, 1 & 10, Menara PMI
No. 2 Jalan Changkat Ceylon
50200 Kuala Lumpur, Wilayah Persekutuan
Tel: (60) 3 2146 3000
Fax: (60) 3 2144 8082
Website: http://www.pmsecurities.com.my/

Public Investment Bank Berhad
25th Floor, Menara Public Bank
146, Jalan Ampang
50450 Kuala Lumpur
Tel: (60) 3 2166 9382
Fax: (60) 3 2166 9362

RHB Investment Bank Bhd
Aras 10, Tower One
RHB Centre, Jalan Tun Razak
50400 Kuala Lumpur
Tel: (60) 3 9287 3888
Fax: (60) 3 9280 6507
Website: http://www.rhbinvestmentbank.com/

SBB Securities Sdn. Bhd.
Tingkat 1, 2 & 3, Plaza Damansara Utama
2 Jalan SS21/60, Damansara Utama
47400 Petaling Jaya, Selangor
Tel: (60) 3 7729 7345
Fax: (60) 3 7728 1357
Website: http://www.sbbsec.com.my/

SJ Securities Sdn. Bhd.
Level 3 & 4, Holiday Villa
No. 9 Jalan SS 12/1
47500 Subang Jaya, Selangor
Tel: (60) 3 5634 0202
Fax: (60) 3 5633 0649
Website: http://www.sjsec.com/

TA Securities Holdings Berhad
Tingkat 14-18, 23, 28-30, 34 & 35
Menara Ta One, 22, Jalan P. Ramlee
50250 Kuala Lumpur, Wilayah Persekutuan
Tel: (60) 3 2072 1277
Fax: (60) 3 2072 2369
Website: http://www.taonline.com.my/taonline/jsp/index.jsp

UBS Securities Malaysia Sdn. Bhd.
Lot 7.03, Aras 7
Wisma Hong Leong, 18 Jalan Perak
50450 Kuala Lumpur
Tel: (60) 3 2781 1100
Fax: (60) 3 2781 1110

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Thursday, March 11, 2010

Global Vegoil Price Outlooks Of Key Forecasters

Global vegetable oil traders and company executives provided mixed outlooks for palm oil prices during a palm oil conference organized by the Bursa Malaysia Derivatives that ended Wednesday.

The following are outlooks of the key forecasters

Dorab Mistry, director, Godrej International: The benchmark BMD third-month CPO futures contract may trade in a fairly tight range between MYR2,600 and MYR2,800 a metric ton from now until July, then rise to around MYR3,200 in the second half to first quarter next year as the delayed effects of an ongoing El Nino-induced dry spell may further sap yields and lower palm oil output. He also said Malaysia''s 2010 CPO output will likely fall by 2.3% to 17.2 million tons.

Anne Frick, vice president, futures research, Prudential Bache Commodities: CPO prices may average between MYR2,400 and MYR3,300/ton as supply of the commodity isn''t likely to outpace rising demand. CBOT soyoil prices could average between 36 cents and 46 cents a pound this year as soyoil prices need to rise higher to finance a larger share of soymeal crushing value.

James Fry, chairman, LMC International: BMD CPO futures may fall to MYR2,500/ton if benchmark Brent crude oil falls below $70 a barrel. Palm oil stocks will continue to fall until July and will give seasonal support to CPO prices

Thomas Mielke, director, ISTA Mielke GmbH: CPO prices may rise to MYR2,900/ton, as a slow recovery in Malaysia''s palm production is expected to cut palm inventories. However, prices aren''t likely to rise above MYR3,000/ton. Palm oil prices may close the gap with soyoil--and even trade at a slight premium--soon as a record soybean crop may cap the sharp rise in soyoil prices while palm prices strengthen.

Yong Chin Fatt, chief trader at IOI Corp.: CPO prices may rise to MYR2,800/ton by May if palm oil production remains weak.

M.R. Chandran, senior group advisor, Platinum Energy: CPO prices may move in a MYR2,500-MYR2,750/ton range in the second half of the year.




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Wednesday, March 10, 2010

China May Raise Rates ‘Within Weeks’ as Prices Climb

March 10 (Bloomberg) -- China’s inflation accelerated in February, according to a survey of economists, and exports climbed in the month, increasing the likelihood of the central bank raising interest rates from a five-year low.

Consumer prices rose 2.5 percent from a year before, the most in 16 months, according to the median of 29 estimates in a Bloomberg News survey before tomorrow’s report. While the gain was likely exaggerated by seasonal factors, economists project the momentum to continue, sending the rate to as high as 4.4 percent during the year, a separate survey showed last week.

Inflation, property speculation and risks for banks are among Premier Wen Jiabao’s prime concerns after a record 9.59 trillion yuan ($1.4 trillion) of loans jumpstarted growth last year. Central bank Governor Zhou Xiaochuan said March 6 that while stimulus policies must end “sooner or later,” China needs to be cautious in timing an exit because a global recovery “isn’t solid.”

“The biggest danger to the economy is inflation,” said Wang Qian, an economist with JPMorgan Chase & Co. in Hong Kong. “The government needs to manage inflation expectations and may raise interest rates within weeks.”

Wang sees a 0.27 percentage point increase in the one-year lending and deposit rates as early as this month. In January, consumer prices rose 1.5 percent, the third monthly increase after a nine-month run of deflation.

Producer Prices

Price pressures are stemming from rising commodity costs, an overhaul of resource prices and the expansion of credit, the nation’s top economic planning agency said in a report to lawmakers last week. Producer prices may have climbed 5.1 percent in February, the biggest gain in 16 months, the Bloomberg News survey showed.

Baoshan Iron & Steel Co., China’s biggest publicly traded steelmaker, increased prices for March delivery as much as 7.4 percent because of higher demand and raw material costs. Kweichow Moutai Co., China’s biggest producer of spirits by market value, has also pushed up prices.

Wen told the National People’s Congress on March 5 in Beijing he’s targeting inflation of “about 3 percent” for 2010. Last week’s survey of economists indicated that he may miss that goal, with the median estimate coming in at 3.4 percent.

Meantime, trade figures released today showed exports rose 46 percent in February from a year earlier, the third monthly increase and the biggest gain in three years. Imports climbed 45 percent, while the trade surplus narrowed to $7.6 billion, the customs bureau said on its Web site today.

Trade Surplus

Commerce Minister Chen Deming said March 6 that the trade surplus fell 50.2 percent in January and February combined from a year earlier as demand within China, the world’s fastest- growing major economy, boosted imports.

The nation has held its currency at about 6.8 per dollar since July 2008 to aid exporters, and policy makers have signaled they’re looking for a sustained export recovery before loosening the peg.

“We must be very cautious about the timing of normalizing the policies, and this includes the renminbi rate policy,” Zhou said, using another term for the Chinese currency.

China’s economic data this week may also show an easing in credit growth. New loans may have declined to 600 billion yuan in February from 1.39 trillion yuan in January after the government increased reserve requirements for banks, soaking up cash that could fuel inflation. Officials are aiming to pare loan growth to 7.5 trillion yuan for 2010.

ICBC Lending

Industrial & Commercial Bank of China Ltd., the world’s largest lender by market value, will lend less this year than in 2009, President Yang Kaisheng said at a Beijing briefing March 7.

“The key danger is excess liquidity in the banking system,” said Gardner Yeh, an economist at Jih Sun Securities Co. in Taipei. “The government needs to closely monitor credit creation and manage inflation expectations.” He sees another increase in banks’ reserve requirements as early as April.

Urban fixed-asset investment may have increased 25.6 percent in the first two months of this year from the same period in 2009, the survey showed. Industrial output may have gained 19.5 percent.

Retail sales for January and February combined climbed 18.7 percent and industrial production advanced 19.5 percent, the survey showed. Economists combine January and February numbers to eliminate the distortion from a Lunar New Year holiday, something that likely also affected the consumer-price report.

Bubble Debate

Analysts are debating the danger of bubbles in the nation’s asset markets as a consequence of the stimulus. Harvard University’s Kenneth Rogoff and Victor Shih of Northwestern University have warned in the past two weeks that a crisis could result in coming years.

At the same time, Stephen Roach, the chairman of Morgan Stanley Asia, said in a note yesterday that he saw a “false alarm” in tales of asset bubbles or an imminent banking crisis. While there are “very real” risks of asset and credit-market excesses, policy makers will act to ease the danger, he said.

“Pro-active Beijing policy makers are about to dispel yet another false alarm over the imminent perils of Chinese credit and asset bubbles,” Roach said.

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