THAI SET HALT TRADING - SET INDEX FELL OVER 10 PERCENT

The Stock Exchange of Thailand (SET) had once suspended trading for 30 minutes at 11.35am as SET Index fell over 10 percent.

 

Investors panic sold shares after the Bank of Thailand late last night ordered banks to lock up 30 percent of any new foreign currency depostis which is above USD 20,000 for one year. This move was the recently mosts stringent imposed measures to curb sharp baht's appreciation to a nine-year high.

 

EON Capital Securities, Head of Research, Pong Teng Siew said to Bernama that "Capital control in Thailand is believed to be a signal for Foreign investors to cash out from emerging market.."

 

Sentiment over short period is expected to be influenced by this issue. If one sees our capital market development to mid and long run basis, it may be an opportunity to grab some good stocks.

ROBUST RESULTS SUPPORT RALLY

'ROBUST RESULTS SUPPORT RALLY', this is one of article i found in thestar, 4 Dec 2006. If one who followed our STOCTOUCH website from beginning, one might find we did stress the improving corporate earnings might lead our capital market moving ahead. The investors sentiment have now been changed and people started to forecast higher CI ahead.

 

No doubt, there are still majority retail investors do think it is year-end market rebound like those days. Regarding this rally, we do have our own viewpoint. But we would like to hear other's point of view as well. We would like to invite bloggers to reply some comment of this rally, tell us what do you think, share with all here. Your may also post your opinion at our Trading Kommunity, http://TradingKommunity.tz4.com

 

To read 'ROBUST RESULTS SUPPORT RALLY' of thestar's article, please go to

http://biz.thestar.com.my/news/story.asp?file=/2006/12/4/business/16202973&sec=business

NOT TO WORRY IF CI PULL BACK IN THIS WEEK

Any pull back of Composite Index (CI) or market is deemed healthy, no worry for the market. It may be an opportunity to pick up at low if market pull back substantially.

 

This month, December, may perform 'December Rally' if there is no substantial pull back in Dow Jones. The main concern is will December Rally apply to broad market, ie. to all penny stocks? From our research, it may, but we are not going to say it definately will. To confirm, market run after the pull back is essential. To make it happens, daily volume will have to maintain at > 1 billion turnover average.

 

 

MARKET MOST LIKELY TO CONTINUE THE RUN IN DEC 2006

Referring to tecnical indicators, you may find the overbought level for CI, but our system shows CI may not come with huge correction at the moment, especially throughout Dec 2006. Therefore, it is still a buying period for those unmoved stocks, especially on those penny.

 

Some may consider to short CI at the moment, but our system shows the possibility of CI correction is minor or fast, it means if it is corrected, it may rebound very fast or even it may just stay higher and higher rather than big correction ahead.

 

Apology that we have chosen a wrong counter, ie. KEURO (3565) earlier. As everybody know, the story behind the momentum of KEURO was the deal with IJM. From source, the deal is not proceeded successfully at this stage.

 

AMMB stakes sold to ANZ at RM4.30. AMMB, SIME-GHOPE-GUTHRIE, RHB, UTUSAN-NSTP, all of these good news are expected to boost our market further ahead especially in Dec 2006. Therefore, for positioning trader, it may be the right timing to position the unmoved penny stocks.

AMCORP GROUP TO SELL 11.4% OF AMMB TO ANZ

AmcorpGroup Bhd has proposed to sell 300 million AMMB Holdings Bhd shares, or 11.4% on a diluted basis, to Australia & New Zealand Banking Group Ltd (ANZ) at RM4.30 per share. 

 

AMMB is expected to make a sharp move today. AMMB-WA & WB are expected to make another round uptrend.

GOOD BUY ON MARKET CORRECTION

Market Correction won't kill our market uptrend. If sees any drop, you may consider to pick up some. To trade safe, avoiding from CA,CB,CC in current level.

 

STOC iN TOUCH

CENTURY        (7117)

CENTURY-WA (7117WA)

WATCH OUT, CA, CB, CC !!!

Most of Covered (Call) Warrants are traded at OVERBOUGHT level.

Will Covered (Call) Warrants collapse? Covered (Call) Warrants are expected to hovering at last week level.

Why? The underlying of Covered (Call) Warrants are mostly bluechips. Bluechips are expected to hold on current price level, no sharp retracement likely to occur, minor retracement is unavoidable in short period.

To buy CA, CB, CC now? Too pricy to go for CA, CB, CC now. Even volume play is too risky at this level.

TO REMIND : SOME CA IS EXPIRED END OF THE YEAR!

Yusli: Average daily trading vol to hit 1.2b in 2007

Bursa Malaysia Bhd chief executive officer Yusli Mohamed Yusoff expects the average daily trading volume for 2007 to hit 1.2 billion units - about 50% more than the current figure.

According to some analysts' estimate, the year-to-date average daily trading volume stood at about 776 million units.

Yusli said the current upside momentum on Bursa is expected to continue into next year, with trading velocity likely to hit 40% against the estimated 30% this year on rising investor interest.

"At the moment the market looks quite promising. Market is up about 15% year-to-date. We are certainly not over or gone too high if you were to compare with other markets. We have not gone too far in terms of valuation.

"There will be more upside for the market dependent on companies continuing to do well and also investors' confidence improving," he said after a press conference on Bursa Swing golf tournament in Kuala Lumpur on Nov 22.

Yusli said the market was underpinned by a "fundamentally strong and stable" economic background.

"What we need now is growth to be shown in the companies, and this growth will then drive the interest in the market," he added.

On a separate matter, he said it was still probing the events leading to the initiation of a buy-in on Tuesday involving over 10 million shares in Scomi Group Bhd that a foreign brokerage had failed to deliver.

"In the extreme case, (it) could be the person didn't have the shares. But in this case, the person did have the shares.

"We understand that there are some issues of communication breakdown. We're looking into the matter," he said, adding that the case could be a "genuine mistake".

Meanwhile, the Bursa Swing sponsorship agreement signed with Parallel Media Asia will see Bursa sponsoring five PGA European Tour and Asian Tour co-sanctioned tournaments held in strategic locations across Asia.

"Being very competitive, it becomes visionary for Bursa in doing so as golf has a worldwide following. Within the emerging markets, we have to compete with markets that did not exist a few years ago. There is a need to raise our profile."

Parallel Media Asia managing director Keld Kristiansen said the Bursa Swing event guarantees Bursa a global television platform to over 650 million households in more than 67 countries as well as a multi-tier marketing platform with significant media value.

 

Article picked from theedgedaily.com, written by Isabelle Francis, 23 Nov 2006

STOC iN TOUCH - 23 NOV 2006

PA (7225), Target 1.90 this week

MARKET iN TOUCH - 22 Nov 2006

Buy on weak sentiment this week, especially on 22 Nov 2006. The next round uptrend may set in sooner probably end of the week or next week.

STOC iN TOUCH - 21 Nov 2006

STOC iN TOUCH - 21 Nov 2006

KEURO (3565), REASONABLE BUY : RM 0.525 - RM0.54

MARKET iN TOUCH - 20 NOV 2006

This week, 20/11/06 to 24/11/06, Bursa Malaysia (KLSE) may have small correction. The completion of this correction may lead to higher level, therefore it may be a good chance to buy low during the correction.

 

STOC iN TOUCH

IDAMAN

JADI

KLCI LIKELY TO HIT ALL-TIME HIGH EARLY 2007

The current rally on Bursa is expected to be extended with the Kuala Lumpur Composite Index (KLCI) likely to break its
all-time high of 1,332.04, which was recorded on Jan 5, 1994, early next year, a veteran stockbroker said on Nov 16.

OSK Holdings Bhd group managing director Ong Leong Huat said the major factors for the bullish outlook were the record
highs of major Asian markets, coupled with the decline in oil prices, and the low and stable interest rates.

"The equity markets should be on the positive. There is big run-up in Hong Kong, China and specifically, the Asia-Pacific area.
That will lead the market further," he told reporters after the signing of a joint-venture agreement for OSK to provide financial
services to the Middle East.

On Nov 16, the KLCI surged to a more than nine-year record, closing at 1,037.6, which was 9.22 points or 0.9% higher than
the previous day's. Year to date, the 100-stock index is up 15.31%. Trading volume was over 1.2 billion, with interest spilling
over to lower liners and penny stocks.

In the Asian markets, the Hong Kong Hang Seng Index climbed 0.32% or 61.07 points to close at a record high of
19,154.07.

"We are extremely positive, not only in Malaysia. We will see new records being broken as we move towards the end of the
year and early next year.

"You can see a lot of companies making record profits. I think the most important thing is not the index (KLCI). It is how
vibrant, how good the market is. The index is only an indicator," he said.

Among the major gainers on Bursa on Nov 16 were DiGi.Com Bhd, which rose 60 sen to RM13, Telekom Malaysia Bhd 45
sen to RM9.55 and EON Capital Bhd 35 sen to RM6.35. Kuala Lumpur Kepong Bhd gained 30 sen to RM13.60 , Maxis
Communications Bhd 25 sen to RM9.45 and Transmile Group Bhd and Tanjong plc 20 sen each to RM12.80 and RM13,
respectively.

Quoted from theedge Website, reported by Gan Yen Kuan (16 Nov 2006)

WHO IS REPCO LOW ???

Some investors may be askingh, "Who is Repco Low?"

 

Here is the article we took from thestar,

 

Repco Low, as Low Thiam Hock, is better known in the stock market circle, got his nickname as a director of the company, Repco Holdings Bhd, a high-flying stock in the 1996 Second Board bull run. 

Repco share flew to a high of RM140.50 in Sept 1997. It was at that time a Sabah-based gaming company.  

The share price later dropped to RM2.98 in August 1998 before the stock was suspended from trading on Bursa Malaysia in Oct 2000. The counter was de-listed on Aug 11, 2003.  

The company was placed under the management of the Special Administrator of Pengurusan Danaharta Nasional Bhd, after it defaulted on debts of RM604mil in 1999. 

In the last half dozen years, a number of speculative stocks that surged were often linked to Repco Low by punters although whether that was true or a market myth, it was never known.  

Repco the company was linked to several controversial corporate cases.  

Several years ago, Sime Bank's chief executive officer Datuk Ismail Zakaria was charged with exceeding his authority for giving a RM175mil loan to Everise Capital Sdn Bhd, a subsidiary of Repco, to buy shares.  

Last year, Refco Inc, the largest independent US futures broker, collapsed and an internal probe found that it was owed millions by Repco since the mid 1990s.  

REPCO LOW ACQUITTED

Breaking News : Businessman Repco Low was acquitted from share manipulation charges by the Kuala Lumpur Sessions Court Tuesday without his defence being called

Q3 DATA RELEASED DATE CHANGED TO 23 NOV 2006

Please be noted that Bank Negara Website latest stated the quarterly economy growth data will be released on 23 Nov 2006, instead of 22 Nov 2006

Q3 GDP DATA RELEASED ON 22 NOV 2006

Our country, Malaysia is going to announce 3rd quarter economy growth data on 22 Nov 2006.

JPMorgan favours Malaysia stocks for 2007

News from Reuters to share with all

 

HONG KONG, Nov 10 (Reuters) - Stock markets in China, Thailand, the Philippines, Taiwan and Malaysia are likely to produce double digit gains between now and the end of 2007, a top JP Morgan strategist said on Friday.

 

"The news flow will be that the U.S. economy is OK and that the Fed is on hold. It will allow us to focus on the pretty strong fundamentals that you've got in emerging markets. The result of that could be that markets run pretty hard."

 

India is the least attractive of the major Asian markets outside of Japan because its stocks are already trading at very expensive valuations, said Adrian Mowat, chief Asian and emerging markets equity strategist for the U.S. investment bank. "Our message for equity markets for the next year is still a very positive one. I think particularly for the next couple of quarters, we're in quite a sweet spot," Mowat told a media briefing in Hong Kong.

 

 

TIN PRICE SURGES UP

THE price of tin is expected to remain strong within the next 12 months, triggered by continued growing demand and uncertainties in supply. 

 

In the early part of the year, tin was relatively a laggard compared with other hard commodities such as gold, zinc, copper and nickel, which experienced significant price hikes up to over 100%. 

 

Among the top world tin players that should benefit from the strong tin price are public-listed Malaysia Smelting Corp Bhd (MSC), Peru-based Minsur SA, China-based Yunnan Tin Co Ltd and Indonesia-based PT Timah Tbk. 

 

The research unit said the share prices of Minsur, which is listed on the Lima Stock Exchange, Yunnan Tin listed on the Shenzen Stock Exchange and PT Timah listed on the Jakarta Stock Exchange, had increased 10% to 30% over the past three months. 

 

Malaysia's sole tin smelter MSC, whose shares were re-quoted on Bursa Malaysia last Wednesday, saw commendable performance with its share price closing at RM6.00 last Friday. 

 

ZJ Research said tin price experienced significant jump since the second half of the year arising from uncertainties in future supply and demand factors. 

 

Picked from

http://biz.thestar.com.my/news/story.asp?file=/2006/11/13/business/15904009&sec=business

BULL RUN ???

Referring to TheStar Business today at

http://biz.thestar.com.my/news/story.asp?file=/2006/11/13/business/15998391&sec=

 

In a report titled Secular Bull Case For Emerging Market Stocks last week, Merrill Lynch said the Malaysian market rose 92% between Oct 10, 2002 and Oct 27, 2006, as measured on the Morgan Stanley Capital International or MSCI index. That was a gradual rise over four years until it accelerated this month.  

During that four-year period, Malaysia was the worst of 19 emerging markets tracked by Merrill Lynch. Oil-rich Russia topped the list with a surge of 848%, Brazil second with 747% and Czech Republic third with 655%.  

Among the large high-growth economies, India was fifth with a gain of 569% and China sixth with 542%.  

In the Asean region, Indonesia was fourth on the 19-market list, ahead of even India and China, gaining 572%, and Thailand was 12th, rising 347%.  

It must be a relief that Malaysia is at least participating in this long rally.  

Merrill Lynch made a case that there are still legs in this emerging markets bull run. The basis for this is its view of the still emerging, and in some aspects, superior, quality of these economies. Emerging countries, for instance, hold 70% of the world's foreign exchange reserves, and are less prone to contagious crisis than in 1997/98.

There is value in many of the stocks on Bursa Malaysia. Investors here should have more than a glimpse of the rally, as long as the bull run continues in the leading emerging markets. 

DOW'S RECORD HIGH IS "JUST A NUMBER" TO SOME

NEW YORK (Reuters,Tue Oct 3, 2006 5:23pm ET) - It took the Dow Jones industrials nearly seven years to top its last record on Tuesday, but in the eyes of some the new record is "just a number" because slowing economic growth will make future gains even harder to come by.

The 110-year-old Dow rose to 11,758.95, surpassing the intraday record of 11,750.28 set on January 14, 2000, as investors bet on Tuesday that sliding crude oil prices will underpin corporate profits even as economic growth slows.

"It's just a number. It doesn't have the same stocks that it did when it last reached the high and it's not inflation-adjusted," said Bob Millen, a portfolio manager with Jensen Investment Management in Portland, Oregon.

In 2000, investors thought the sky was the limit given that that Dow had shot from 9,000 in 1998, to 11,000 in 1999, before topping out at 11,750 less than a year later. But now many view economic growth as slowing, lessening prospects for corporate profits.

"We have a lot of things that we're looking at, a slowing economy, a collapsing housing market. It's not like we've broken to new highs and it's off to the races. We've clawed our way back to where we were in 2000 and now we've got to climb a wall of worry to get any higher from here," said Shawn Campbell, a principal with Campbell Asset Management in Chicago.

As the Dow made a new high, the Nasdaq traded at 2246, less than half of its 5,132 all-time high set March 2000 while the S&P, at 1336, is 14 percent below its record of 1,552 also set that March.

"I would feel better if the S&P 500 was hitting a new intraday high," said Scott Wren, a senior equity strategist at A.G. Edwards & Sons Inc. in St. Louis. "As far as the market goes ... (the Dow is) a pretty narrow gauge of the stock market, and you don't have super broad participation leading up to the new high."

Oil prices slid 24 percent in the last two months and boosted stocks as investors assumed lower commodity costs would improve corporate profits. But it was soaring energy and other commodity prices that really kicked up shares of companies like Exxon Mobil and Caterpillar Inc. in recent years and underpinned the Dow's rise to the all-time high.

 

Exxon is up 58 percent since January 14, 2000, while shares of Caterpillar have risen 151 percent over the same period.

But it was less exciting for overseas investors.

The average of 30 U.S. stocks -- all of which trade in dollars, naturally -- is up about 9 percent in 2006. But for the euro-zone investor who must first convert to dollars to buy U.S. equities, or a broad market measure like an index or average, the return on the Dow is a scant 1.9 percent.

And even U.S. dollar investors should not be so ecstatic about the Dow average's recent gyrations. Inflation and surging commodities prices have reduced the value of the greenback in real terms, notes Peter Schiff, president of Darien, Connecticut-based Euro Pacific Capital.

That means the Dow average would need to pass 13,700 to get to real record territory, according to Schiff.

 

 

Article from Reuters.com

http://today.reuters.com/news/articlenews.aspx?type=topNews&storyid=2006-10-03T212314Z_01_N03227912_RTRUKOT_0_TEXT0.xml&src=100306_1850_TOPSTORY_dow_charges

US MARKET MOVEMENT MAY AGAIN INFLUENCE OUR MALAYSIA MARKET, EVEN REGIONAL

From previous post, we have discussed about the concern on US investors on interest rate rising again or not. If US investors have big move on their concern, Dow Jones has substantial up or down, then it may again influence our Bursa Malaysia market sentiment in near term. No doubt, the huge economy driving projects, 9MP inclusive SJER (Southern Johor Economic Region) project will drive our economy to another era. In other words, mid and long term perspective on our market is still encouraging.

WORLD MARKET ARE IN CAUTIOUS AGAIN - 5 AUG 2006

US market report on 4 Aug 2006, http://yahoo.reuters.com/news/articlehybrid.aspx?type=comktNews&storyID=urn:newsml:reuters.com:20060804:MTFH41239_2006-08-04_22-30-57_N04261350&pageNumber=1&imageid=&cap=&sz=13&WTModLoc=HybArt-C1-ArticlePage1

 

"Rising interest rates are a negative for stocks because they mean higher borrowing costs for corporations and consumers. Worries that U.S. economic growth has slowed too fast also have kept investors on edge.

 

Stocks rallied early on the jobs report, then reversed course to end down slightly as concerns about slowing growth offset optimism about the possible pause in rate hikes."

 

From the article above, we can see that US market is now in cautious on whether FED raise or not raise interest rate on Tuesday meeting. If FED raises interest rate, it has direct negative relationship to US stock market, if FED decides not to raise interest rate, US market may concern on slowing economy which may contribute to weaken company earnings. Therefore, we can see the negative sides on both decision.

US UNEMPLOYMENT RATE JUMPED, SLOWING ECONOMY MAY LEAD TO INTEREST RATE HIKE PAUSE

By Glenn Somerville

 

WASHINGTON, Aug 4 (Reuters) - U.S. employers added a fewer-than-expected 113,000 jobs in July and the unemployment rate jumped unexpectedly to 4.8 percent, confirming a slowing economy and igniting hopes for an interest-rate pause by the Federal Reserve.

 

Analysts said the key Labor Department jobs report on Friday has made it easier for Fed policy-makers to halt a two-year campaign of interest-rate rises when they meet on Tuesday.

 

Average hourly earnings continued to rise last month, despite signs of developing slack in the labor market.

 

The unemployment rate rose to its highest since a matching 4.8 percent in February, contrary to Wall Street economists' forecasts that it would be unchanged from June's 4.6 percent.

 

"There is no doubt this number has given the market the feeling the Fed is not going to raise rates on Tuesday," said Kevin Flanagan, a bond strategist with Morgan Stanley in Purchase, New York.

 

Bill Gross, the chief investment officer at Pacific Investment Management Co. (PIMCO) in Newport Beach, Calif., predicted flatly: "The Fed will definitely pause on Tuesday."

 

A Reuters poll, conducted after the employment data was issued and influenced by it, found 17 of 22 of the biggest Wall Street firms foresaw the Fed keeping rates on hold on Tuesday. 

 

Stock prices rose strongly in early trading (4 Aug 2006) but, by the end of the day, optimism about a cap on rate hikes gave way to gloom that slower growth might mean weaker corporate profits.

 

Analysts had forecast a more robust 142,000 new jobs would be generated in July. The department revised June's new-job total up to 124,000 from a previously reported 121,000 and said that in May 100,000 jobs were created rather than 92,000.

 

Some analysts said the wage rises might give Fed policy-makers cause to worry that the inflationary impact of costlier labor has not made its way through to prices yet. If so, the U.S. central bank might want to raise rates again.

 

ARTICLE FROM : http://yahoo.reuters.com/news/articlehybrid.aspx?type=comktNews&storyID=urn:newsml:reuters.com:20060804:MTFH40108_2006-08-04_20-51-20_N04442851&pageNumber=0&imageid=&cap=&sz=13&WTModLoc=HybArt-C1-ArticlePage4

WHAT A WEEK : FED RALLY FADES - 4 AUG 2006

Investors spent the week consumed with anticipation about whether or not the Federal Reserve will increase the fed funds rate. Their sigh of relief Friday, when the Labor Department reported a weaker-than-expected payrolls report, quickly turned into a sigh of despair.

 

In a classic "buy the rumor, sell the news" phenomenon, the pre-jobs, pre-Fed rally faded as investors realized that a Fed pause does not guarantee a soft landing in the economy, nor does it necessarily mean an end to more rate hikes. The one thing a Fed pause does mean is that the economy is slowing, and that puts pressure on earnings growth.

 

"The 'Fed is done' fire behind buying stocks has run its course," says Peter Boockvar, chief market strategist at Miller Tabak. "Now it's about, 'look what we're left with.'"

 

On Friday, investors were left with a sinking feeling after early euphoria quickly evaporated. After rising more than 100 points earlier in the day, the Dow Jones Industrial Average fell 0.02% to 11,240.35. The S&P 500 dropped 0.1% to 1279.43, and the Nasdaq Composite slipped 0.35% to 2085.05. For the week, the Dow finished up 0.2%, the S&P rose 1 point to 1279.43, while the Nasdaq fell 0.4%.

 

 

By Liz Rappaport
Markets Columnist
8/4/2006 5:25 PM EDT

http://www.thestreet.com/_yahoo/markets/marketfeatures/10301955.html?cm_ven=YAHOO&cm_cat=FREE&cm_ite=NA

 

 

Reuters.com - U.S. stocks flat before Bernanke, Fed minutes - Thu July 20, 2006 10:05 AM ET

STOCTOUCH (stoctouch@yahoo.com) has sent you this article.

Personal message:

U.S. stocks flat before Bernanke, Fed minutes

U.S. stocks flat before Bernanke, Fed minutes

Thu July 20, 2006 10:05 AM ET (Updates to early morning) By Caroline Valetkevitch NEW YORK, July 20 (Reuters) - U.S. stocks were little changed on Thursday as caution before Federal Reserve Chairman Ben Bernanke's second round of congressional testimony offset stronger-than-expected profits from companies such as Apple Computer Inc. (AAPL.O: Quote, Profile, Research) Even with mostly favorable earnings, analysts said investors were worried about making huge bets before Bernanke's testimony and the release of Fed minutes from its recent policy meeting. Bernanke is repeating the Fed's semiannual monetary policy report before the House Financial Services Committee. "There are a lot of positive earnings numbers, but people are cautious in front of Bernanke talking. They're also going to be cautious before the FOMC minutes," said Mark Bronzo, managing director at Gartmore Separate Accounts LLC. The market rallied on Wednesday after comments by Bernanke suggested the central bank may be close to ending two years of interest-rate hikes. Weighing on Nasdaq, shares of Intel Corp. (INTC.O: Quote, Profile, Research) dropped 4.9 percent to $17.58, a day after the world's largest chip maker posted a sharply lower second-quarter profit. For details, see [ID:nN19295880]. The Dow Jones industrial average was up 17.91 points, or 0.16 percent, at 11,029.33. The Standard & Poor's 500 Index was up 0.96 point, or 0.08 percent, at 1,260.77. The Nasdaq Composite Index was down 4.74 points, or 0.23 percent, at 2,075.97. Shares of Apple jumped more than 11 percent to $60.35 after the company said late Wednesday that quarterly profits rose 48 percent, topping analysts' estimates. [ID:nN19294506]. Motorola Inc. (MOT.N: Quote, Profile, Research) shares also advanced after the world's second-biggest cell phone maker said its second-quarter earnings and revenue increased. [ID:nN19286823]. Its shares gained 10.6 percent to $21.27. The minutes from the Fed June 28-29 rate-setting meeting are expected at 2 p.m. (1800 GMT). (Additional reporting by Ellis Mnyandu)

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Reuters.com - US stocks rally on Bernanke's inflation comments - Wed Jul 19, 2006 4:31 PM ET

STOCTOUCH (stoctouch@yahoo.com) has sent you this article.

US stocks rally on Bernanke's inflation comments

Wed Jul 19, 2006 4:31 PM ET (Updates to close) By Vivianne Rodrigues NEW YORK, July 19 (Reuters) - U.S. stocks rallied on Wednesday, giving the Dow its second-best day of the year, as the Federal Reserve chairman's comments on inflation suggested the central bank may be close to ending two years of interest-rate increases. Stock investors took their cue directly from Fed Chairman Ben Bernanke, who told the U.S. Senate Banking Committee that he saw core inflation moderating in the coming quarters. For details, see [ID:nN19222626]. That set off a burst of buying that resulted in a single-session record number of stocks advancing on the New York Stock Exchange and drove the S&P 500 back up into positive territory for the year. Financial stocks, which climbed after news of strong earnings from JPMorgan Chase & Co. <JPM.N> and Bank of America Corp. <BAC.N>, got another boost from the central banker's comments. [ID:nN19227702] "The combination of Bernanke's comments, strong earnings from banks and a drop in oil prices, swept the stock market," said Weston Boone, vice president of listed trading at Stifel Nicolaus Capital Markets in Baltimore. "This was a very good day, with a broad rally." The Dow Jones industrial average <.DJI> shot up 212.19 points, or 1.96 percent, to end at 11,011.42. The Standard & Poor's 500 Index <.SPX> jumped 22.95 points, or 1.86 percent, to finish at 1,259.81. The Nasdaq Composite Index <.IXIC> gained 37.49 points, or 1.83 percent, to close at 2,080.71. Shares of JPMorgan, a Dow component, rose 5.8 percent, or $2.34, to $43.05, while Bank of America's stock added 3.1 percent, or $1.51, to $49.95 on the New York Stock Exchange. The Philadelphia Keefe Bruyette index of bank stocks <.BKX> climbed 3 percent. The blue-chip Dow and the Nasdaq extended gains and rose more than 2 percent in the afternoon on news that a U.S. judge struck down a Maryland health-care law in a ruling that was favorable to Wal-Mart Stores Inc. <WMT.N>. [ID:nN19259380] Shares of Wal-Mart, a Dow component and the world's largest retailer, rose 2.4 percent, or $1.03, to $44.20. Still, the Dow's biggest gainer was Boeing Co. <BA.N>. Shares of the aircraft maker and U.S. defense contractor rose nearly 4 percent, or $3.12, to $82.29 as the company and Airbus <EAD.PA> announced deals worth more than $10 billion on Wednesday. [ID:nL19144543] International Business Machines Corp. <IBM.N> also was among the Dow's best-performing stocks, a day after the world's largest computer services company reported higher-than-expected quarterly profit. [ID:n18451499] IBM shares rose 2.4 percent, or $1.81, to $76.07. But Yahoo Inc. <YHOO.O> bucked the trend of positive financial results. Shares of the Internet media company tumbled after a disappointing earnings report and product delays led many Wall Street analysts to cut stock ratings and profit estimates. [ID:nN19236057] Yahoo was among the Nasdaq's biggest percentage losers. It slid 21.8 percent, or $7.04, to $25.20. Bernanke told the Senate committee that the central bank remained worried about pricey oil and tight labor markets and the risk that they might foster expectations for rising prices. After Bernanke spoke, interest-rate futures <FFQ6> pointed to reduced chances that the Fed will hike the benchmark fed funds rate by 25 basis points in August to 5.50 percent. [ID:nN19209893] Analysts said fighting in the Middle East remained a major concern for markets because of the risk that a widening conflict could propel crude oil prices higher. U.S. crude oil for August delivery <CLQ6> fell 88 cents to settle at $72.66 a barrel on the New York Mercantile Exchange. Trading was heavy on the New York Stock Exchange, where about 1.87 billion shares changed hands, above last year's daily average of 1.61 billion. On Nasdaq, about 2.37 billion shares traded, above last year's daily average of 1.80 billion. On the NYSE, advancing shares outnumbered declining ones by a ratio of more than 6 to 1, with more than 2,900 stocks rising on the Big Board, a record for a single day. On Nasdaq, about four stocks rose for every one that fell.

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REUTERS : Mideast, oil and earnings to roil stocks

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Extracted News :

 

By Ellis Mnyandu

 

NEW YORK, July 16 (Reuters) - An escalation of Middle East fighting and crude oil prices close to $80 a barrel will create more angst on Wall Street this week, just as the quarterly earnings reporting season hits full swing.

 

If that doesn't give investors enough to worry about, here is one more thing. Federal Reserve Chairman Ben Bernanke is set to appear before congressional committees on Wednesday and Thursday to testify about the Fed's semiannual monetary policy report.

 

Two major U.S. economic reports, notably the Producer Price Index and the Consumer Price Index for June, will be released this week, along with the minutes of the Fed's most recent policy-setting meeting. Economists polled by Reuters expect that the PPI and the CPI rose in June, in the overall figures and the core indexes, excluding food and energy.

 

Wall Street will watch the PPI and CPI reports for signs of whether the pace of inflation is picking up, and comb through the Fed's minutes for clues on when the central bank might take a break from raising interest rates.

 

The violence in the Middle East, though, will keep Wall Street on edge.

 

"The real concern is not so much Israel going to Lebanon, but it's whether Israel is going to threaten Syria," said Steve Goldman, a market strategist at Weeden & Co. in Greenwich, Connecticut.

 

"With Iran's backing of Syria, that would bring up a whole new issue. It's this lingering concern, which makes it tougher for stocks to rebound at this juncture."

 

Last week, Israel launched a military assault against targets in Lebanon after two of its soldiers were seized and eight killed.

 

The assault drove the price of crude oil up on Friday to a record $78.40 a barrel in electronic trading, fueling concerns that U.S. consumers may cut spending as their gasoline bills soar.

 

For the past week, the Dow Jones industrial average<.DJI> dropped 3.1 percent, while the S&P 500 index <.SPX> shed 2.3 percent, while the Nasdaq <.IXIC> lost 4.4 percent.

 

HOPING FOR A CEASE-FIRE

 

Analysts said if there were any signs over the weekend that the Middle East tensions might ease, then earnings will take center stage in the week ahead. That could give the market a catalyst to crawl back up out of its slump.

 

"The geopolitical risks are a stiff headwind," said Joseph Quinlan, chief market strategist at Banc of America Capital Management in New York.

 

"Over the weekend," he said, "we do need to see a cease-fire ... Hopefully the G8 can craft some kind of deal that lowers the temperature," he added, referring to the Group of Eight summit of industrialized nations, which meets through Monday in St. Petersburg, Russia.

 

But "if things continue to boil, oil prices could break through $80 a barrel, and that would weigh on the stock market early on Monday.

 

EARNING BLITZ

 

In the coming week, the numbers blitz will begin. Earnings reports are scheduled from Dow components Microsoft Corp. (MSFT.O: Quote, Profile, Research), the software maker; diversified health-care company Johnson & Johnson (JNJ.N: Quote, Profile, Research); heavy equipment maker Caterpillar Inc. (CAT.N: Quote, Profile, Research) and diversified manufacturer Honeywell International Inc. (HON.N: Quote, Profile, Research).

 

Apple Computer Inc. (AAPL.O: Quote, Profile, Research), the maker of the iPod digital music player, and Web search company Google Inc. (GOOG.O: Quote, Profile, Research), are among the major technology names and Nasdaq stalwarts set to post their quarterly results, along with chip maker Intel Corp. (INTC.O: Quote, Profile, Research).

 

According to Reuters Estimates, S&P 500 companies' earnings are forecast to rise nearly 10 percent for the quarter. This could lead to a 16th consecutive quarter of double-digit profit growth -- if most companies deliver the standard margin of earnings outperformance of between 2 percent and 3 percent over consensus estimates.

 

"It's going to be important to see that you don't get too many disappointments this quarter because that's going to make the next quarter even more concerning," said Barry Hyman, equity market strategist at EKN Financial Services Inc. in New York.

 

"We could see some upside surprises in health care and staples. The consumer discretionary sector will probably have a lot of misses," said Scott Wren, senior equity strategist at A.G. Edwards & Sons Inc. in St. Louis.

 

FED CHAIRMAN ON THE HILL

 

Bernanke's testimony on Capitol Hill is scheduled for Wednesday and Thursday, starting at 10 a.m. EDT (1400 GMT) each day. On Wednesday, the Fed chairman will speak to the U.S. Senate Banking Committee and on Thursday, he will testify before the House Financial Services Committee.

 

Thomas Hoenig, president of the Federal Reserve Bank of Kansas City, will speak on "The U.S. Economy and Current Challenges in Monetary Policy" on Wednesday before a business leaders' luncheon in Omaha, Nebraska.

 

The minutes of the Federal Open Market Committee's June 28-29 meeting, when it raised interest rates for the 17th consecutive time, will be released on Thursday at 2 p.m. EDT (1800 GMT). 

 

PPI AND CPI FORECAST HIGHER

 

Economists polled by Reuters forecast that the overall U.S. Producer Price index, a gauge of prices received by farms, factories and refineries, rose 0.3 percent in June after a 0.2 percent rise in May. Core PPI, excluding volatile food and energy prices, is forecast up 0.2 percent after a 0.3 percent gain in May. The Labor Department will release the June PPI report on Tuesday at 8:30 a.m. EDT. (1230 GMT)

 

The overall Consumer Price Index is expected to rise 0.2 percent in June after climbing 0.4 percent in May, according to the Reuters poll. Core CPI, meanwhile, is expected up 0.2 percent in June, following a 0.3 percent increase in May. The June CPI report is set for Wednesday at 8:30 a.m. EDT. (1230 GMT)

 

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MARKET IN TOUCH - 29 JUNE 2006

Time to collecting, buy and hold for the rebound trend to come

 

To further confirm the buying timing, if Down Jones make a good rebound on Thursday Market, it ends the fear of interest rate hike which caused world market to down previously.

European stocks - Factors to watch on June 29

PARIS, June 29 (Reuters) - European shares looked set for a higher start on Thursday after gains in New York and Tokyo, but equity, debt and foreign exchange investors braced for another U.S. interest rate rise.

Most analysts expect the U.S. Federal Reserve to raise the overnight federal funds rate by a quarter-percentage point to 5.25 percent, although some see potential for a half-point move.

But markets will hang on the Fed's wording in a post-meeting statement as they look for clues on whether the central bank will tighten monetary conditions even further in coming months. The Fed's decision is due at 1815 GMT.

Before that, the publication at 1230 GMT of the final first-quarter gross domestic product and of the core U.S. personal consumption price index, a key gauge for monetary policy-making, will come under scrutiny.

On the corporate front, steel makers may come under pressure after Australia's BlueScope Steel Ltd. (BSL.AX: Quote, Profile, Research) cut its 2006 earnings forecast and said it will axe jobs and shut two plants due to soaring raw materials prices.

 

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U.S. stock futures rise as Fed rate decision looms

LONDON, June 29 (Reuters) - U.S. stock futures gained on Thursday, indicating an opening rise for Wall Street, with all eyes on the Federal Reserve's interest rate decision and statement later in the New York session.

By 0955 GMT, U.S. stock futures were showing gains of around 0.2 percent for the three main indexes <SPc1> <DJc1> <NDc1>, lifted by a 1 percent rise in European shares <.FTEU3> and strength in Japanese stocks.

U.S. stocks rose on Wednesday thanks to gains in the energy sector. The same could be true later with crude continuing to firm above $72 a barrel after weekly inventory data showed crude and gasoline supplies fell more than expected last week.

The Federal Reserve is widely expected to lift its benchmark fed funds rate by a quarter-percentage point to 5.25 percent at 1815 GMT, a 17th rise in two years with more to come.

The wording of the Fed's statement has kept investors uncertain amid lingering concerns that the central bank's monetary tightening will slow economic growth and hurt corporate profits.

"We think the rise we are going get this evening will be the top of the cycle and that the Fed is about to pause. As or when the Fed indicates it is at the peak of a cycle we think the equity market will go up," said Jim Wood Smith at Christows Stockbroker.

Shares of Walt Disney Co. (DIS.N: Quote, Profile, Research) will be in focus after ticking up after hours on Wednesday after saying it has chosen former Procter & Gamble ( PG.N: Quote, Profile, Research) Chairman and Chief Executive John Pepper to serve as nonexecutive chairman.

Shares in memory chip maker Micron Technology (MU.N: Quote, Profile, Research) and Red Hat Inc. (RHAT.O: Quote, Profile, Research) look set to fall after slipping after hours following quarterly results.

Firms due to report earnings later include CA Inc (CA.N: Quote, Profile, Research), Constellation Brands Inc (STZ.N: Quote, Profile, Research), General Mills (GIS.N: Quote, Profile, Research) and Monsanto Co (MON.N: Quote, Profile, Research)

 

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FTSE 100 at 3-week high as oils and miners jump

LONDON, June 29 (Reuters) - Britain's FTSE 100 share index hit a 3-week high on Thursday, fired up by strong resources and bank stocks, although trading levels were modest ahead of a U.S. interest rate decision.

Banks saw HSBC (HSBA.L: Quote, Profile, Research) and Royal Bank of Scotland (RBS.L: Quote, Profile, Research) gain 1.1 percent, while Barclays (BARC.L: Quote, Profile, Research) put on 1.5 percent. Traders said an easing of concerns that the Federal Reserve would hike U.S. interest rates by 50 basis points instead of 25 basis points as previously expected helped the banks. Higher interest rates raise the prospect of bad debts and crimp consumer borrowing.

Online gaming company PartyGaming (PRTY.L: Quote, Profile, Research) was a major gainer, up 3.1 percent, after a report that it is set to unveil plans to expand into sports betting through acquisitions. The Guardian newspaper said the move would be funded with a bond issue worth up to 500 million pounds.

Oil majors BP (BP.L: Quote, Profile, Research) and Royal Dutch Shell (RDSa.L: Quote, Profile, Research) gained around 1.3 percent each as crude prices climbed further above $72 after falls in U.S. crude and gasoline inventories, raising concerns about fuel supplies.

By 1002 GMT the FTSE 100 was up 67.5 points or 1.2 percent at 5,746.1, its highest since June 6 and well above mid-June's the 6-month lows of 5,467.4 scored on concerns that interest rates would have to spike to contain inflation.

"We are responding now dramatically to the vagaries of hype, to base metals and oil prices, that's all the market is about," said David Buik, a market commentator at spread betters Cantor Index.

He added that markets were slowing down as investors waited for the Fed decision and ahead of the quarter and half-year end. Many investors were also distracted by UK summer sporting events such as Wimbledon.

"I don't like the low level of volume. It means the market is wholly uncertain, people have got a "talk to me in September" approach, which is thoroughly unhealthy and I wouldn't be surprised to see volatility on good and bad news," he said.  

 

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MICROLINK

KUALA LUMPUR, June 23 (Bernama) -- Microlink Solutions Bhd, listed on the Mesdaq Market of Bursa Malaysia Friday, is confident of achieving the revenue and net profit it forecast for its financial year 2006.

The company had announced a targeted net revenue of RM23.3 million and net profit of RM6.45 million when launching its prospectus earlier this month.

"Currently, our order book has already achieved 60 percent of the forecast revenue for this year. We are therefore confident of meeting our forecast figures," Microlink's chief executive officer Edward Phong told reporters after a ceremony to mark the company's listing here today.

Microlink is an investment holding company which provides information technology (IT) solutions to the global financial services industry.

The company developed the Microlink Banking Solution (MiBS), an end-to-end solution designed to automate core processing functions such as deposits and investments, loans and financing, treasury and trade finance for both conventional and Islamic banking.

According to Phong, Microlink is also focusing on Islamic banking, currently the hottest growth sector in the industry.

He said the company aimed to provide an innovative core of Islamic banking services built on open source technology to ensure optimum usability by the global financial services industry.

In its financial year ended Dec 31, 2005, Microlink recorded RM19.82 million in revenue with the Islamic banking market in the Middle East and North Africa contributing 10 percent.

"This market (the Middle East and North Africa) contributed 15 percent of our revenue in the first quarter of 2006," Phong said.

He said the company has set up a support centre in Kuwait to provide services to customers in the region, covering Saudi Arabia and the other Gulf countries as well as North Africa.

Microlink, he added, has also set up a representative office in Jakarta to expand its Southeast Asian operations.

Phong said new Islamic banks coming up in Malaysia will provide a potential market for the company.

He said the company currently has RHB Bank Bhd, EON Bank Bhd and Bank Muamalat Bhd among its major clients.

Microlink's stock traded at 58 sen with a volume of 5,990 lots during the market opening this morning, which was higher nine sen compared to its issue price at 49 sen.

News Picked from BERNAMA

  ---------------------------

Bursa Malaysia least affected by worries about US interest rates

01:19PM (28-06-2006)

Lower liners and penny stocks shed some gains in active trade in the morning session on June 28, but the decline was relatively milder compared with Asian markets worried about higher US interest rates.

Rimbunan Sawit Bhd, which made its debut on the Main Board, rose 10 sen to RM1.10. It was among the actively traded counters with 8.88 million shares done.

At 12.30am, the Kuala Lumpur Composite Index was down 2.26 points to 905.5 and the Second Board Index shed 0.6 of a point to 92.51. The FBM Emas Index fell 15.22 points to 5,908.78.

Turnover shrunk nearly 17% to 187 million shares valued at RM240 million. There were 361 losers, 141 gainers while 262 counters were unchanged.

Major Asian markets fell. Japan's Nikkei 225 fell 1.54% or 223.37 points to 14,938.44, South Korea's KOSPI 1.2% to 1,232.51, Hong Kong's Hang Seng Index fell 0.47% to 15,700.17 and Singapore's Straits Times Index 0.58% to 2,343,99.

Light crude oil for August delivery was at US$72 (RM265.62). The ringgit was quoted at RM3.682 to the US dollar.

Analysts said worries about hikes in US interest rates were overplayed but nevertheless, it did cause concern in Asian markets. Higher interest rates could affecte corporate earnings.

Among the heavyweights, Maybank fell 10 sen to RM10.50 while Tenaga and Telekom were unchanged at RM9.15 and RM8.95.

Kosmo loan stocks fell 25 sen to RM6.80 but with only 100 shares done. Bursa, Transmile and DiGi fell 10 sen each to RM5.60, RM12.80 and RM10.30 respectively.

MAS, which was reported to receive as much as RM850 million in compensation from the government for giving up bulk of its domestic routes, fell two sen to RM2.68.

Avenue Capital Resources, which was re-listed as ECM Libra Avenue after the merger, fell 19.5 sen to 80.5 sen. The reference price set by Bursa was RM1.

Actively-traded Konsortium Logistik, which is looking at the region to expand its automobile logistics services, rose 5.5 sen to 73.5 sen. Satang Jaya added four sen to RM2.05.

Iris was the most active with 15.36 million shares done. It fell one sen to RM1.15.

Genting was the top gainer, up 20 sen to RM23.60, Fiamma added 13 sen to 94.5 sen while SP Setia gained eight sen to RM3.74. Pos Malaysia rose two sen to RM4.32.

YTL Power rose four sen to RM1.94 after Merrill Lynch initiated a buy on the stock with a 12-month target price of RM2.30.

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MARKET iN TOUCH - 3 APR 2006

MARKTE iN TOUCH

9th Malaysia Plan had been announced. Economy ahead is expected to be better. In mid run, better economy prospect boosts our capital market. CI may start to pick up again from 926.63 (31 Mar 2006) base. For this week, CI may gradually increase towards 935 points. Construction counter may pick up again after retracement completed in near term.

 

STOC iN TOUCH

Selective Mesdaq Counters may still be punters and traders' favorite. IRIS, GHLSYS, DATASCN and INGENS.

AFTER 9TH MALAYSIAN PLAN ANNOUNCEMENT, HOW WILL OUR CAPITAL MAREKT REACT?

Our Capital Market may probably be boosted with the good economy forecast and budget spending on econonomy development. It lifts our economy, some corporates may even benefit from the plan.

For short term effect, market may have digested all the good news prior to the annoucement. On the other hand, market may react positively towards the middle term as the projects start to contribute to our economy development.

 

Day Trader Favorites - 26 Mar 2006

This Week Day Traders' Favorites :

 

IRIS, MEMS, MKLAND, SALCON, FAJAR, AMTEL

AKNMTECH (0017)

Minor Correction was done with a day, lowest at RM0.435. 8 Feb today broke out and closed at RM0.525, denotes uptrend may continue with stronger momentum.

AKNMTECH (0017)

AKNMTECH 1st Target Hit on 6 February 2006

Short Period Trend : To undergo minor correction

 

 

MARKET iN TOUCH - 15 JAN 2006

Ci is now lingering at either heading upward to 920 or downside to 907. From the trend it is expected to move upward in coming week. 920 is the nearest resistance to break for 940 target. No matter CI is heading up or tracing back, selective 2nd and 3rd liners may continue performing. During this CNY rally, 2nd and 3rd liners may have better capital gain than blue chips.

As previous forecasted, market is expected to having upside in Jan-Feb 2006. Some did ask us whether it is the start of Super Bull Run. Our analysis shows that it is too early to conclude this statement. On the other hand, if the buying sentiment is persistently increased, no doubt it may induce big players to inject or increase their investment portfolio. Some Economists have started to forecast positive economic projection data for year 2006.

 

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MARKET iN TOUCH - 08 JAN 2006

CI at 4 Jan upturn 4.28, 5 Jan hike 9.53 and 6 Jan up 5.01. 911.67 denotes the return of buying sentiment may drive market to higher points during this CNY Rally. But it has to encounter minor retracement in next few trading days in order to go further. Upside with no retracement is normally not long lasting. The support for the minor retracement is 905-908 points. The next resistances faced are 920 and 940 points before it can break 950.

 

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