Archive for December, 2015

STI MARKET REVIEW:
Singapore’s benchmark Straits Times Index (STI) opened 0.2 percent or 4.91 points higher at 2882.53 on Monday and ended lower to -0.08 percent or points at -2.30. STI came off from its intra-day peak of 2889.14 and low of 2869.69. 3 Days Free Trial Signals
The Singapore market appears to be stuck in holiday mood because of many traders are still in leave.
LOCAL BOURSE
Singapore will provide advance estimates of GDP for the fourth quarter and for 2015. A quarterly survey by the Monetary Authority of Singapore (MAS) earlier this month showed that economists expect GDP to expand by 1.4% on a year-on-year basis in the fourth quarter, down from 1.9 per cent growth in the third quarter. The survey showed that full-year growth for 2015 was expected to be 1.9%.
MARKET FORECAST
STI is expected to consolidate in its next trading session. It has its support at 2857 and resistance at 2903. The RSI level is near the center line at 49.521 and if it crosses the center line then the market is expected to move up-to the level of 2910. The volume might be on the lower side due to the thin year ending and cautiousness of the investors over the high fluctuation in oil prices.
STI COUNTER SPECIFIC NEWS

  • Coal-mining group Geo Energy Resources has entered into a conditional sale-and-purchase agreement to buy the remaining 34 per cent shareholding interest in Borneo International Resources Pte Ltd that it does not already own for US$25 million.Borneo International Resources indirectly holds an effective equity interest of 98.96 per cent in PT Sungai Danau Jaya (SDJ), which holds coal-mining concession in South Kalimantan, Indonesia.
  • Xyec Holdings units Neutral Co and ACLOX Co will be merged with effect from 1 April 2016.The merger was proposed because both subsidiaries offer similar activities in the provision of experienced engineers to customers in major manufacturing industries, primarily IT Services.Xyec believes that the merger would lead to the more effective use of facilities and resources as well as better execution of operation currently performed by leveraging economies of scale.
  • Wee Hur Holdings has acquired an office building and an adjoining piece of land in Brisbane, Australia, for A$63 million ($64.2 million).With a net let table area of about 14,000 sqm, the property is located in the Central Business District of Brisbane.

GLOBAL FACTORS AND WORLD INDICES:

  • Asian stocks dipped on Monday amid a lack of immediate directional cues in light year-end trade, although Japanese shares managed to rise following a rebound in crude oil prices from multiple-year lows.Investors across asset markets were without some of the usual leads as markets in Europe and North America and many in Asia were closed on Friday for Christmas.MSCI’s broadest index of Asia-Pacific shares outside Japan gave up earlier modest gains.
  • China stocks tumbled more than 2 per cent on Monday, their biggest loss in a month, as weak industrial profit data and a looming revamp of how companies will be listed, weighed on the market.The blue-chip CSI300 index tanked 2.9 per cent, to 3,727.63, while the Shanghai Composite Index lost 2.6 per cent, to 3,533.78 points.
  • Tokyo stocks snapped a five-day losing streak in a quiet trading session Monday as bargain-buying and a weaker yen lifted the market in the last trading week of 2015.The benchmark Nikkei 225 index at the Tokyo Stock Exchange advanced 0.56 per cent, or 104.29 points, to close at 18,873.35.
  • Hong Kong stocks fell on Monday, pulled lower by a slump in mainland shares on the first trading day after last week’s Christmas holiday.The Hang Seng Index fell 1.0 per cent, to 21,919.62, while the China Enterprises Index lost 1.7 per cent, to 9,789.46 points.
  • Malaysian shares closed higher on Monday, with the Kuala Lumpur Composite Index gaining 7.22 points to 1,670.73.Some 1.91 billion lots, valued at RM1.72 billion, were traded. Gainers outnumbered losers 493 to 418.
  • Japan’s industrial output fell 1.0 per cent in November from the previous month, data showed on Monday, suggesting that sluggish emerging market demand continues to cloud the outlook for the economy.The fall compared with a median market forecast of a 0.6 per cent drop.
  • Gold held a weekly gain as investors weighed the outlook for inflation in the US for clues on the likely pace of interest rate increases by the the Federal Reserve in 2016.The metal gained 0.9 per cent last week.
  • Oil prices fell on Monday after the long Christmas weekend, with US crudes defending a newly gained premium over internationally traded Brent contracts.Front-month US West Texas Intermediate (WTI) futures were trading at US$37.91 per tonne, down 19 cents from their last settlement.Brent was down 18 cents at US$17.71 a barrel, meaning that US crude defended a premium it gained over the globally traded benchmark last week.
  • The dollar inched away from a two-month low against the yen on Monday, while a resumption in falls in oil prices took linked currencies including the Australian and Canadian dollars around a third of a percent lower.Australia and the key London market in currencies were among those still closed for local holidays.
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Daily Forex Technical Analysis Report

Posted: December 24, 2015 in Forex

GBPUSD
The GBP/USD made a spike from the 1.48 zone on Wednesday. However, the resistive nature of $1.49 level has recently been quite frequently exhibited, hence we suspect the downtrend might continue for the moment. Currently we are looking to make profits through short positions. 1.50 level might be considered as a ceiling, hence our interest in Long positions will be stirred up only after that. 3 Days Free Trail Signals
EURUSD
The EUR/USD took a dip in light of stronger than expected U.S. New Home Sales report. The pair found a support in the vicinity of the 10-day Moving Average at 1.0920. We see a resistance at 1.1059, that also happens to be in the zone of December highs. Among the indicators, RSI(Relative Strength Index) happens to be in the neutral zone and MACD(Moving Average Convergence Divergence) also isn’t giving positive signals.
AUDUSD
The AUD/USD spent the entire session on Wednesday exhibiting pendulum motion as the 0.72 level seems to be a sticky one for the pair. Take a look at the 100-day Exponential Moving Average, it is essentially flat and hardly any defined trends happen to be there. For the moment, it is better to stay away from this pair due to the lack of volatility at present.
USDJPY
The USD/JPY pair had a lazy Wednesday as it continued with its stay in the 120.50 level. Any noise at this level is vibrated to the 118.50 level. At present, we are in search of a good opportunity to take a Long position and a supportive candle might give us the confidence that we lack at the moment. Any chances of a short position are below the 118.50 zone. However, it seems this might take a while before it occurs.

WEEKLY WRAP OF STI
Straits Times Index (STI) opened lower at 2832.44 on Monday and ended higher to this week by recovering the gap down at the week start by closing at 2852.84. 3 Days Free Trial Signals
STI came off from its weekly peak of 2857.39 and low of 2831.10 this week and it keep on rising in 4 consecutive working days in this week which brought which recovered the fall on the opening at the starting of this week on Monday. Wall Street’s sudden slump on Thursday suggests that markets are still locked in monetary expansion mode, preferring rates to remain depressed. the impact here was rises for the Straits Times Index before and immediately after the FOMC meeting.
MARKET FORECAST FOR WEEK AHEAD
STI is expected to be in positive sentiment next week. STI has taken support near 2757 and expected to maintain this support next week as well. It has its resistance at 2941. If it breaks this resistance than it might go up to 2950.
STI COUNTER SPECIFIC NEWS

  • MM-2 Asia has entered into an agreement to acquire a majority stake in Millinillion, a tech start-up developing interactive solutions for digital users globally.Millinillion is a company specializing in developing Business to Consumer (B2C) mobile applications and digital interactive solutions for clients.MM-2 and Millinillion will jointly develop a series of mobile applications in data-based marketing, music and industry talent pool management.
  • Marine fabrication and engineering firm Triyards seems keen to divorce from the embattled oil & gas industry this year.The company has won contracts worth US$45.5 million ($64.5 million) to build vessels that have nothing to do with oil & gas, an industry suffering falling commodity prices and order cancellations.Other firms in the sector, such as SembCorp Marine and Keppel Corp have seen their share prices suffer this year amid falling demand for their rigs and vessels.
  • Q&M Dental Group (Singapore) plans to restructure its stake in Qinhuangdao Aidite High Technical Ceramic Co ahead of a possible listing of the China-based manufacturing subsidiary.As part of the restructuring, Aidite will reduce its equity capital to 23.97 million yuan from 47 million yuan.
  • Golden Land Property Development shareholders have approved Frasers Centrepoint’s (FCL’s) proposed acquisition of 29.5% of its enlarged share capital through a 4.97 billion baht ($196 million) new capital injection.Golden Land is one of the country’s leading real estate developers engaged in residential and commercial property development, as well as property management and property advisory services.
  • Mencast Holdings says its energy services division has renewed its service contract with the Asian headquarter of an oil supermajor for environmental remediation services for another three years.The contract also includes the option for an extension for a further two years.Another exiting long-term contract with the same client has also been revised to include additional services and increased volumes for the remainder of its term.
  • CMC Infocomm expects to report a net loss for 1H2016.The net loss was primarily due to substantial one-off professional fees incurred in relation to the initial public offering exercise when after the company was listed on the Catalist board .In addition, the group recorded an increase in overhead expenses, mainly payroll expenses due to additional headcount to support the execution of the group’s expansion into new and complementary businesses in Singapore and Malaysia.Shares in CMC Infocomm closed flat at 15.1 cents.

GLOBAL FACTORS AND WORLD INDICES

  • Asian shares took their cue from Wall Street and slipped on Friday, and Japanese stocks slumped after briefly jumping on the central bank’s statement that it would expand parts of its stimulus programme.

  • China stocks held nearly steady on Friday, capping a dramatic week that witnessed a strong relief rally in the previous session following an expected rise in US interest rates.Investors are now refocusing on economic fundamentals, with a key central government economic meeting that starts on Friday likely to offer the market fresh cues for directions.The blue-chip CSI300 index rose 0.3 per cent, to 3,767.91.

  • Japanese stocks fell on Friday in a session that turned volatile after the Bank of Japan announced it would maintain its massive stimulus programme’s base money target while expanding the types of assets it purchases.The benchmark index was down 1.9 per cent to 18,986.80, and had lost 1.3 per cent for the week.

  • Hong Kong stocks ended Friday slightly lower, as many sectors corrected after the previous session’s relief rally following the long-expected US interest rate hike.The Hang Seng index fell 0.5 per cent, to 21,755.56, while the China Enterprises Index lost 0.3 per cent, to 9,634.41 points.

  • European stock markets slid at the start of trading on Friday as a rally inspired by the US interest rate hike petered out heading into the weekend break.London’s benchmark FTSE 100 index dropped 0.8 per cent to 6,056.9 points.

  • China’s ravenous appetite for overseas assets is powering a record year for Asian dealmaking, with deal volumes in the region surpassing the US$1 trillion mark annually for the first time.Acquisitions involving companies in the Asia Pacific region rose 55 per cent in 2015 to US$1.2 trillion.Chinese buyers snapped up premier assets, ranging from the world’s biggest luggage handler to Italian tire brand Pirelli & C SpA, and accounted for about half the deals from the region.

  • Singdollar projected to decline most in 2016 amongst Asian currencies as the growth in Asia’s developing economies will slow to 6.4 per cent next year from 6.5 per cent in 2015, with China’s expansion decelerating to 6.3 per cent from 6.8 per cent. That means Asian central banks will need to further cut interest rates while the Fed gradually tightens, resulting in outflows and weaker currencies.

  • The US dollar pushed higher against other major currencies on increasingly bullish sentiment about the greenback following the Federal Reserve’s historic decision to lift US interest rates.

  • Crude prices sank deeper in Asian trading on Friday after the US oil benchmark closed at its lowest level since February 2009 on worsening oversupply concerns and a stronger dollar.West Texas Intermediate (WTI) for January delivery was trading at US$34.77 per barrel, 18 cents off its close of US$34.95 in New York.

  • Gold steadied on Friday but largely kept losses made a day earlier when the metal suffered its biggest slide in five months after U.S. interest rates were raised for the first time in nearly a decade and the dollar surged.Spot gold ticked up 0.3 percent to $1,054.40 an ounce by 0327 GMT, following a 2 percent slide in the previous session, its biggest one day slide since July. The metal is down nearly 2 percent for the week in its worst performance in six weeks.

STI MARKET REVIEW:
Singapore’s benchmark Straits Times Index (STI) opened 3.43 points higher or 0.12% on Thursday morning after the US Federal Reserve raised its short term interest after 7 years and the market ended higher to 20.26 points or 0.71 percentage higher at 2861.18. STI came off from its intra-day peak of 2868.27 and low of 2833.57. Market breadth was positive. Excluding warrants, gainers outnumber decliners 200 to 165. Get Free Trial of Trading Signals
LOCAL BOURSE
Non-oil domestic exports fell 3.3% y-o-y in November after flat growth in October.On a m-o-m, seasonally adjusted basis, NODX slipped 3.8% after October’s 0.3% dip.Both the y-o-y and m-o-m figures for October have been revised: the former was earlier reported to be a 0.5% decline and the latter was a 1.1% rise.Non-oil re-exports continued to increase in November, but eased from 6.1% in October to 5.1% y-o-y,due to an expansion in both electronic and non-electronic NORX.
MARKET FORECAST
STI is expected to consolidate with positive sentiment in its next trading session. Also the market has responded positively towards the interest rate hike by Federal Reserve for the first time in nearly a decade on Wednesday. It has its support at 2829 and resistance at 2876. Investors are cautious as Singapore non-oil domestic exports fell in November but the market is expected to move with positive sentiments.
STI COUNTER SPECIFIC NEWS

  • IPC Corporation is proposing a capital reduction move to return $136.467 million in cash to shareholders, or $1.60 per share.The existing cash hoard of the company came from sale of seven hotels in Japan for around JPY14.94 billion, or some $172.22 million.

  • The Trendlines Group has established two new portfolio companies, Tandem Technologies and Zeev Implants, via its unit Trendlines Medical.The two new companies bring the total number of Trendlines portfolio companies to 47.Tandem Technologies aims to make the process of removing and retrieving colon polyps much more efficient and accurate, with the goal of a near 100% retrieval rate.

  • EZRA Holdings has agreed to buy subsidiary EMAS Offshore’s entire 12.13 per cent stake in Malaysia-listed Perisai Petroleum Teknologi for US$56 million, a 500 per cent premium to the share market value.The agreed price of US$56 million is based on the cost of EMAS’s investment at inception.

GLOBAL FACTORS AND WORLD INDICES:

  • Asian stock markets jumped on Thursday as investors chose to take an historic hike in US interest rates as a mark of confidence in the world’s largest economy, lifting the dollar and piling on the pain for oil prices.China also allowed its currency slip for a 10th straight session to hit its lowest since June 2011. The steady decline in turn puts pressure on other Asian currencies to depreciate to stay competitive.

  • The Federal Reserve hiked interest rates for the first time in nearly a decade signaling faith that the US economy had largely overcome the wounds of the 2007-2009 financial crisis.The US central bank’s policy-setting committee raised the range of its benchmark interest rate by a quarter of a percentage point to between 0.25% and 0.50%, ending a lengthy debate about whether the economy was strong enough to withstand higher borrowing costs.

  • China stocks rallied on Thursday as risk appetite improved after the Federal Reserve raised rates for the first time in nearly a decade, as expected, removing a major source of uncertainty about the US central bank’s policy.The CSI300 index of the largest listed companies in Shanghai and Shenzhen rose 1.9 per cent, to 3,755.89.

  • The People’s Bank of China set its official midpoint rate at 6.4757 per dollar, its weakest level since June 2011, and 0.2 per cent weaker than the previous fix of 6.4626.The sharply weaker yuan midpoint reflected the dollar’s strength in global markets after the US Federal Reserve raised its policy interest rate overnight, traders said.

  • Tokyo stocks jumped on Thursday after the US Federal Reserve hiked interest rates for the first time in nearly a decade, underscoring its confidence in the health of the world’s top economy.The benchmark Nikkei 225 index at the Tokyo Stock Exchange gained 1.59 percent, or 303.65 points, to finish at 19,353.56.

  • Australian shares rose 1.46 per cent on Thursday, joining a global equities rally as investors piled back into the markets after a US interest rate hike signalled confidence in the world’s largest economy.The S&P/ASX 200 index rose 73.55 points to 5,102 at the close of trade, after reaching a high of 5,129.1 earlier in the session.

  • Japan’s exports in November fell at the fastest pace in almost three years as shipments to Asia declined in a worrying sign that weakness in overseas demand could curb economic growth. Data showed that exports fell 3.3 per cent in November from a year earlier, more than the median estimate for a 1.5 per cent annual decline.

  • The US dollar rose slightly against the euro and the yen on Wednesday after the US Federal Reserve’s historic move to raise interest rates for the first time in nine years.The dollar rose to US$1.0911 per euro around 2200 GMT from US$1.0930 at the same time on Tuesday. The greenback was up 0.5 per cent at 122.26 yen.

  • Gold slipped on Thursday to give back some of its overnight gains, with trading choppy as the dollar surged after the Federal Reserve hiked US interest rates for the first time in nearly a decade.Gold has slumped nearly 10% this year, largely on uncertainty around the timing of the rate rise and on fears that higher rates would hit demand for the non-interest-paying metal. It had fallen to a near-six-year low earlier this month.

  • Crude prices extended losses in Asia Thursday after another report showing a further increase in US stockpiles added to fears about a global glut.The under-pressure commodity suffered fresh selling on Wednesday after the US Department of Energy showed that supplies rose 4.8 million barrels.

GBP/USD
Tuesday seemed to be ruled by volatility throughout the course of the day. The pair might have broken down,however 1.50 level below comes out to be supportive,hence our eagerness to start selling. The main game changer for the current period will be the impending FOMC Statement as it has the ability to change the market direction instantaneously. We are currently playing safe and wait for the market to make up its mind. The best thing to do at the moment is to simply wait. Get 3 Days Free Trial Signals
EUR/USD
The EUR/USD pair made a bearish candle in the 1.10 zone on Tuesday. The FOMC statement will be playing its part in this pair too, as it is the only way to get an idea what the Federal Reserve is planning to do next. Its best to calmly wait for the Fed decision and then decide what to do. Until the decision is released ,we expect high Volatility in the market.
AUD/USD
The AUD/USD pair finds support at 0.7150 level and we have hopes of a pull back from this level. Tuesday saw the pair drop as we continued with our search for opportunities. A prolong drop might see the pair touch the 0.70 level, but the possibility is stronger in case the lows of of the session are breached.Overall, the markets are going to be very volatile.
USD/JPY
The USD/JPY climbed up on Tuesday, due to the presence of buyers below. We are positive of touching the 124 level and with the FOMC statement on its way,the volatility might give us some additional thrust. Considering the 120 level as the “floor”, we might exploit the any pullback as a buying opportunity. A hawkish statement might even get us passed the 125 level and our confidence refrains us from taking any short positions.

STI MARKET REVIEW :
Singapore’s benchmark Straits Times Index (STI) opened 9.91 points lower or 0.35% lower at 2805.13 on Monday after a mixed showing of overseas markets overnight with Wall street and European stocks and ended higher to 2815.52.
ahead of the US Federal Reserve’s Open Markets Committee (FOMC) meeting this week at which an interest rate hike is expected to be announced.
3 Days Free Trial Signals
STI came off from its intra-day peak of 2833.92 and low of 2800.71. The Straits Times Index (STI) traded between 2,800.71 and 2,833.92, after opening 0.23% lower at 2,808.63.
LOCAL BOURSE
Singapore Exchange (SGX) was named “Global Exchange of the Year” for the first time at the recent Futures & Options World (FOW) International Awards ceremony, as well as “Exchange of the Year – Asia, Australasia and MEA.”
FOW cited SGX’s strong volume growth through 2015 with trading levels up more than 60% year-on-year, as well as continued innovation across the risk management portfolio.
MARKET FORECAST
STI is expected to take side ways trend. Its suport level is at 2801 and resistance level is at 2832, if breaks this level it is expected to go up to level of 2850. However, market sentiment still remains bearish due to widely expectation of increase in US interest rate at the end of the two-day meet on 15-16 december.

STI COUNTER SPECIFIC NEWS

  • XMH Holdings , recorded a 69.3% increase in 1H16 ended October of $3.57 million from a year ago.The increase came on the back of a 10.1% increase in revenue to $49.56 million, primarily supported by the increase in the projects segment, following the inclusion of ZPA’s results.XMH had acquired an 80% stake in ZPA in March for $12.8 million.
  • Sinarmas Land has revealed its plans for Nuvasa Bay development project on the beachfront of Nongsa on Batam island.Batam’s first luxury integrated residential and mixed-use development will integrate an exclusive residential area with a full suite of resort facilities surrounded by an 18-hole international golf course along the 1.2km-long beachfront.
  • VALLIANZ Holdings Limited said its subsidiary, Rawabi Vallianz Offshore Services Limited (RVOS), intends to enter into a refinancing exercise for the bulk of its bank loans amounting up to 1.1 billion Saudi riyal (US$293.3 million).These loans are currently secured on RVOS’ fleet of 20 vessels comprising mainly anchor handling tugs and platform support vessels with an aggregate net book value of about 1.52 billion Saudi riyal.

GLOBAL FACTORS AND WORLD INDICES:

  • Asian shares firmed on Tuesday as recently volatile crude oil prices showed some stability, though gains were limited by caution ahead of a widely anticipated U.S. interest rate increase by the Federal Reserve.
  • hina’s yuan, weakened against the dollar after the People’s Bank of China (PBOC) set its official midpoint rate at its lowest level in more than four years for a second day.
  • hina stocks ended slightly lower on Tuesday, with a correction in banking and resource shares countering a surge in property firms that was triggered by hopes of more support measures for the real estate market.The CSI300 index of the largest listed companies in Shanghai and Shenzhen fell 0.5 per cent to 3,694.39 points.
  • okyo stocks fell on Tuesday as investors booked profits ahead of a US Federal Reserve meeting where policymakers will decide on whether to announce a long-awaited interest rate rise.The benchmark Nikkei 225 index at the Tokyo Stock Exchange dropped 1.68 per cent, or 317.52 points, to close at 18,565.90, while the Topix index of all first-section shares was down 1.66 per cent, or 25.33 points, to 1,502.55.
  • ustralian shares gave up early gains to hit a 2-1/2-year low led by a late sell-off in banks and resources shares after the government forecast its budget deficit would swell to A$37.4 billion (S$38.2 billion).
  • ingapore employment growth fell sharply from a year ago in the third quarter, bringing growth in the first nine months of this year down to the lowest since the recession year of 2009.Total employment rose 12,600 in the third quarter – against an earlier estimate of 16,400, and 33,400 for the same quarter a year ago.
  • he People’s Bank of China set its official midpoint rate at 6.4559 per dollar prior to the market open on Tuesday, its weakest level since July 2011, and 0.1 per cent weaker than the previous fix of 6.4495.Guided by a series of weaker PBOC fixes, spot yuan hit its lowest level in 4-1/2 years.
  • he US dollar edged lower on Tuesday as “nervous” markets focus on a Federal Reserve meeting this week where policymakers are expected to decide on a long-awaited interest rate rise.After months of speculation, the US central bank is widely seen as all but certain to give the green light to a small increase in borrowing costs for the first time in nearly a decade – usually a plus for the dollar.
  • Oil prices were mixed in Asian trade on Tuesday after rebounding from sub-US$35 levels in New York, but traders were braced for more downward pressure ahead of an expected hike in US interest rates,with global oversupply still dictating price trends.
  • old was hurting from overnight losses on Tuesday and the metal looked vulnerable to a drop back to multi-year lows on expectations of a US rate hike later this week.The Federal Reserve will kick off its last policy meet of the year later on Tuesday.

The FTSE Bursa Malaysia (FBM) KLCI plummeted during the final minutes of trading after remaining flat for most of the day. 3 Days Free Trial Signals
The benchmark index closed down 7.12 points to an intraday low of 1,622.84 points as at 5pm, which also represents a new two-month low for the KLCI. Turnover for the day was 1.43 billion shares worth RM1.6bil. The broader market was mixed with 387 gainers, 386 losers and 389 stocks unchanged.
The declines were attributed to several component stocks of the KLCI which hit intraday lows upon market close, including Tenaga Nasional Bhd and British American Tobacco.
Key Asian markets were mostly positive at market close, while European bourses opened strongly on Tuesday as investors await what will probably be the first interest rate hike by the US Federal Reserve in a decade this week.
The Federal Open Market Committee (FOMC) will meet in Washington on Dec 16 to vote on whether to raise interest rates after a decade of close to zero borrowing costs.
Among the biggest gainers in Europe were the Stoxx Europe 600 Index which gained 1.2% in early morning trading. Similarly, Germany’s DAX advanced 1.6%.
Bloomberg reported that despite the advances, markets remain jittery due to the Fed meeting, plummeting crude oil prices as well as recent losses in high-yield credit markets .
The ringgit was recovered slightly and was last traded at RM4.3025 as at 5pm against the dollar, compared to RM4.3265 earlier this morning.
Brent crude recovered slightly to US$37.98 per barrel, while US crude rose to US$36.37.
Crude palm oil for third month delivery fell by RM69 to RM2,406 per tonne, having hit RM2,500 on Dec 11.
Westports led the decliners in the KLCI after falling 14 sen to close at RM3.85.Astro fell 9 sen to RM2.53.
Among the plantation counters in the KLCI, PPB Group rose 2 sen to close at RM15.38. Sime Darby fell 10 sen to RM7.29 while Kuala Lumpur Kepong closed flat at RM22.14.
Petronas Chemicals led the gainers after rising 15 sen to close at RM6.80. Petronas Gas fell 4 sen to RM22.10 while SapuraKencana Petroleum fell one sen to RM1.86.
Among the banks, Hong Leong Bank closed up 12 sen to RM13.40. Maybank fell 7 sen to RM8.18 while CIMB was flat at RM4.40.
AmBank fell 5 sen to RM4.31 while Public Bank was down 2 sen to RM18.24.
As for telcos, Maxis fell 3 sen to RM6.51 while DiGi closed flat at RM5.03. Axiata rose two sen to RM6 while TM fell two sen to RM6.43.
Glovemakers were among the top gainers in the broader market. Top Glove Corp closed at a new all-time high of RM11.86 after gaining 86 sen today on the back of strong quarterly earnings. Meanwhile, Supermax rose 15 sen to close at RM2.91.
Among the key regional markets:
Japan’s Nikkei 225 fell 1.68% to 18,565.90;
Hong Kong’s Hang Seng Index fell 0.17% to 21,274.37;
The Shanghai Composite Index fell 0.29% to 3,510.35;
CSI 300 fell 0.46% to 3,694.39;
Taiwan’s Taiex rose 0.41% to 8,073.35;
South Korea’s Kospi rose 0.27% to 1,932.27 and
Singapore’s Straits Times Index gained 0.19% to 2,820.34.
Spot gold fell US$3.02 to US$1,062.89 per troy ounce.