Malaysia Market & US Market

Malaysia Market
Stocks traded on Bursa Malaysia closed marginally lower yesterday amid on rumours on Malaysia upcoming general election emerge and manufacturing economy in China is generally declining eventhough data of Manufacturing Purchasing Manager Index  increased but still below than 50.
The FBM KLCI lost 8.1 points or 0.51% to settle at 1,583.8. Meanwhile FBM KLCI Futures traded on Bursa Malaysia Derivatives closed lower in line with the cash market with April and May 2012 both lost 13 and 14 points each to settle at 1,574.5 and 1,575 respectively.
For today, support can be seen at 1,562.5 and 1,568.5 while resistance stays at 1,584 and 1,593.5.

US Market
U.S. stocks joined a global selloff as political uncertainty in France and the Netherlands intensified concern about Europe’s sovereign debt crisis.
Dow Jones declined 102.09 or 0.78% at 12927.17,
The S&P 500 Index  declined 11.59 points, or 0.8%, at 1,366.94,while The Nasdaq Composite Index  tumbled 30 points, or 1%, at 2,970.45.

Crude Palm Oil

Crude palm oil futures traded on Bursa Malaysia Derivatives Exchange closed lower as investor expected production in May will increased and at the same time economy slowdown in European zone push the palm oil prices down as well.

Today market expected may open high as yesterday night soybeans futures and soyoil futures prices went up due to the reduced production in Argentina. However today will has the palm oil export data to release investor may wait for the data before do any decision. Resistance is at RM3,507 and RM3,539 while support is at RM3,457 and further down at RM3,439.

Soybean (Bloomberg)

Soybeans surged to the highest price since July 2008 after an overnight freeze hurt crops in Argentina. Soybean-meal futures rose to the highest since June 2009.Temperatures fell as low as minus 4 degrees Celsius (25 degrees Fahrenheit) in parts of Argentina’s province of Buenos Aires, Drew Lerner, the president of World Weather Inc., said in a report. The government said last week that soybean harvesting was 41 percent completed, down from 52 percent a year earlier.
Argentina is the world’s biggest exporter of soy-based animal feed and cooking oil.