Malaysia Market

FBM KLCI closed slightly higher yesterday as market sentiment mixed by better China economy data and lower US Economy data. The FBM KLCI ended up by 0.8 points to 1,583.2 and the FKLI spot month contract settled lower by 1.5 point to 1,582.0 the futures index closed at a volume of 4,826 lots and open interest at 26,856 contracts. European stocks were little changed as company earnings were offset by comments from European Central Bank President Mario Draghi who said policy makers didn’t discuss lowering interest rates this week. Meanwhile, Asian shares mostly fell Thursday, as banks dragged on the Hong Kong market, although the Australian financial sector helped Sydney hold its ground near multi-month highs.

Today market may see to take a breath for a while as investors concern on China currency policy and waiting for US Job data tonight. We see support levels maintain at 1582 and 1569 while the resistance levels are at 1588 and 1593.

US Market

U.S. stocks fell, sending the Standard & Poor’s 500 Index down a second day, amid disappointing service industries data and as investors awaited tomorrow’s jobs report to gauge the pace of growth at the world’s largest economy. The S&P 500 retreated 0.8 percent to 1,391.57 and The Dow Jones Industrial Average declined 61.98 points, or 0.5 percent, to 13,206.59. About 6.9 billion shares changed hands on U.S. exchanges, or 3.8 percent above the three-month average.

 Crude Palm Oil

Crude palm oil futures traded on Bursa Malaysia Derivatives Exchange dropped to the lower level in this six weeks as favorable weather in the U.S. is expected to aid soybean planting, easing concern that global edible-oil supplies may drop. In the meanwhile producer price index in European zone was going down may influence the palm oil price as well since European was one of the largest importer of palm oil.

Today market may expected open low to cover last night price drop in soyoil and soybean futures and also huge drop in crude oil futures. Resistance is at RM3,420 and RM3,463 while support is at RM3,352 and further down at RM3,327.

Soybean

Soybean growers in Argentina, the world’s third-largest exporter, will harvest less than previously forecast after crops were harmed by a cold snap in March, flooding in April and a drought earlier in the season.

Farmers will harvest 41 million metric tons of the oilseed in the current season, less than the 43 million tons estimated previously, The Buenos Aires Cereals Exchange said in its weekly crop report today. The exchange maintained an estimate for this year’s corn crop at 19.8 million tons.