Bursa Malaysia- FBM KLCI will bullish movement in coming week, test the level of 1705

Weekly Wrap of KLCI

The week started with bearish sentiments and traded range bound thorough the week and ended on a positive note on Friday. The FBM KLCI index gained 33.27 points or 2.04% on Friday. The FBM KLCI index lost 5.14 points or 0.31% on Friday. The Finance Index fell 0.26% to 13986.46 points, the Properties Index up 0.46% to 1128.18 points and the Plantation Index down 0.82% to 7924.58 points. The market traded within a range of 11.39 points with a high of 1685.23 and a low of 1673.84. Free Trial Signals for next Week

The KLCI extended its mid-day losses by ending lower at 1674.88 points amid overnight losses in US market. The downtrend in our benchmark index was dragged down by losses in heavyweight counters such as IOI Corp and Genting Bhd. 

Market Forecast for week ahead:

The KLIC index is expecting it to continue its bullish movement in coming week on the back of the expectation of the potential rebound in the Crude Oil price, however the market can take resistance at the level of 1685 and the crossover of this level can lead to a bullish movement in near term and after that the market can test the level of 1705.

Technical indicators:

RSI for this week is 50.809 with CCI at 12.421. Besides, difference line of MACD -10.266.

Global factors and World Indices

• The rally in Asia stocks fizzled out Friday, as a renewed weakening in the price of oil dampened sentiment and safe haven assets such as the yen received a boost.
• Tokyo stocks closed down sharply on Friday, as a stronger yen dented exporters and another fall in oil prices hammered commodity and energy shares.The benchmark Nikkei 225 index at the Tokyo Stock Exchange fell 1.42 per cent, or 229.63 points.
• China stocks slipped on Friday in line with a broader correction across global equity markets, but posted solid gains on the week.Shanghai Composite Index ended down 0.1 per cent at 2,860.02 points.
• Hong Kong stocks tracked global markets lower on Friday as energy shares pulled back after an oil price rally paused.The Hang Seng index fell 0.4 per cent for the day, to 19,285.
• American's expectations for the economy declined in February to a three-month low as optimism propelled by job growth and cheaper gasoline at the start of the year faded. A monthly measure tracking the economic outlook dropped to 42.5 from a January reading of 4
• China's central bank will inject 10 billion yuan (S$2.15 billion) into the money markets through seven-day reverse bond repurchase agreements .This will bring the total net drain from the market this week to 455 billion yuan, the most in three years.
• The yen was broadly firmer early on Friday, having hit a fresh 2-1/2 year high on the euro thanks in part to renewed demand for the safe-haven Japanese currency as Wall Street snapped a three-day rally.
• The number of people who filed for unemployment assistance in the U.S. last week fell to a 12-week low, remaining in territory usually associated with a firming labor market.
• Minutes from the European Central Bank's January policy meeting revealed that members were unanimous in concluding that the monetary policy stance needs to be reviewed and possibly reconsidered in March to secure a return of inflation rates towards levels below, but close to, 2%.
• Gold fell for the first time in three days as investors weighed losses in financial markets and crude oil against the outlook for the U.S. Economy
• Oil futures fell in Asian trade on Friday as a record build in US crude stocks stoked concerns about global oversupply, outweighing moves by oil producers including Saudi Arabia and Russia to cap oil output.
• US crude inventories rose by 2.1 million barrels last week, to a peak of 504.1 million barrels, the third week of record highs in the past month, data from the US government's Energy Information Administration (EIA).

STATISTICS

• China's vehicle sales rose 7.72 % in January year-on-year to US$2.5 million.The China Association of Automobile Manufacturers said last month that it expects vehicle sales to grow 6 per cent in 2016, quickening from the 4.7 percent rise last year.
• Singapore's domestic wholesale trade shrank by 15.9 per cent year-on-year in the fourth quarter of 2015, partly due to lower prices of petroleum and chemical products.
• Singapore's overall domestic wholesale trade would have registered a 13.8 per cent increase.
• Confidence at Japanese manufacturers remained largely subdued in February and the mood was seen deteriorating over the coming three months, a Reuters poll showed, highlighting concerns about slowing global growth and turbulent markets.
• South Korea's producer prices in January fell 3.3 per cent in January from a year ago, the Bank of Korea said, the slowest decline since December 2014.
• Japan’s all industries activity index fell more-than-expected last month,to a seasonally adjusted -0.9%, from -1.1% in the preceding month whose figure was revised down from -1.0%.U.S. gasoline inventories rose more-than-expected in the last quarter,it rose to a seasonally adjusted annual rate of 3.036M, from 1.258M in the preceding quarter.
• U.S. crude oil inventories rose less-than-expected last month,it rose to a seasonally adjusted annual rate of 2.147M, from -0.754M in the preceding month.
• The euro zone’s current account fell less-than-expected last month,current account fell to a seasonally adjusted 25.5B, from 26.9B in the preceding month whose figure was revised up from 26.4B.

Will KLCI in Bullish Movement by Potential Rebound in Crude Oil Price?

The week started with bearish sentiments and traded range bound thorough the week and ended on a positive note on Friday. The FBM KLCI index gained 33.27 points or 2.04% on Friday. The Finance Index increased 1.56% to 13882.41 points, the Properties Index up 1.24% to 1111.47 points and the Plantation Index rose 4.51% to 7916.2 points. The market traded within a range of 36.18 with a high of 1667.80 and a low of 1631.62 during the session. 3 Days Free Trial Signals

The KLCI surged and closed higher at 1667.80 points amid overnight gains in US market after oil prices rose for the third consecutive day. The performance of our local bourse was in tandem with most of our regional peers following the Bank of Japan unexpectedly eased monetary policy further by introducing a negative interest rate policy. 

Market Forecast for week ahead:

The KLCI index is expecting it to continue its bullish movement in coming week on the back of the expectation of the potential rebound in the Crude Oil price, however the market can take resistance at the level of 1675 and the crossover of this level can lead to a bullish movement in near term and after that the market can test the level of 1700.

Technical indicators:

RSI for this week is 49.312 with CCI at -35.876. Besides, difference line of MACD -14.041.

Global factors and World Indices

• Asian shares jumped on Friday and the yen swooned after the Bank of Japan stunned markets by adopting negative interest rates in its boldest step yet to reinflate the long-languishing economy.
• The yen fell across the board and sovereign bonds rallied after Japan's central bank said it would charge 0.1 per cent for excess reserves parked with the institution, an aggressive policy pioneered by the European Central Bank.
• China stocks rose more than 3 per cent on Friday, recovering losses at the end of a tumultuous week, having recorded their worst month since the global financial crisis.The CSI300 index of the largest listed companies in Shanghai and Shenzhen ended up 3.2 per cent.
• Hong Kong stocks rallied Friday, ending a volatile month on a high, after Japan announced a surprise negative interest rate policy, effectively charging banks to store their cash in a bid to kickstart lending in the country.The Hang Seng Index rose 2.54 per cent, or 487.28 points, to close at 19,683.11.
• Japan's Nikkei share index whipsawed after the announcement before ending up 2.8 percent, to mark a 3.3 percent weekly gain, while the benchmark 10-year JGB yield touched an all-time low of 0.090 percent.
• Australian shares ended 0.6 per cent higher on Friday in see-saw trade, after the Bank of Japan unexpectedly slashed its benchmark interest rate below zero and a rebound in Chinese stocks.The S&P/ASX 200 index rose 29.34 points at the close of trade .
• Bank lending in Singapore fell in December from the previous month, reflecting a contraction in business loans.Loans through the domestic banking unit - which essentially captures lending in all currencies but mainly reflects Singapore-dollar lending - stood at S$600 billion last month, down 0.7 per cent .
• The Bank of Japan on Friday adopted a negative interest rate policy to spur lending and help drive inflation towards its two-percent target.The -0.1 per cent interest rate introduced by the BoJ means that banks parking their money with the central bank are actually charged for doing so.
• The dollar rallied over 1% to one-month highs against the yen on Friday, after the Bank of Japan surprised markets by announcing a negative interest rate policy.
• Gold slid lower on Friday, as investors locked in profits from the precious metal’s recent climb to one-and-a-half month highs and as the stronger U.S. dollar weighed
• Oil extended a recent rally in Asia on Friday, boosted by weakness in the dollar and Russia saying it could meet the Opec producers' group for talks on possible output cuts to ease a painful supply glut.

KLCI Market Expected to Trade Sideways in Coming Days, Properties Index Dropped

Market Review for KLCI:

The FBM KLCI index lost 39.14 points or 2.31% on Monday. The Finance Index fell 1.82% to 13902.09 points, the Properties Index dropped 1.69% to 1167.5 points and the Plantation Index down 1.53% to 7503.42 points. The market traded within a range of 34.52 points between an intra-day high of 1687.89 and a low of 1653.37 during the session. 3 Days Free Trial Signals

The KLCI extended its midday losses by ending lower 1653.37 points amid overnight losses in Wall Street. The performance of our local bourse was in tandem with most of our regional peers.

Market forecast for KLCI:

The KLCI market is expected to trade sideways in coming session, however if it breaks the level of 1650 with strong bearish sentiments followed by the dropping market volume then it may test the level of 1630 in near term.

KLCI COUNTER SPECIFIC NEWS :

• SKB Shutters Corp Bhd is projecting growth for the 2017 fiscal year, driven by its new insulated fire shutter and insulated fire rated steel door products.
• Penang’s construction industry is expected to stay flat this year with a value of about RM6.8bil, which is almost the same as in 2014.
• Ekovest gained six sen to RM1.13. It is linked to Tan Sri Lim Kang Hoo since his brainchild Iskandar Waterfront Holdings (IWH) makes up part of the consortium that won the Bandar Malaysia bid from 1Malaysia Development Bhd (1MDB).
• Petronas Dagangan fell 20 sen to RM24.66 with 400 shares done while Petronas Chemicals was down 11 sen to RM7.16 with 200 shares traded.
• CIMB Equities Research said integrated environmental engineering and technology provider Cypark Resources core net profit for the financial year ended Oct 31, 2015 made up 96% of its full-year forecast.

GLOBAL FACTORS AND WORLD INDICES:

• Asian stock markets tumbled while safe haven assets and oil prices jumped Monday in the first full day's trade of 2016 as a flare-up in tensions between Iran and Saudi Arabia raised concerns about the volatile Middle East.
• China's benchmark CSI300 share index tumbled 7 per cent on the first session of 2016 on Monday, prompting the stock exchange to halt trading for the rest of the day.The "circuit breaker" suspension mechanism first came into effect on Monday.Stocks slumped after weak factory activity surveys soured hopes that the world's second-largest economy will enter the new year on better footing, and selling intensified throughout the day.
• Hong Kong stocks posted their biggest fall in three months on Monday, marking a gloomy start for 2016, pulled lower by slumping mainland shares and weak global markets.The Hang Seng index fell 2.7 per cent, to 21,327.12, registering its biggest one-day per centage fall since Sept. 29.
• Australian shares fell on the first trading day of 2016 as a sell off in Chinese equities dampened risk sentiment, though gains in energy and healthcare shares capped losses.The S&P/ASX 200 index dipped 0.3 per cent or 16.85 points to 5,279.0 , on disappointing factory activity surveys in China.
• The Singapore economy grew at a better-than-expected 2.0 per cent on a year-on-year basis in the last quarter of 2015, advanced estimates show, and is expected to register a full-year growth of 2.1 per cent in 2015.The growth was a clip faster than the third quarter's 1.8 per cent, and on a quarter-on-quarter seasonally adjusted annualised basis, the economy expanded at a faster pace of 5.7 per cent compared to the 1.7 per cent growth in the preceding quarter.
• China's factory activity contracted for the 10th straight month in December, and at a sharper pace than in November, a private survey showed, dampening hopes that the world's second-largest economy will enter 2016 on steadier footing.The Caixin/Markit China Manufacturing Purchasing Managers' Index (PMI) slipped to 48.2 in December, below market expectations for a slight pick-up to 49.0 and down from November's 48.6.
• China's yuan weakened against the dollar at its open on Monday after the central bank set the guidance rate at a more than 4-1/2-year low.Prior to market open, the People's Bank of China set the yuan midpoint rate at 6.5032 per dollar - its lowest level since May 2011, 0.15 per cent weaker than the previous fix of 6.4936.
• Oil prices jumped over 2 per cent in the first trading hours of 2016 as relations between Middle Eastern rivals Saudi Arabia and Iran deteriorated following Riyadh's execution of a prominent Shi'ite Muslim cleric.Global oil benchmark Brent climbed over 2.5 per cent and more than a dollar.
• Gold and silver climbed on the first trading day of 2016 as rising tension between Saudi Arabia and Iran spurred a return to haven assets.Bullion for immediate delivery rose as much as 0.9 per cent, for its biggest gain since Dec 21. The metal lost 10 per cent in 2015 for a third annual drop, the longest slump since 2000.

Forex: GBPUSD, EURUSD, AUDUSD Down due to FOMC statement; USDJPY Up

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.

KLCI Downs at last moments as Europe opens strong

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.

Market forecast for KLCI:

Yesterday the KLCI index had given a closing near to the support level and if the index will cross the level of 1620 then we are expecting it to give a negative movement in near term, however the movement of the index in broadly influenced by the upcoming result of FED meeting on interest rate decision.

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.

FBM KLCI Technical Analysis & Market Forecast 15 Dec

Market Review for KLCI: The FBM KLCI index lost 10.18 points or 0.62% on Monday. The Finance Index fell 0.46% to 13951.92 points, the Properties Index dropped 1.15% to 1162.27 points and the Plantation Index down 0.40% to 7322.99 points. The market traded within a range of 10.16 points within a high of 1635.28 and a low of 1625.12 during the session.

The KLCI closed 10.18 points lower to 1629.96 points amid losses in Wall Street on last Friday as oil prices continued to slide and investors remained cautious over the potential interest rate hike by Federal Reserve.

Market forecast for KLCI:

The KLCI index is expected to trade with bearish sentiments in coming trading session on the back of the cautious investors sentiment over the upcoming FED meeting on interest rate decision. On technical ground the KLCI index test the level of 1600 in near term.

KLCI COUNTER SPECIFIC NEWS:

• Petronas Dagangan Bhd is divesting its liquefied petroleum gas (LPG) businesses in Vietnam as part of its portfolio rationalisation strategy.
• Taliworks Corp Bhd, which has a tie-up with the Employees Provident Fund (EPF) to acquire and operate concession-based asset, has set it sights on a few more targets locally and abroad.
• Dagang NeXchange Bhd (DNeX) expects to double its full-year revenue in 2016, backed by its oil and gas ventures. By 2020, energy is expected to be a dominant driver for the company, whose mainstay now remains trade facilitation and e-commerce.
• Berjaya Food Bhd, the country’s largest-listed food and beverage (F&B) company by market capitalisation, will tread cautiously when it comes to acquisitions.
• GD Express Carrier Bhd (GDex), riding on the e-commerce wave, will pursue inorganic growth via acquisitions and seek partnerships with other courier companies to expand into new markets in the Asean region, as it aims to achieve 24% to 25% net profit growth this financial year ending June 30, 2016.
• AirAsia Group has won the 'World's Leading Low-Cost Airline' title for the third consecutive year at this year's World Travel Awards Grand Final 2015 held in Morocco.

GLOBAL FACTORS AND WORLD INDICES:

• Asian stocks fell on Monday and China's yuan hit fresh 4-1/2 year lows as plunging oil prices added to investors' nervousness about riskier assets ahead of an expected US rate rise by the Federal Reserve later in the week.
• Shanghai stocks jumped more than 2 per cent on Monday in their best session in a month, as stronger-than-expected November factory activity lifted sentiment without dashing hopes of fresh stimulus.
• Tokyo stocks tumbled on Monday, extending a global equities sell-off ahead of this week's hotly anticipated Federal Reserve policy meeting.The benchmark Nikkei 225 index at the Tokyo Stock Exchange fell 1.80 per cent, or 347.06 points, to 18,883.42 by the close, after losing more than three percent in earlier trading.
• Australian shares came within a whisker of their 2015 trough on Monday, in line with a rout in the region, as falling oil prices and worries that U.S. interest rates will be hiked this week unsettled the market.The S&P/ASX 200 index shed 2.01 per cent, or 100.85 points, to finish at 4,928.60.
• Hong Kong's benchmark stock index fell for the eighth straight session to a more than 2-month low on Monday.The Hang Seng index fell 0.7 per cent, to 21,309.85, the lowest close since Sept 30. But the China Enterprises Index , which tracks Chinese companies listed in Hong Kong, gained 0.1 per cent, to 9,315.91 points.
• European shares opened higher on Monday as a sell-off triggered by China concerns and tumbling oil prices ran out of steam, with wind turbine makers Vestas Wind and Nordex among the leading gainers following a landmark climate deal.The pan-European FTSE Eurofirst index was up 0.7 per cent by 0825 GMT, after falling more than 2 per cent on Friday.
• China's yuan hit a fresh 4-1/2-year low to the dollar on Monday, after the central bank said it had begun publishing a yuan exchange rate weighted against a basket of currencies, a move that will eventually loosen the currency's link to the greenback.
• Energy-linked firms took another battering in Asia on Monday morning, leading losses on regional markets as oil prices sank to fresh seven-year lows, with warnings of further falls to come for the commodity.However, while companies that rely on fossil fuels to drive profits were taking a hit, he weekend climate deal was unlikely to have had a major impact on their shares for now.
• Gold ticked up on Monday, but was under pressure from a Federal Reserve policy meeting this week when the US central bank is expected to raise interest rates for the first time in nearly a decade.In its last policy meeting of the year on Dec. 15-16, the Fed is seen raising rates by a quarter of a per centage point.

Bursa Malaysia; Market Review for KLCI- 11 Dec

The FBM KLCI index lost 10.71 points or 0.65% on Thursday. The Finance Index fell 0.25% to 14107.75 points, the Properties Index dropped 0.45% to 1180.61 points and the Plantation Index down 1.22% to 7358.69 points. The market traded within a range of 12.54 points between an intra-day high of 1661.19 and a low of 1648.65 during the session.

The KLCI extended its losing streak for the third day after closing lower at 1648.65 points amid overnight losses in US market. Market sentiment was muted as oil prices continued to slide.

Market forecast for KLCI:

The KLCI index is expected to end the week with bearish sentiments on the back of the week global economical outlook, technically the index had crossed the level of 1660-1657 and it can drop further in near term. 

3 Days Free Trial Signals 

KLCI COUNTER SPECIFIC NEWS :

• Malaysia palm oil futures closed lower on Wednesday as traders squared positions ahead of key supply and demand data fr U.S and Malaysia.
• Country Heights Holdings Bhd (CHHB) has inked a joint venture agreement with Galaxus Corp Sdn Bhd (Galaxus) and Tan Sri Lee Kim Tiong.
• EG Industries Bhd is disposing of six parcels of unexpired leases of industrial land, measuring 6.28ha in Bandar Kuala Ketil in Kedah, for RM9 million to calcium-based chemical product manufacturer and trader Schaefer Kalk (Malaysia) Sdn Bhd.
• SP Setia Bhd,the country's biggest listed property developer by sales, is confident it can achieve its RM4 billion sales target for this year, underpinned by RM9.5 billion of unbilled sales.
• Kumpulan Perangsang Selangor Bhd’s (KPS) independent director Rosely @ Mohamed Ross Mohd Din told shareholders that the Selangor state-owned investment holding company will find a new business to invest in, after the disposal of its 90.83% stake in Titisan Modal (M) Sdn Bhd, which wholly owns the water treatment operator Konsortium ABASS Sdn Bhd.
• PUC Founder (MSC) Bhd (PUCF) has obtained the approval from Bursa Securities and the Securities Commission Malaysia (SC) for its proposed renounceable rights issue of irredeemable convertible unsecured loan stock (ICULS), with warrants to raise up to RM83.9 million.
• SCGM Bhd posted a net profit of RM4.79 million for the financial second quarter ended Oct 31,2015 (2QFY16), a 57.6% increase from RM3.04 million a year ago, helped by favourable product mix, lower fuel cost and strengthening of US dollar against the ringgit.
• Berjaya Food Bhd net profit plummeted 96% to RM6.2 million or 1.65 sen per share in its second financial quarter ended Oct 31, 2015 (2QFY16), from RM163.60 million a year ago, due to the remeasurement gain of RM158.60 million last year and foreign exchange loss.
• Sanichi Technology Bhd shares surged 18.75% in early trade today after Sanichi yesterday signed a memorandum of understanding (MoU) with German firm Protev International GmbH to form a joint venture in providing a one-stop product and service centre to all its customers worldwide in the manufacturing of plastic injection moulds and tools.
• Kimlun Corporation Bhd rose 2.08% this morning after AllianceDBS Research said renewed buying interest had emerged in Kimlun and that Kimlun had on Dec 9 traded higher to RM1.45 before closing near the day’s high at RM1.44 (up 6 sen or 4.34%).
• Transocean Holdings Bhd executive director Tan Swee Hock has voluntary resigned from his post effective yesterday after being charged by the Securities Commission Malaysia (SC) for insider trading.

GLOBAL FACTORS AND WORLD INDICES:

• A sense of unease spread across Asian stock exchanges Thursday with investors spooked by the sharp sell-off in oil sending most regional markets lower.With crude sitting around seven-year lows energy firms came under further pressure, following more losses on Wall Street.
• China shares ended lower on Thursday, giving up modest gains even after regulators reassured investors that reforms to company listings would not open a floodgate of new offerings.The CSI300 index of the largest listed companies in Shanghai and Shenzhen fell 0.4 per cent.
• Hong Kong shares weakened on Thursday, pulled lower by resource shares, as investors remained wary of falling commodity prices and ahead of a likely US interest rate rise next week.The Hang Seng index fell 0.5 per cent, to 21,704.61.
• Tokyo's benchmark stock index fell for a third straight session on Thursday as a strong yen dented exporters, and after Wall Street dropped on oil prices sinking to fresh seven-year lows.The Nikkei 225 at the Tokyo Stock Exchange sank 1.32 per cent, or 254.52 points, to 19,046.55 by the close.
• Australian shares fell 0.84 per cent on Thursday led by financials as stronger-than-expected jobs data further diminished the chances of a Reserve Bank rate cut.The S&P/ASX 200 index slipped 42.75 points to 5037.7 at the close of trade.
• Singapore GDP growth will remain lacklustre, reflecting a weaker outlook for China and Asean, as well as lower trend growth with domestic restructuring.The bank expects government measures in the property, transport and telecommunication sectors to be closely watched.
• Vehicle sales in China rose 20 per cent in November from a year earlier to 2.5 million vehicles, an industry association said on Thursday.The increase was the largest since October 2013 and compares with an 11.8 per cent rise in October and a 2.1 per cent increase in September.
• Oil prices edged up in Asia on Thursday following signs of a slight improvement in US demand but concerns that an oversupply will persist past next year kept the the commodity struggling at multi-year lows.
• The dollar eased against most rivals in Asian trade on Thursday, with commodity-linked units enjoying support from a slight uptick in oil prices, while its Australian counterpart surged on the back of a strong jobs report.
• Gold failed to log gains despite a 1.1 percent drop in the dollar index on Wednesday to its lowest in a month.