Dow Jones: 17,435.40 pts (-91.22pts, -0.52%)
Wall Street lost grounds with the Dow ended below the 17,500 support level as traders speculated that the Fed might increase interest rates next month may dampen the current pace of the economy.
FBM KLCI: 1,633.76 pts (-1.96pts, -0.12%)
The FBM KLCI ended marginally lower on the back of profit taking activities after a two-day surge earlier this week. However, the FBM KLCI may be due for a technical rebound as the RSI has crossed above 30.
Crude Palm Oil: RM2,519 (-RM42, -1.64%)
Crude palm oil prices extended its losing streak for another day as global production recovers faster-than-anticipated from a drought caused by El Nino, according to Dorab Mistry.
WTI Crude Oil: $48.16 (-$0.03, -0.06%)
WTI crude oil prices recovered from an intra-day low of US$46.73 and formed a hammer candle. Price may continue its rebound towards US$50 over the near term as trend is positive.
Gold: $1,254.75 (-$3.75, -0.30%)
Gold dropped to three-week low as traders speculated that the Federal Reserve is likely to raise the interest rates as early as next month. Next support will be pegged around US$1,250.
Economic Releases:
Malaysia - Malaysia Assets & Liabilities - 20 May 16, 6:30PM
US - US Existing Homes Sales - 20May16, 10:00PM
Bursa Malaysia Trade Statistics - 19 May 16
Institutions: Net BUY 313.7 mln (53.2%)
Retail: Net SELL 17.3 mln (14.7%)
Foreign: Net SELL 296.4 mln (32.1%)
Potential Momentum Stocks - 20 May 16
Stock Name: DUFU (7233)
Entry: Buy above RM0.54
Target: RM0.59 (9.3%), RM0.62 (14.8%)
Stop: RM0.52 (-4.6%)
Technical: Short term breakout
Stock Name: ARANK (7214)
Entry: Buy around RM0.795
Target: RM0.85 (6.9%), RM0.90 (13.2%)
Stop: RM0.765 (-3.8%)
Technical: Flag formation breakout
Source: Bloomberg, M+ Online
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