Reuters-Apple’s results weighed on U.S. stock prices on Wednesday after the technology giant posted its first annual revenue decline since 2001, while oil and gold prices slipped.

Apple, the world’s largest company by market capitalization, fell 2.2 percent after it acknowledged strong demand for its iPhone 7 Plus caught the company off-guard and it was struggling to keep up with demand.

The technology giant pulled down the S&P 500 stock index and Nasdaq, but gains in Boeing bouyed the price-weighted Dow Industrials.

Boeing shares were trading at their highest level this year, after the world’s largest planemaker reported a jump in quarterly profit despite slower sales.

The Dow Jones industrial average rose 30.06 points, or 0.17 percent, to 18,199.33, the S&P 500 lost 3.73 points, or 0.17 percent, to 2,139.43 and the Nasdaq Composite dropped 33.13 points, or 0.63 percent, to 5,250.27.

Disappointing results and forecasts from some other major U.S. companies weighed on European and Asian stocks.

Mixed results from Europe’s banking sector and declines in mining and energy shares helped push the pan-European STOXX 600 index down 0.38 percent.

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Source:The Edge Market
SHARES in construction outfit Ekovest Bhd have been riding high in the past year, outperforming the company’s peers on the Kuala Lumpur Construction Index with a 133% return. Some analysts believe the stock still has room for growth as they view it as “deeply undervalued”.

Ekovest’s share price closed at a five-month high of RM2.08 last Thursday. It marked the first time the counter has traded above RM2 per share in about 16 years, according to adjusted prices from Bloomberg. The stock has been trading in a 52-week range of 86 sen to RM2.08.

It may be the latest signal yet that there is growing interest in Ekovest, which has almost doubled in price year to date. Trading volume this year in general has also been the highest in five years, according to Bloomberg data.

When contacted, Ekovest managing director Datuk Seri Lim Keng Cheng says the group’s fundamentals are largely intact. “It’s just that there seems to be more attention on Ekovest recently,” he tells The Edge via telephone.

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KLSE StockAlliance:
27/10/2016 Stock Picks
1. HIL / INNO / CEPAT
2. PANPAGE / IREKA / DOLPHIN
3. Follow us closely during trading hours.

Stock Alliance

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TheBursa Analyst:
Thursday 27 October:

Market sentiment is not very good as maybe the world is waiting for the presidential election to be over however I think it is still very early. Wait until November only stay sidelines. Anyway we have to respect that so trade cautiously.

Crude Oil prices slips on US inventory data and CPO prices fall slightly as well.

Stocks to watch:

CCB: can wait to fall further to enter as their Quarter result will be out soon either this Friday or Next Monday, and I am expecting good quarter result since the amount of Mercedes BENZi on the road have been increasing recently, maybe bad economy many people want to showoff they are doing well. Support is at 3.25 TP1: 3.48 TP2: 3.61.

OPCOM: Support at 0.6, TP is 0.65 Risk Reward ratio about 1:2

As mentioned, market is not very good, please trade with care !

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Market News Roundup

1⃣ BHS said it is in talks with potential investors to build a tissue paper factory, as part of the Phase 1 development of Pekan Green Technology Park in Pahang.

2⃣ MQREIT is planning to establish a 20-year medium term notes (MTN) programme by end-2016, according to its manager.

3⃣ Tek Seng’s net profit for 2QFY16 nearly quadrupled to RM16.23m, as a result of higher revenue and operating income.

4⃣ Yong Tai has sold en bloc RM461m worth of properties in Phase 1A of its RM5.4b Impression City mixed development in Melaka to Orient Venture Properties Bhd.

5⃣ SCable has secured a contract worth RM55.9m from Tenaga, to build two double circuit transmission lines.

6⃣ Sumatec today said its Miri-based associate Semado Maritime SB has defaulted on the repayment of RM165.21m having been due to Bank Pembangunan Malaysia Bhd.

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KLCI Index Futures (FKLI) 27/10/2016

Technical

Index futures ended higher with the spot month October futures discount to cash market by 4.5 point. The spot month October contract declined 6.5 points and settled at 1669.5. The underlying FBM KLCI index closed at 1673.92, fell by 3.51 points. In line with the weaker regional markets as they took cues from the lower close in US and EU markets earlier today. Total open interest increased to 48,394 contracts from 36,956 contracts, the previous trading day.

Market action saw prices retraced from the Bollinger upper band and fell towards to middle band. – neutral to negative

RSI momentum line at 52.5 – neutral

Next resistance target should cap at 1,674.5 and 1,678.0, further up at 1,685.5, while support at 1664.0, 1658.0 and further down at 1653.5.

Wall Street ended mixed, as Apple Inc retreated 2.3%, and Boeing Inc rose on robust earnings. Crude oil fell 1% on OPEC worry, offsetting U.S. inventory fall. We expect market to move on sideway bias downside, may take this opportunity to short at resistance, but cut loss have to be in place if it breaks the resistance.

Fundamental

Crude oil price fell 1.56% as investor doubts about whether OPEC meeting on Nov. 30 in Vienna manage to succeed in its planned production cut. A surprise from Energy Information Administration (EIA) reported U.S. Crude stockpiles fell by 553,000 barrels versus Reuters forecast of 1.7million barrels. –Neutral

U.S. stocks ended mixed as Apple Inc fell and pulled down the S&P 500 and Nasdaq, but gains in Boeing buoyed the price-weighted Dow Industrials. – Neutral

Source: Bloomberg

From Futures

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Logic Trading Analysis Channel:
BURSA MALAYSIA MARKET IDEAS THURSDAY (27/10/2016):

FBMKLCI FULL OF CHALLENGE

Dear All,

The FBMKLCI closed lower at -3.51 point or -0.21% to close at 1673.92.

FBMKLCI correction after push up, mostly will correction further, if DJIA fall further then will U-Turn and uptrend will cancel.

DJIA at the moment not looking good, hopefully will not suddenly big fall below 18000, once breaking this level definitely will make some panic happen

Yesterday, many our stock like AAX Big Meletup ! Been asking to focus for a few day already. TUNEPRO got little action as well. Still waiting AIRASIA to fly, since oil price drop again, possible to kick it fly soon.

Lets ready for some more goreng at our live channel:
https://telegram.me/ltachannel !

Joy is what happens to us when we allow ourselves to recognize how good things really are this Thursday !!

“Goreng Tetap Goreng” !

Yours Sincerely,
Logic Trading Analysis

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