Market Update - 1 July 2013

• Wall Street eased on Friday, putting a brake on the rally seen in the previous sessions. Dow -0.76%, Nasdaq +0.04% and S&P500 -0.43%. 

• Federal Reserve’s Stein suggested that investors might have taken cues from Bernanke in a wrong way, sustaining the uncertainties regarding Fed’s policy trajectory going forward. 

• The Japanese yen extended decline against the US dollar and the Japanese stocks climbed as the nation’s manufacturers turned optimistic for the first time in seven quarters. 

• Gold futures rebounded and other precious metals rose. 

• The KLCI may now find rather strong support at the 1750 mark, although any strong rally to bring the bourse back towards 1790 and above is unlikely to happen as long as uncertainties in global markets regarding Fed’s QE3 tapering persists. 

• USD/MYR is well supported above the 3.1500 mark, today’s expected trading range 3.1650 – 3.1850