Market Update - 6 Aug 2013

• Wall Street closed lower with the DOW -0.30%, the S&P -0.15% and the NASDAQ +0.09%. 

• Fed official Fisher hawkishly implied that the Fed is edging closer to QE tapering, following the drop in July’s employment rate. 

• China’s HSBC services PMI in July remained the same as June’s, coming in at 51.3 

• The KLCI edged up slightly higher on Monday, staying above the 1780 mark. Mixed tone in Wall Street overnight is likely to mean that some consolidation maybe witnessed intra-day, especially with the long weekend ahead of us. 

• Malaysia’s June trade data proved to be slightly better than expected and the higher than expected trade surplus should provide some boost to sentiment. 

• USD/MYR retreated back to 3.2200 levels following better than expected June trade data and some profit taking in the market. Today’s expected trading range is 3.2150 – 3.2350