Wednesday, January 28, 2009.

DAILY MARKET REPORT.

Tueasday Markets Closing Prices.


KLCI 872.69 closed on Tuesday.
DJIA 8,174.73 up 58.70 or 0.72%.
Crude Oil US$41,58.
April FCPO RM1,830.
Ringgit 3.6230.


LOCAL NEWS.

Power tariff incentives for industries being studied.


WORLD NEWS.

70,000 job cuts and counting announced across the U.S. and Europe.

Consumer confidence in the U.S. sank to the lowest level on record in January as jobs evaporated and home value sank, signaling a further slide in spending at the start of 2009.

IMF slashed its forecast for 2009 global growth to 0.5% from 2.2%.

IMF sees U.S. economy contracting 1.65% in 2009, euro zone shrinking 2% and Japan 2.6%.


MARKET OUTLOOK.

Support Level - 860, 850, 837, 830 and 801.

Resistance Level - 880, 890, 900, 926.

BUY at support level for a possible technical rebound.