Saturday, October 22nd, 2016

 

Venezuela’s Maduro says oil producers close to output cap deal

BAKU, Oct 22 ― Venezuelan President Nicolas Maduro was quoted today as saying that Opec and non-Opec nations were “very close” to an agreement on oil production curbs, Azerbaijan’s state news agency Azertag reported. “Today with… Source: The Malay Mail Online


Canada says EU’s ‘job’ to save trade pact

BRUSSELS, Oct 22 ― Canada turned up the heat on the European Union today, saying it was the bloc’s “job” to save a trade pact put in doubt by a Belgian region’s refusal to sign on. Chrystia Freeland, the Canadian trade minister, was… Source: The Malay Mail Online


Piech, Porsche families say united behind VW management

FRANKFURT, Oct 22 ― The Piech and Porsche families that control more than 52 per cent of Volkswagen have vowed to back senior management, setting aside past disputes as the carmaker struggles to overcome an emissions scandal, Der Spiegel… Source: The Malay Mail Online


Broader corporate tax cuts more effective, PWC says

KUALA LUMPUR, Oct 22 ― Broad-based cuts in corporate tax are much more effective than the current tiered step-down system implemented by the government, says PwC Malaysia. Speaking to Bernama in an interview, the consulting and tax services… Source: The Malay Mail Online


China regulator tells banks to boost property loans risk management

BEIJING, Oct 22 ― China’s banking regulator has asked lenders to step up risk management of property loans amid record gains in house prices that have raised concerns of price bubbles and ballooning debts. Controlling real estate business… Source: The Malay Mail Online


Long-suffering German savers have real reason to complain

FRANKFURT, Oct 22 — In Germany, fretting about inflation is a political currency that never seems to lose its value. In the past week, for example, at least three national newspapers have run prominent articles telling the populace that their… Source: The Malay Mail Online


Slowdown hits UK’s Brexit economy with 0.3pc growth forecast

LONDON, Oct 22 ― The UK economy appears to be weathering Brexit better than many expected, but it’s still heading for its weakest performance in a year. After a 0.7 per cent expansion in the second quarter, economists in a Bloomberg survey… Source: The Malay Mail Online


Bursa ready for modest rally fuelled by Budget 2017

KUALA LUMPUR, Oct 22 — Bursa Malaysia is likely to continue its uptrend next week, fuelled by the positive announcement of the 2017 Budget. However, the gains will be modest due to uncertainty in the global market, a dealer said. He said the… Source: The Malay Mail Online


Ringgit expected to rally next week on positive Budget 2017

KUALA LUMPUR, Oct 22 — The ringgit is expected to rally next week on positive sentiment from the 2017 Budget announcement, a dealer said. Forex Time Research Analyst Lukman Otunuga said the 2017 Budget uplifted sentiment on Malaysia’s economy… Source: The Malay Mail Online


Bursa to continue uptrend next week, fuelled by Budget 2017 announcement

KUALA LUMPUR: Bursa Malaysia is likely to continue its uptrend next week, fuelled by the positive announcement of the 2017 Budget.

However, the gains will be modest due to uncertainty in the global market, a dealer said.

He said the RM3 billion allocation for small- and mid-capitalised (mid-cap) companies would set a new tone for government-linked investment companies (GLICs) as it would help them to diversify their investment portfolios.

“This allocation would spur investor buying interest in small and penny stocks,” he told Bernama.

He said the 2017 Budget was good for the market as it could help boost economy growth and corporate earnings.

“We see the support level for FBM KLCI to be around 1,650-1,680 points next week,” the dealer said.

However, the underlying market sentiment remains cautious due to uncertainty over the US Federal Reserve's (Fed) interest rate hike and crude oil price volatility.

“Conflicting statements on the timing of the Fed's interest rate hike adds to the market uncertainty,” the dealer said.

He said the floundering global oil prices and the Fed's interest rate hike probability would continue to weigh on interest in Bursa Malaysia next week.

FXTM Research Analyst Lukman Otunuga said stock markets were erratic on Thursday with most major arenas violently swinging between losses and gains due to a combination of depressed oil prices and resurgent in the US dollar.

For the week just ended, the benchmark FBM KLCI added 11.01 points to 1,669.98 compared with 1,658.97 last Friday.

On a week-to-week basis, the FBM Emas Index increased 72.48 points to 11,810.12, the FBMT 100 Index increased 74.87 points to 11,509.73 and the FBM Emas Syariah Index was 37.48 points higher at 12,442.37.

However, the FBM Ace fell 24.34 points to 5,124.86 and the FBM 70 rose 86.68 points to 13,879.10.

On a sectoral basis, the Finance Index surged 203.97 points for 14,429.34, the Industrial Index gained 21.76 points to 3,142.80, but the Plantation Index perked 46.79 points to 7,961.36.

Weekly turnover decreased to 5.75 billion units worth RM8.51 billion versus 7.56 billion units worth RM8.52 billion last Friday.

Main market volume eased to 4.62 billion units worth RM8.15 billion against 4.81 billion units worth RM8.11 billion last week.

Warrant turnover rose to 1.19 billion units valued at RM196.45 million vis-a-vis 1.15 billion units valued at RM213.87 million previously.

The ACE market reduced to 1.34 billion shares worth RM145.10 million from 1.58 billion shares worth RM199.33 million previously. — Bernama Source: The Sun Daily