Saturday, October 29th, 2016

 

German minister ups rhetoric against takeovers ahead of China trip

BERLIN, Oct 29 — China is strategically buying up key technologies in Germany while protecting its own companies against foreign takeovers with “discriminatory requirements”, German Economy Minister Sigmar Gabriel said today. Gabriel, also… Source: The Malay Mail Online


Opec meets non-Opec nations for oil talks, gets Azeri support

VIENNA, Oct 29 ― Officials from Opec and non-member oil producing countries met today aiming to build support for an Opec plan to reduce output one day after Opec members were unable to agreed on how to implement the deal. Arriving for the… Source: The Malay Mail Online


China’s UnionPay to tighten ‘capital flight’  rules on buying HK insurance

SHANGHAI, Oct 29 ― China’s biggest bank card provider UnionPay said today it will tighten regulations over how mainland customers can use its debit and credit cards to purchase Hong Kong insurance products, potentially restricting another… Source: The Malay Mail Online


Ringgit likely to strengthen against US dollar next week

KUALA LUMPUR, Oct 29 ― The ringgit is likely to strengthen next week to the 4.12 level against the US dollar on the back of a possible recovery in the crude oil prices, a dealer said. The global benchmark Brent crude oil is expected to be… Source: The Malay Mail Online


Bursa Malaysia likely to trade sideways next week

KUALA LUMPUR: Bursa Malaysia is likely to continue to trade sideways next week, with the benchmark index expected to be trapped between 1,660 and 1,680 points due to the weak market sentiment, said Affin Hwang Investment Bank.

Its President/Head of Retail Research, Datuk Dr Nazri Khan Adam Khan, said the market will be concerned over the better US third-quarter gross domestic product data.

“The positive results of the world's biggest economy has increased the prospects of an interest rate increase by the Federal Reserve in December which will also affect the local stock market,” he told Bernama.

He said the market would see profit-taking as there were higher interest rate yield globally, especially in America and Europe.

On the oil prices, Nazri said, investors were hoping to see it improved further and boost the local bourse in the long run.

“As Malaysia is among the oil exporter countries, any news about the higher oil prices will be the catalyst to cushion our market,” he said.

Recently, it was reported that the Malaysia's national oil company will make its final investment decision in December to whether to offer a 50% stake in its Refinery and Petrochemical Integrated Development Project in Johor to Saudi Aramco.

“This factor could boost the investors' appetite and improved the composite index in the near term,”he said.

For the week just-ended, the benchmark FBM KLCI added 1.24 points to 1,670.27 compared with 1,669.98 last Friday.

On a week-to-week basis, the FBM Emas Index declined by 26.22 points to 11,783.90, FBMT 100 Index fell 23.98 points to 11,485.75 and the FBM Emas Syariah Index was 19.07 points lower at 12,442.37.

The FBM Ace fell by 11.13 points to 5,113.73 and the FBM 70 declined 122.65 points to 13,756.45.

On a sectoral basis, the Finance Index surged 96.71 points to 14,526.05, the Industrial Index gained 14.71 points to 3,157.51 and the Plantation Index perked 3.85 points to 7,957.51.

Weekly turnover increased to 7.58 billion units worth RM8.62 billion versus 5.75 billion units worth RM8.51 billion last Friday.

Main market volume rose to 4.97 billion units worth RM8.12 billion against 4.62 billion units worth RM8.15 billion last week.

Warrant turnover fell to 1.16 billion shares valued at RM169.26 million compared with 1.34 billion shares valued at RM145.10 million previously.

The ACE market surged to 4.09 billion shares worth RM224.95 million compared with 1.34 billion shares worth RM145.10 million last week.

Gold futures contracts on Bursa Malaysia Derivatives are expected to be on the downside next week, mostly due to the anticipation of movements of the ringgit the week ahead, a dealer said.

The ringgit is expected to be traded higher next week at 4.12 level as compared with 4.19 level on Friday.

Phillip Futures Sdn Bhd Dealer, Ler Wee Liang, said the external factors of the better-than-expected economic data in US will increase the possibility of interest rate increase and further pressure the safe-haven asset.

On a Friday-to-Friday basis, October 2016 added two ticks to RM171.2 a gramme, November 2016 slipped three ticks to RM171.1 while December 2016 and January 2017 were pegged at RM171.35 and RM171.45, respectively.

Weekly turnover rose to 54 lots valued at RM927,000 versus 31 lots worth RM533,335 a week before.

Open interest rose to 289 contracts from 271 contracts previously. — Bernama Source: The Sun Daily


Ringgit likely to strengthen against US dollar next week on oil price rebound

KUALA LUMPUR: The ringgit is likely to strengthen next week to the 4.12 level against the US dollar on the back of a possible recovery in the crude oil prices, a dealer said.

The global benchmark Brent crude oil is expected to be traded at US$55 per barrel compared to US$50.47 on Friday.

Affin Hwang Investment Bank Vice-President/Head of Retail Research, Datuk Dr Nazri Khan Adam Khan, said the local currency will pull back from its current level due to positive sentiment lingering in the market.

“The investors' appetite will be boosted by the recovery in the crude oil prices as well as talks on Petronas-Saudi Arabian Oil Co (Saudi Aramco) potential collaboration,” he told Bernama.

It was reported that the Malaysia's national oil company will make its final investment decision in December, whether to offer a 50 per cent stake in its Refinery and Petrochemical Integrated Development Project in Johor to Saudi Aramco.

On a Friday-to-Friday basis, the local note slipped to 4.1970/1020 against the greenback at 4.1830/1890.

The ringgit ended mostly higher against a basket of currencies.

It depreciated against the Singapore dollar to 3.0080/0126 from 3.0027/0078 last Friday. Against the Yen, it rose to 3.9865/9924 versus 4.0279/0341

The ringgit strengthened against the British pound to 5.0960/0037 against the previous Friday's 5.1158/1248 and improved against the Euro to 4.5777/5848 from 4.5595/5677. — Bernama Source: The Sun Daily


Resale home sales in Singapore surge to 4-year high as prices fall

SINGAPORE, Oct 29 — Sales of previously-owned homes surged in the third quarter to their highest level since 2012, when the property market was last buoyant, as prices fell at a faster rate in the three months ended September 30. Analysts… Source: The Malay Mail Online


PetroChina profit falls as natural gas earnings join oil slide

SHANGHAI, Oct 29 ― PetroChina Co posted a 77 per cent decline in third-quarter profit as a suppressed international oil market and lower domestic natural gas prices eroded earnings at the country’s biggest producer. Net income fell to 1.2… Source: The Malay Mail Online


Chasing the big bucks in digital convergence

Chasing the big bucks in digital convergence

KUALA LUMPUR (Oct 29): In today’s digital age, change is the only definite that we deal with in a world of increasingly indefinite possibilities.

While consumers get new opportunities for work and play, workers are having to change their mindset and pick up new skills, especially those with jobs that are at risk of being taken over by machines. Businesses too are being forced to transform. 

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Source: The Edge Markets


Exxon warns low oil prices may dent reserves nearly 20pc (VIDEO)

HOUSTON, Oct 29 ― Exxon Mobil Corp, whose oil field assets are being investigated by the US government, warned yesterday it may need to slash proved reserves on its books by nearly 20 per cent if oil prices stay low for the rest of 2016. The… Source: The Malay Mail Online