Saturday, March 11th, 2017

 

Sky News report HSBC is lining up AIA’s Mark Tucker as chairman

LONDON, March 11 — HSBC Holdings Plc is lining up Mark Tucker, currently chief executive of insurer AIA Group Ltd, to be the next chairman of Europe’s biggest bank, Britain’s Sky News reported today. Last month HSBC said the bank was not a…


China-US. trade war would only cause pain, China’s commerce minister says

BEIJING, March 11 — A trade war between China and the United States would only cause pain, China’s commerce minister said today, as analysts say the spectre of deteriorating US-China ties is likely to weigh on confidence of exporters and…


How Tesla can gain from Trump’s US$1t infrastructure plan (VIDEO)

NEW YORK, Mar 11 — UBS Securities Analyst Colin Langan and Techonomy Media CEO David Kirkpatrick discuss the cost of building out the electric vehicle network charging network that Tesla needs. They speak with Caroline Hyde on Bloomberg…


Why Trump’s infrastructure plan doesn’t add up (VIDEO)

NEW YORK, March 11 — Bloomberg View columnist Conor Sen discusses President Donald Trump’s US$1 trillion (RM4.45 trillion) infrastructure plan and why the labor force math doesn’t add up. He speaks on What’d You Miss? — Bloomberg


Chinese investment in Malacca to create job opportunities for locals

JASIN, March 11 — The second phase of the Xinyi Glass Group solar glass factory in the Lipat Kajang Industrial Area here is expected to generate about 600 job opportunities for the state. China’s Ambassador to Malaysia Dr Huang Huikang also…


AirAsia offers three million promotional seats

KUALA LUMPUR: AirAsia is offering three million promotional seats to 120 destinations with base fares starting from RM0 and available on airasia.com from March 13-19, 2017.

The travel period for the free seats promotion will be from Sept 1, 2017 until June 5, 2018, with priority access to the promotion and booking on March 12 for AirAsia BIG members.

AirAsia in a statement said the bookings also can be done online at AirAsia mobile app or redeem flights via airasiabig.com and AirAsia BIG mobile app.

It said for wanderlusts who wish to travel immediately, AirAsia has also a special promotion running for bookings during the same period for travel from March 14, 2017-Aug 31, 2017.

“With the free seats campaign, we want our passengers to enjoy our offerings by allowing them to book their flights in advance and get the best deals possible.

“We are constantly trying to connect travellers to new destinations as with our recent launches to Luang Prabang, Laos, Bhubaneswar, India and Honolulu, United States,” said AirAsia Group Chief Commercial Officer, Siegtraund Teh. — Bernama


Bursa to consolidate, trend sideways next week

KUALA LUMPUR, March 11 — Bursa Malaysia is likely to consolidate and trend sideways next week, with the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) moving between the 1,700 and 1,730 levels. Malacca Securities Analyst Kenneth Leong said any…


Bursa Malaysia to consolidate, trend sideways next week

KUALA LUMPUR: Bursa Malaysia is likely to consolidate and trend sideways next week, with the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) moving between the 1,700 and 1,730 levels.

Malacca Securities Analyst Kenneth Leong said any upside bias is likely to be kept at the 1,730 level with the US non-farm payroll figures revealed on Friday being positive.

Leong told Bernama the market focus would also be now on the Federal Reserve (Fed) policy meeting on March 14-15 and expects interest rates to be increased this month.

For the week just ended, Bursa Malaysia ended on an uptrend on Monday and Friday, but remained in the red for the rest of week on a lack of impetus.

Leong said it traded sideways in cautious mode as investors awaited clues on the possible US interest rate hike.

On a week-to-week basis, the FBM KLCI rose 9.2 points to 1,717.58 from 1,708.38 last Friday.

The FBM Emas Index gained 78.03 points to 12,135.62, the FBMT 100 Index gained 62.06 points to 11,798.37 and the FBM Emas Syariah Index improved 60.91 points to 12,559.68.

On a sectoral basis, the Finance Index surged 111.51 points to 15,400.07, the Industrial Index rose 6.79 points to 3,243.24, while the Plantation Index shed 13.32 points to 8,081.19

Weekly turnover expanded to 16.23 billion units worth RM13.66 billion from 14.89 billion units worth RM13.07 billion.

Main Market volume marginally narrowed to 10.3 billion shares valued at RM13.04 billion against 10.76 billion shares valued at RM12.42 billion last Friday.

Warrant turnover rose to 1.25 billion units worth RM155.47 million from 1.19 billion units worth RM162.86 million.

The ACE Market declined to 2.67 billion shares worth RM459.75 million from 2.91 billion shares worth RM481.58 million.

Gold futures contracts on Bursa Malaysia Derivatives are expected to trade cautiously with a limited upside next week.

Phillip Futures Sdn Bhd Dealer Tee Guy Eon said analysts expect further losses as the market becomes increasingly certain that US interest rates would rise this month.

“We expect the gold market to continue to trade cautiously with a limited upside ahead of the US Federal Reserves Open Market Committee (FOMC) meeting on March 14-15,” he added.

The Fed's interest rate decision will be announced on March 16 and be highly anticipated by market watchers, Tee said.

Higher interest rates typically pressure gold prices because it raises the opportunity cost of holding non-yielding bullion, while boosting the dollar, in which it is priced.

For the week just ended, the market was thinly traded. Volume dwindled as investors awaited more market catalysts and give the market direction.

On a Friday-to-Friday basis, March 2017 fell 30 ticks to RM172.50, April 2017 declined 34 ticks to RM172.00, while May 2017 and June 2014 declined 26 ticks each to RM173.00 and RM173.20 per gramme respectively.

Turnover for the week slid to 21 lots worth RM363,600 from 107 lots worth RM2.37 million last week.

Open interest on Friday was lower at 335 contracts from the 344 contracts recorded previously. — Bernama


Interbank rates to remain steady on Bank Negara’s intervention

KUALA LUMPUR, March 11 — Short-term interbank rates are expected to remain steady next week with Bank Negara Malaysia (BNM) continuing to intervene to stabilise the local money market. BNM decided recently to maintain the Overnight Policy Rate…


The Chinese wave

The Chinese wave

KUALA LUMPUR (March 11): The Edge weekly in its latest edition  looks at the influx of property developments in Malaysia undertaken by China-based companies.

It highighted that when readers drive around the Kuala Lumpur city centre, there is a good chance they will come across a property development being constructed by a China-based company.

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