Saturday, March 25th, 2017

 

Chinese court rules in favour of Apple in local design patent disputes

BEIJING, March 25 — A Chinese court has ruled in favour of Apple in design patent disputes between the Cupertino, California company and a domestic phone-maker, overturning a ban on selling iPhone 6 and iPhone 6 Plus phones in China, Xinhua news…


China lifts suspension on Brazilian meat imports

BEIJING, March 25 — China lifted its suspension on imports of Brazilian meat today following clarification of inspection irregularities uncovered in a police investigation into alleged bribery of health officials, Brazil’s Agriculture Minister…


Taxing robots might not be the answer (VIDEO)

NEW YORK, March 25 — Erik Brynjolfsson, a professor of economics at MIT, discusses Bill Gates’ proposal to tax robots, job automation and the future of the labor market with Bloomberg’s Caroline Hyde on Bloomberg Technology. — Bloomberg


The challenges facing Uber CEO Kalanick (VIDEO)

NEW YORK, March 25 — Erik Brynjolfsson, a professor of economics at MIT, discusses Bill Gates’ proposal to tax robots, job automation and the future of the labor market with Bloomberg’s Caroline Hyde on Bloomberg Technology. — Bloomberg


Former US trade rep thinks TPP exit could be a mistake (VIDEO)

NEW YORK, March 25 — Bloomberg’s Brad Stone and Alistair Barr discuss the executive shakeup at Uber. They speak with Bloomberg’s Caroline Hyde on Bloomberg Markets. — Bloomberg


Ringgit to trade firmer against US dollar next week

KUALA LUMPUR: The ringgit is likely to trade firmer against the US dollar next week on an improved Malaysian economy, dealers said.

Affin Hwang Investment Bank Vice-President/Head of Retail Research, Datuk Dr Nazri Khan Adam Khan, said the ringgit was expected to strengthen with the retracement of the US dollar and the recovery of the commodities.

“With the improved commodity prices, weaker dollar, as well as better projection of Malaysian economic growth, the ringgit, which has been stable over the last three weeks, should now test the RM4.30/US dollar threshold.

“Any further weakness, especially if the ringgit trend towards the RM4.50/US dollar psychological barrier, as part of its commitment, Bank Negara Malaysia (BNM) will likely step in to defend the currency against exchange rate volatility via open market operations,” he said.

The fact that the Malaysian inflation (CPI February 2017, 4.5%) remained at an eight-year high (since November 2008) was also likely to lead towards hawkish BNM policy and contribute towards higher ringgit, he told Bernama.

Meanwhile, Hong Leong Research said, the ringgit has advanced 0.2% week-on-week to 4.4295 against the greenback and climbed against the currencies of six of the Group of 10 countries.

On technical outlook, it said, the US dollar appeared to be improving but only very gradually and remained prone to declines.

“Unless the US dollar closes below 4.4230, the immediate direction will likely be up and would target 4.4376–4.4414. Upside break of 4.4427 accelerates the bulls,” it added.

For the week just-edded, the ringgit moved between 4.4230 and 4.4270 against the US dollar.

On a Friday-to-Friday basis, the ringgit was traded higher at 4.4230/4280 against the greenback at 4.4340/4370.

Against other major currencies, the local note finished mostly lower except the Singapore dollar.

It weakened against the yen to 3.9789/9845 from 3.9156/9196 last Friday; declined against the euro at 4.7777/7849 from 4.7767/7818; and, against the British pound, it slipped to 5.5248/5328 from 5.4933/4983.

The ringgit improved against the Singapore dollar to 3.1600/1651 from 3.1638/1682 last week. — Bernama


Bursa Malaysia likely to inch higher towards 1,780 next week

KUALA LUMPUR: Bursa Malaysia is likely to trend higher next week, with the benchmark index inching towards the 1,780-level, supported by positive local economic news and the return of calmness after the sharp drop on Wall Street early last week.

Affin Hwang Investment Bank Vice-President and Head of Retail Research, Datuk Dr Nazri Khan Adam Khan, said FTSE Bursa Malaysia KLCI (FBM KLCI) maintained its bullishness and stayed in higher territory as equity bulls remained largely unfazed by the increases in the US interest rate.

“For the year-to-date, FBM KLCI recorded a total gain of 116 points, or 7.1%, signalling more resilience and upside in the near term despite imminent Federal Reserve rate increases and doubts on US President Donald Trump's fiscal reforms,” he told Bernama.

On the local news, he said, Prime Minister Datuk Seri Najib Abdul Razak's statement that Malaysia gross domestic product would be higher than 4.2% this year should be supportive for market sentiment.

Nazri said this showed that the economy was growing more than double the rates the International Monetary Fund had predicted for advanced economies while showing that Malaysia was firmly on the path to become a high-income nation.

On the technical front, he said, immediate uptrend supports for the index were at 1,700 and 1,730.

However, a convincing breach above 1,760 resistance would mean that the FBM KLCI would aim for the 1,780 and 1,800 levels.

On a week-to-week basis, the FBM KLCI increased 0.55 of-a-point to 1,745.75 from 1,745.20 last Friday.

The FBM Emas Index rose 24.52 points to 12,365.86, FBMT 100 Index was up 20.7 points to 12,017.00 and the FBM Emas Syariah Index gained 45.52 points to 12,772.75.

On a sectoral basis, the Finance Index added 8.08 points to 15,748.07 and the Industrial Index rose 8.43 points to 3,272.24.

The Plantation Index was 4.94 points weaker at 8,156.67.

Weekly turnover surged to 22.23 billion units worth RM15.24 billion from 19.39 billion units worth RM17.22 billion last week.

Main Market volume narrowed to 14.74 billion shares valued at RM15.16 billion from 15.10 billion shares valued at RM16.53 billion previously.

Warrant turnover rose to 1.23 billion units worth RM149.62 million from 1.22 billion units worth RM148.94 million last week.

The ACE Market increased to 5.98 billion shares worth RM897.82 million from 3.0 billion shares worth RM523.39 million previously.

Gold futures contracts on Bursa Malaysia Derivatives are expected to see uncertain trading next week, tracking the US Commodity Exchange's (COMEX) gold market.

Phillip Futures Sdn Bhd Dealer, Amberlyn How, said the market players will be taking the cues from the outcome of the US President Donald Trump's healthcare reform vote for further cues on market direction.

“The vote is viewed as an indicator of Trump's ability to impose his economic and political agenda.

“Failure to push through the healthcare reform will create uncertainties in the market and will be a potential drive to prompt more investors to gold as safe haven assets,” she told Bernama.

For the week just-ended, Bursa Malaysia Derivatives gold was traded mostly higher before ending the week lower tracking the COMEX's performance which was driven by the weaker US dollar.

The greenback was under pressure following a more dovish-than-expected monetary policy from the Federal Reserve.

On a Friday-to-Friday basis, March 2017 rose 27 ticks to RM176.3 a gramme, April 2017 gained 25 ticks to RM175.85 a gramme, May 2017 added six ticks to RM175.9 a gramme and June 2017 improved four ticks to RM176 a gramme.

Turnover for the week rose to 103 lots worth RM1.82 million from 24 lots worth RM434,900 last week.

Open interest on Friday was lower at 294 contracts compared with 332 contracts previously. — Bernama


Marginal rise likely for Bursa towards 1,780 points

KUALA LUMPUR, March 25 — Bursa Malaysia is likely to trend higher next week, with the benchmark index inching towards the 1,780-level, supported by positive local economic news and the return of calmness after the sharp drop on Wall Street early…


Ringgit to firm against US dollar next week

KUALA LUMPUR, March 25 — The ringgit is likely to trade firmer against the US dollar next week on an improved Malaysian economy, dealers said. Affin Hwang Investment Bank Vice-President/Head of Retail Research, Datuk Dr Nazri Khan Adam Khan,…


Opec be warned: Russia battens down the hatches for oil at US$40

MOSCOW, March 25 — Perhaps the Bank of Russia knows something the world doesn’t. As the Organisation of Petroleum Exporting Countries and its allies prepare to meet for a review of their production cuts this weekend, the central bank of the…