Friday, April 21st, 2017

 

US stocks edge up ahead of French vote

NEW YORK, April 21 ― Wall Street stocks edged higher early today on mixed corporate earnings and cautiousness ahead of a presidential election in France. Mattel slumped 8.7 per cent as it reported a US$113.2 million (RM497.8 million) loss in…


Morgan Stanley upbeat on Malaysian stock market ahead of GE14

KUALA LUMPUR, April 21 ― Morgan Stanley is upbeat on Malaysian stocks, expecting them to benefit from a likely fiscal boost ahead of an election that could be called as early as September. The US bank initiated coverage on Malaysia in a…


Apparel retailer Bebe says to shut all stores

NEW YORK, April 21 ― Struggling apparel retailer Bebe Stores Inc said today it would close all its stores by the end of May, barely a month after announcing it was exploring strategic alternatives following four years of losses. The company…


Ringgit ends slightly lower against greenback

KUALA LUMPUR: The ringgit ended slightly lower against the US dollar today, pulled down by expectations of lower crude oil prices and in line with the weaker performance of regional peers.

At 6pm, the local unit was quoted at 4.3980/3000 against the greenback compared with Thursday's close of 4.3960/3000.

A dealer said news reports indicated that the benchmark Brent Crude and US West Texas Intermediate crude oil prices would see a 5.2% and 4.6% weekly drop respectively on Friday, after investors expressed worry over the Organisation of the Petroleum Exporting Countries' oil cut effect.

“The decline in global crude oil prices will hamper Malaysia's revenue from the oil and gas sector, and therefore, diminish investor interest towards the local note,” he added.

He said In addition, geopolitical tensions over North Korea, along with the uncertainty surrounding the French Presidential election and general election in the United Kingdom, had reduced the risk appetite among investors towards Asian currencies, including the ringgit.

At close, the ringgit was traded mostly higher against most major currencies.

It traded higher against the Japanese yen at 4.0286/0315 from 4.0312/0352 on Thursday, strengthened against the British pound to 5.6259/6298 from 5.6392/6452 and advanced against the euro to 4.7076/7111 from 4.7310/7366.

However, it depreciated against the Singapore dollar to 3.1466/1485 from 3.1465/1498. — Bernama


Positive market sentiment drives Bursa Malaysia to end stronger

KUALA LUMPUR: Bursa Malaysia ended the week on a stronger footing today, riding on positive market sentiment that helped lift investors' risk appetite globally.

At 5pm, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) settled at an intra-day high of 1,756.06, up 14.44 points or 0.83% from yesterday's close of 1,741.61.

The market barometer, which opened 0.62 of-a-point better at 1,742.23 this morning and touched an intra-day low of 1,742.23 at one point, moved in the positive territory throughout the day.

The upward trajectory, in line with regional bourses, was supported by persistent buying momentum in index-linked counters, small-caps and key heavyweights led by Maybank.

Maybank boosted the composite index by 5.55 points. The stock soared 32 sen to RM9.40 with 41.14 million shares changing hands.

Gains in two other bullish heavyweight performers, Genting Malaysia and CIMB, which rose 39 sen and 11 sen to RM5.98 and RM5.61, respectively, also largely contributed to the rise in the composite index.

Speaking to Bernama, a dealer said Asian bourses rallied today as investors positively reacted to the solid Wall Street performance overnight, optimism for US tax overhaul, US trade probe on Chinese steel exports, steady oil prices, as well as gains in the Japanese stock market.

“The bullish Wall Street sparked appetite in the global stock market with investors mostly flocking to the emerging markets,” he said, adding the recovery in ringgit also partly aided the day's upsurge.

Overall market breadth in Bursa Malaysia was positive with gainers trouncing losers 588 to 320, while 386 counters were unchanged, 457 untraded and 17 others suspended.

Trading was brisk with volume swelling to 3.12 billion units worth RM2.65 billion, from 2.64 billion units valued at RM2.24 billion billion recorded yesterday.

Among other heavyweights, Public Bank rose four sen to RM19.96, Sime Darby added one sen to RM9.27, Petronas Chemicals gained three sen to RM7.55, but Tenaga fell six sen to RM13.74.

For actives, Dagang Nexchange perked three sen to 50.5 sen, Key Alliance inched up half-a-sen to nine sen, Tiger Synergy added one sen to seven sen, while Ace Market debutant, Eversafe Rubber rose five sen to 41 sen.

The FBM Emas Index surged 92.31 points to 12,490.58, the FBMT100 Index chalked up 90.75 points to 12,126.22, the FBM 70 advanced 76.59 points to 14,730.75, the FBM Ace increased 62.28 points to 6,158.12 and the FBM Emas Shariah Index improved 35.81 points to 12,848.06.

Sector-wise, the Finance Index shot up 231.3 points to 16,008.58, the Plantation Index rose 23.72 points to 8,027.27, but the Industrial Index slipped 1.86 points to 3,209.56.

Main Market turnover expanded to 2.27 million units worth RM2.51 billion, from 1.77 million units valued at RM2.12 billion registered on Thursday.

Volume on the ACE Market decreased to 562.9 million shares worth RM108.4 million, from yesterday's 667.29 million shares valued at RM95.46 million.

Warrants widened to 267.63 million units worth RM30.69 million, from 200.31 million units valued at RM23.92 million.

Consumer products accounted for 148.67 million shares traded on the Main Market, industrial products (505.82 million), construction (89.54 million), trade and services (760.82 million), technology (138.47 million), infrastructure (4.34 million), SPAC (1.94), finance (125.61 million), hotels (1.59 million), properties (459.1 million), plantations (26.47 million), mining (8,100), REITs (8.69 million) and closed/fund (20,400).

The physical price of gold as at 5pm stood at RM175.24 per gramme, up 18 sen from RM175.06 at 5pm yesterday. — Bernama


Ringgit ends lower on oil price speculation

KUALA LUMPUR, April 21 ― The ringgit ended slightly lower against the US dollar today, pulled down by expectations of lower crude oil prices and in line with the weaker performance of regional peers. At 6 pm, the local unit was quoted at…


Bursa closes higher on positive market sentiment

KUALA LUMPUR, April 21 ― Bursa Malaysia ended the week on a stronger footing today, riding on positive market sentiment that helped lift investors’ risk appetite globally. At 5 pm, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) settled at…


Eversafe Rubber shares close 14% higher on debut

PETALING JAYA: Eversafe Rubber Bhd made its debut on the ACE Market of Bursa Malaysia Securities Bhd today with its share price closing 13.9%, or 5 sen higher at 41 sen, above its 36 sen issue price. Some 73.7 million shares were traded.

The tyre retreading solutions firm's shares opened at 46 sen, hit a low of 40 sen and high of 46.5 sen on the first day of trading.

“With this listing, we intend to continue strengthening the company's financial position and continue to create value for our brand globally in order to benefit our worthy shareholders,” the group's executive director and CEO Cheah Siang Tee said in a statement today.

The group's initial public offering (IPO) exercise comprised a public issue of 48 million issue shares and 30 million offer shares at an issue price of 36 sen per share.

The IPO has been oversubscribed by 68.88 times during its balloting.


UK retail sales slide in March

LONDON, April 21 ― British retail sales slid far faster than expected in March, according to official data today that point to weaker growth as the country starts to negotiate its EU exit. Sales dropped by 1.8 per cent in March from February,…


Li Ka-shing wraps up Duet deal in biggest overseas purchase

SYDNEY, April 21 ― Li Ka-shing has wrapped up his biggest overseas deal on record, the A$7.4 billion (RM24.6 billion) takeover bid for Australian power provider Duet Group, nine months after he was barred from buying another power asset there on…