Saturday, May 13th, 2017

 

Boeing 737 Max back in flight as first plane delivery looms

CHICAGO, May 13 — Boeing Co resumed flights of its new 737 Max jetliners on a limited basis yesterday, setting the stage for the first commercial delivery after a potential engine flaw temporarily grounded the single-aisle aircraft. Regulators…


US settles money-laundering suit as Russians claim victory

NEW YORK, May 13 — The US agreed to take US$5.9 million to settle a money-laundering lawsuit tied to a US$230 million Russian tax fraud, avoiding a trial that was set to begin Monday. A Cyprus-based company controlled by a Russian businessman…


Bursa Malaysia to trend higher next week on crude oil, CPO price recovery

KUALA LUMPUR: Bursa Malaysia is likely to trend higher next week with the next resistance level expected at the 1,800 points level, on strong recovery in crude oil and crude palm oil (CPO) prices.

Affin Hwang Investment Bank Vice-President and Head of Retail Research Datuk Dr Nazri Khan Adam Khan said CPO exports were expected to improve and this would provide a good upside for investors.

“Besides, Malaysia's Industrial Production Index (IPI) which had expanded 4.6%, year-on-year, in March 2017 were also relatively strong and positive for the manufacturing sector.

“This would encourage stronger exports growth and at the same time lead to higher commodity prices and better consumption,” he told Bernama.

Nazri Khan also noted that Umno's 71st celebration would also be among the biggest play surrounding investors as it might spur thoughts of the general election around the corner and generate interest in election-linked stocks such as Malaysian Resources Corporation Bhd (MRCB), DRB-Hicom Bhd and Felda Global Ventures Holdings Bhd (FGV), among others.

“There is also speculation that Prime Minister Datuk Seri Najib Abdul Razak's visit to China, may bring in huge investments from Dalian Wanda, a Chinese multinational conglomerate and the world's biggest private property developer, to Bandar Malaysia after the collapsed deal between TRX City Sdn Bhd with a consortium of Malaysia's Iskandar Waterfront Holdings Sdn Bhd (IWH) and China Railway Engineering Corporation (M) Sdn Bhd (CREC),” he said.

On the global front, Nazri Khan said Wall Street's performance was also expected to be encouraging despite the uncertainty surrounding the sudden termination of Federal Bureau of Investigation (FBI) Director James Comey.

“Positive sentiment, buoyed by solid US employment data, and favourable French presidential election results recently, is also expected to continue into next week,” said Nazri Khan.

For the holiday-shortened week (the market was closed on Wednesday for the Wesak Day), the local bourse was traded mostly higher supported by the better crude oil prices.

On a week-to-week basis, the FBM KLCI added 13.13 points to 1,775.87, the FBM Emas Index gained 120.57 points to 12,718.10, the FBMT 100 Index bagged 126.22 points to 12,348.00 and the FBM Emas Shariah Index surged 121.16 points to 13,057.93, the FBM 70 recovered 287.35 points to 15,319.91 and the FBM Ace advanced 137.43 points to 6,438.26.

On a sectoral basis, the Finance Index was 173.07 points higher at 16,411.15, the Plantation Index increased 48.46 points to 8,112.79 and the Industrial Index was up 24.54 points at 3,259.21.

Weekly turnover expanded to 13.49 billion units, valued at RM10.82 billion, from 14.85 billion units, worth RM9.31 billion, recorded last week.

Main Market volume decreased to 8.43 billion shares, valued at RM10.10 billion, from last week's 9.75 billion shares, worth RM11.22 billion.

The ACE Market improved to 3.89 billion units, worth RM564.34 million, from 3.77 billion units, valued at RM546.15 million, traded previously.

Warrants' turnover, however, shrank to 1.11 billion units, worth RM143.90 million, from 1.19 billion units, valued at RM132.88 million, transacted last week. — Bernama


Ringgit to see range-bound trading with upside bias next week

KUALA LUMPUR, May 13 — The ringgit will see range-bound trading next week and move between 4.30 and 4.35 against the US dollar with an upside bias, on expectation of encouraging economic data, said an economist. MIDF Amanah Investment Bank…


Bursa to trend higher next week on crude oil, CPO price recovery

KUALA LUMPUR, May 13 — Bursa Malaysia is likely to trend higher next week with the next resistance level expected at the 1,800 points level, on strong recovery in crude oil and crude palm oil (CPO) prices. Affin Hwang Investment Bank…


Malindo Air to take Batik Air name

KUALA LUMPUR, May 13 — Malindo Air will be renamed as Batik Air in the second half of the year to align itself with the Indonesian airline currently using that name, the low-cost carrier said in a report today. According to its chief executive…


BNM maintains OPR at three per cent

KUALA LUMPUR: The Overnight Policy Rate (OPR) remains at  three per cent. This was decided by the Monetary Policy Committee (MPC) of Bank Negara Malaysia (BNM) at its meeting here yesterday. In a statement, BNM said  at the current level of the OPR, the stance of monetary policy is accommodative and supportive of economic activity. […]


PBB to gain from Wilmar’s earnings

KUCHING: With PBB Group Bhd (PPB) set to release its financial results on May 25, analysts are optimistic the palm oil giant will announce strong earnings boosted by its subsidiary, Wilmar International Ltd (Wilmar). MIDF Amanah Investment Bank Bhd (MIDF Research) believe that PPB’s earnings should be strong following its subsidiary Wilmar reporting core net […]


AirAsia moves to Terminal 2 in Da Nang, Vietnam

KUALA LUMPUR: The AirAsia Group is shifting its operations in Da Nang, Vietnam from Terminal 1 to the new Terminal 2,  effective yesterday. Guests travelling on all flights operated by AirAsia (flight code AK) are advised to check-in at Terminal 2 from the effective date, and it within walking distance from the old terminal, said […]


Kim Loong’s long term prospects solid from Sarawak expansion

KUCHING: Kim Loong Resources Bhd’s (Kim Loong) long term prospects remain solid from its plans to expand in Sarawak and as such, the research arm of Kenanga Investment Bank Bhd (Kenanga Research) recommends investors to take profit on the company. In a report, it pointed out that Kim Loong intends to continue its expansion phase […]