Saturday, August 12th, 2017

 

India’s Reliance Communications posts third consecutive quarterly loss

MUMBAI, Aug 12 — Indian telecoms carrier Reliance Communications (RCom) posted its third straight quarterly loss today as its heavy debt load and a price war triggered by an upstart rival continued to weigh on sales and profit. RCom,…


French EasyJet pilots appeal to founder Stelios over cost cuts

PARIS, Aug 12 — EasyJet Plc’s French pilots have appealed to Stelios Haji-Ioannou, the UK discount carrier’s founder and biggest shareholder, to intervene in a dispute with management over the impact of cost cuts. The SNPL union wrote to…


UK consumers get no relief just yet from inflation squeeze

LONDON, Aug 12 — UK shoppers are in the “teeth” of a squeeze on their pockets and they’re going to have to ride it out for the rest of the year. That’s the view of Bank of England Governor Mark Carney, who said this month that…


The real economics of ECRL

Rail link seen as game changer but cost is a concern. TOK Bali, a fishing village in Kelantan with its beautiful sandy beaches and pristine blue waters has long been a hidden gem among well-travelled backpackers. But that may soon change. The idyllic town is one that is touted to potentially become a tourist hotspot, as it sits along the alignment of the East Coast Rail Link (ECRL), a multi-billion infrastructure project that promises many economic spin-offs. After almost a decade in planning, ECRL was launched with great pomp thisRead More



Bursa Companies in Focus next week (14 Aug 2017)

Bursa companies in focus

KUALA LUMPUR (Aug 9): Based on corporate announcements and news flow today, stocks in focus on Monday (Aug 14) may include the following: Serba Dinamik,…


Wall Street rises on Fed bets but North Korea mutes gains

NEW YORK, Aug 12 —  The three major US stocks indexes ended higher yesterday, snapping three days of losses, as investors bet on slower US rate hikes, but gains were muted by increasingly aggressive exchanges between the United States and…


Bank Negara Malaysia : Cash is costly for the economy

KUALA LUMPUR (Aug 12): Bank Negara Malaysia said electronic-based payments may result in savings amounting to up to 1% of a country’s economy due to…


US-North Korea tensions will continue to weigh on Bursa Malaysia next week

KUALA LUMPUR: Bursa Malaysia is likely to extend its downward trend next week as risk appetite for equities remains sour, with market players awaiting some positive developments from the United States-North Korea geopolitical tensions to upturn sentiments.

Affin Hwang Investment Bank Vice President and Head of Retail Research, Datuk Dr Nazri Khan Adam Khan, said cautious sentiments, due to the irrational nuclear threat, coupled with falling commodity prices and a weaker ringgit against the US dollar, would continue to push investors to the sidelines.

Nevertheless, he said the gloomy market condition was expected to be temporary as analysts opined that “it's just a rhetoric approach and rationality (of launching missiles) will prevail.”

“We have a weak backdrop at this moment.

“Locally, the fundamentals are still strong with the recent strong export growth, one of the best performances, and positive corporate earnings announcements. I think, Bursa will neutralise next week,” he told Bernama.

Nazri Khan said support level for the market bellwether next week would be at 1,760 and 1,750, citing the current situation provided a great buying opportunity for investors to accumulate undervalued stocks.

For the week just-ended, the benchmark FBM KLCI eased 7.57 points to 1,766.96 from 1,774.53 last week .

The trading movement was influenced by the volatility of oil prices, as well as external development, particularly the escalating tensions between the US and North Korea, which spooked investors to flee to safety.

US President Donald Trump has vowed to respond aggressively to any threats from North Korea and Pyongyang is seriously considering missiles strike on Guam in response to Trump's threat.

On a weekly basis, the FBM Emas Index was 117.43 points lower at 12,502.44, FBMT 100 Index declined 92.27 points to 12,175.92, FBM Emas Syariah Index fell 131.54 points to 12,612.47, FBM 70 dropped 263.2 points to 14,693.55 and the FBM Ace erased 267.63 points to 6,308.78.

On a sectoral basis, the Finance Index gave up 105 points to 16,717, Plantation Index decreased 62.93 points to 7,787.85, and the Industrial Index fell 31.23 points to 3,234.1.

Total turnover surged to 8.45 billion units worth RM9.08 billion, from 7.31 billion units valued at RM9.79 billion last week.

Main Market volume improved to 5.57 billion shares worth RM8.35 billion from 5.10 billion shares valued at RM8.87 billion last Friday.

Warrants volume shrank to 826.86 million units worth RM125.62 million from 1.20 billion units valued at RM173.04 million previously.

The ACE Market turnover fell to 1.99 billion shares worth RM568.7 million from 2.40 billion shares valued at RM733.74 million. — Bernama


Oil prices up amid higher global demand, Nigeria instability

NEW YORK, Aug 12 — Oil prices rose slightly yesterday in volatile trading as the market weighed lower US crude stocks, Nigerian instability and strong global demand growth against a persistently slow rebalancing. Brent crude settled up 20…