Tuesday, September 12th, 2017


US businesses optimistic about Asean business outlook, survey finds

KUALA LUMPUR, Sept 12 — US companies are optimistic about the growth outlook and investment opportunities in Asean as businesses see solid growth in domestic consumption, according to a survey. A special Asean 50th anniversary edition of the…

Bursa ends with a bang on heavyweight buying

KUALA LUMPUR, Sept 12 — Persistent buying support in selected heavyweights, led by Petronas Gas, pushed Bursa Malaysia to end at almost three-month high today, in tandem with the better performance on regional bourses, dealers said. At the…

Ringgit declines further against US Dollar

KUALA LUMPUR: The ringgit dropped further against the US dollar for the second day today as the latter continued to firm on the back of the return of risk appetite which attracted investors to move out of safe-haven assets, a dealer said.

At 6pm, the local unit was quoted at 4.2060/2090 against the greenback from Monday's close of 4.1950/1000.

A dealer said with the fear of rising geopolitical tensions easing and the impact of Hurricane Irma actually lesser that what had been predicted, lifted the investors' appetite.

“They moved from safe-haven assets to a riskier trading. However, they are still waiting for the US inflation rate data to be released in a couple of days,” he said, adding that the market was still sensitive to risk-off news.
On domestic front, there are not many major events which could decide the direction for currency.

Among major currencies, the ringgit was traded mixed.

The ringgit fell against the Singapore dollar to 3.1244/1275 from 3.1234/1283 on Monday and vis-a-vis the pound, it declined to 5.5763/5820 from 5.5340/5423.

The local note improved versus the yen to 3.8341/8372 from 3.8667/8717 and rose further against the euro to 5.0304/0352 from 5.0395/0459. — Bernama

Ringgit ends lower on firmer US dollar

KUALA LUMPUR, Sept 12 — The ringgit dropped further against the US dollar for the second day today as the latter continued to firm on the back of the return of risk appetite which attracted investors to move out of safe-haven assets, a dealer…

Norway’s wealth fund hits record US$1t

OSLO, Sept 12 — The value of Norway’s sovereign wealth fund, the world’s largest, hit US$1 trillion for the first time today as booming global stock markets and a rising euro lifted its assets. Established in 1998 to save oil and gas revenues…

Pasukhas served legal suit by TM

PETALING JAYA: Pasukhas Group Bhd's wholly-owned subsidiary Pasukhas Sdn Bhd has received a legal suit from Telekom Malaysia Bhd (TM) claiming for over RM698,342.

Pasukhas had on Monday received a sealed writ of summons and statement of claim dated Aug 23, 2017 from the solicitors acting for TM.

TM is claiming, among others, a total sum of RM698,342.98; interest at the rate of 5% per annum on the sum of RM698,942.98 from Aug 25, 2016 until the judgement date; interest at the rate of 5% per annum on the sum of RM698,942.98 from the judgement date until the date for case settlement; cost; and any other or further relief(s) that the court shall deem fit.

“The company will be consulting its solicitors with regard to the writ and claim and will make further announcement from time to time in respect of any material developments on this matter,” Pasukhas said.

Pasukhas rose 13.79% higher at 16.5 sen, with 7.4 million shares traded.

Bursa Malaysia ends at almost 3-month high

KUALA LUMPUR: Persistent buying support in selected heavyweights, led by Petronas Gas, pushed Bursa Malaysia to end at almost three-month high today, in tandem with the better performance on regional bourses, dealers said.

At the close, the key FTSE Bursa Malaysia KLCI (FBM KLCI) was 7.12 points better to end at an intra-day high of 1,789.86 after going down to as low of 1,781.54.

It opened 0.45 of-a-point weaker at 1,782.29 from Monday's close of 1,782.74.

Market breadth was positive with gainers leading losers by 489 to 395 with 383 counters unchanged, 566 untraded and 27 others suspended.

Volume advanced to 3.66 billion units worth RM2.26 billion from 2.73 billion units valued at RM2.16 billion on Friday.

Petronas Gas and IHH Healthcare were the top two gainers among the heavyweight counters today, rising 64 sen and 14 sen each to end at RM18.74 and RM6, respectively.

The counters contributed a total of 4.12 points towards the FBM KLCI.

Among active counters, MQ Technology rose 3.5 sen to 8.5 sen, M3 Technologies earned half-a-sen to 10.5 sen and Sino Hua-An slipped 1.5 sen to 24 sen.

NETX was flat at five sen.

For heavyweights, Maybank gained eight sen to RM9.70, Public Bank improved two sen to RM20.62, TNB was flat at RM14.58 while Sime Darby shed one sen to RM9.13.

On the local front, positive news further supported the bourse, including tenders won by construction companies and progress made by Felda Global Ventures Holdings Bhd in resolving its internal issues.

Regionally, Japan's Nikkei 225 was up 1.18% to 19,776.62, Hong Kong's Hang Seng eased 0.01% to 27,953.30, South Korea's Kospi added 6.39% to 2,365.47 while the Singapore Straits Times index added 5.65% to 3,234.1.

The FBM Emas Index was 35.56 points higher at 12,747.73, FBMT 100 Index improved 34.66 points to 12,411.83 and the FBM Ace jumped 44.66 points to 6,741.92.

The FBM Emas Syariah Index gained 36.10 points to 12,948.03. The FBM 70 declined 12.75 points to 15,274.19.

Sector-wise, the Plantation Index rose 33.28 points to 7,946.96, Industrial Index improved 29.05 points to 3,242.25 and the Finance Index surged 63.56 points to 16,842.91.

The Main Market volume decreased to 1.44 billion shares worth RM1.96 billion from 1.75 billion shares worth RM1.97 billion on Monday.

Volume on the ACE Market widened to 2.04 billion units valued at RM275.96 million versus 753.65 million units worth RM167.57 million yesterday.

Warrants fell to 176.47 million shares worth RM22.55 million from 213.82 million shares worth RM26.20 million on Monday.

Consumer products accounted for 129.66 million shares traded on the Main Market, industrial products (395.43 million), construction (71.42 million), trade and services (544.15 million), technology (79.49 million), infrastructure (6.11 million), SPAC (7.08 million), finance (71.74 million), hotels (3.31 million), properties (81.23 million), plantations (43.94 million), mining (301,100), REITs (6.43 million), and closed/fund (51,000). — Bernama

Chinese banks halt transactions for North Koreans

BEIJING, Sept 12 — Branches of China’s biggest banks have suspended financial transactions for North Koreans, employees told AFP, suggesting that Beijing has pursued stronger measures against its nuclear-armed ally than previously thought….

Boustead issues RM500m IMTN

PETALING JAYA: Boustead Holdings Bhd has issued RM500 million of Islamic medium term note (IMTN), the first under a RM2 billion sukuk programme.

Boustead had signed the agreements for the sukuk programme on Aug 25, 2017.

The sukuk programme, which is an unrated sukuk programme, is implemented under Securities Commission Malaysia's Guidelines on Unlisted Capital Market Products under The Lodge and Launch Framework.

The tenure of the programme is 10 years.

“The proceeds raised from the first issuance will be utilised to refinance existing borrowings/financing, funding of reserve account to meet minimum required balance under the terms and conditions of the sukuk programme and to pay fees and expenses relating to the sukuk programme,” Boustead said.

Boustead closed unchanged at RM2.70, with 140,300 shares traded.

Sunreit subscribes to Sunway debt notes

PETALING JAYA: Sunway Real Estate Investment Trust's (Sunreit) trustee RHB Trustees Bhd has subscribed to the one-month commercial paper with nominal value of RM60 million issued by Sunway Bhd, in a related party deal.

The subscription is at a 3.8% per annum discount rate.

Sarena Cheah Yean Tih, a director of Sunway and the manager, Sunway REIT Management Sdn Bhd, has abstained from deliberating and voting in the board of the manager pertaining to the subscription.

The company told Bursa Malaysia in a filing, investment in money market instrument that offers the most competitive discount rate, is in line with Sunreit's active capital management strategy.

Sunreit and Sunway shares both closed one sen higher at RM1.73 and RM4.48 respectively.