Wednesday, December 20th, 2017

 

Tax bill’s ‘pass-through’ rule will aid wealthy, not workers, critics say

WASHINGTON, Dec 20 — Wealthy business owners, such as President Donald Trump, stand to gain from a provision in the Republican tax bill that creates a valuable deduction for owners of pass-through businesses, Democrats and some tax experts say….


Uber dealt blow by EU court ruling that it is transport service

LUXEMBOURG, Dec 20 — Ride-hailing app Uber provides a transport service and can be regulated like traditional taxis, the European Union’s top court said today in a landmark ruling that will determine the rules Uber and peers have to respect in…


Westports says unit hit with RM59.51m in Customs bills

KUALA LUMPUR, Dec 20 — Westports Holdings Bhd said in a Bursa Malaysia filing that it received several bills of demand for RM59.5 million from the Customs Department. Westports said its wholly-owned subsidiary, Westports Malaysia Sdn Bhd,…


Indian authorities weighing cryptocurrency regulation

MUMBAI, Dec 20 — India’s capital market regulator is talking with the government and central bank about how to regulate cryptocurrencies, its chairman said today. The Securities and Exchange Board of India (SEBI), plus officials from the…


Indonesia to allow tarrif-free import of some Palestinian goods

JAKARTA, Dec 20 — Indonesia will allow tariff-free imports and give direct market access to some Palestinian goods beginning in the new year, the Indonesian trade minister said today. Palestinian goods now come to Indonesia through Jordan….


Bursa closes higher on strong buying sentiment

KUALA LUMPUR, Dec 20 — Bursa Malaysia closed higher today on strong buying support due to window-dressing as well as the increase in oil prices. The benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) rose by 9.68 points to 1,746.63 from Tuesday’s…


Bursa Malaysia closes higher on window-dressing

KUALA LUMPUR: Bursa Malaysia closed higher today on strong buying support due to window-dressing as well as the increase in oil prices.

The benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) rose by 9.68 points to 1,746.63 from Tuesday's close of 1,736.95.

The index opened 1.03 points easier at 1,735.92 and moved between 1,735.44 and 1,751.95 throughout the day.

On the broader market, gainers outpaced losers by 490 to 396 with 415 counters unchanged, 566 counters untraded and 34 others suspended.

Total volume fell to 2.53 billion shares worth RM2.26 billion from Tuesday's 3.17 billion shares valued at RM2.90 billion.

Malaysian Association of Technical Analysts Professional member, Amir Hassan, said the market saw heavy trading in banks and technology-related stocks, as Malaysia's Consumer Price Index (CPI) rose 3.4% to 120.8 on a year-on-year basis in November 2017 from 116.8 previously.

“The higher CPI would give further cause for Bank Negara Malaysia to raise interest rates for January,” he told Bernama.

Among heavyweights, Maybank bagged one sen to RM9.50, Public Bank gained 22 sen to RM20.72, while Tenaga slipped four sen to RM14.86 and Petronas Chemicals fell one sen to RM7.48.

Of the actives, Diversified Gateway Solutions and PUC each added half-a-sen to 12.5 sen and 32 sen, respectively, while MQ Technology improved one sen to 7.5 sen.

The FBM Emas Index rose 74.72 points to 12,585.59, the FBMT 100 Index was 76.52 points higher at 12,256.55 and the FBM 70 surged 126.19 points to 15,611.23.

The FBM Ace jumped 115.30 points to 6,469.14 and the FBM Emas Shariah Index was up 60.29 points to 12,909.33.

Sector wise, the Finance Index perked 133.00 points to 16,609.34 but the Plantation Index lost 0.7 of-a-point to 7,789.42 and the Industrial Index slid 3.18 points to 3,142.55.

The Main Market volume fell to 1.19 billion units worth RM2.02 billion, compared with 1.60 billion units worth RM2.64 billion on Tuesday.

Volume on the ACE Market declined to 1.04 billion shares valued at RM182.35 million from 1.32 billion shares valued at RM206.07 million yesterday.

Warrants volume improved to 274.38 million units worth RM41.68 million from 215.47 million units valued at RM46.16 million on Tuesday.

Consumer products accounted for 41.82 million shares traded on the Main Market, industrial products (319.77 million), construction (45.08 million), trade and services (411.72 million), technology (165.19 million), infrastructure (12.57 million), SPAC (3.93 million), finance (75.99 million), hotels (444,400), properties (91.13 million), plantations (22.51 million), mining (16,000), REITs (7.90 million), and closed/fund (87,200). — Bernama


Malaysia’s November inflation rate at 3.4pc, meets forecast

KUALA LUMPUR, Dec 20 —  Malaysia’s consumer price index rose 3.4 per cent in November from a year earlier, on higher transport costs, government data showed today. The annual inflation rate matched the 3.4 per cent forecast in a Reuters…


Bank of Thailand raises GDP growth forecasts, holds key rate steady

BANGKOK, Dec 20 — Thailand’s central bank, saying economic recovery has gained “further traction”, raised its forecasts for growth this year and next today while leaving its benchmark interest rate unchanged. As expected by all 14…


Subaru opens investigation into possible mileage cheating, shares drop 8pc

TOKYO, Dec 20 — Subaru Corp said it was investigating whether its inspectors may have falsified vehicle mileage readings during final inspections conducted on cars sold in Japan, driving down the automaker’s shares more than 8 per cent to a 1…