Saturday, December 30th, 2017

 

Around 6,000 Swiss VW owners seek damages in emissions scandal

ZURICH, Dec 30 — Swiss consumer protection organisation SKS has filed a claim on behalf of some 6,000 car owners seeking damages from Volkswagen AG and Swiss car dealer AMAG related to the “Dieselgate” emissions scandal. The claim has been…


China to cap overseas withdrawals using domestic bank cards

BEIJING, Dec 30 — China’s foreign exchange regulator will cap overseas withdrawals using domestic Chinese bank cards at 100,000 yuan (approx, RM62,200) per year in an effort to target money laundering, terrorist financing and tax evasion, it…


Taxman orders MMC to pay RM45.9mil

Taxman orders MMC to pay RM45

KUALA LUMPUR: The taxman has directed MMC Corporation Bhd to pay RM45.90mil as additional income tax and penalties for the years of assessment 2011 to 2013.


Deutsche Bank to resume normal bonuses, some to get raises, says CEO

FRANKFURT, Dec 30 — Deutsche Bank will resume the payment of normal bonuses for 2017, the bank’s chief told a German newspaper, and some employees will get raises. CEO John Cryan, in an interview with the Boersen-Zeitung newspaper published…


China recovers US$112m in misused poverty relief funds

BEIJING, Dec 30 ― Chinese authorities have recouped 730 million yuan (RM454 million) in misappropriated funds as part of an investigation into the country’s national poverty-reduction scheme, the official Xinhua news agency reported today….


Bursa Malaysia to continue positive momentum next week

KUALA LUMPUR: Bursa Malaysia is expected to continue its positive momentum moving into 2018 next week, boosted by positive local and regional catalysts, including the recovery of the economy.

After finishing the last trading day of 2017 on a healthy note, Affin Hwang Investment Bank Vice-President and Head of Retail Research Datuk Dr Nazri Khan Adam Khan said the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) is expected to continue its uptrend moving into 2018.

“For the first time in four years, the key index ended on a year-end rally sentiment, rising about 9.0% year-on-year and about 4.0% compared to November,” he told Bernama.

Towards the year-end, he said the FBM KLCI was supported by a strong commodity performance, including, copper, oil and gold, which recorded record highs.

“With the recovery in the domestic economy and strengthening of the ringgit, Bursa Malaysia is expected to remain in upward momentum for at least the first quarter of next year,” he added.

Nazri Khan said for next week, he expected the key index to move between a range of 1,780 and retest the September 2017 high of 1,800 points.

During the last trading week of this year, the market's performance was supported by the rally in commodities, namely oil and copper prices, amid thin trade ahead of the New Year's weekend.

Oil prices, which reached a two-and-a-half year high due to an attack on a Libyan pipeline, were slightly firmer after taking a breather on Wednesday, while the rally in copper prices continued with the metal trading near a four year-high.

On a Friday-to-Friday comparison, the FBM KLCI gained 36.57 points to 1,796.81, with the market being mostly influenced by window dressing and profit-taking ahead of the long New Year holiday weekend.

The FBM Emas Index improved 280.82 points to 12,942.57, the FBMT 100 Index increased 279.93 points to 12,614.20, the FBM Emas Shariah Index surged 292.05 points to 13,602.92, the FBM 70 bagged 435.10 points to 16,085.54 and the FBM Ace added 138.05 points to 6,603.55.

On a sectoral basis, the Finance Index rose 266.55 points to 16,961.38, the Plantation Index improved 2.97 points to 7,903.37, while the Industrial Index advanced 88.17 points to 3,280.70.

Due to the shorter trading week, the total turnover decreased to 10.16 billion shares worth RM8.46 billion from 12.22 billion units worth RM10.94 billion last week.

Main Market volume slipped to 5.89 billion shares worth RM7.58 billion from 6.45 billion shares valued at RM9.92 billion.

Warrants turnover was down to 999.13 million units valued at RM248.63 million against last week's 1.03 billion units worth RM178.09 million.

The ACE Market narrowed to 3.24 billion shares worth RM615.99 million from 4.61 billion shares valued at RM804.24 million transacted previously.

The market will be closed on Monday for the New Year holiday.

Gold futures contracts on Bursa Malaysia Derivatives are likely to trade higher next week in tracking the strong gains on the New York Commodity Exchange's (COMEX) gold futures market, said Phillip Futures Sdn Bhd Dealer, Chang Hui Ying.

She said market focus would be on the US employment data, set to be released next Friday, which would indicate the condition of the world's biggest economy.

On a Friday-to-Friday basis, December 2017 rose 32 ticks to RM168.70 a gramme, January 2018 increased 26 ticks to RM169.00 a gramme, while February 2018 and March 2018 gained 17 ticks each to RM169.25 and RM169.95 a gramme respectively.

Weekly turnover surged to 20 lots worth RM338,725, from 14 lots worth RM199,190 last week, while open interest on Friday narrowed slightly to 101 contracts from 103 contracts.

The market was closed on Monday for the Christmas holiday. — Bernama


Can US stocks in 2018 repeat the huge gains of 2017?

NEW YORK, Dec 30 — After a banner year for US stocks, that saw the Dow hitting repeated records, Wall Street strategists predicted 2018 would see more moderate gains and increased volatility as markets retreated in the final session of 2017…


Opec wins over hedge funds to make 2017 oil’s most bullish year

CALGARY, Dec 30 — Oil bulls are charging into the new year with unprecedented vigour, and the credit goes to Opec. The signs that the group is winning its tug of war with shale are compelling, and money managers have taken note: Their combined…


Bursa to continue positive momentum next week

KUALA LUMPUR, Dec 30 — Bursa Malaysia is expected to continue its positive momentum moving into 2018 next week, boosted by positive local and regional catalysts, including the recovery of the economy. After finishing the last trading day of…


2017 recovery year for ringgit, BNM measures place in check

KUALA LUMPUR, Dec 30 — The year 2017 was indeed a recovery year for the ringgit, marking a turnaround in a colourful journey supported by positive domestic developments with Bank Negara Malaysia’s (BNM) prudent measures keeping the local…