Saturday, January 13th, 2018


Ringgit likely to advance to 3.95-level against US dollar next week

KUALA LUMPUR: The ringgit is likely to advance to the 3.95 level against the US dollar next week, prompted by the robust trade data released recently on the back of firmer crude oil prices and the weakness in the greenback.

Oanda Corp Head of Trading for Asia-Pacific, Stephen Innes, said the better-than-expected November Industrial Production Index data released last Thursday accentuated the resilience of the domestic economy.

“This is sending a robust signal for Bank Negara Malaysia to up interest rate in January,” he told Bernama.

Innes said trong crude oil prices, which moved above US$69 (RM274) per barrel recently amid a softer greenback, would bring the 3.95 level versus the US dollar into play, possibly as early as next week.

“The RM3.95-RM4 vis-a-vis the greenback is my expected range for next week with a stronger ringgit bias.

“The only potential hiccup I see heading into next week is a possible escalation of US trade protectionism which could dampen regional sentiment,” he said.

On a Friday-to-Friday basis, the ringgit was stronger against the US dollar at 3.9700/9730 from 3.9950/9000 the previous week.

However, it was traded mixed against a basket of major currencies.

It climbed against the Singapore dollar to 2.9895/9924 from 3.0081/0123 the previous week and appreciated vis-a-vis the pound to 5.4040/4084 from 5.4048/4132 last week.

The local unit eased against the yen to 3.5727/5761 from 3.5279/5333 last Friday and versus the euro, it slipped to 4.8128/8181 from 4.8116/8192 last Friday. — Bernama

Ringgit likely to advance against US dollar next week

KUALA LUMPUR, Jan 13 ― The ringgit is likely to advance to the 3.95 level against the US dollar next week, prompted by the robust trade data released recently on the back of firmer crude oil prices and the weakness in the greenback. Oanda Corp…

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Facebook changes News Feed, investors click on ‘sad’

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RAM: Bintulu Port a key trade gateway in Sarawak and Malaysia

KUCHING: RAM Ratings has reaffirmed the AA1/Stable/P1 corporate credit ratings of Bintulu Port Holdings Bhd (BPHB) given its function as a key import and export gateway in Sarawak and in Malaysia. In a statement, it said, the ratings mainly reflect its view of Bintulu Port as a government-linked entity and the high likelihood of extraordinary […]

Bank executives urged to apply for CBA certification

KUALA LUMPUR: Bank executives, who hold either a degree, diploma or certificate with three years of audit experience, are urged to apply for the Certification for Bank Auditors (CBA) to further strengthen their competencies in internal bank auditing. Asian institute of Chartered Bankers (AlCB) chairman, Tan Sri Azman Hashim, said the CBA was designed to […]

Property demand improves, but supply remains large

KUCHING: Malaysia’s property sector outlook remains challenging in 2018 as rising unsold stocks could dampen buying sentiments, analysts say. The research arm of Maybank Investment Bank Bhd (Maybank IB Research) was of the view that property sales are likely to stay challenging and an absolute recovery is still a distance away, with the sector plagued […]

KTC secures distributorships, boosts FY19 internal target revenue by RM177.1 million

KOTA KINABALU: Kim Teck Cheong Consolidated Bhd (KTC), a Consumer Packaged Goods distributor for third party brands as well as its own brands of products, is pleased to announce that its wholly-owned subsidiarieswere appointed as distributor for five agencies. They are Nestle Products Sdn Bhd (Nestle Products), Heineken Marketing Malaysia Sdn Bhd (Heineken Marketing), L’Oreal […]

Interest rate hike a mild booster to banking sector’s earnings

KUCHING: An interest rate hike will likely be a mild booster for earnings in Malaysia’s banking sector. Based on its calculations, the research arm of AmInvestment Bank Bhd (AmInvestment) noted that an interest rate increase could boost banks’ net profits by 0.9 per cent to 2.4 per cent. “An interest rate hike will have a […]