March, 2018

 

Philippine banks on alert after cyber attack at Malaysia central bank

MANILA, March 31 — The Philippine central bank has sounded an alert to local financial institutions following a cyber attack at the Malaysian central bank, in which hackers sought to steal money using fraudulent wire transfers, its governor said…


Come for your drugs, leave with more shopping: Walmart’s new growth strategy?

NEW YORK, March 31 — Walmart Inc’s efforts to develop closer ties with health insurer Humana Inc, which came to light on Thursday, point to a brave new world of retail where superstores become healthcare centers offering basic medical care….


Hon Hai profit shows iPhone delay offset by one-time sharp gain

TAIPEI, March 31 — Hon Hai Precision Industry Co felt the squeeze from last year’s delayed launch of Apple Inc’s iPhone X, the latest results from the world’s largest electronics contract manufacturer show. Were it not for a one-time gain…


Ringgit rally likely to continue next week

KUALA LUMPUR, March 31 — The ringgit is expected to continue its rally against the US dollar next week on persistent weakness in the greenback and recovery of crude oil prices, along with steady foreign fund inflows. A dealer said these…


Bursa M’sia to trade higher next week

KUALA LUMPUR: Bursa Malaysia is expected to trade higher next week in line with other regional peers as Wall Street rebounded on Thursday after it was dragged lower over fears of a trade war and the health of the technology sector in the US, said a dealer.

The US markets closed on Friday for the Good Friday holiday.

The dealer said at the end of the first quarter of the year, the mounting pressure faced by global markets over concerns on the US and China trade conflict tapered off as the situation had calmed down.

During the week, US President Donald Trump was reported as saying that he might “hold up” a trade deal with South Korea until he met North Korean leader Kim Jong Un later this year, and would see whether they could reach an agreement.

“The improved sentiment could be among the logical reasons for local stocks, including the weaker ones to move stronger next week, supported by the strengthening of the ringgit against the US dollar and the improved oil prices which had broken its psychological level of US$70 per barrel.

“Although it is expected that there will be less volume in trading (due to the Easter holiday in the US), the broader index will see a rally in the stocks,” the dealer told Bernama.

He said the support level for next week would be at 1,850, with resistance set at 1,880.

Another dealer said local investors might, however, be cautious as Parliament could be dissolved anytime now to make way for the 14th general election.

On a Friday-to-Friday basis, the FBM KLCI was 2.09 points weaker at 1,863.46 from 1,865.55.

The FBM Emas Index fell 15.07 points to 13,045.59 but the FBM Emas Shariah Index rose by 31.92 points to 13,230.74 and the FBMT100 Index increased 4.50 points to 12,849.02.

The FBM 70 recovered 62.46 points to 15,601.39 but the FBM Ace tumbled 226.03 points to 5,455.89.

On a sectoral basis, the Industrial Index was down 2.75 points to 3,237.67 and the Plantation Index lost 47.32 points to 8,001.38.

The Finance Index, however, gained 18.94 points to 18,227.97.

Weekly turnover fell to 9.81 billion units worth RM9.54 billion from 10.62 billion units valued at RM10.41 billion.

Main market volume declined to 6.53 billion shares valued at RM8.95 billion from 6.98 billion shares worth RM9.8 billion.

Warrants turnover decreased to 1.57 billion units worth RM283.20 million from 1.63 billion units valued at RM296.74 million.

The ACE market contracted to 1.69 billion shares valued at RM303.96 million from 1.97 billion shares worth RM309.88 million.

Gold futures contracts on Bursa Malaysia Derivatives are likely to enter into a consolidation range next week due to subsiding fears of a potential trade war between China and the US.

Phillip Futures Sdn Bhd Dealer Leo Goh Boon Hao said the receding trade tensions had improved investors' risk appetite, making them to shy away from safe-haven assets like gold.

“We expect the bullion to take a break and move into a consolidation range in the week ahead,” he told Bernama.

For the week just ended, the Bursa Malaysia gold market was traded mostly lower, mainly due to the revival of risk appetite among investors, along with the strengthening of the ringgit.

On a Friday-to-Friday basis, April 2018 fell 71 ticks to RM165.70 a gramme, while May 2018, June 2018 and August 2018 decreased 76 ticks each to RM166.20 each, respectively.

Weekly turnover improved to 38 lots worth RM632,875 from last week's 18 lots worth RM300,000, while open interest narrowed to 55 contracts from 80 contracts previously.— Bernama


China March factory growth stronger than expected, official PMI shows

BEIJING, March 31 — Growth in China’s manufacturing sector picked up more than expected in March as authorities lifted winter industrial pollution restrictions and steel mills cranked up production as construction activity swings back into…


US dollar share of global currency reserves hits 4-year low, says IMF

NEW YORK, March 31, — The US dollar’s share of currency reserves reported to the International Monetary Fund declined in the final quarter of 2017 to a four-year low, as other currencies’ shares of reserves grew, data released yesterday…


WSJ: NYSE in talks to acquire Chicago Stock Exchange

NEW YORK, March 31 — Intercontinental Exchange Inc’s New York Stock Exchange (NYSE) is in talks to buy the Chicago Stock Exchange (CHX), the Wall Street Journal (WSJ) reported yesterday, a month-and-a-half after US regulators blocked the sale…


‘Malaysia’s stand on renewable energy directive consistent’

KUALA LUMPUR: Malaysia has maintained that its stand on the Renewable Energy Directive (RED) is consistent and viewed European Parliament’s move to ban palm oil use in biofuels as an unacceptable trade barrier. Plantation Industries and Commodities Minister Datuk Seri Mah Siew Keong said the ban violated the European Union’s (EU) commitment to the World […]


KKB’s OceanMight bags Petronas Carigali EPCC contract

KUALA LUMPUR: KKB Engineering Bhd’s unit, OceanMight Sdn Bhd (OMSB), has secured a contract from Petronas Carigali Sdn Bhd for the engineering, procurement, construction and commissioning (EPCC) works on the Wellhead Platforms for D18 Phase 2 and D28 Phase 1 projects. OMSB is a Petronas-licensed fabrication company for Offshore Facilities Construction – Major Onshore Fabrication. […]