Saturday, March 24th, 2018

 

Malaysia’s rubber glove exports to hit RM20b by 2020

TELUK INTAN, March 24 — Malaysia’s export of rubber gloves is expected to hit RM20 billion in value by 2020 given the growth recorded annually, said Plantation Industries and Commodities Minister Datuk Seri Mah Siew Keong. He said Malaysia,…


Executives, economists voice trade-war concerns at China forum

BEIJING, March 24 — Global economists and executives from Apple Inc’s Tim Cook to BlackRock Inc’s Larry Fink gathered in Beijing this weekend against the backdrop a brewing trade war, after US President Donald Trump slapped tariffs on…


Govt needs to boost demand for certified products among domestic consumers

KUALA LUMPUR, March 24 — The government needs to step up efforts to increase the demand for certified products among domestic consumers and enhance the country’s standards to meet international benchmarks. The National Transformation…


Ringgit to trade between 3.8900-3.9400 next week

KUALA LUMPUR: The ringgit is expected to trade lower in a range of between 3.8900 and 3.9400 against the US dollar next week, on concerns over the trade war between the US and China, a dealer said.

OANDA Head of Trading Asia-Pacific, Stephen Innes said the trade war would continue to dominate the market landscape and risk assets are expected to be traded weaker with regional equity markets the most impacted, while weighed down by uncertainties surrounding the US protectionism policy.

“However, since Malaysia is less dependent on US trade compared to its regional economic peers, the ringgit will be a relatively sheltered choice compared to some other regional currencies, like the Korean Won.

“Intense focus remains on China and US trade relations, which should keep local currencies including the ringgit in a defensive posture,” he told Bernama.

FXTM Global Head of Currency Strategy & Market Research, Jameel Ahmad said macro-economic data with the US Gross Domestic Product report due on Wednesday (March 28) was initially seen as the major data announcement for the week to influence market direction.

“However, the escalation in concerns over a potential US-China trade war, is now expected to remain the key focus for investors.

“Therefore, if investors do continue to sell on stock markets, it is likely to negatively influence the ringgit due to less buying demand for emerging market assets,” he added.

Meanwhile, Hong Leong Research said the ringgit advanced 0.11% week-on-week to 3.9135 against US dollar and strengthened against six of the group of 10 currencies owing to a one-day rally when the greenback tumbled.

“We maintain a bearish view on the ringgit against the US dollar next week as markets are likely to stay subdued on brewing trade war concerns and entering a busy US macro flow.

“We opine that there is little to drive renewed buying interest in the local currency in the absence of Malaysian data.

“The technical viewpoint suggests a bullish US dollar against the ringgit outlook is holding at above 3.9000 while sustaining an upward trajectory and the pair remain on track to test 3.9402,” it added.

On a Friday-to-Friday basis, the local note finished lower against the greenback at 3.9150/9200 from 3.9070/9120.

The ringgit was also traded mostly lower against a basket of major currencies, except the Singapore dollar.

It declined against the yen at 3.7318/7383 from 3.6953/6010 last Friday and depreciated against the euro to 4.8245/8318 from 4.8138/8215.

The ringgit weakened vis-a-vis the British pound to 5.5170/5248 from 5.4565/4643, but rose against the Singapore dollar to 2.9756/9799 from 2.9761/9810. — Bernama


China says ready to defend its interests in US trade spat

BEIJING, March 24 — The United States has violated international trade rules with an inquiry into intellectual property and China is ready to defend its interests, Vice Premier Liu He told US Treasury Secretary Steven Mnuchin, state media said…


Ringgit seen trading between 3.8900-3.9400 next week

KUALA LUMPUR, March 24 — The ringgit is expected to trade lower in a range of between 3.8900 and 3.9400 against the US dollar next week, on concerns over the trade war between the US and China, a dealer said. Oanda Head of Trading…


Bursa likely to trade lower next week

KUALA LUMPUR, March 24 — Bursa Malaysia is expected to trade lower next week as the market continues to react to the protectionist policy of the United States (US). Affin Hwang Investment Bank Vice-President/ Head of Retail Research, Datuk Dr…


Cloud firm Dropbox surges in Wall Street debut

NEW YORK, March 24 — Dropbox shares surged yesterday as the cloud data storage firm made its Wall street debut following a public offering raising some US$750 million (RM2.9 billion). Shares trading under the symbol DBX rallied 35.6 per cent…


Wall Street nosedives as investors flee on trade war fears

NEW YORK, March 24 — Wall Street tumbled yesterday with more than 1,000 points knocked off the Dow in two days as investors, increasingly nervous about a potential US trade war with China, shied away from risk ahead of the weekend and sought…


Ta Ann Holdings to acquire 30.39 per cent stake in Sarawak Plantation

SIBU: Shareholders of Ta Ann Holdings Berhad (TAHB) have approved the acquisition of 30.39 per cent stake in Sarawak Plantation Berhad (SPB) for RM169.9 million or RM2 a share. The approval was made at TAHB’s extraordinary general meeting held here yesterday. The acquisition will be financed by bank borrowings as well as internal funds. SPB […]