Saturday, August 4th, 2018

 

Berkshire Hathaway profit surges as economy gives Buffett a boost

NEW YORK, Aug 4 — Berkshire Hathaway Inc, the conglomerate run by billionaire Warren Buffett, today reported a 67 per cent increase in quarterly operating profit, as insurance underwriting rebounded and several businesses benefited from a growing…


MHTC targets one million medical tourists from Indonesia

JAKARTA, Aug 4 — The Malaysia Healthcare Travel Council (MHTC) targets a revenue of RM1 billion from Indonesian medical tourists. MHTC chief commercial officer, Nik Yazmin Nik Azman said that this year’s target was one million medical tourists…


Bursa Malaysia to trend higher above 1,800 level next week

KUALA LUMPUR: Bursa Malaysia is likely to trend higher next week above the 1,800 level, supported by various positive domestic and external factors, hence, fuelling investor optimism, said a dealer.

Hermana Capital Bhd Chief Executive Officer and Chief Investment Officer Datuk Dr Nazri Khan Adam Khan said most investors were pleased with the appointment of Datuk Shahril Ridza Ridzuan as Khazanah Nasional Bhd new managing director.

“Besides, the higher producer price index for local production in June compared with May, and the reintroduction of the Sales Tax Bill and the Services Tax Bill 2018 on Sept 1 are said to return more money back to the people, boosting investor confidence as well,” he told Bernama.

On Friday, the sovereign wealth fund in a statement said Shahril, who is currently Employees Provident Fund chief executive officer, is scheduled to report for duty on Aug 20.

Nazri Khan also expects the appointment to augur well for Khazanah's linked-companies, which include Tenaga, TM, CIMB, IHH and Axiata.

On the external front, Nazri Khan said the US and China trade tension is gradually subsiding as both parties were trying to restart talks, aimed at avoiding a full-blown trade war between the two largest economies.

Echoing the same opinion, Rakuten Trade Sdn Bhd Head of Research Kenny Yee said that the benchmark FBM KLCI would trade above the 1,800 key levels in a range-bound trend and in line with analysts' expectations of the second quarter 2018 domestic corporate earnings.

“We also believe that the appointment of Shahril as the new MD of Khazanah will provide more clarity on the direction for the government linked-companies in the stock market moving forward,” Yee added.

For the week just-ended, Bursa Malaysia ended mostly higher taking the lead from regional peers and the Wall Street which saw Apple's stock market value gained almost three percent to US$1 trillion amid renewed concerns over the US-China trade war during the week.

Locally, it was also positive on the assurance given that Khazanah would be run by professionals, thus easing pressure on the local bourse.

On a Friday-to-Friday basis, the benchmark FTSE Bursa Malaysia KLCI was 10.95 points firmer at 1,780.09 from 1,769.14.

The FBM Emas Index advanced 42.20 points to 12,600.48 and the FBMT100 Index bagged 50.59 points to 12,387.65.

The FBM 70, however, eased 32.44 points to 15,462.37 and the FBM Ace fell 13.10 points to 5,446.04, but the FBM Emas Syariah Index was up 53.13 points to 12,744.46.

On a sectoral basis, the Finance Index slipped 12.79 points to 17,440.46 and the Industrial Index was 8.79 points weaker at 3,276.12 but the Plantation Index improved 71.03 points to 7,623.39.

Weekly turnover narrowed to 11.17 billion units valued at RM10.70 billion from 15.59 billion units worth RM12.33 billion.

Main market volume reduced to 6.65 billion shares worth RM9.68 billion from 10.36 billion shares valued at RM10.77 billion.

Warrants turnover decreased to 2.20 billion units valued at RM584.34 million from 2.90 billion units worth RM871.01 million.

The ACE market volume rose to 2.31 billion shares valued at RM428.57 million from 2.33 billion shares valued at RM692.01 million.

Gold futures contract on the Bursa Malaysia Derivatives Exchange is likely to remain easier next week amid the US dollar positive market sentiment that in turn will curb interest for the precious metal, said a dealer.

She said the local market would continue to track the movement of the New York Commodity Exchange's gold futures market, which would likely stage a downward pattern.

Over the week just ended, US President Donald Trump's administration threatened to impose a 25% tariff on US$200 billion worth of imported Chinese goods after initially setting them at 10 percent.

This sparked fresh trade war concern, throwing equities and foreign exchange markets into turmoil, but strengthened the US dollar against a basket of foreign currencies.

“The US dollar's gains will hurt investor's demand for gold next week,” she told Bernama.

On a Friday-to-Friday basis, August 2018, September 2018 and October 2018 declined 16 ticks each to RM159.70, RM159.90 and RM160.10 a gramme, respectively.

July 2018, which was last traded on Tuesday, ended at RM159.35 a gramme.

Weekly turnover improved to seven lots valued at RM112,100 from four lots worth RM64,650 in the previous week, while open interest slipped to 33 contracts from last week's 34 contracts. — Bernama


Bursa to trend higher above 1,800 level next week

KUALA LUMPUR, Aug 4 — Bursa Malaysia is likely to trend higher next week above the 1,800 level, supported by various positive domestic and external factors, hence, fuelling investor optimism, said a dealer. Hermana Capital Bhd Chief Executive…


Ringgit to rebound slightly next week

KUALA LUMPUR, Aug 4 — The ringgit is expected to rebound slightly against the US dollar next week in anticipation of positive domestic economic data that could support sentiment for the local currency, said FXTM Research Analyst Lukman Otunuga. He…


Saudi Arabia reduced oil production in July

LONDON, Aug 4 — Saudi Arabia, which recently pledged oil-supply increases to tame rallying crude prices, cut production last month, according to Opec delegates familiar with the matter. The biggest member of the Organisation of Petroleum Exporting…


Tit-for-tat becomes the norm as US, China dig in for trade war

Washington, Aug 4 — The trade war between the world’s two biggest economies is taking on a life of its own. When President Donald Trump first threatened to slap tariffs on Chinese goods in March to punish Beijing for stealing American…


China tariffs on LNG, oil aim at US energy dominance agenda

NEW YORK, Aug 4 ― China's proposed tariffs on US liquefied natural gas (LNG) and crude oil exports opens a new front in the trade war between the two countries, at a time when the White House is trumpeting growing US energy export prowess. China…


Wall Sreet gains as upbeat earnings trump trade jitters

NEW YORK, Aug 4 ― US stocks advanced yesterday as upbeat earnings helped investors shrug off heightened trade anxieties and weaker-than-expected July jobs growth. For the week, the S&P 500 and the Nasdaq gained ground, up 0.8 per cent and 1.0…


Petronas delivers first LNG cargo to Hokkaido Electric

HOKKAIDO: Petroliam Nasional Bhd (Petronas) through its subsidiary, Malaysia LNG Sdn Bhd (MLNG) delivered its first liquefied natural gas (LNG) cargo to Japan’s Hokkaido Electric Power Co Inc (Hokkaido Electric) on August 1, 2018. This delivery marks the beginning of MLNG’s supply to Hokkaido Electric via a 10-year Sale and Purchase Agreement (SPA) signed on […]