Saturday, August 18th, 2018


Der Spiegel: VW’s CEO was told about emissions software months before scandal

FRANKFURT, Aug 18 — Volkswagen Chief Executive Herbert Diess was told about the existence of cheating software in cars two months before regulators blew the whistle on a multi-billion exhaust emissions scandal, German magazine Der Spiegel said….

Affin Bank launches new concept branch

KUALA LUMPUR, Aug 18 — Affin Bank Bhd today launched its first new concept branch which combines digital innovation with the reliability of a traditional branch experience. In a statement today, Affin Bank said the new concept…

Proton, Geely sign JV agreement to set up facilities in China

KUALA LUMPUR, Aug 18 — Proton Holdings Bhd and Zhejiang Geely Holding Group today signed a Heads of Agreement to set up a joint venture that will pave the way for Proton to assemble and market their cars in China. Both companies will take up equal…

Singapore’s July exports did better than projected, but economists expect growth to ease

SINGAPORE, Aug 18 — Growth of Singapore’s non-oil domestic exports (Nodx) in July exceeded expectations, thanks largely to a surge in pharmaceutical shipments, the latest data from trade agency Enterprise Singapore showed. That helped to prop up…

Bursa Malaysia likely to trade higher next week, retesting 1,800 level

KUALA LUMPUR: Bursa Malaysia is expected to trade firmer next week retesting its 1,800 level, spurred by improved sentiment in some domestic and external factors, dealers said.

Rakuten Trade Sdn Bhd, Head of Research Kenny Yee said Prime Minister Tun Dr Mahathir Mohamad's five-day visit to China on Friday was seen as positive as it aims to maintain good relations with China.

“Also, the 100-days of the new government just came by on Aug 17 (Friday) and so far the administration looks relatively good.

“Besides that, the gross domestic product (GDP) growth figure of 4.5% announced by Bank Negara Malaysia was also within our expectations,” he told Bernama.

Meanwhile, M&A Securities Sdn Bhd Chief Dealing Officer R Sundararajah said the FBM KLCI index is anticipated to trend higher on bargain hunting mainly in lower-liner stocks.

He said the index, which has fallen an average of 20 points during the week, is likely to appreciate as investors will be looking for attractive and cheap stocks to nibble.

“I believe investors will be taking advantage of stocks that they have sold in the week particularly in the second- and third-liners.

“The total net foreign selling in the past four trading days (until Thursday) of RM482 million will also likely reverse its trend, and the funds will start coming in again,” he told Bernama.

Sunderarajah said corporate earnings results will also be on the look-out, as they will influence the equity market particularly stocks in the FBM KLCI index, besides tracking the performance on Wall Street and regional peers.

Other geopolitical developments including trade talks between the US and China as well as the sanctions imposed by the US and Turkey on each other may move investors to the sidelines amid the uncertainty, he said.

For the week just ended, Bursa Malaysia was traded higher at between 1,780.26 and 1,785.03, on continued buying momentum in selected heavyweights and lower liners on Friday.

On a Friday-to-Friday basis, the benchmark FTSE Bursa Malaysia KLCI was 22.28 points lower at 1,783.47 from 1,805.75 previously.

The FBM Emas Index fell 150.92 points to 12,619.57 and the FBMT100 Index shrank 157.80 points to 12,389.04.

The FBM 70 was down 205.33 points at 15,388.45 and the FBM Emas Syariah Index was 167.84 points weaker at 12,781.04, but the FBM Ace gained 3.00 points to 5,552.40.

On a sectoral basis, the Finance Index contracted 187.39 points to 17,388.79, the Plantation Index declined 85.64 points to 7,627.19 and the Industrial Index was 36.45 points easier at 3,232.90.

Weekly turnover narrowed to 10.89 billion units worth RM10.67 billion from 11.93 billion units valued at RM11.07 billion previously.

Main market volume reduced to 7.19 billion shares valued at RM9.68 billion compared with 7.52 billion shares worth RM9.99 billion.

Warrants turnover rose to 2.88 billion units worth RM524.88 million against 2.10 billion units valued at RM509.46 million.

The ACE market volume slipped to 1.74 billion shares valued at RM464.16 million versus 2.29 billion shares worth RM573.79 million previously. — Bernama

Ringgit likely to trend lower versus US dollar next week

KUALA LUMPUR, Aug 18 — The ringgit is likely to trend lower against the US dollar next week on lack of positive catalysts, said an analyst. FXTM Global Head of Currency Strategy and Market Research Jameel Ahmad said a lower volume of tier-one…

Bursa likely to trade higher next week, retesting 1,800 level

KUALA LUMPUR, Aug 18 — Bursa Malaysia is expected to trade firmer next week retesting its 1,800 level, spurred by improved sentiment in some domestic and external factors, dealers said. Rakuten Trade Sdn Bhd, Head of Research Kenny Yee said Prime…

Trump ignites Wall Street debate with his tweet on earnings

WASHINGTON, Aug 18 — President Donald Trump brought a long-simmering debate on Wall Street to the surface yesterday when he prodded regulators to look into scaling back how often publicly traded companies report financial results. Trump’s…

Wall St rises on upbeat trade news

NEW YORK, Aug 18 — US stocks closed higher , with the S&P 500 and the Dow Jones Industrial Average extending gains and the Nasdaq turning positive on reports of progress in tariff disputes between the United States and its trading partners…

Russian oil industry would weather US ‘bill from hell’

MOSCOW: Stiff new US sanctions against Russia would only have a limited impact on its oil industry because it has drastically reduced its reliance on Western funding and foreign partnerships and is lessening its dependence on imported technology. Western sanctions imposed in 2014 over Russia’s annexation of Crimea have already made it extremely hard for […]