Friday, October 5th, 2018


World Bank warns of Latin America's 'fragile' recovery

WASHINGTON, Oct 5 ― The World Bank today expressed concern over the “fragile” economic recovery in Latin America and the Caribbean, weighed down by Venezuela's spiraling crisis and weak performances in Brazil and Argentina. “We've hit a bump…

Tengku Muhammad Taufik is the new CFO of Petronas

KUALA LUMPUR: Price WaterhouseCoopers’ partner and oil and gas leader Tengku Muhammad Taufik Tengku Aziz has been appointed as Chief Financial Officer of Petroliam Nasional Berhad (Petronas), effective Oct 15. The Prime Minister’s office in a statement today said Tengku Muhammad Taufik would replace Datuk Manharlal Ratilal. “Tengku Muhammad Taufik Tengku Aziz has also been […]

Wall Street flat as bond yields gain on jobs data

NEW YORK, Oct 5 ― US stocks were little changed today, kept in check by Treasury yields at seven-year highs after the September jobs report did little to alter the view that the Federal Reserve would continue to gradually raise interest rates. US…

Deadline for Battersea Phase 2 deal extended to year-end

KUALA LUMPUR, Oct 5 ― The deadline to finalise the preliminary negotiations for the multi-billion-ringgit sale of commercial assets in London’s Battersea Power Station Phase 2 to Permodalan Nasional Bhd (PNB) and the Employees Provident Fund…

Record US imports drive goods trade deficit with China to high in August

WASHINGTON, Oct 5 ― The US trade deficit ballooned in August to its highest level in six months as exports of tariff-targeted goods fell while American consumers snapped up imported cars and mobile phones, the government reported today. With US…

US stock futures steady ahead of September jobs data

NEW YORK, Oct 5 ― US stock futures were flat today as Treasury yields hovered near multi-year highs ahead of jobs data that is expected to offer clues on future interest rate hikes. A surge in bond yields has weighed on Wall Street, with the…

Bursa Malaysia ends week in the red on persistent selling

KUALA LUMPUR: Bursa Malaysia ended in negative territory today in line with its Asian peers on continued selling in selected heavyweights in the telecommunications, utilities, consumer products and services, and finance sectors.

The benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) declined 12.96 points to close at 1,777.15 versus Thursday's close of 1,790.11.

Axiata, Petronas Gas, Petronas Dagangan and RHB Bank contributed a combined 5.115 points to the losses in the composite index.

After opening 2.59 points weaker at 1,787.52, the index moved between 1,776.52 and 1,787.52 throughout the day.

On the scoreboard, market breadth was weaker with losers overwhelming gainers 639 to 265, while 349 counters unchanged, 621 untraded and 17 others suspended.

Volume stood at 2.06 billion units valued at RM1.89 billion compared with 2.06 billion units worth RM2.45 billion.

Bank Islam Malaysia Bhd Chief Economist Dr Mohd Afzanizam Abdul Rashid said Asian markets including Bursa Malaysia were in the red territory, dampened by the latest US Automatic Data Processing Inc employment reports that trounced economists' forecast.

The data reported that the private-sector employment soared in September, as employers added 230,000 jobs, and this was beyond market expectation of 179,000.

“This signalled that the non-farm payroll could also do well during September. Strong employment markets alongside rising wages have bolstered the case for the Federal Reserve to hike its funds rate in December as inflation rate will continue to hover above the two per cent target,” he told Bernama.

In addition, Mohd Afzanizam said the latest news on the technology hacks suggested the trade friction between the US and China was likely to be prolonged, which might spark negative market sentiment regionally, at least for the next two months.

According to a report, almost 30 major US companies including Amazon and Apple were hacked by Chinese spies.

Among heavyweights, Maybank fell four sen to RM9.66, Public Bank and CIMB were two sen lower at RM24.98 and RM6.04, respectively, while Tenaga declined six sen to RM15.44.

For actives, Sapura Energy eased two sen to 39 sen, Sanbumi inched down half-a-sen to 30 sen, Yong Tai rose six sen to 69 sen while Borneo Oil was flat at 5.5 sen.

The FBM Emas Index reduced 90.17 points to 12,407.17, the FBM Emas Syariah Index slid 122.77 points to 12,511.82 and the FBMT 100 Index decreased 89.40 points to 12,214.63.

The FBM Ace Index dropped 65.50 points to 5,230.06, while the FBM 70 lost 108.52 points to 14,679.12.

Sector-wise, the Plantation Index dipped 19.79 points to 7,482.43, the Financial Services Index inched down 49.47 points to 17,712.12, while the Industrial Products and Services Index edged down 0.37 of-a-point to 177.00.

Main Market volume rose to 1.39 billion shares worth RM1.74 billion from 1.34 billion shares worth RM2.28 billion on Thursday.

Warrants' turnover increased to 428.84 million units valued at RM94.50 million versus 398.91 million units worth RM100.42 million yesterday.

Volume on the ACE Market shrank to 239.36 million units worth RM50.56 million from 318.59 million units valued at RM75.1 million previously.

Consumer products and services accounted for 184.43 million shares traded on the Main Market, industrial products and services (248.97 million), construction (100.60 million), technology (184.04 million), SPAC (100,000), financial services (50.39 million), property (205.09 million), plantations (18.49 million), REITs (8.30 million), closed/fund (59,000), energy (286.56 million), healthcare (33.49 million), telecommunication and media (19.53 million), transportation and logistics (28.96 million), and utilities (19.19 million).

The physical price of gold as at 5pm stood at RM154.57 per gramme, down 10 sen from RM154.67 at 5pm yesterday. — Bernama

World stocks steady ahead of US jobs data

LONDON, Oct 5 ― World markets steadied ahead of US jobs numbers today, as a four-year high in oil prices and the biggest weekly jump in Treasury yields since February left investors wondering where to go next. The usual drop in activity ahead of…

MyEG unveils blockchain-based payroll system

PETALING JAYA: MyEG Services Bhd has unveiled a blockchain-based payroll management software called “PayMe”.

The group told the stock exchange that “PayMe” is designed specifically for companies that employ a sizeable workforce with dynamic remuneration, enabling them to record and manage overtime more accurately and efficiently.

Pilot trials for the monthly subscription service will commence at selected sites soon.

This is the latest in an ongoing series of innovations introduced by MyEG to help businesses better manage their labour force, complementing the group's existing offerings which include foreign workers recruitment services, online renewal of work permits and insurance, among others.

Blockchain architecture, it said, is ideally suited to resolve the prevailing inefficiencies in payroll management in view of the immutability of the technology, where data cannot be unilaterally altered once recorded.

Furthermore, the distributed nature of blockchain means stakeholders would have full access to the data, ensuring transparency and minimising the possibility of potential disputes

In line with that, MyEG aims to sign up its existing corporate customers of its various services.

“Leveraging the benefits of blockchain architecture is one of MyEG's core focus presently. We believe that MyEG is well positioned to deploy industry-wide blockchain solutions that maximise the potential of the distributed ledger,” said its managing director Wong Thean Soon.

The stock fell 4.17% to close at RM1.61 with 59.66 millon shares done.

Battersea Phase 2 deal extended till year-end

PETALING JAYA: The acquisition of London’s Battersea Power Station (BPS) Phase 2 by Permodalan Nasional Bhd (PNB) and the Employees Provident Fund (EPF) has been further extended till year-end from Sept 30.

In filings with Bursa Malaysia, SP Setia Bhd and Sime Darby Property Bhd (Sime Property) said that Battersea Phase 2 Holding Co, PNB and EPF have mutually agreed to extend the exclusivity period in the proposed transaction.

The exclusivity period will expire on Dec 31, 2018 or other date as may be mutually agreed by the parties, or upon execution of the definitive and binding agreements between the parties to formalise the proposed transaction, whichever is earlier.

“The parties have made significant progress towards finalising the transaction and anticipate entering into the proposed transaction in the fourth quarter of 2018,” said SP Setia and Sime Property.

The parties expect to make further announcements in due course in relation to the status of the heads of terms, proposed transaction and/or the execution of the transaction documents.

Earlier in January, PNB and EPF proposed to acquire the commercial assets worth about £1.61 billion in Battersea Phase 2 Holding Co. Battersea Phase 2 Holding Co is a unit of Battersea Project Holding Co Ltd which is the vehicle undertaking the BPS project in London.

SP Setia and Sime Property hold 40% stake each in Battersea Project Holding Co Ltd, while EPF holds the remaining 20%.

The proposed transaction was aimed at reorganising the BPS’ commercial property under PNB and EPF. The initial deadline to finalise the deal was on Sept 30.

Last month, PNB president and CEO Datuk Abdul Rahman Ahmad said that the deal would likely be delayed, with further clarity expected in the fourth quarter of 2018.

SP Setia’s share price fell 1.96% or 5 sen to close at RM2.50 with 1.34 million shares traded while Sime Property’s shares fell 1.75% or 2 sen to close at RM1.12 with 7.64 million shares traded.