Saturday, January 12th, 2019

 

Ministry targets RM150m sales from fresh fruit stalls this year, says Salahuddin

KOTA TINGGI, Jan 12 — The Agriculture and Agro-based Industry Ministry is targeting to achieve sales of RM150 million from fresh fruit stalls (GBBS) nationwide this year. The targeted sales is higher than last year’s RM123 million sales. Its…


Sunshine expects revenue to double with launch of online store

GEORGE TOWN, Jan 12 — Sunshine, a Penang-based retail departmental store, supermarket and shopping mall chain, is expecting to see a 100 per cent increase in revenue growth this year after officially launching its brand onto online shopping…


China’s premier says tax cuts support employment, economic stability

SHANGHAI, Jan 12 — China’s plans for tax cuts targeting smaller companies will help to support employment and economic stability, and will expand the country’s tax base over the long term, Premier Li Keqiang was quoted as saying today….


Nissan top exec Munoz resigns amid broadened Ghosn probe

NEW YORK, Jan 12 — One of Nissan Motor Co’s top executives has resigned, further rattling the Japanese automaker’s management team as it broadens an investigation into ousted Chairman Carlos Ghosn’s alleged financial misconduct. Jose Munoz,…


SpaceX to lay off 10pc of workforce

LOS ANGELES, Jan 12 — SpaceX plans to lay off 10 per cent of its more than 6,000 employees, a source familiar with the decision said yesterday. “To continue delivering for our customers and to succeed in developing interplanetary spacecraft and…


Haley, Ivanka Trump among possible World Bank nominees, FT reports

WASHINGTON, Jan 12 — Former UN Ambassador Nikki Haley and US President Donald Trump’s daughter and adviser Ivanka are among possible US candidates to replace outgoing World Bank President Jim Yong-kim, The Financial Times reported yesterday. Kim…


FBM KLCI to test 1,700-point level next week

FBM KLCI to test 1,700-point level next week

KUALA LUMPUR: The FBM KLCI is likely to test the resistance level of 1,700-point next week with outlook hinges upon progress of the trade discussion between the US and China.

Bank Islam Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said remarks from the two world’s largest economies would be closely scrutinised in the run-up to their meeting at the end of the month.

According to news reports, Chinese Vice-Premier Liu He would likely visit Washington on Jan 30 and 31 for further trade talks.

“Based on the interest rate futures, it appears that the market has been expecting no hike in the Federal Fund rate this year. Therefore, should the positive sentiment continues, the FBM KLCI might increase towards the resistance level of 1,700 points.

“However, technical indicators such as stochastic is lingering at overbought position. This signals the FBM KLCI is still fragile in the immediate terms,“ he told Bernama.

For the week just ended, the FBM KLCI was traded mostly higher, mainly influenced by external factors such as US Federal Reserve’s dovish stance on interest rate hikes and the potential US-China trade negotiations.

On a Friday-to-Friday basis, the benchmark FBM KLCI settled 13.44 points higher at 1,683.22.

The FBM Emas Index appreciated 205.01 points to 11,618.03, the FBMT100 Index increased 177.88 points to 11,501.22, the FBM 70 soared 567.58 points to 13,591.38, the FBM Emas Shariah Index improved 210.56 points to 11,567.47, and the FBM Ace expanded 163.67 points to 4,458.10.

Sector-wise, the Finance Index bagged 173.84 points to 17,415.63, the Industrial Products and Services Index eased 0.76 of-a-point to 164.87, while the Plantation Index was 236.74 points higher at 7,117.64.

On a Friday-to-Friday, the weekly turnover almost doubled to 14.17 billion units worth RM11.30 billion against 7.22 billion units worth RM4.79 billion.

Main Market volume increased to 10.41 billion units valued at RM10.59 billion versus 5.17 billion units valued at RM4.37 billion.

Warrants turnover advanced to 1.90 billion units worth RM368.88 million from 1.23 billion units worth RM282.94 million.

The ACE Market volume appreciated to 1.85 billion shares valued at RM341.04 million against 719.60 billion shares valued at RM127.20 million.

The gold futures contract on Bursa Malaysia Derivatives is expected to be lower next week, as weak market sentiment would limit any price upside potential, said a dealer.

The local gold market is expected to be quiet as most investors have shifted their investment from safe-haven assets to equities, he said.

“We expect there will be no positive catalysts to boost the gold market as optimism over further trade talks between the US and China has improved risk appetite, making bullion less attractive.

“With the ringgit expected to increase further, the demand for gold will be decreasing,” he told Bernama.

On a Friday-to-Friday basis, spot month January 2019 went down 40 ticks to RM170 a gramme, February 2019 fell 36 ticks to RM170.20 a gramme, while March 2019 and April 2019 deducted 28 ticks each to RM170.70 and RM170.80 a gramme, respectively.

Weekly turnover was four lots worth RM68,140 from five lots worth RM85,420 in the previous week, while open interest rose to 23 contracts versus 19 contracts last week. — Bernama


Slashed profit expectations may set stage for gains

NEW YORK, Jan 12— There could well be a silver lining in all the caution around the stock market as the earnings season approaches: Shares do way better when profit expectations have fallen, and lately, they’ve been falling like a rock. By at…


Huawei Canada exec leaves post as scrutiny of company grows

NEW YORK, Jan 12 — One of Huawei Canada’s top executives yesterday disclosed he was leaving his post after more than seven years with the Chinese telecommunications equipment maker, which is facing heightened scrutiny over security issues from…


US stocks pause after five-day rally; dollar rebounds

NEW YORK, Jan 12 — Wall Street ended little changed yesterday, taking a breather following a five-day winning streak, while the dollar rebounded against most currencies from earlier losses tied to expectations the US central bank is in no hurry to…