Saturday, January 26th, 2019

 

Malaysia Halal Expo 2019 a roaring success with RM135m in sales

KUALA LUMPUR, Jan 26 — The three-day Malaysia Halal Expo 2019 (MHE 2019) ended today on a high note after achieving RM135 million in sales, more than double of the RM50 million sales target. Entrepreneur Development Minister Datuk Seri Mohd…


Malaysian halal entrepreneurs will have an easier time expanding into Indonesia

KUALA LUMPUR, Jan 26 — Malaysian halal entrepreneurs will soon have an easier time penetrating into Indonesia with the signing of a memorandum of understanding (MoU) between the two countries on halal products assurance and certification in April….


Your financial and estate planning for 2019

STEPPING into the New Year 2019, President Donald Trump is into his third year of US presidency. With the loss of control of the US Congress to the Democrats in the recently concluded mid-term US election, he is facing increasing problems in domestic politics in the remaining half of his presidential term. The latest record-breaking […]


FBM KLCI may hit 1,720-point level next week

FBM KLCI may hit 1,720-point level next week

KUALA LUMPUR: The positive global economic outlook is expected to continue driving Bursa Malaysia, as well as its regional peers into positive momentum, while influencing the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) to test the 1,720-point level.

Phillip Capital Management Malaysia senior vice-president (investment) Datuk Dr Nazri Khan Adam Khan said consumer-related counters were expected to be leading the demand next week, due to the upcoming festive season.

He said the investor confidence level was improving, with the upcoming US-China trade talks, as well as the Brexit negotiations, showing positive signs

“It seems Theresa May has got the support of the Northern Ireland’s DUP (Democratic Unionist Party), which would increase the chances of the Brexit deal of being approved,” he told Bernama.

Back home, Nazri said the expectation of the commodity and the ringgit to extend their positive momentum next week would also lend some support towards the local index.

For the week just ended, the local bourse recorded a choppy trading pattern, mainly influenced by external factors such as the upcoming trade talks between China and the US, as well as fresh news on the UK’s plan to exit the European Union.

On a Friday-to-Friday basis, the benchmark FBM KLCI settled 8.81 points higher at 1,701.03.

The FBM Emas Index was 81.60 points firmer at 11,785.96, the FBMT 100 Index increased 84.87 points to 11,668.86, the FBM Emas Shariah Index advanced 98 points to 11,725.73, the FBM 70 surged 202.73 points to 13,980.29, but the FBM Ace Index slipped 5.09 points to 4,464.45.

Sector-wise, the Finance Index soared 108.28 points to 17,636.53, the Plantation Index rose 101.13 points to 7,302.17, and the Industrial Products and Services Index earned 0.53 of-a-point to 164.19.

On a Friday-to-Friday, the weekly turnover reduced slightly to 10.23 billion units worth RM8.22 billion against 12.37 billion units valued at RM9.32 billion.

Main Market volume decreased to 7.60 billion units worth RM7.75 billion versus 9.19 billion units valued at RM8.75 billion.

Warrants turnover narrowed to 1.37 billion units worth RM251.08 million from 1.83 billion units valued at RM359.94 million.

The ACE Market volume was almost flat at 1.34 billion shares worth RM217.37 million against 1.34 billion shares valued at RM211.61 million.

The gold futures contracts on Bursa Malaysia Derivatives are expected to be flat on cautious trading next week.

A dealer said investors would likey adopt a wait-and-see attitude, digesting the uncertainties in the global market.

“It would likely be influenced by the downward forecast revision of global growth by the International Monetary Fund, trade war between the US and China, the UK Brexit, as well as the US government shutdown which has lasted more than a month,” he said.

He added that as the ringgit is expected to trade higher next week, there is a possiblity that gold prices would weaken next week.

For the shortened-week just ended, the local gold market was untraded.

On a Friday-to-Friday basis, spot month January 2019, February 2019, March 2019 and April 2019 were pegged at RM170.50, RM170.50, RM171.00 and RM171.10 a gramme, respectively.

The market was closed on Monday for the Thaipusam celebration.

It will be closed next Friday for the Federal Territory Day.

Weekly turnover was nil compared with one lot at RM16,970 previously, while open interest remained at 23 contracts. — Bernama


Ringgit to rise moderately next week

KUALA LUMPUR: The ringgit is expected to rise moderately next week, driven mainly by strong domestic fundamentals, coupled with the higher oil prices, despite uncertainties in the global market.

Bank Islam Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said in the previous week the local note appreciated as the global economy continued to grapple with heightened uncertainties.

“These uncertainties resulted from the downward forecast revision of global growth by the International Monetary Fund, trade war between the US and China, UK Brexit, as well as the US government shutdown which has lasted more than a month,” he told Bernama.

Mohd Afzanizam said the greenback dropped on Friday, reflecting concern over the US government shutdown and its impact on the economy.

“This is especially true when the Federal Open Market Committee will meet for the first time in 2019 on Jan 29-30. The ongoing shutdown would bolster the case for no change in the Fed fund rate in the upcoming meeting.

“Next week, we believe the ringgit will move closer to its current support level of RM4.11,” he added.

Back home, the economist said the recent Bank Negara Malaysia’s decision to keep the overnight policy rate (OPR) at 3.25 per cent suggested that the degree of monetary accommodativeness is consistent.

The OPR, he noted would remain at the prevailing level throughout the year subject to the evolving economic outlook, which could also be a factor for a strong ringgit.

On a Friday-to-Friday basis, the local note eased to 4.1225/1275 from 4.1100/1150 against the greenback.

It slid against the Singapore dollar to 3.0346/0385 versus 3.0301/0342 and declined against the British pound to 5.3935/4004 from 5.3179/3248.

Against the Japanese yen, the ringgit fell to 3.7542/7598 from 3.7507/7559 but appreciated against the euro to 4.6704/6769 from 4.6842/6903.

The Malaysian market will be closed on Friday for the Federal Territory Day. — Bernama


Bursa Malaysia may hit 1,720 point level next week

KUALA LUMPUR, Jan 26 ― The positive global economic outlook is expected to continue driving Bursa Malaysia, as well as its regional peers into positive momentum, while influencing the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) to test the…


FTSE 100 ends lower for fourth session, Vodafone hits 8 1/2 year low

LONDON, Jan 26 ― British share indexes posted their first weekly losses of 2019 with the main bourse closing in the red for a fourth straight day, as Vodafone tumbled and a stronger pound weighed on exporter stocks. FTSE 100 gave up session gains…


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NEW YORK, Jan 26 ― US fund managers are continuing their retreat from consumer-related stocks and increasing their defensive bets out of concerns that the US economy is slowing even though government leaders had reached agreement to end the…


Wall Street advances on Washington temporary shutdown deal

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US airlines still see higher profits but warn of shutdown delays

NEW YORK: US airlines warned of significant travel delays if the US government shutdown goes on much longer, but signalled they still expect solid profits in 2019. Executives at American Airlines and smaller rivals Southwest Airlines and JetBlue Airways expressed frustration as the shutdown extended into its 34th day, a dynamic that has forced key […]