Monday, February 4th, 2019

 

White House economist says economy strong despite shutdown

WASHINGTON, Feb 4 — The US economy will post strong growth in the first quarter, despite negative effects from the extended government shutdown, top White House economist Kevin Hassett said today. He said the year started off strong, with the…


Pound falls as May plans fresh Brexit assault

LONDON, Feb 4 — The pound dropped today following weak UK construction data and as Prime Minister Theresa May seeks to try and finally unlock the Brexit stalemate. London’s benchmark FTSE 100 index, featuring large multinationals earning in…


US stocks mixed ahead of Disney, Google/Alphabet earnings

NEW YORK, Feb 4 — Wall Street stocks were mixed early today and largely holding onto January’s gains ahead of economic data and earnings later in the week. About 30 minutes into trading, the Dow Jones Industrial Average was down 0.3 percent at…


Bursa Malaysia slightly higher at mid-day

KUALA LUMPUR: Bursa Malaysia was positive at mid-day on consistent buying support in selected heavyweights and index-linked counters, while tracking higher regional peers, dealers said.

At 12.30pm, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) was 0.08 of-a-point higher at 1,683.61 from Friday’s close of 1,683.53.

The index opened 15.44 points firmer at 1,698.97 and moved between 1,683.61 and 1,699.66 throughout the session.

Market breadth was positive with gainers outpacing losers 385 to 280, while 322 counters were unchanged, 867 untraded and 24 others suspended.

Turnover was at 1.03 billion shares worth RM880.65 million.

OANDA senior market analyst Jeffrey Halley expected Asian bourses to be in the green today, as most of the event risk of the week had passed and in following the US indices strong overnight showing.

Meanwhile, on the home front, the Malaysian manufacturing sector began 2019 with a fourth successive monthly deterioration in operating conditions, with output and new businesses both declining during January.

The headline Nikkei Malaysia Manufacturing Purchasing Managers’ Index (PMI) – a composite single-figure indicator of manufacturing performance – registered 47.9 in January, up from 46.8 in December, extending the current period of contraction to four months.

Among the heavyweights on Bursa Malaysia, Maybank and CIMB were three sen higher each at RM9.57 and RM5.65 respectively, Public Bank and Tenaga increased four sen each to RM24.82 and RM12.94 respectively, and Petronas Chemicals was flat at RM8.45.

Of the most actives, Bumi Armada and Sapura Energy were flat at 20 sen and 26.5 sen respectively, Tatt Giap Group added one sen to 10 sen, while Iris Corporation was half-a-sen better at 13.5 sen.

The FBM Emas Index was 12.52 points firmer at 11,673.14, the FBMT 100 Index gained 11.22 points to 11,556.43 but the FBM Emas Shariah Index eased 9.46 points to 11,543.15.

The FBM Ace Index added 71.08 points to 4,473.18 and the FBM 70 gained 57.78 points to 13,874.99.

Sector-wise, the Financial Services Index was 54.84 points better at 17,569.81, the Industrial Products and Services Index was 0.31 points better at 161.42 but the Plantation Index decreased 11.53 points to 7,268.71. — Bernama


CPO prices end higher

KUALA LUMPUR, Feb 4 —The crude palm oil (CPO) futures contracts on Bursa Malaysia Derivatives ended the half-day trading session higher on better demand, a dealer said. He said local CPO prices also received a boost from strong…


Short-term rates close stable on BNM’s operations

KUALA LUMPUR, Feb — Short-term interbank rates closed stable today on Bank Negara Malaysia’s (BNM) operations to absorb excess liquidity from the financial system. The surplus in the conventional system decreased to…


Taconic Biosciences names new CEO

KUALA LUMPUR, Feb 4 — Taconic Biosciences’ board of directors has selected Nancy J. Sandy as chief executive officer (CEO) effective Jan 14. She took over the position from Dr. Robert J. Rosenthal, who helmed it for four and a half…


CCM unit secures RM50m financing from OCBC Al-Amin

KUALA LUMPUR, Feb 4 — Chemical Company of Malaysia Bhd’s wholly-owned subsidiary, CCM Chemicals Sdn Bhd (CCMC), has accepted an Islamic financing facility of RM50 million from OCBC Al-Amin Bank Bhd to part finance its Pasir Gudang Works Plant 1…


Perodua sells 20,100 vehicles in January

KUALA LUMPUR, Feb 4 — Perodua has sold some 20,100 vehicles in the first month of 2019, including registrations of 1,025 units for its recently launched Aruz sport utility vehicle on the last day of January. Perodua Sales Sdn Bhd managing director…


CIMB Research cautious on construction sector amid ECRL uncertainty

KUALA LUMPUR, Feb 4 — CIMB Equities Research has made a stance of underweight on the construction sector after confusion over the East Coast Rail Line (ECRL) project. Online portal The Star reported that CIMB Research said recent series of news…