Saturday, March 2nd, 2019

 

VDA: German carmakers to invest €60b in electric cars and automation

FRANKFURT, March 2 — Germany’s car industry is to invest nearly €60 billion (RM277 billion) over the next three years on electric cars and automated driving, the head of the VDA car industry association said ahead of the Geneva motor show….


Caba: Asean-China US$1t trade set target achievable by 2025

KUALA LUMPUR, March 2 — The Asean-China bilateral trade target of US$1 trillion is possibly achievable by 2025, said the China-Asean Business Association (Caba). President, Tan Sri Lim Gait Tong said both sides initially aimed to achieve the US$1…


Esports industry poised to be new economic subsector, says Perak Youth and Sports chief

IPOH, March 2 — Esports is now more than a game as it has the potential to grow as the new economic subsector which promises attractive returns for athletes, organisers and trainees. Perak Youth and Sports Development Committee chairman Howard Lee…


US says rejects WTO's ‘straitjacket’ of trade obligations

WASHINGTON, March 2 ― The Trump administration filed another salvo at the World Trade Organization (WTO) yesterday, saying US trade policy was not going to be dictated by the international body and defending its use of tariffs to pressure China…


FBM KLCI likely to trend lower towards 1,680 points next week

KUALA LUMPUR: The benchmark FBM KLCI is expected to trend lower towards the 1,680 points support level next week driven by the soft ringgit, weakening oil prices, negative impact of geopolitical factors, namely tensions between India and Pakistan, as well as the slow breakthrough in the US-China trade negotiations.

Phillip Capital Management Malaysia senior vice president (Investment) Datuk Dr Mohd Nazri Khan Adam Khan said the psychological resistance was at 1,700 points and followed by the next resistance at around 1,730 points.

Mohd Nazri noted that investors were still on the sidelines, awaiting developments in the tariff war saga after US Trade Representative Robert Lighthizer said he preferred China to offer a bigger concession than buying more US products.

Meanwhile, the Chinese economy showed a negative result in its factory sector data, with adverse values for the third month in a row, after the country’s manufacturing purchasing managers’ index dropped lower.

“All-in-all we believe the slight improvements in the factory sector are due to further investments in Chinese infrastructure in addition to improving prices of industrial products from higher demand for commodities.

“Meanwhile, in another geopolitical update, the summit between the US and North Korea ended poorly, with an immediate impact seen in Seoul’s Kospi which slid in reaction to the news by nearly two per cent,“ he told Bernama.

As for stock picks, investors should aim for defensive-consumer products, such as Nestle (M) Bhd, Dutch Lady Milk Industries Bhd, and Fraser & Neave Holdings Bhd (F&N), said Mohd Nazri.

Meanwhile, he also said the ringgit retreated against the US dollar at 4.0720/0770 on Friday from Thursday’s 4.0650/0680, reflecting the impact of new developments in the Brexit negotiations as investors shifted back to safe havens.

“From the technical aspect, the FBM KLCI charted a weak performance, as the key index is currently below the previous 1,700-points support.

“Technically speaking, this is viewed as a normal breather, after the index tested the resistance downtrend line during last week’s session,“ added Mohd Nazri.

On a Friday-to-Friday basis, the FBM KLCI settled 20.66 points lower at 1,700.76.

The FBM Emas Index trimmed 204.38 points to 11,798.12, the FBMT 100 Index decreased 194.93 points to 11,663.95 and the FBM Emas Syariah Index eased 227.95 points to 11,725.16.

The FBM 70 slipped 453.57 points to 13,961.89 and the FBM Ace Index eased 65.22 points to 4,650.26.

Sector-wise, the Financial Services Index went down 111.26 points to 17,729.46 and the Plantation Index depreciated 139.16 points to 7,273.94, but the Industrial Products and Services Index inched up 0.34 of-a-point to 168.37.

Weekly turnover fell to 12.92 billion units worth RM11.74 billion from 15.75 billion units worth RM12.61 billion.

Main Market volume declined to 8.90 billion shares valued at RM10.87 billion against 10.84 billion shares valued at RM11.56 billion.

Warrants turnover decreased to 2.51 billion units worth RM533.22 million from 3.10 billion units worth RM683.63 million.

The ACE Market volume slid to 1.50 billion shares valued at RM338.35 million from 1.80 billion shares valued at RM366.49 million. — Bernama


Global shares rise on trade optimism, tame inflation

NEW YORK, March 2 ― World equity markets rose yesterday to end an otherwise slow week on optimism around trade and benign US inflation, while crude oil retreated on news of weaker US factory activity. On Thursday, White House economic adviser…


After Air France-KLM share grab, Dutch want cost cuts and board seats

PARIS, March 2 ― The Dutch government wants seats on the board of Air France-KLM and more cost cuts, it said yesterday, days after buying a large minority stake in the airline and triggering a diplomatic spat with France. The Netherlands quietly…


Lyft races ahead of Uber to Wall Street listing

SAN FRANCISCO, March 2 ― Lyft filed documents yesterday for its stock offering, racing ahead of ride-sharing rival Uber for a Wall Street listing that sets the stage for a series of big venture-backed tech firms to hit public markets. The initial…


Trump asks China to lift tariffs on US farm products

WASHINGTON, March 2 ― President Donald Trump said he had asked China to immediately remove all tariffs on US agricultural products because trade talks were progressing well. He also delayed plans to impose 25-per cent tariffs on Chinese goods…


European shares start March higher as Moncler, WPP shine

LONDON, March 2 ― European shares rose to five-month highs yesterday, starting the month on a strong footing, as a fresh batch of corporate updates fuelled risk appetite, even after US President Donald Trump raised some concerns over trade talks…