Saturday, May 4th, 2019

 

Berkshire swings to big profit; Buffett laments Kraft Heinz

OMAHA, May 4 — Warren Buffett’s Berkshire Hathaway Inc today said gains in its stock investments fuelled a big first-quarter profit, while improved results from its Geico auto insurer and BNSF railroad units boosted operating results. Berkshire…


La Tribune: Air France-KLM to propose 400 ground staff redundancies

PARIS, May 4 — Air France-KLM will propose a voluntary redundancy scheme that would affect nearly 400 ground staff at French airports, La Tribune said today, a day after the airline posted a deeper first-quarter loss. The Franco-Dutch company,…


Redzuan: Malaysian entrepreneurs need to be more competitive to explore new markets

SERENDAH, May 4 — Entrepreneurs must always be competitive and willing to accept challenges to explore new markets, whether domestically or at the international level. Entrepreneur Development Minister Datuk Seri Mohd Redzuan Md Yusof said…


EU palm oil ban not jeopardising revenue of SMEs, says deputy minister

SHAH ALAM, May 4 — The European Union’s (EU) decision to ban Malaysian palm oil is not seen as jeopardising the income of small and medium enterprises (SMEs) that produce products using the commodity. Deputy Entrepreneur Development Minister…


Bursa Malaysia expected to remain weak next week

KUALA LUMPUR: Bursa Malaysia is expected to remain weak next week as banking-related stocks are especially impacted, with the focus on the overnight policy rate (OPR) to be released by Bank Negara Malaysia (BNM).

Bank Islam Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said the FBM KLCI would likely oscillate around the 1,624 and 1,640 levels with support seen at 1,596 points.

“The market is quite fragile as foreign funds have been net sellers for quite some time now.

“Lower crude palm oil prices, weak results from telcos and a possible cut in OPR will see prospects for the FBM KLCI being quite dim for now,” he told Bernama.

He said the BNM will hold its Monetary Policy Committee (MPC) meeting on May 7.

“We expect the central bank to reduce the OPR by 25-basis points in a bid to spur economic activities.

“The Reserve Bank of Australia (RBA) will also announce its decision on policy rates on the same day. The market consensus is for the RBA to cut the cash rate by 25-basis points to 1.25 per cent,” Mohd Afzanizam added.

During the week just-ended, Bursa Malaysia traded mostly lower in the absence of positive catalysts to spark buying interest, while the weaker sentiment was also clouded by insipid global economic growth.

On a Friday-to-Friday basis, the benchmark FBM KLCI settled 1.08 points lower at 1,637.30.

The market was closed on Wednesday in conjunction with Labour Day.

The FBM Emas Index fell 54.05 points to 11,611.76, the FBMT 100 Index eased 45.16 points to 11,431.96 and the FBM Emas Shariah Index slid 106.15 points to 11,779.77.

The FBM Ace Index declined 147.81 points to 4,646.03 and the FBM 70 shrank 209.34 points to 14,521.39.

Sector-wise, the Financial Services Index improved 51.47 points to 16,932.93, the Plantation Index eased 96.60 points to 7,201.87 and the Industrial Products and Services Index fell 2.67 points to 169.34.

Weekly turnover dropped to 10.39 billion units valued at RM7.94 billion against 19.50 billion units valued at RM13.10 billion last Friday.

Main Market volume slipped to 7.51 billion shares worth RM7.36 billion against 15.56 billion shares worth RM12.36 billion.

Warrants turnover eased to 1.45 billion units valued at RM347.61 million from 1.87 billion units valued at RM342.41 million.

The ACE Market volume was lower at 1.41 billion shares valued at RM232.15 million versus 2.06 billion shares valued at RM397.52 million. — Bernama


Ringgit to trade in cautious mode against greenback next week

KUALA LUMPUR, May 4 — The ringgit is expected to trade in cautious mode against the US dollar next week as investors remain concerned over outlook for the local and global financial markets, a dealer said. FXTM analyst Han Tan said that among the…


Samsung takes second spot in global smartwatch market in Q1

SEOUL, May 4 — Samsung Electronics Co’s Galaxy Watch has gained popularity among Android phone users, coming in second to Apple Watch in the global market in the first quarter, Yonhap news agency reported, quoting an industry report Saturday….


Bursa expected to remain weak next week

KUALA LUMPUR, May 4 — Bursa Malaysia is expected to remain weak next week as banking— related stocks are especially impacted, with the focus on the overnight policy rate (OPR) to be released by Bank Negara Malaysia (BNM). Bank Islam Malaysia Bhd…


Wall Street climbs as jobs data supports upbeat economic outlook

NEW YORK, May 4 — US stocks rose in a broad-based rally yesterday as stronger-than-expected job growth in April coupled with muted wage gains left investors upbeat about the outlook for the economy and interest rates. The Nasdaq registered a…