Friday, June 28th, 2019

 

Dollar dips after price data, focus shifts to G20 meeting

LONDON, June 28 — The dollar dipped today after US economic data confirmed the likelihood of a July interest rate cut, although foreign exchange markets seemed on hold as investors awaited the meeting between the United States and China at the G20…


Vietnam says committed to ‘free and fair’ trade after Trump tariff threat

HANOI, June 28 — Hanoi said it is committed to “freedom and fairness” in its trade ties with the United States, after President Donald Trump threatened to impose tariffs on goods from Vietnam, a major exporter to America. Vietnam has seen a…


US stocks higher ahead of Trump-Xi talks, banks lead

NEW YORK, June 28 — Banking shares led US stocks higher early today as investors awaited a key Group of 20 meeting between US President Donald Trump and Chinese President Xi Jinping. Large banks including Goldman Sachs and JPMorgan Chase climbed…


WSJ: Apple moves Mac Pro production to China from US

NEW YORK, June 28 — Apple Inc is shifting manufacturing of its new Mac Pro computer to China from the United States, the Wall Street Journal reported, citing people familiar with the matter. The move comes at a time when the Trump administration…


Wealth managers head to Singapore as China concerns dim Hong Kong’s lure

HONG KONG, June 28 — Some foreign wealth managers are scrapping plans to open offices in Hong Kong in favour of Singapore, as the rich begin to move funds from the Chinese territory where a new extradition bill has stoked public unrest, people…


Euro set for biggest monthly gain in 17 months before price data

LONDON, June 28 — The euro stabilised today but was on track for its biggest monthly gain in 17 months as traders questioned how much firepower the European Central Bank could potentially roll out to support a struggling economy and boost…


Bursa Malaysia ends slightly lower in choppy trade

KUALA LUMPUR: Bursa Malaysia ended marginally lower on a day of choppy trading due to lack of follow-through, with most investors opting to stay on the sidelines ahead of the meeting between US President Donald Trump and his Chinese counterpart Xi Jinping at the G20 summit this weekend.

The key FTSE Bursa Malaysia KLCI (FBM KLCI) was lower by 0.57 of-a-point at 1,672.13 compared with yesterday’s close of 1,672.70 after fluctuating between gains and losses.

It swung between 1,670.81 and 1,677.34 throughout the day.

At the opening, the index was down 1.28 points at 1,671.42.

Losers beat gainers 414 to 333 with 450 counters unchanged, 711 untraded and 97 others suspended.

Turnover, however, increased to 2.22 billion units valued at RM1.84 billion from 1.84 billion units valued at RM1.9 billion yesterday.

The US-China trade war continued to be a source of market uncertainty, with investors hoping for substantial progress when the US-China trade talks resume this weekend.

Inter-Pacific Securities head of research Pong Teng Siew said cautious trade continued to dominate the market.

“The FBM KLCI is seen trying to breach the 1,678 level before selling emerged, as investors were unwilling to take risks until the outcome of the US-China trade talks is announced,” he told Bernama.

Locally, he said, most heavyweight index-linked counters in the financial and plantations sectors continued to be weak, affected by slowing loan growth and crude palm oil prices.

“Although the construction sector is doing well, boosted by the resumption of the Light Rail Transit 3, Mass Rapid Transit Line 3, East Coast Rail Link and Kuala Lumpur-Singapore High-Speed Rail, it was unable to drive the FBM KLCI up because of its lower weighting,” Pong said.

Among the index draggers, Maxis dropped 23 sen to RM5.57, Public Bank went down 16 sen to RM23.00, and Sime Darby and IOI Corp weakened by four sen each to RM2.26 and RM4.25, respectively.

Axiata, meanwhile, was two sen lower at RM4.98 and MISC weakened five sen to RM7.15.

Among the heavyweight gainers, Tenaga added 16 sen to RM13.84, Petronas Gas advanced 26 sen to RM17.36 and Sime Darby Plantation inched up six sen to RM4.92.

Among the active counters, KNM gained 6.5 sen to 25.5 sen and Sapura Energy was half-a-sen better at 30 sen.

The FBM Emas Index fell 8.62 points to 11,781.58, the FBMT 100 Index was down 11.22 points at 11,631.65 and the FBM Emas Shariah Index rose 1.70 points to 12,132.94.

The FBM 70 shed 43.54 points to 14,599.71 while the FBM Ace inched up 3.01 points to 4,445.45.

Sector-wise, the Financial Services Index fell 22.62 points to 16,686.61, the Industrial Products and Services Index edged higher 0.02 of-a-point to 160.72 while the Plantation Index gained 2.62 points to 6,968.90.

Main Market volume rose to 1.59 billion shares worth RM1.72 billion from 1.13 billion shares worth RM1.75 billion on Thursday.

Warrants turnover slid to 312.28 million units valued at RM68.32 million from 386.05 million units valued at RM79.96 million.

Volume on the ACE Market increased to 319.60 million shares worth RM57.76 million from 313.96 million shares worth RM65.22 million.

Consumer products and services accounted for 265.12 million shares traded on the Main Market, industrial products and services (180.97 million), construction (118.28 million), technology (82.74 million), SPAC (nil), financial services (49.03 million), property (98.45 million), plantation (23.21 million), REITs (19.37 million), closed/fund (nil), energy (617.75 million), healthcare (21.25 million), telecommunications and media (47.75 million), transportation and logistics (43.26 million) and utilities (17.84 million). – Bernama


Plus appoints new chairman

PETALING JAYA: Plus Malaysia Bhd has announced the appointment of Datuk Mohamad Nasir Ab Latif (pix) as its chairman effective June 27, 2019.

Nasir succeeds Tan Sri Mohd Sheriff Mohd Kassim who has opted to retire with effect from June 27, 2019, after almost 17 years of leading the Plus group.

Nasir, who serves on the board of director since Dec 31, 2013, began his career with the Employees Provident Fund (EPF) in 1982 and has held several positions before being promoted to EPF deputy CEO (investment) of EPF.

He is currently a board member of Sime Darby Plantation Bhd, Malaysian Resources Corp Bhd, Yinson Holdings Bhd, BBCC Development Sdn Bhd, Yarra Park City Pty Ltd., PNB-Kwasa International Holding Limited, PNB-Kwasa International 1 Limited and PNB-Kwasa International 2 Limited.

Nasir graduated with a Bachelor’s Degree in Social Science (Economics) from Universiti Sains Malaysia and obtained a Certified Diploma in Accounting and Finance from the Association of Chartered Certified Accountants in 1996. He also holds a Master of Science in Investment Analysis from the University of Stirling, UK (1999).

Sheriff was a former chairman of Plus Expressways International Bhd before being appointed chairman of the Plus group on Feb 24, 2012.

“Throughout the period, Sheriff has led and drive the Plus group to become a high performing organisation and remains as the best in class highway concessionaire nationally and internationally. A charismatic leader in every sense of the word, he is always committed to drive the organisation forward,” said Plus managing director Datuk Azman Ismail.


VW trucks division Traton skids on stock market launch

FRANKFURT, June 28 — Shares in Volkswagen’s heavy trucks division Traton slid in their first minutes of trading in Frankfurt today, although the group was spared the abrupt tumbles that have met some IPOs this year. Stock in the group, which is…


Eurozone inflation remains stable at 1.2pc

BRUSSELS, June 28 — Eurozone inflation remained stable in June, data showed today, a month after a sharp drop had raised fears of an economic slowdown in Europe. The EU’s Eurostat agency said inflation this month was unchanged from May at 1.2…