Monday, August 5th, 2019
BEIJING, Aug 5 — Beijing is honouring its pledges to purchase US agricultural products, state media cited China’s state planning body saying, dismissing an accusation from US President Donald Trump that it had not met a promise to buy large…
LONDON, Aug 5 — Global stocks fell for a sixth day today as an escalation of a trade war between the United States and China spooked markets and the yuan fell to its lowest levels in over a decade. Safe-haven assets, including the Japanese yen,…
KUALA LUMPUR: Malaysian palm oil stockpiles likely rose for the first time in five months, edging up to a three-month high, as production gains outpaced a rise in exports, a Reuters survey showed.
Inventories in Malaysia, the world’s second-largest palm oil producer, are forecast to have gained 1.8% from the previous month to 2.47 million tonnes at end-July, according to a median estimate of seven planters, traders and analysts polled by Reuters.
Stockpiles had earlier declined for four consecutive months, easing from the 3 million tonne mark at the start of the year. Increased inventory risks weighing on benchmark palm oil prices, which declined to a near four-year low in mid-July at RM1,916 per tonne.
Prices have since rebounded about 9% and were last at RM2,085. Rising stockpiles were aided by higher output. The survey estimated production would rise 11.4% to 1.69 million tonnes, its highest level since January and the biggest monthly gain in 10 months.
“July output rose due to seasonal factors and more working days,“ said Ivy Ng, regional head of plantations research at CIMB Investment Bank, in a report.
The output gains were also likely aided by higher yields in Sarawak’s oil palm estates, and July’s rise in inventory indicated that “palm oil stocks may have bottomed in June,“ Ng said.
Palm oil exports were seen rising 3.8% from June to 1.44 million tonnes in July, supported by demand from key markets India, the European Union and China.
“India is restocking ahead of festivals, while the EU is buying ahead of possible import duties over palm,“ said Anilkumar Bagani, research head of Sunvin Group, a Mumbai-based vegetable oil broker, referring to possible duties on EU imports of Indonesian biodiesel.
“China is also buying as its oilseeds crush has slowed down due to the African swine fever, and they have to buy other vegetable oils to fulfil demand,“ he added.
China, the world’s largest pork producer, typically imports soybeans to crush for meal, leaving soyoil as a byproduct for cooking and other food purposes, but a severe disease outbreak has curbed demand for meal.
Official palm oil data will be published by the Malaysian Palm Oil Board on Aug 13. The median results from the Reuters survey put Malaysia’s consumption in July at 292,615 tonnes.
JAKARTA, Aug 5 — Indonesia posted its slowest rate of quarterly growth in two years today as Southeast Asia’s biggest economy feels the sting of US-China trade tensions. Growth weakened to 5.05 per cent in the April-June period as exports and…
KUALA LUMPUR: Bursa Malaysia ended trading on a weak note today, weighed down by broad-based sell-off in line with its regional peers as the market braced for a fresh round of trade war between the US and China.
The benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) dropped 1.01% or 16.35 points to finish at 1,610.41 from Friday’s close of 1,626.76.
The FBM KLCI, which opened 5.64 points weaker at 1,621.12, moved between 1,610.41 and 1,621.68 throughout the day.
Losers outmuscled gainers on the broader market by 828 to 163, with 287 counters remained unchanged, 609 untraded and 18 other suspended.
Turnover rose to 2.67 billion units worth RM1.86 billion versus Friday’s close of 2.22 billion units worth RM1.76 billion.
Malacca Securities Sdn Bhd said sentiment on the stock market still looking frail, amid an escalation in the US-China trade war, that is also set to prolong the already dour global trend.
It added that the trade dispute was likely to remain a long-drawn affair which will keep market sentiment in check for much longer.
“Lower liners and broader market shares are also undergoing a consolidation spell that looked to continue over the near-term.
“Just like the index-linked shares, we see shares succumbing to increased selling activities as equity sentiment is turning weaker, and this could keep more retail players on the sidelines,“ it said in a note earlier today.
Regionally, Hong Kong’s Hang Seng Index lost 2.85% to 26,151.32, Japan’s Nikkei 225 decreased 1.74% to 20,720.29 and Singapore’s Straits Times Index went down 1.97% to 3,197.04.
Bursa Malaysia’s heavyweights, Maybank trimmed seven sen to RM8.58, Public Bank slipped 22 sen to RM21.56, TNB gave up eight sen to RM13.78, Petronas Chemicals depreciated 20 sen to RM7.23 while IHH Healthcare and CIMB were five sen easier to RM5.68 and RM5.03, respectively.
As for the actives, Xinghe Holdings edged up half-a-sen to 3.5 sen, Netx was flat at 1.5 sen. KNM eased 3.5 sen to 36 sen and Priceworth International inched down half-a-sen to six sen.
The FBM Emas Index shrank 136.27 points to 11,380.52, the FBMT 100 Index narrowed 129.11 points to 11,215.89 and the FBM Emas Syariah Index slumped 132.89 points to 11,793.63.
The FBM 70 trimmed 225.46 points to 14,130.76 and the FBM Ace lost 103.29 points at 4,586.05.
Sector-wise, the Financial Services Index gave up 142.84 points to 15,822.03, the Plantation Index shaved off 79.06 points to 6,610.11 and the Industrial Products and Services Index slid 3.17 points to 151.05.
Main Market volume increased to 1.67 billion shares valued at RM1.66 billion against Friday’s 1.32 billion shares valued at RM1.58 billion.
Warrants turnover went up to 507.81 million units worth RM139.48 million versus 506.77 million units worth RM122.91 million.
Volume on the ACE Market expanded to 488.08 million shares valued at RM64.63 million from 385.79 million shares valued at RM55.37 million previously.
Consumer products and services accounted for 243.11 million shares traded on the Main Market, industrial products and services (275.56 million), construction (129.66 million), technology (114.49 million), SPAC (nil), financial services (45.85 million), property (170.98 million), plantations (13.64 million), REITs (14.62 million), closed/fund (10,000), energy (381.33 million), healthcare (18.78 million), telecommunications and media (194.42 million), transportation and logistics (43.41 million) and utilities (23.09 million).
The physical price of gold as at 5pm stood at RM189.41 per gramme, up RM3.66 from RM185.75 at 5pm last Friday. — Bernama
KUALA LUMPUR, Aug 5 — Bursa Malaysia ended trading on a weak note today, weighed down by broad-based sell-off in line with its regional peers as the market braced for a fresh round of trade war between the US and China. The benchmark FTSE Bursa…
HONG KONG, Aug 5 — Hong Kong shares plummeted today, as fears of a US-China trade war spiked following President Donald Trump’s vow to impose fresh tariffs on Chinese goods. The Hang Seng Index lost 2.85 per cent, or 767.26 points, to 26,151.32….
PETALING JAYA: Telekom Malaysia Bhd’s (TM) business solutions arm TM ONE is collaborating with Petronas Carigali Sdn Bhd’s wholly owned subsidiary E&P O&M Services Sdn Bhd (EPOMS) to digitalise operations and maintenance (O&M) solutions for EPOMS.
Under the memorandum of collaboration signed by the two parties, TM ONE has been appointed as one of EPOMS’ official technology collaborators in providing end-to-end digital solutions for a more connected workforce and data management.
The two parties said in a joint statement yesterday that the strategic partnership is aimed at enhancing and empowering the digitalisation of O&M, which is a step towards making the oil and gas industry more productive, agile and prepared for the future.
“EPOMS is evolving from a conventional O&M service provider to an effective solutions partner by ‘Delivering True Value’ to our clients. Thus, it is a great initiative for TM through TM ONE to collaborate with us on a project focusing on digitalisation,” said EPOMS CEO Anuar Abd Rahman.
“This digital collaboration will give EPOMS the needed technology and resources to accelerate the pace of our existing integrated database management system, MyEPOMSx, in its expansion and digital placement,” he added.
TM COO Imri Mokhtar said TM ONE will be a strategic partner in establishing the ecosystem for EPOMS’ business-digital placement and aims to work with EPOMS to realise its vision in offering integrated frontline O&M services for all floating and fixed offshore facilities for upstream business operations.
“With these digital placements and collaboration initiatives, we believe that EPOMS will reap the benefit from the improvements in operational excellence. This is also an opportunity for us to showcase our digital assets and how TM ONE enables the IR4.0 by providing end-to-end solution,” said Imri.
The collaboration is based on three digital initiatives, namely the Smart Safety Helmet, Connected Workforce and Predictive Maintenance solutions. TM ONE will provide end-to-end connectivity, data management, cloud services as well as customised solutions for areas of concern in asset integrity and asset reliability.
These initiatives are expected to grow and expand to include other areas and solutions in the near future.
The two parties said that the focus of these solutions is on increasing operational efficiencies and high-performance infrastructure. Through the collaboration, TM ONE will assist the digital system placement of EPOMS and provide the technical solutions to enable EPOMS to be more competitive.
TM has been enabling the oil and gas industry since 2007, with an existing wide network of connectivity. To date, offshore platforms in the South China Sea are able to connect to the High-Speed Offshore Network (HSON) service via TM ONE’s fibre optic subsea cable.
The high-speed connectivity will enable real-time operations and maintenance works as well as advanced applications like artificial intelligence, machine learning and predictive analytics.
PETALING JAYA: Ni Hsin Resources Bhd has entered into an exclusive distributorship agreement with Japanese kitchen cookware manufacturer Wonder chef Co Ltd for the marketing of Wonder chef products in the Asean market.
Ni Hsin Resources’ wholly owned subsidiary Ni Hsin Corp Sdn Bhd signed the agreement today, under which it will market and sell Wonder chef products, particularly woks and pressure cookers.
“The exclusive distributorship agreement with Wonder chef marks an important milestone in the corporate history of Ni Hsin Group. It also shows the confidence by a reputable foreign company in the ability of the group in marketing and selling household cookware products.
“We will make Malaysia the first successful country to distribute Wonder chef products and eventually venture into other countries in the Asean region. The next countries for immediate market expansion will be Singapore, Thailand and Indonesia,” said Ni Hsin Corp managing director Khoo Chee Kong.
He said there is growing demand for quality cookware in the Asean region driven by improved living standards and a growing affluent group. With a population of 660 million, the Asean region will be an important market for the group to tap into besides China and India.
“Japanese brands are well-known for their quality and reliability, and the 60-year history and loyalty of consumers towards Wonder chef products says a lot about their user experience and the quality of the goods. This is particularly important in today’s age when consumers are looking at more than just the price when they are purchasing a product,” he added.
The agreement is effective immediately for a period of five years, with an option to renew at both parties’ consensus. It is expected to contribute positively to the net assets and earnings per share of Ni Hsin for its financial years ending Dec 31, 2019 and 2020.
In Japan, Wonder chef’’s products are sold in numerous departmental stores and general merchandising stores as well as via television shopping. Its main product is the pressure cooker, which is inspected based on the Japanese Quality Standard by Japanese inspectors.
Meanwhile, Ni Hsin Corp manufactures a range of premium stainless steel multi-ply cookware ranging from pressure cookers, woks, pots and saucepans for household and commercial use on an original equipment manufacturer or original design manufacturer basis.
The group also designs and manufactures stainless steel convex mirrors and stainless steel household water filtration systems.