Friday, August 23rd, 2019

 

US stocks open lower as China announces new tariffs

NEW YORK, Aug 23 — Wall Street stocks opened lower today after China announced another round of tariffs on US goods, the latest escalation in the protracted trade war between the countries. About 15 minutes into trading, the Dow Jones Industrial…


China strikes back at US with new tariffs on US$75b in goods

BEIJING, Aug 23 — China said today it will impose retaliatory tariffs against about US$75 billion (RM314 billion) worth of US goods, putting as much as an extra 10 per cent on top of existing rates in the dispute between the world’s top two…


Powell: Fed will act ‘as appropriate’ to sustain US expansion

WASHINGTON, Aug 23 — Federal Reserve Chair Jerome Powell stressed today that the central bank will act to ensure the US economic expansion continues, even in the face of “significant risks” posed by slowing global growth. But as Beijing…


US fines Deutsche Bank US$16m to settle China, Russia corruption charges

WASHINGTON, Aug 23 — Deutsche Bank has agreed to pay more than US$16 million (RM67 million) to settle charges that it violated US corruption laws by hiring relatives of foreign government officials in order to win or retain business, the US…


Irish PM: Ireland could try to block Mercosur trade deal on Amazon concerns

DUBLIN, Aug 23 — As wildfires rage through the Brazilian Amazon, Irish Prime Minister Leo Varadkar has said Dublin will vote against a trade deal between the European Union and South American trade bloc Mercosur unless Brazil takes action to…


As bond e-trading takes off, debt sales business may be ripe for automation

LONDON, Aug 23 — With banks’ bond trading desks increasingly going electronic, another of the last bastions of old-school banking — the business of helping companies and countries raise capital — may be about to succumb to the tide of…


DRB-Hicom turns black in Q1 with RM46.21m net profit

KUALA LUMPUR, Aug 23 — DRB-Hicom Bhd returned to the black with a net profit of RM46.21 million in the first quarter (Q1) ended June 30, 2019 after having chalked up a net loss of RM66.60 million in the same period last year. Revenue jumped 29.5…


Bursa Malaysia ends at intra day high on institutional support

KUALA LUMPUR: Bursa Malaysia ended at an intra-day high backed by institutional support in selected heavyweights, especially government-linked counters.

The benchmark FTSE Bursa Malaysia (FBM KLCI) ended 0.42% or 6.86 points higher at 1,609.33, after trading between it and the lowest point of 1,594.59.

The market barometer opened 6.70 points lower at 1,595.77.

Market breadth, however, was on a negative note as losers slightly outpaced gainers by 400 to 381, with 397 counters unchanged, 780 untraded and 13 others suspended.

Turnover was slightly lower at 2.01 billion units worth RM1.74 billion compared with 2.04 billion units worth RM1.75 billion yesterday.

Bank Islam chief economist Dr Mohd Afzanizam Abdul Rashid said that the local bourse ended in range-bound trading as the market was less enthusiastic pending further market direction.

“It seems that 1600 points remains as the psychological level, and it remained steady as it was supported by local institutional funds.

“At the moment, investors especially retail are very cautious about the external environment as there have been clear signs of a global economic slowdown,” he told Bernama.

He added that the government is now conducting demand management to help the economy to grow.

“While the intervention is welcome, the markets are very cautious especially areas relating to the trade war which is very edgy. At this juncture, a second rate cut by the central bank is quite possible,” he said.

On the local bourse, Tenaga Nasional rose 10 sen to RM13.76, IHH and CIMB Group gained one sen to RM5.68 and RM5.07 respectively, Maybank added eight sen to RM8.64 and Petronas Chemicals added two sen to RM7.22.

As for actives, Ekovest expanded four sen to 84.5 sen, Iskandar Waterfront leaped eight sen to 95 sen, AirAsiaX slid one sen to 18.5 sen and Dayang Enterprise lost three sen to RM1.49.

The FBM Ace declined 94.01 points to 4,553.63, the FBM 70 advanced 44.50 points to 14,180.45, the FBM Emas Index recovered 47.36 points to 11,386.15, the FBM Emas Shariah Index appreciated 54.24 points to 11,924.19 and the FBMT 100 Index was 44.84 points higher at 11,219.33.

Sector-wise, the Financial Services Index strengthened 67.22 points to 15,655.33, the Plantation Index rose 69.04 points to 6,841.69, and the Industrial Products and Services Index was 0.18 point higher at 150.57.

Main Market volume increased slightly to 1.38 billion units worth RM1.60 billion from 1.31 billion units worth RM1.60 billion, compared with yesterday’s 1.27 billion units worth RM1.47 billion.

Warrants turnover decreased to 369.33 million units worth RM82.98 million from 404.69 million units worth RM95.73 million yesterday.

Volume on the ACE Market declined to 354.58 million units worth RM54.87 million from 317.62 million units worth RM55.75 million yesterday.

Consumer products and services accounted for 247.14 million shares traded on the Main Market, industrial products and services (163.94 million), construction (253.59 million), technology (122.17 million), SPAC (nil), financial services (37.88 million), property (168.03 million), plantations (15.29 million), REITs (10.82 million), closed/fund (nil), energy (187.54 million), healthcare (21.57 million), telecommunications and media (111.80 million), transportation and logistics (26.11 million), and utilities (19.55 million).

The physical price of gold as at 5.00pm stood at RM194.91 per gramme, down five sen from RM194.96 at 5.00pm yesterday. — Bernama


Petronas Dagangan Q2 net profit slips to RM172.75m

KUALA LUMPUR, Aug 23 — Petronas Dagangan Bhd’s net profit slipped to RM172.75 million in the second quarter ended June 30, 2019 (Q2 2019) from RM314.42 million, mainly due to lower gross profit coupled with higher operating expenditure and lower…


Ringgit ends easier in cautious trade

KUALA LUMPUR, Aug 23 — The ringgit closed lower against the US dollar today as market players await more clues on the global monetary policy direction from the highly-anticipated Jackson Hole symposium. At 6pm, the ringgit finished at 4.1900/1930…