Saturday, August 31st, 2019

 

Strong consumer spending propping up US economy

WASHINGTON, Aug 31 — US consumer spending increased solidly in July as households bought a range of goods and services, which could further allay financial market fears of a recession, but the strong pace of consumption is unlikely to be sustained…


Trump says US will ‘win the fight’ over trade with China

WASHINGTON, Aug 31 — Trade teams from China and the United States continue to talk and will meet in September, but tariff increases on Chinese goods set to go in place tomorrow will not be delayed, President Donald Trump said yesterday. The US…


FBM KLCI to rise to 1,620 level next week

KUALA LUMPUR: Bursa Malaysia is expected to rise to the 1,620 level next week on positive US-China trade talks progress and strong fundamentals.

“The positive progress of the trade talks delivered by the two superpowers is likely to boost market sentiment next week,” said Phillip Capital Management senior vice-president (investment) Datuk Dr Nazri Khan Adam Khan told Bernama.

On the fundamental side, he said Malaysia’s economy expanded 4.9% against the prior expansion of 4.5%.

Furthermore, he said the Cabinet’s approval on the implementation of the National Fiberisation and Connectivity Plan over the next five years at the cost of RM21.6 billion is expected to lift the telecommunication counters.

“Telco players are expected to inch higher, especially with Axiata Group Bhd’s proposed merger with Norway’s Telenor ASA is on track and expected to be completed within the estimated time frame,” he said.

Nevertheless, he said despite the strong domestic fundamentals, the local market is expected to ride on global economic health.

“Hence, investors should look for more rounds of global economic numbers before diving into the market,” he added.

The market will be closed on Monday in lieu of Awal Muharram which falls on Sunday. The operations will resume on Tuesday.

On Friday, the local market was closed sharply higher on improved sentiment amid positive US-China trade development.

Over the week, the market started weaker but rebounded in the last two days amid a recovery in the sentiment influenced by the US-China trade development.

On a Friday-to-Friday basis, the FBM KLCI increased 2.81 points to 1,612.14 from 1609.33.

The FBM Emas Index lost 37.65 points to 11,348.5, the FBMT 100 Index eased 28.7 points to 11,190.63 and the FBM Emas Syariah Index declined 12.14 points to 11,912.05.

The FBM 70 fell 235.74 points to 1944.71 and the FBM Ace Index fell 65.43 points to 4,488.2.

Sector-wise, the Financial Services Index contracted 105.31 points to 15,550.02 and the Industrial Products and Services Index inched down 1.89 point to 148.68, while the Plantation Index advanced 47.79 points to 6,889.48.

Weekly turnover increased to 10.48 billion units worth RM9.64 billion compared with 10.32 billion units worth RM7.00 billion.

Main Market volume contracted to 6.49 billion shares valued at RM6.28 billion from 6.95 billion shares worth RM6.28 billion.

Warrants turnover rose to 2.51 billion units worth RM561.85 million from 1.86 billion units worth RM421.67 million.

The ACE Market volume declined to 1.46 billion shares worth RM347.37 million from 1.54 billion shares worth RM297.51 million. — Bernama


China’s factory activity shrinks for fourth month as trade pressure mounts

BEIJING, Aug 31 — Factory activity in China shrank in August for the fourth month in a row as the United States ramped up trade pressure and domestic demand remained sluggish, pointing to a further slowdown in the world’s second-largest economy….


Wall Street stalls to end weak August as China tariffs loom ahead of US holiday

NEW YORK Aug 31 — Wall Street ended the week with a lackluster session yesterday as investors were cautious ahead of a holiday weekend in which a fresh round of US tariffs on Chinese imports were due to be levied. While the S&P 500 registered…


Stocks edge higher but post monthly loss; yuan weakens as tariffs loom

NEW YORK, Aug 31 — Hopes for a thaw in the US-China trade war helped a gauge of global stocks rise yesterday despite a tepid performance onWall Street, though caution over pending American tariffs on Chinese goods put the yuan on track for its…


Stock markets get continued lift from fresh trade hopes

NEW YORK, Aug 31 — Renewed hopes for trade talks kept stock markets mostly in the black yesterday after China suggested this week it might not retaliate against the latest US tariffs. The relative calm made for a mostly positive final day to a…