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Dollar hold gains in cautious trade ahead of new US tariffs on China

SYDNEY, Sept 17 — The dollar held above a recent 1-1/2 month trough against a basket of major currencies today, with investors cautiously awaiting news on the implementation of US tariffs on an additional US$200 billion (RM827.7 billion) of…


The BoE retains monetary policy

THE Bank of England (BoE) retained the monetary policy as Britain’s earnings and claims for benefits stayed on course. The US inflation fell, capping the dollar. China’s consumer prices rose. American inflation reflected by producer prices slid 0.1 per cent in August, its first drop in eight months. Core prices also dropped 0.1 per cent. […]


Malaysia remains lucrative investment destination

KUALA LUMPUR: Despite the gloomy global economic outlook, foreign investors still view Malaysia as a lucrative investment destination, owing to the country’s stable political landscape and steady energy prices. Rakuten Trade Sdn Bhd head of Research Kenny Yee said this positive sentiment has resurfaced as trade tension between the US and China have subsided. Investors […]


Rakuten: Malaysia remains lucrative investment destination despite volatile global trade

KUALA LUMPUR, Sept 16 — Despite the gloomy global economic outlook, foreign investors still view Malaysia as a lucrative investment destination, owing to the country’s stable political landscape and steady energy prices. Rakuten Trade Sdn Bhd…


Resilient China is firewall in emerging currency crisis

PARIS, Sept 16 — China is the last bulwark against a deep crisis in emerging economies going fully global, analysts say, although a prolonged trade war could sap Beijing’s defences. Emerging countries — loosely defined as having fast growing…


Bursa M’sia to trend higher next week on improving market sentiment

KUALA LUMPUR: Bursa Malaysia is expected to trend higher next week, riding on the recovery in the overall market sentiment, a dealer said.

“It is somehow tricky to determine the market tone next week. For the short trading week just ended, it was driven purely by sentiment in the market.

“However, stronger crude oil prices coupled with the strong US stock market's performance, including the Nasdaq, would be factors to boost the market next week,” the Malaysian Association of Technical Analysts President, Nik Ihsan Raja Abdullah told Bernama.

Benchmark Brent Crude rose 0.17% to US$78.31 per barrel.

He also noted that local technology stocks would be in the spotlight next week, benefiting from trade tensions and the strong Nasdaq performance.

“Hence, I believe the composite index would linger between 1,790 and 1,820,” Nik Ihsan said.

Bank Islam Chief Economist Dr Mohd Afzanizam Abdul Rashid said markets were mostly positive on Friday, taking cue from the overnight performance of US equities.

He also said the US consumer price index, which grew 2.7% year-on-year in August after a 2.9% increase in the previous month, suggests the rate hike in the US was going to be gradual.

“Meanwhile, the Turkish central bank raised its policy rate to 24%, indicating the central bank had independence in deciding on monetary policy. Perhaps, these are the factors that will support the markets,” he added.

On a Friday-to-Friday basis, the benchmark FTSE Bursa Malaysia KLCI settled 4.59 points better at 1,803.76.

The FBM Emas Index was up 2.57 points to 12,565.0 and the FBMT100 Index gained 5.42 points to 12,386.98.

The FBM 70 lost 92.25 points for 14,844.57, the FBM Emas Shariah Index decreased 16.73 points to 12,666.80, while the FBM Ace improved 30.52 points to 5,177.24.

On a sectoral basis, the Finance Index climbed 127.33 points to 17,923.44, the Plantation Index was up 47.03 points to 7,551.86, while the Industrial Index eased 17.19 point to 3,204.36.

Weekly turnover slipped to 7.29 billion units worth RM7.87 billion from 11.68 billion units worth RM10.15 billion.

Main market volume declined to 5.66 billion shares valued at RM8.99 billion from last Friday's 6.81 billion shares worth RM9.05 billion.

Warrants turnover improved to 2.98 billion units worth RM872.93 million from 1.8 billion units worth RM488.26 million.

The ACE market volume narrowed to 1.73 billion shares worth RM238.88 million from 2.03 billion shares valued at RM360.64 million.

The market was closed on Monday and Tuesday due to public holidays.

It will be closed again on Sept 17 (Monday) for the Malaysia Day Holiday.

Phillip Futures Sdn Bhd Derivative Dealer Ong Su Ling said the US Federal Reserve will hold its two-day meeting beginning Sept 26, with an expectation of raising interest rates by a quarter of a percentage point.

On a Friday-to-Friday basis, September 2018 jumped 13 ticks to RM161.20 a gramme, while October 2018 gained six ticks to RM161.20 a gramme.

Meanwhile, November 2018 and December 2018 declined three ticks each to RM161.20 and RM161.40 a gramme respectively.

Weekly turnover eased to five lots worth RM64,480 against seven lots worth RM112,155 previously.

Open interest remained at 25 contracts.

Bursa Malaysia and its derivatives were closed on Monday and Tuesday respectively for the King's birthday as well as Awal Muharram.

The market will be closed again on Sept 17 (Monday) for Malaysia Day. — Bernama


UK house prices would crash by a third after no-deal Brexit

LONDON: Britain’s property market would crash and mortgage rates would spiral in the event of a chaotic no-deal Brexit, with house prices falling 35 per cent over three years, Bank of England (BoE) Governor Mark Carney told ministers, The Times reported. Recent signals from Brussels have buoyed hopes that Britain and European Union (EU) authorities […]


Russia raises rates for first time since 2014, extends FX buying pause

MOSCOW, Sept 14 — The Russian central bank raised rates for the first time since late 2014 today and promised not to buy foreign currency on the market until the end of this year end as it acknowledged risks of the weaker rouble and US sanctions….


China to ask Wall Street for ideas on improving US ties

HONG KONG, Sept 14 — China will ask Wall Street firms for ways to improve ties with the United States and suggestions to open up its financial sector at a day-long meeting in Beijing on Sunday, people familiar with the matter said. The Chinese…


Stock markets advance, dollar down before Wall Street open

LONDON, Sept 14 — Stock markets rose today and the dollar fell ahead of the Wall Street open, as investors tracked developments in the drawn-out China-US trade talks. In a week dominated by trade battles and global monetary policy, European stock…