SINGAPORE, Aug 19 — Singapore’s government will ensure the cost of housing, health care and education remains affordable as households worry about rising living costs, Prime Minister Lee Hsien Loong said. While the economy is doing well,…
BEIJING: Kuala Lumpur will go all out to forge better ties with Beijing as this will bring mutual benefits for both sides, said Malaysian Prime Minister Tun Dr Mahathir Mohamad.
He said focusing on economic development rather than confrontation should be the way forward in terms of relations between Malaysia and China.
In this regard, Chinese businessmen are welcome to invest in Malaysia, he said when addressing some 400 top Chinese entrepreneurs and business leaders here today.
Mahathir is on a five-day official visit to China.
The prime minister also made it clear the new Malaysian government’s stand with regard to investments from China.
“We’re not against any Chinese company but against Malaysians who borrow huge sums of money to carry out unnecessary projects,” he told the China Entrepreneur Leaders Forum.
Mahathir noted that Malaysia has had a relationship with China for almost 2,000 years. “Today, China’s trade with Malaysia is the biggest compared with other countries in the region,” he said. – Bernama
KUALA LUMPUR, Aug 19 — Intensifying trade friction between China and the United States has left the local equity market sentiment cautious, creating an unstable environment for foreign fund inflows. Bank Islam Chief Economist, Dr Mohd Afzanizam…
KUALA LUMPUR, Aug 18 — Proton Holdings Bhd and Zhejiang Geely Holding Group today signed a Heads of Agreement to set up a joint venture that will pave the way for Proton to assemble and market their cars in China. Both companies will take up equal…
KUALA LUMPUR: Bursa Malaysia is expected to trade firmer next week retesting its 1,800 level, spurred by improved sentiment in some domestic and external factors, dealers said.
Rakuten Trade Sdn Bhd, Head of Research Kenny Yee said Prime Minister Tun Dr Mahathir Mohamad's five-day visit to China on Friday was seen as positive as it aims to maintain good relations with China.
“Also, the 100-days of the new government just came by on Aug 17 (Friday) and so far the administration looks relatively good.
“Besides that, the gross domestic product (GDP) growth figure of 4.5% announced by Bank Negara Malaysia was also within our expectations,” he told Bernama.
Meanwhile, M&A Securities Sdn Bhd Chief Dealing Officer R Sundararajah said the FBM KLCI index is anticipated to trend higher on bargain hunting mainly in lower-liner stocks.
He said the index, which has fallen an average of 20 points during the week, is likely to appreciate as investors will be looking for attractive and cheap stocks to nibble.
“I believe investors will be taking advantage of stocks that they have sold in the week particularly in the second- and third-liners.
“The total net foreign selling in the past four trading days (until Thursday) of RM482 million will also likely reverse its trend, and the funds will start coming in again,” he told Bernama.
Sunderarajah said corporate earnings results will also be on the look-out, as they will influence the equity market particularly stocks in the FBM KLCI index, besides tracking the performance on Wall Street and regional peers.
Other geopolitical developments including trade talks between the US and China as well as the sanctions imposed by the US and Turkey on each other may move investors to the sidelines amid the uncertainty, he said.
For the week just ended, Bursa Malaysia was traded higher at between 1,780.26 and 1,785.03, on continued buying momentum in selected heavyweights and lower liners on Friday.
On a Friday-to-Friday basis, the benchmark FTSE Bursa Malaysia KLCI was 22.28 points lower at 1,783.47 from 1,805.75 previously.
The FBM Emas Index fell 150.92 points to 12,619.57 and the FBMT100 Index shrank 157.80 points to 12,389.04.
The FBM 70 was down 205.33 points at 15,388.45 and the FBM Emas Syariah Index was 167.84 points weaker at 12,781.04, but the FBM Ace gained 3.00 points to 5,552.40.
On a sectoral basis, the Finance Index contracted 187.39 points to 17,388.79, the Plantation Index declined 85.64 points to 7,627.19 and the Industrial Index was 36.45 points easier at 3,232.90.
Weekly turnover narrowed to 10.89 billion units worth RM10.67 billion from 11.93 billion units valued at RM11.07 billion previously.
Main market volume reduced to 7.19 billion shares valued at RM9.68 billion compared with 7.52 billion shares worth RM9.99 billion.
Warrants turnover rose to 2.88 billion units worth RM524.88 million against 2.10 billion units valued at RM509.46 million.
The ACE market volume slipped to 1.74 billion shares valued at RM464.16 million versus 2.29 billion shares worth RM573.79 million previously. — Bernama
KUALA LUMPUR, Aug 18 — Bursa Malaysia is expected to trade firmer next week retesting its 1,800 level, spurred by improved sentiment in some domestic and external factors, dealers said. Rakuten Trade Sdn Bhd, Head of Research Kenny Yee said Prime…
PETALING JAYA: Three agreements on palm oil and rubber will be signed during a trade mission to promote Malaysia’s palm oil, rubber and timber in China, said the Primary Industries Ministry.
The first memorandum of understanding (MoU) between the Malaysian Palm Oil Board and Tsinghua University is on promotion of Malaysian biofuel in the republic while the second MoU between the Malaysian Rubber Board and Hainan State Farms Investment Holdings Group Co. Ltd is on collaboration in rubberised bitumen road technology and rubber tapping automation and mechanisation.
The third MoU will be signed by Sime Darby Plantation Bhd and China National Cereals, Oils and Foodstuffs Corporation (COFCO) Group on technical development on further downstream application for palm oil and palm-based products in China.
The signing of the three MoUs will be witnessed by Prime Minister Tun Dr Mahathir Mohamad during his five-day official visit to China from today till Aug 21.
Primary Industries Minister Teresa Kok, who will be part of the delegation, will then lead an economic, promotion and investment mission in Beijing and Guangzhou from Aug 21 till 24 to promote Malaysia’s commodities.
The trade mission aims to explore market and investment opportunities, industry collaborations between the private sectors of both countries to further strengthen trade and investment as well as to facilitate trade and address trade and investment issues.
The minister is expected to have several high-level bilateral discussions including with China’s Minister of Commerce Zhong Shan, to discuss possible collaboration to promote joint investment in the palm oil and rubber industry.
She will also be meeting China’s Minister of General Administration of Customs Ni Yuefeng to discuss joint efforts to facilitate the export of Malaysian palm oil to China and formulate mechanisms related to food quality or safety risk.
In addition, she will also attend a networking dinner with Chinese Nutrition Society president Prof. Dr. Yang Yuexin where they will discuss promoting the nutritional value of palm oil in the Republic.
The agricommodity between Malaysia and China stood at RM23.63 billion last year. The total value of Malaysia’s export of agricommodity and agricommodity-based products to China last year rose 27% to RM19.1 billion from RM15 billion in 2016.
The commodity export was mainly contributed by palm products valued at RM9.42 billion, followed by rubber and rubber products at RM8.09 billion.
KUALA LUMPUR, Aug 17 — Despite delays in fulfilling its promises, economists remain confident with the Pakatan Harapan (PH) administration led by Prime Minister Tun Dr Mahathir Mohamad who aims for a country which is corruption-free and…
KUALA LUMPUR, Aug 17 — Malaysian Prime Minister Tun Dr Mahathir Mohamad marks his 100 days in office with risks mounting against the economy. Gross domestic product grew at its slowest pace in more than a year in the second quarter, the…
SHANGHAI, Aug 17 — China's Premier Li Keqiang said the country will step up reforms and roll out new incentives to remove obstacles to private investment and business, the official Xinhua news agency reported. Xinhua said Li made the remarks…