gold

 
 

Sell down not only restricted to local market

    The market continued to decline last week and the index broke the crucial support level at 1,705 points. Weak ringgit and falling commodities prices were primary concerns. Furthermore, Bursa Malaysia was not the only market that went south, most global markets suffered the same fate, especially China. The FBM KLCI fell 3.8 per […]


Xiaomi says it doesn’t have timeframe to revisit China listing

HONG KONG, June 23 — Xiaomi Corp said it hasn’t set a timeframe to revive an offering of Chinese depository shares, a delay that could hurt China’s ambitions to lure its tech giants to list in the domestic market. The Chinese phone maker had…


Enfrasys Consulting recognised as 2018 Microsoft Country Partner of the Year for Malaysia

KUCHING: Enfrasys Consulting Sdn Bhd proudly announced it has won the 2018 Microsoft Country Partner of the Year Award for Malaysia. The company was honored among a global field of top Microsoft partners for demonstrating excellence in innovation and implementation of customer solutions based on Microsoft technology. Established in 2010, Enfrasys Consulting is a solution […]


Russia dumps US Treasuries for gold in pivot after sanctions scare

MOSCOW, June 21 — Russia is rethinking what counts as a haven asset as it duels with the US. Although investors usually seek safety in US debt, Russia cut its holdings of Treasuries nearly in half in April as Washington slapped the harshest…


CIMB-Principal RQFII quota a boon to access China A-Shares

KUCHING: CIMB-Principal Asset Management Bhd (CIMB-Principal), the first asset management company in Malaysia to have received the Renminbi Qualified Foreign Institutional Investor (RQFII) licence in March 2017, was recently awarded an additional quota of one billion yuan (approximately US$150 million) by the China State Administration of Foreign Exchange. The RQFII licence allows investors to gain […]


Sources: China’s Xiaomi targets as much as US$6.1b in Hong Kong IPO

HONG KONG, June 20 — Chinese smartphone maker Xiaomi Corp is planning to raise up to US$6.1 billion (RM24.4 billion) from a Hong Kong IPO launching this week, people with knowledge of the matter said, in what will be one of the biggest tech floats…


Hap Seng sells Tawau land for RM90.13m

PETALING JAYA: Hap Seng Consolidated Bhd is disposing of two parcels of land measuring 59.24 acres in Tawau, Sabah for RM90.13 million through a related party transaction.

Hap Seng said its wholly owned subsidiary Hap Seng Properties Development Sdn Bhd entered into a sale and purchase agreement with Goldcoin Ventures Sdn Bhd for the disposal.

It said the deal is line with the group’s strategy to divest land in non-strategic locations without immediate development potential.

As at end-December 2017, the net book value of the land stood at RM10.08 million, including deferred development expenditure.

The expected net gain is RM60.84 million, which will give rise to the group’s earnings per share by about 2.44 sen.

Hap Seng said the disposal proceeds will be used to reduce bank borrowings and/or to contribute to its working capital.

Its share price was down one sen or 0.1% to settle at RM9.76 today on 623,300 shares done.


Noble Group paves way for debt deal as Goldilocks backs plan

SINGAPORE, June 20 — Embattled commodity trader Noble Group Ltd reached a deal with dissident shareholder Goldilocks Investment Co over its planned US$3.5 billion (RM14 billion) debt restructuring, agreeing to boost the holding in the new company…


Bursa Malaysia snaps eight-day losing streak, opens higher

KUALA LUMPUR: Bursa Malaysia snapped an eight-day losing streak to open higher today as bargain-hunting took place.

The local bourse slumped to an over six-and-a-half month low at yesterday's close. But at 9.08am today, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) was 10.02 points stronger at 1,725.38 from Tuesday's close of 1,715.36.

The index opened 4.30 points firmer at 1,719.66.

On the broader market, losers led gainers 143 to 87, while 171 counters were unchanged, 1,510 untraded and 24 others suspended.

Volume stood at 99.55 million units valued at RM70.33 million.

A dealer said yesterday's heavy selling had spurred bargain hunters to pick up the cheap valuations.

“At the same time, many investors too have returned to work after the Hari Raya holiday and higher crude oil prices also lent support to the local bourse,” he added.

For heavyweights, Maybank perked 11 sen to RM9.39, Public Bank bagged 24 sen to RM23.60, CIMB was three sen higher at RM5.89, while Tenaga and Petronas Chemicals were flat at RM14.16 and RM8.36 respectively.

Among actives, MI Equipment and MyEG gained three sen each to RM1.45 and RM1.01, GSB inched up 1.5 sen to 20 sen, Sapura Energy was two sen better at 62 sen, while TH Heavy was unchanged at 5.5 sen.

Nestle led the top gainers list in rising RM1.00 to RM148.00, followed by F&N which advanced 48 sen to RM38.00, United Plantations improved 28 sen to RM27.50, Top Glove perked 26 sen to RM11.58 and Hong Leong Financial rose 22 sen to RM18.48.

The FBM Emas Index accumulated 60.06 points to 12,155.31, the FBM70 was 54.41 points higher at 14,676.55, the FBMT100 Index gained 63.17 points to 11,944.51, the FBM Emas Shariah Index bagged 46.66 points to 12,215.38 and the FBM Ace Index edged up 15.44 points to 5,248.45.

Sector-wise, the Finance Index jumped 84.71 points to 17,166.29 and the Industrial Index ticked up 0.87 of-a-point to 3,125.05.But, the Plantation Index lost 3.16 points to 7,640.23.

Gold futures contracts on Bursa Malaysia Derivatives opened untraded in early trading today.

At 9.15am, June 2018, July 2018, August 2018 and September 2018 stood at RM165.10, RM165.45, RM165.55 and RM165.90 a gramme respectively.

Volume was nil, while open interest amounted to 38 contracts.

At 9.30am, the price of physical gold was down 57 sen to RM158.72 a gramme. — Bernama


Trump threatens almost all imports from China as Beijing fires back

WASHINGTON, June 20 — China has underestimated President Donald Trump's resolve to move forward with tariffs unless Beijing changes its “predatory” trade practices, a top US trade advisor said yesterday, in comments that diminished the chances…