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Xi can make life tough for US companies after Trump threat

BEIJING, June 20 — China doesn’t import enough from the US to match Donald Trump’s tariffs dollar for dollar, but President Xi Jinping can still squeeze American companies in other ways in retaliation. American businesses from Apple Inc and…


Bursa Malaysia ends at over 6 1/2-month low

KUALA LUMPUR: Bursa Malaysia ended at a six-and-a half month low with the FTSE Bursa Malaysia KLCI (FBM KLCI) losing 28.07 points or 1.61% to 1,715.36, the lowest level seen since Dec 4, 2017, in tandem with losses in regional bourses which were reeling under the escalating trade war between the United States and China.

The index opened 5.23 points weaker at 1,738.20 from Monday's close of 1,743.43 and moved between 1,715.36 and 1,739.25 throughout the day.

Market sentiment remained bearish with losers outpacing gainers 673 to 226 with 386 counters unchanged, 624 untraded and 24 others were suspended.

Turnover stood at 2.30 billion shares worth RM2.65 billion.

A dealer said in line with other regional bourses, Bursa Malaysia was affected by the downtrend in China's stock market after the United States and China announced plans to impose tariffs on billions of dollars in imported goods.

US President Donald Trump announced US$$50 billion in new tariffs on Chinese imports last Friday while China retaliated by slapping tariffs of US$34 billion on US imports within 24 hours of Trump's move.

Traders expressed concerns the new tariffs could negatively affect global economic growth.

Regionally, Shanghai Composite Index slumped 114.08 points or 3.78% to 2,907.82, Hong Kong's Hang Seng dipped 841.34 points or 2.78% to 29,468.15 and Japan's Nikkei retreated 401.85 points or 1.77% to 22,278.48.

Back home, among the actively traded stocks, Sapura Energy gave up three sen to 60 sen while MyEG gained 1.5 sen to 98 sen, Kretam was half-a-sen better at 46.5 sen while Nova MSC and Nexgram were unchanged at 13.5 sen and 3.5 sen, respectively.

Of heavyweights, Maybank shed 27 sen to RM9.28, Public Bank erased 64 sen to RM23.36, Digi slipped 14 sen to RM4.33, Axiata was seven sen easier at RM4.34 and Tenaga dropped 16 sen to RM14.16.

The FBM Emas Index slid 171.34 points to 12,095.24, the FBMT100 Index declined 170.75 points to 11,881.34, the FBM Emas Shariah Index erased 156.73 points to 12,168.72, the FBM70 was 121.54 points lower at 14,622.14 and the FBM Ace Index trimmed 87.37 points to 5,233.01.

Sector-wise, the Finance Index dipped 290.09 points to 17,081.57, the Industrial Index lost 28.52 points to 3,124.18 and the Plantation Index declined 28.35 points to 7,643.39.

Main Market volume was flat at 1.28 billion shares, worth RM2.41 billion, from Monday's 1.28 billion shares worth RM1.93 billion.

Warrants volume jumped to 681.61 million units valued at RM182.80 million versus 230.07 million units valued at RM27.98 million yesterday.

Volume on the ACE Market fell to 335.58 million shares, worth RM31.25 million, from 396.28 million shares, valued at RM69.68 million previously.

Consumer products accounted for 28.79 million shares traded on the Main Market, industrial products (214.84 million), construction (87.70 million), trade and services (554.36 million), technology (71.06 million), infrastructure (29.75 million), SPAC (1.68 million), finance (80.01 million), hotels (675,300 million), properties (104.78 million), plantations (82.08 million), mining (57,300), REITs (1.96 million) and closed/fund (18,000). — Bernama


Bursa ends lower on US-China trade war

KUALA LUMPUR, June 19 — Bursa Malaysia ended at a six-and-a half month low with the FTSE Bursa Malaysia KLCI (FBM KLCI) losing 28.07 points or 1.61 per cent to 1,715.36, the lowest level seen since Dec 4, 2017, in tandem with losses in…


A billionaire’s folly becomes nightmare for bankers in India

MUMBAI, June 19 — This onetime hilltop paradise is becoming for some a hell on earth. The days of zero crime are over. Garbage collection is sporadic, so litter soils the man-made lake. Storefronts are vacant. Signs of neglect are everywhere:…


Bursa Malaysia ends at over two-week low

KUALA LUMPUR, June 18 — Bursa Malaysia extended last week’s losses to close at its lowest level since May 31, 2017, mainly hurt by gloomy market sentiment amid weaker crude oil prices, dealers said. A dealer said the bearish performance on the…


Bursa Malaysia ends at over 2-week low (Updated)

KUALA LUMPUR: Bursa Malaysia extended last week's losses to close at its lowest level since May 31, 2018, mainly hurt by gloomy market sentiment amid weaker crude oil prices, dealers said.

A dealer said the bearish performance on the local bourse, which was in sync with regional markets, was weighed down by fears of a potential trade war between the United States and China.

At the close, the key FTSE Bursa Malaysia KLCI (FBM KLCI) fell 18.35 points or 1.04% to 1,743.43, after opening 16.20 points lower at 1,745.58 against last Thursday's close of 1,761.78.

The index moved between 1,735.30 and 1,748.67 throughout the day.

On the broader market, losers outpaced gainers by 583 to 304, with 336 counters unchanged, 688 untraded and 22 others suspended.

Turnover stood at 1.90 billion shares worth RM2.03 billion.

The market was traded half-day on Thursday and closed on Friday for the Hari Raya Aidilfitri holiday.

The dealer said investor concerns heightened after US President Donald Trump announced US$$50 billion in new tariffs on Chinese imports last Friday, while China retaliated by slapping tariffs of US$34 billion on US imports within 24 hours of Trump's move.

“Worries over the trade spat also affected the crude oil prices,” he said.

Regionally, Japan's Nikkei dipped 171.42 points or 0.75% to 22,680.33, Singapore's Straits Times fell 33.61 points or 1% to 3,323.12 and South Korea's Kospi slumped 27.80 points or 1.16% to 2,376.24.

Back home, among the actively traded stocks, Kretam tumbled 23.5 sen to 46 sen and Sapura Energy eased two sen to 63 sen.

IRIS Corp gained two sen to 15.5 sen, Barakah was one sen lower at 18.5 sen while MyEG was flat at 96.5 sen.

Of the heavyweights, Maybank shed five sen to RM9.55, Public Bank eased four sen to RM24.00, Tenaga slid 18 sen to RM14.32, CIMB gave up seven sen to RM5.90 while Petronas Chemicals was up four sen to RM8.38.

The FBM Emas Index slid 112.20 points to 12,266.58, the FBMT100 Index declined 112.69 points to 12,052.09, the FBM Emas Syariah Index slumped 148.26 points to 12,325.45 and the FBM70 was 84.65 points lower at 14,743.68.

The FBM Ace Index added 2.06 points to 5,320.38.

Sector-wise, the Finance Index dipped 121.18 points to 17,371.66, the Industrial Index lost 12.55 points to 3,152.70 and the Plantation Index was down by 110.91 points to 7,671.74.

Main Market volume improved to 1.28 billion shares worth RM1.93 billion from 1.08 billion shares worth RM2.92 billion last Thursday.

Warrants volume decreased to 230.07 million units valued at RM27.98 million versus 248.99 million units valued at RM56.16 million previously.

Volume on the ACE Market rose to 396.28 million shares worth RM69.68 million from 286.76 million shares valued at RM44.19 million previously.

Consumer products accounted for 39.92 million shares traded on the Main Market, industrial products (143.68 million), construction (110.56 million), trade and services (526.21 million), technology (76.03 million), infrastructure (28.71 million), SPAC (2.74 million), finance (62.25 million), hotels (1.75 million), properties (77.25 million), plantations (207.48 million), mining (53,000), REITs (3.71 million) and closed/fund (2,000).

The physical price of gold as at 5pm stood at RM159.11 per gramme, down RM2.30 from RM161.41 at 5pm last Thursday. — Bernama


China’s bid for global influence reaches the pacific islands

CANBERRA, June 18 — In the gritty, steamy streets of Papua New Guinea’s capital Port Moresby, signs of China’s push into the Pacific island nation are inescapable. A Chinese worker stencils a logo for China Railway Group outside the new…


New cryptocurrency player SIM Chain draws US$30m from China investors since June 4 launch

KUALA LUMPUR: New cryptocurrency firm SIM Chain International has garnered US$30 million (RM120 million) in cryptocurrency investment from 100 mainland China business partners in two weeks since the company was established on June 4, 2018.

SIM Chain is a subsidiary of Koperasi Blue Ocean 1 Nation Kuala Lumpur Bhd, whose principal activities include movie production, multi-level marketing, crowd funding, murabaha & ijara' fund, real estate, tourism & education, Ar-Rahnu (pawnshop), fixed deposit, laundry, catering, plantation/farming.

SIM Chain CEO Chia Kheng Choon said the proceeds will be reinvested in over 100 different industries such as hotel, plantation, hospital, tourism & travel, and education in China and Malaysia.

He said the company is confident of its target to have 1,000 strategic partners worldwide within three months to explore investment opportunities in the industries.

“(The legality of) cryptocurrency is subjective. It's not legal internationally, but it's also not illegal,” Chia told SunBiz at SIM Chain's dinner with its Chinese business partners here last Thursday.

Chia vouched for SIM Chain's credibility, explaining that it is a legitimate and “proper” business in Malaysia, but noted that it is similar to controversial MBI Group International.

Chia said its proprietary digital currency is akin to bitcoin and is now transacted in China and soon internationally.

SIM Chain is also positive on its prospects on the back of growing popularity of cryptocurrencies. “The Chinese are willing to take risks and they have this mindset, so it enables them to make millions of dollars within two to five years,” said Chia.


Bursa Malaysia ends lower (Updated)

KUALA LUMPUR: Bursa Malaysia ended the half-day trading on a weaker note ahead of a long weekend for Hari Raya Aidilfitri and also in line with regional markets after the US Federal Reserve raised interest rates by a quarter-percentage point.

At the close, the key FTSE Bursa Malaysia KLCI (FBM KLCI) pared down losses by 1.79 point or 0.10% to 1,761.78, after opening 12.66 points weaker at 1,750.91 against Wednesday's close of 1,763.57.

The index moved between 1,745.45 and 1,762.22 throughout the morning session.

On the broader market, losers led gainers by 372 to 361, with 372 counters unchanged, 806 untraded and 23 others suspended.

Volume was lower at 1.62 billion units worth RM302.19 million versus 2.12 billion units worth RM2.02 billion on Wednesday.

Regionally, Singapore's Straits Times Index fell 0.37% to 3,380.07, Japan's Nikkei eased 0.52% to 22,847.72 and Hong Kong's Hang Seng Index declined 0.62% to 30,533.64.

Back home, among the actively traded stocks, Sapura Energy and Sanichi Technology edged up half-a-sen to 65 sen and 11 sen respectively, MYEG rose two sen to 96.5 sen while TDM and YTL Power International both gained 1.5 sen to 27 sen and 97.5 sen.

Of the heavyweights, TNB jumped 10 sen to RM14.50, Maxis added one sen to RM5.78 while Maybank, Petronas Chemicals and IHH Healthcare were flat at RM9.60, RM8.34 and RM6.10.

Public Bank declined four sen to RM24.04 and CIMB trimmed 11 sen to RM5.97.

The FBM Emas Index bagged 13.37 points to 12,378.78, the FBMT 100 Index shed 20.26 points to 12,164.78 and the FBM Ace advanced 83.85 points to 5,318.32.

The FBM Emas Shariah Index improved 4.8 points to 12,473.71 and the FBM 70 was 51.56 points lower at 14,828.33.

Sector-wise, the Finance Index went down 41.74 points to 17,492.84, the Industrial Index decreased 22.94 points to 3,165.25 and the Plantation Index strengthened 44.65 points to 7,782.65.

Main Market volume fell to 1.08 billion shares worth RM2.92 billion from 1.40 billion shares worth RM1.88 billion yesterday.

Warrants volume decreased to 248.99 million units valued at RM56.16 million against 452.52 million units valued at RM88.49 million.

Volume on the ACE Market rose to 286.76 million shares valued at RM44.19 million from 271.88 million shares valued at RM48.39 million.

Consumer products accounted for 27.10 million shares traded on the Main Market, industrial products (132.86 million), construction (84.49 million), trade and services (465.81 million), technology (24.07 million), infrastructure (39.58 million), SPAC (6.87 million), finance (120.18 million), hotels (3.17 million), properties (91.55 million), plantations (82.79 million), mining (8,000), REITs (3.11 million) and closed/fund (nil).

The physical price of gold as at 5pm stood at RM161.41 per gramme, up 39 sen from RM161.02 at 5pm yesterday. — Bernama


Bursa recovers most of losses at early end to trade

KUALA LUMPUR, June 14 — Bursa Malaysia ended the half-day trading on a weaker note ahead of a long weekend for Hari Raya Aidilfitri and also in line with regional markets after the US Federal Reserve raised interest rates by a quarter-percentage…