KUALA LUMPUR: Despite higher oil prices, petrochemical firm Lotte Chemical Titan Holdings Bhd foresees its profit margin remaining at a reasonable level given strong demand for petrochemical products with limited market supply capacity.
“Our business is a margin game. As long as there is strong demand with limited supply, the margin will be maintained. If oil prices go up, the polymer prices will pick up as well,” Lotte's executive vice president of corporate planning Philip Kong told reporters after the group's first AGM since its listing on July 11, 2017.
Kong expects oil prices to range between US$50 and US$70 per barrel this year.
“That's fine with our industry because we believe with demand, the market can absorb any increase in our polymer prices,” he explained.
Lotte produces olefins and polyolefins, which are raw materials for plastic product manufacturing.
JAKARTA (April 24): From Indonesia to India, central banks in emerging markets face rising pressure to prop currencies battling a surging US dollar. Indonesia’s central bank has intervened in the currency and bond markets by a “sizable” amount, Governor Agus Martowardojo said in a statement overnight. He pledged to take more action to support the rupiah after it slid to a two-year low on Monday. “To maintain the stability of the rupiah exchange rate according to its fundamentals, Bank Indonesia has intervened in both the foreign exchange market” and theRead More
SINGAPORE, April 24 — Most emerging Asian currencies weakened today as rising US bond yields boosted the dollar, dampening interest in riskier assets. The US dollar set a three-month high against a basket of currencies, supported by the US 10-year…
SINGAPORE, April 24 — The dollar set a three-month high against a basket of currencies today, having gained a boost as the US 10-year Treasury yield climbed toward the psychologically key 3 per cent level. The US 10-year Treasury yield hit its…
KUALA LUMPUR (April 24): Malaysian shares and the ringgit may today take cue from higher US government bond yields, which led to a stronger US…
TOKYO, April 24 — Asian stocks slipped and the US dollar advanced today, as a deluge of US government debt this week and the spectre of inflation and a higher fiscal deficit drove US borrowing costs near four-year highs. MSCI's broadest index of…
MOSCOW, April 24 — As Opec's efforts to balance the oil market bear fruit, US producers are reaping the benefits — and flooding Europe with a record amount of crude. Russia paired with the Organisation of the Petroleum Exporting Countries last…
NEW YORK, April 24 — Crude surged as strife in the Mideast region that’s home to almost half the world’s oil worsened. Futures in New York settled at their highest since December 2014, erasing earlier losses and nearing US$69 (RM269) a barrel,…
PETALING JAYA: Foreign investors lapped up RM580.2 million net worth of Bursa Malaysia-listed stocks last week, excluding off-market deals, bucking the trend of US$1.9 billion (RM7.4 billion) offloaded by foreign investors in seven exchanges in the region tracked by MIDF Research.
The highlight of the week was on Thursday when foreign investors pumped RM430 million net into Bursa Malaysia stocks, the highest amount since March last year.
Heavy inflows were also seen in other Asian bourses amid increasing Brent crude oil prices.The FBM KLCI followed the tide of foreign fund inflows to end the day at a record high of 1,895 points.
Malayan Banking, IHH Healthcare and Malaysia Airports Holdings recorded the highest amount of inflows from foreign investors last week.
On a year-to-date basis, foreigners have so far accumulated RM3.44 billion net of local equities. Meanwhile, foreign investors have been net buyers in 13 out of the 16 weeks this year compared with 14 during the same period in 2017.
Both foreign and retail participation remained healthy as both of their average daily trade value stood above the RM1 billionb level for the 15th and 12th week so far in 2018, respectively.
KUALA LUMPUR: The ringgit extended its losses against the US dollar today weighed by rising US bond yields, a dealer said.
At 6pm, the ringgit was quoted at 3.8965/8995 from 3.8950/9000 on Friday.
OANDA Head of Trading in Asia-Pacific, Stephen Innes, said a rising US bond yields buoyed the US dollar despite higher oil prices which usually played favourably for the ringgit.
“Higher US yields have played a role in supporting the US dollar as surging oil prices make for a compelling inflationary storyline,” he said.
US 10-year Treasury yield touched a peak of 2.979%, the highest since January 2014, adding to gains made last week after US Federal Reserve officials signalled further interest rate increases in 2018 following solid growth in US economy.
The ringgit, however, ended mostly higher against a basket of major currencies.
The local note rose against the Singapore dollar to 2.9452/9481 from 2.9624/9665 on Friday and appreciated against the yen to 3.6005/6043 from 3.6172/6229 previously.
It strengthened against the British pound to 5.4411/4464 from 5.4779/4865 on Friday and vis-a-vis the euro, it advanced to 4.7658/7706 from 4.7909/7982 previously. — Bernama