An uphill battle for CPO

KUCHING: When it comes to the palm oil sector, like most traded commodities, ‘smooth sailing’ is something rarely mentioned by experts of the field in regards to the prospects of this industry. Palm oil experts are generally painting a good short-term outlook for the sector in 2018 – but palm industry players are more sceptical […]

The week at a glance 21 January 2018

Sabah & Sarawak Wood-based manufacturers’ earnings prospects to face challenges in 2018 Wood-based manufacturers’ earnings prospects are projected by analysts to face some challenges in 2018. The research arm of Hong Leong Investment Bank Bhd believed earnings prospects of the wood-based manufacturing players will face some challenges in 2018, underpinned mainly by the sharp strengthening […]

Ringgit ends 180 pips higher versus greenback

KUALA LUMPUR: The ringgit advanced 180 pips to an 18-month high today as traders pricing in local interest rate hike probability next week.

At 6pm, the local note finished at 3.9360/9400 against the greenback, the level last seen in July 2016, from 3.9540/9570 on Thursday.

A dealer said players were cautious ahead of the BNM's Monetary Policy Committee (MPC) meeting next week which may decide to raise the Overnight Policy Rate (OPR), which currently stood at 3.00%.

“Market rumours are rife that the central bank may raise the OPR by 25 basis points (bps) to 3.25 per cent after the hawkish shift in the last meeting. Pricing in the hike, that triggered ringgit's purchase since this morning,” she told Bernama.

Meanwhile, the ringgit traded mixed against a basket of major currencies.

The local note strengthened against the Singapore dollar to 2.9820/9869 from Thursday's 2.9887/9912.

The ringgit, however, depreciated against the yen to 3.5572/5617 from Thursday's 3.5522/5553, down against the euro to 4.8322/8387 from 4.8290/8339 and slipped against the British pound to 5.4742/4801 from 5.4731/4777 previously. — Bernama

Ringgit ends higher ahead of Bank Negara meet

KUALA LUMPUR, Jan 19 —The ringgit advanced 180 pips to an 18-month high today as traders pricing in local interest rate hike probability next week. At 6pm, the local note finished at 3.9360/9400 against the greenback, the level last seen in…

Singapore Exchange sees pick-up in market activity, posts flat Q2 profit

SINGAPORE, Jan 19 — Singapore Exchange Ltd (SGX) said it expects increased market activity and more listings after reporting a flat net profit for October-December. “On the derivatives front, efforts to grow our client base contributed to…

Singapore’s Kit Trading raising money for crypto arbitrage fund


Screengrab of Singapore’s Kit Trading website. SINGAPORE, Jan 19 — As Bitcoin continues its wild ride, a Singapore hedge fund unit is raising US$10 million (RM39.5 million) for a cryptocurrency arbitrage fund to trade off price movements. Kit Trading, a unit of Vulpes Investment Management, said the fund is on track to close early next month.  Kit Trading is joining an increasingly crowded field as interest in digital currencies explodes globally. In an Oct 23 report, researcher Autonomous Next said 84 crypto hedge funds had opened in 2017, up fromRead More

Oil kings threatened by rivals rethink age-old pricing habit

SINGAPORE, Jan 19 — Uneasy lies the head that wears a crown in the world’s biggest oil market. Middle East producers who for decades reigned as the undisputed leaders of oil sales to Asia are sensing a threat to their dominance, which is…

Ringgit returns to 2016 levels as revival against US dollar continues

KUALA LUMPUR, Jan 19 — The Malaysian currency rose by half a per cent versus the US dollar in trading today, reaching a level not seen in nearly two years. In further signs of the ringgit’s recovery, the local note briefly touched 3.935 to the…

Asian currencies firm as US dollar wallows near three-year low

SINGAPORE, Jan 19 — Asian currencies strengthened today as the US dollar languished on fears over a US government shutdown and as China’s strong economic growth figures boosted sentiment in the region. The US dollar index was down 0.165 at…

Most South-east Asia stocks firm, Indonesia slips after hitting record

SINGAPORE, Jan 19 — Most South-east Asian stock markets firmed today and were on track to end the week higher as broader Asian shares climbed to an all-time top on data that showed China’s growth accelerated in 2017 for the first time in seven…