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Economist: Asean may benefit from US-China trade tensions

KUALA LUMPUR, Feb 23 ― Asean, especially Malaysia, Thailand and Vietnam, is a potential beneficiary of international companies moving out of China amid the trade tensions with the United States, said Maybank Kim Eng Singapore senior economist Chua…


FBM KLCI likely to hit 1,760 pts this year

PETALING JAYA: The benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) is likely to hit 1,760 points this year due to a reversal in the foreign funds outflow on the back of positive external developments, coupled with a cheaper ringgit and better corporate earnings growth, said Rakuten Trade Sdn Bhd. Head of research Kenny Yee said […]


Axiata allocates RM6.8b for capex this year

KUALA LUMPUR, Feb 22 — Axiata Group Bhd is allocating RM6.8 billion in capital expenditure (capex), mainly to modernise the group’s network and towers expansion. President and group chief executive officer Tan Sri Jamaludin Ibrahim said about…


Iskandar Malaysia to be expanded, spanning more areas in Johor

PUTRAJAYA, Feb 22 — Iskandar Malaysia in southern Johor will be extended to 4,749 km square from the current 2,217 km square to include parts of the Kota Tinggi, Kluang and Pontian districts. Iskandar Regional Development Authority (IRDA), in a…


FBM KLCI likely to hit 1,760 this year, says Rakuten

PETALING JAYA, Feb 22 — The benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) is likely to hit 1,760 points this year due to a reversal in the foreign funds outflow on the back of positive external developments, coupled with a cheaper ringgit and…


SE Asia Stocks-Most fall on global growth slowdown worries; Indonesia worst hit

Indonesia led losses as most Southeast Asian stock markets fell on Friday, as worries of a global growth slowdown continued to hamper investor sentiment, while Vietnam continued to rise for the fifth straight session.

Investors are also exercising caution amid trade talks between the U.S. and China with the tit-for-tat tariffs between the world’s two largest economic powers having already disrupted international trade and slowed the global economy since the trade war started several months ago.

“Slowing global growth is underway, evidenced by falling exports growth in trade-sensitive countries… An improved US-China relation may not provide an immediate boost to demand against the backdrop of peaking trade growth,” said Zhu Huani, an economist at Mizuho Bank said in a note.

The Indonesian benchmark dropped 0.7 percent, leading losses in the region, following the central bank’s decision to hold key rate on Thursday. But for the week, the index is set to snap two straight weeks of losses.

Indonesia’s central bank kept interest rates on hold on Thursday and said it was looking at ways to boost loan growth.

Financial and consumer stocks dragged the index with Telekom Indonesia and Bank Negara Indonesia falling 1 percent and 2 percent respectively.

Malaysian stocks fell 0.6 percent, ahead of the country’s January inflation data to be released later today. The index is, however, set to post its third consecutive weekly gain.

Malaysia’s consumer prices are expected to fall in January, the first decline in nearly a decade, amid a drop in domestic fuel prices, a Reuters poll showed on Wednesday.

The central bank however, said last week that the country was not at risk of deflationary pressure. The index was dragged by losses in healthcare and telecom stocks, with IHH Healthcare Bhd and Maxis Bhd shedding as much as 1.7 percent and 3.4 percent, respectively.

Singapore’s index shed 0.5 percent after the country’s second-biggest listed lender Oversea-Chinese Banking Corp Ltd posted disappointing quarterly financial earnings.

OCBC missed market estimates with a 10 percent drop in quarterly profit, due to a weak performance in its insurance business.

Shares of OCBC dropped as much as 2.2 percent, while those of its peer United Overseas Bank Ltd dipped as much 2.2 percent.

The Vietnam index continued to surge for the fifth straight day and rose 0.4 percent, with gains concentrated in financial stocks. Joint Stock Commercial Bank for Foreign Trade of Vietnam rose 2.8 percent.

Meanwhile, Philippine stocks edged marginally higher.


Cryptocurrency companies use 'backdoor' listings to ease into mainstream

HONG KONG, Feb 22 — Several cryptocurrency exchanges have moved closer to mainstream markets by buying listed companies, looking to raise funds and present themselves as embedded in the traditional financial services world they once spurned. In…


Ringgit retreats marginally in early trade

KUALA LUMPUR, Feb 22 — The ringgit was marginally lower against the US dollar in early session today on lack of demand for the local note, dealers said. At 9am, the ringgit was quoted at 4.0770/0820 compared to 4.0760/0810 recorded yesterday. A…


Ringgit marginally lower in early session

KUALA LUMPUR: The ringgit was marginally lower against the US dollar in early session today on lack of demand for the local note, dealers said.

At 9am, the ringgit was quoted at 4.0770/0820 compared to 4.0760/0810 recorded yesterday.

A dealer said that this was due to profit-taking on the ringgit following its recent rally when it touched a six-month high of 4.0640/0700 on Wednesday.

“The investors now shifting their interest to the greenback after the release of the US Federal Reserve (Fed) meeting minutes yesterday,” he said.

Meanwhile, the local unit was higher against a basket of currencies except the euro.

The local unit appreciated against the British pound to 5.3172/3242 from 5.3249/3335 and was higher against the Japanese yen at 3.6813/6868 from 3.6817/6869 on Thursday.

It improved against the Singapore dollar to 3.0111/0152 versus 3.0121/0163 but eased versus the euro to 4.6229/6294 from yesterday’s close of 4.6153/6230. — Bernama


Thai Vietjet wins “Global Best Employer Brand 2019” Award

KUCHING: New-age carrier Thai Vietjet was recently honoured with the “Global Best Employer Brand 2019” Award at the 27th World HRD Congress held in Mumbai, India from February 14 to 18, 2019. The award recognises both the airline’s innovative solutions in recruitment and its efforts in creating an internationally standardised, professional working environment for all […]