KUCHING: Ta Ann Holdings Bhd’s (Ta Ann) recent Certificate for Forest Management award has garnered neutral views from analysts given that its earnings impact is likely to be minimal in the near term. In a filing to Bursa Malaysia, Ta Ann announced that the group’s Kapit Forest Management Unit (FMU), managed by wholly-owned subsidiary Tanjong […]
KUALA LUMPUR: Ta Ann Holdings Bhd’s Kapit Forest Management Unit (FMU) has been awarded the Certificate for Forest Management (Natural Forest) under the Malaysian Timber Certification Scheme. The Kapit FMU is managed by Tanjong Manis Holdings Sdn Bhd, a wholly-owned unit of Ta Ann. In a filing to Bursa Malaysia yesterday, Ta Ann said the certificate […]
BAD luck and ongoing timber woes are sapping the cash reserves of Ta Ann Holdings Bhd, which paid nearly RM171 million for 30.4% of Sarawak Plantation Bhd (SPLB) earlier this year. In the first quarter ended March 31, 2018, Ta Ann’s cash and cash equivalents fell from RM272.86 million to RM179.85 million, equivalent to 37.2% of its current liabilities. The 0.37 cash ratio is the company’s lowest on a quarterly basis since 2012, according to data compiled by Bloomberg. Its cash and cash equivalents had fallen on a q-o-q basisRead More
KUCHING: Despite plantation firms seeing an unexciting quarter for the first quarter of financial year 2018 (1Q18), MIDF Amanah Investment Bank Bhd (MIDF Research) expects better crude palm oil (CPO) prices in the second half of 2018 (1H18) to translate into better earnings. Out of the 10 plantation companies under its coverage, MIDF Research saw […]
SIBU: Ta Ann Holdings Berhad (Ta Ann) is confident that India will remain the major buyer from them throughout this year. Ta Ann chief executive officer Dato Wong Kuo Hea said India will definitely remain as the major buyer with export volume expected to remain strong in FY2018. “The export selling price for our Group […]
KUALA LUMPUR: The ringgit is expected to remain on a downtrend against the US dollar next week at between the 3.96-3.99 levels and on further demand for the greenback, said a dealer.
OANDA Head of Trading in Asia-Pacific, Stephen Innes said factors that would drive the greenback include the higher US Treasury yield and a faster-than-expected increase in the US interest rates due to strong economic data.
“The US dollar will continue to stay firm against all Asian currencies, partly because, investors too are cautious about the on-going trade negotiations between the US and China,” Innes told Bernama.
On the local front, he said sentiment would also weigh on discussions around the removal of the Goods and Services Tax (GST) and how credit rating agencies view the matter, despite the improvement in oil prices.
During the week, the benchmark Brent crude topped US$80 per barrel for the first time since November 2014, as the market grew concerned over US President Donald Trump administration's effort at sanctioning Iran's crude oil exports.
Meanwhile, FXTM's Global Head of Currency Strategy & Market Research, Jameel Ahmad said following further investor appetite for the US dollar in the coming weeks, the ringgit may breach the 4.0 level.
“But, it must be pointed out that weakness in the ringgit is not due to a change in Malaysia's economic outlook.
“Investors are also monitoring other data announcements in the country next week, including the latest inflation data due for release on May 23.
“The expectation is that the inflation rate will be around 1.3 per cent.But, there is a risk of inflation edging higher over the upcoming months, following the weakness in the ringgit and emerging markets since April, as a result of a transformation of investor sentiment towards the US dollar,” he added.
The ringgit traded mixed against a basket of major currencies.
On a Friday-to-Tuesday basis, the local note fell against the greenback to 3.9700/9740 from 3.9480/9530,
It declined against the Singapore dollar to 2.9523/9557 from 2.9498/9540, but increased against the yen to 3.5769/5815 from 3.6250/6299.
The local note depreciated vis-a-vis the British pound to 5.3516/3577 from 5.3353/3437, but strengthened against the euro to 4.6751/6806 compared with 4.6898/6962 last Tuesday.
The market was closed last Wednesday for the 14th General Election, as well as on Thursday and Friday, to observe special public holidays in conjunction with the Pakatan Harapan coalition's victory. — Bernama
KUALA LUMPUR, May 19 — The ringgit is expected to remain on a downtrend against the US dollar next week at between the 3.96-3.99 levels and on further demand for the greenback, said a dealer. Oanda Head of Trading in Asia-Pacific, Stephen Innes…
KUALA LUMPUR (April 3): The FBM KLCI continued its poor April start this morning, tracking losses at most regional markets, following the overnight selloff at Wall Street. At 9.05am, the FBM KLCI fell 2.53 points to 1,855.82. The losers included Nestle (M) Bhd, Hengyuan Refining Company Bhd, Hong Leong Bank Bhd, Ta Ann Holdings Bhd, Globetronics Technology Bhd, Carlsberg Brewery Malaysia Bhd and Icapital.Biz Bhd. Asian stocks extended a global selloff and the yen rose on Tuesday as investors fled for safety as an escalating trade spat between the UnitedRead More
KUALA LUMPUR: The ringgit is expected to trade lower in a range of between 3.8900 and 3.9400 against the US dollar next week, on concerns over the trade war between the US and China, a dealer said.
OANDA Head of Trading Asia-Pacific, Stephen Innes said the trade war would continue to dominate the market landscape and risk assets are expected to be traded weaker with regional equity markets the most impacted, while weighed down by uncertainties surrounding the US protectionism policy.
“However, since Malaysia is less dependent on US trade compared to its regional economic peers, the ringgit will be a relatively sheltered choice compared to some other regional currencies, like the Korean Won.
“Intense focus remains on China and US trade relations, which should keep local currencies including the ringgit in a defensive posture,” he told Bernama.
FXTM Global Head of Currency Strategy & Market Research, Jameel Ahmad said macro-economic data with the US Gross Domestic Product report due on Wednesday (March 28) was initially seen as the major data announcement for the week to influence market direction.
“However, the escalation in concerns over a potential US-China trade war, is now expected to remain the key focus for investors.
“Therefore, if investors do continue to sell on stock markets, it is likely to negatively influence the ringgit due to less buying demand for emerging market assets,” he added.
Meanwhile, Hong Leong Research said the ringgit advanced 0.11% week-on-week to 3.9135 against US dollar and strengthened against six of the group of 10 currencies owing to a one-day rally when the greenback tumbled.
“We maintain a bearish view on the ringgit against the US dollar next week as markets are likely to stay subdued on brewing trade war concerns and entering a busy US macro flow.
“We opine that there is little to drive renewed buying interest in the local currency in the absence of Malaysian data.
“The technical viewpoint suggests a bullish US dollar against the ringgit outlook is holding at above 3.9000 while sustaining an upward trajectory and the pair remain on track to test 3.9402,” it added.
On a Friday-to-Friday basis, the local note finished lower against the greenback at 3.9150/9200 from 3.9070/9120.
The ringgit was also traded mostly lower against a basket of major currencies, except the Singapore dollar.
It declined against the yen at 3.7318/7383 from 3.6953/6010 last Friday and depreciated against the euro to 4.8245/8318 from 4.8138/8215.
The ringgit weakened vis-a-vis the British pound to 5.5170/5248 from 5.4565/4643, but rose against the Singapore dollar to 2.9756/9799 from 2.9761/9810. — Bernama