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Poor April start for KLCI continues as Asian markets fall

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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


Ringgit to trade between 3.8900-3.9400 next week

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


Ringgit seen trading between 3.8900-3.9400 next week

KUALA LUMPUR, March 24 — 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…


Ta Ann Holdings to acquire 30.39 per cent stake in Sarawak Plantation

SIBU: Shareholders of Ta Ann Holdings Berhad (TAHB) have approved the acquisition of 30.39 per cent stake in Sarawak Plantation Berhad (SPB) for RM169.9 million or RM2 a share. The approval was made at TAHB’s extraordinary general meeting held here yesterday. The acquisition will be financed by bank borrowings as well as internal funds. SPB […]


Ta Ann approves acquisition of 30.39 pct stake in Sarawak Plantation

  SIBU: Shareholders of Ta Ann Holdings Berhad (TAHB) have today approved the acquisition of 30.39 per cent stake in Sarawak Plantation Berhad (SPB) for RM169.9 million or RM2 a share. The approval was made at TAHB’s Extraordinary General Meeting (EGM) held at a hotel here. The acquisition will be financed by bank borrowings as […]


KLCI dips 0.32%, tracks losses at regional markets

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KUALA LUMPUR (March 13): The FBM KLCI fell this morning, tracking losses at most regional markets. At 9.05am, the FBM KLCI lost 0.32% or 5.89 points to 1,855.33. The top losers included Petron Malaysia Refining & Marketing Bhd, Hengyuan Refining Company Bhd, Hong Leong Bank Bhd, Hartalega Holdings Bhd, Malaysian Pacific Industries Bhd, MISC Bhd, Kossan Rubber Industries Bhd, Maxis Bhd, Muda Holdings Bhd and Ta Ann Holdings Bhd. Asian stocks stalled on Tuesday, halting an earlier rally after Wall Street shares lost steam, while the dollar sagged on theRead More


Ta Ann’s FY17 within expectations, plantation segment to continue driving growth

KUCHING: Ta Ann Holdings Bhd’s (Ta Ann) financial year 2017 (FY17) results came within expectations and analysts believe that its plantation segment could continue to drive the group’s growth going forward. For FY17, Ta Ann reported a net profit of RM119.252 million, and RM23.441 million for the fourth quarter of FY17 (4QFY17). According to MIDF […]


Axiata announces record revenue of RM24.4b last year

KUALA LUMPUR, Feb 22 — Axiata Group Bhd registered an increase of 13.2 per cent for its 2017 revenue to RM24.4 billion, compared to RM21.6 billion in the previous year. The group also recorded a 15.2 per cent increase in earnings before…


UEM Edgenta announces special dividend of 18 sen

KUALA LUMPUR, Feb 20 — Integrated facilities management player UEM Edgenta Bhd has announced a special dividend of 18 sen for the financial year ended Dec 31, 2017 (FY17), which together with a second interim dividend of five sen, raised…


Bursa M’sia closes half-day trading on higher note

KUALA LUMPUR: Bursa Malaysia closed higher in half-day trading on the eve of Chinese New Year festive, supported by continued buying interest in selected heavyweights and low-liners, dealers said.

At close, the FTSE Bursa Malaysia KLCI (FBM KLCI) finished at 1,838.28, up 3.35 points or 0.18 per cent, versus Wednesday's close of 1,834.93.

After opening 5.80 points better at 1,840.73, the local barometer moved within a narrow range of 1,837.99 and 1,842.73 in the morning session.

Affin Hwang Investment Bank Vice-President/Head of Retail Research Datuk Dr Nazri Khan Adam Khan said the volume transacted was healthy despite the half-day trading, following the better-than-expected Gross Domestic Product growth data announced by Bank Negara yesterday.

The Malaysian economy expanded by 5.9 per cent in 2017 versus 4.2 per cent in 2016.

He told Bernama that sentiment was supported by the stronger ringgit, which stood at 3.8, and the benchmark Brent crude oil futures which fetched US$62.33 a barrel.

Gainers outpaced losers 544 to 213 while 354 counters were unchanged, 781 untraded and 20 others were suspended.

Volume stood at 1.11 billion shares, worth RM1.07 billion, up from 1.93 billion shares, worth RM1.98 billion, recorded yesterday.

The FBM Emas Index improved 45.76 points to 13,117.49, FBMT 100 Index rose 39.50 points to 12,829.58 and the FBM 70 increased 104.07 points to 16,105.29.

The FBM Emas Shariah Index surged 60.39 points to 13,453.10 and the FBM Ace advanced 60.27 points to 6,242.42.

Sector-wise, the Finance Index was 13.62 points lower at 17,594.41, Industrial Index fell 4.72 points to 3,202.66 and the Plantation Index added 2.88 points to 7,996.97.

The Main Market volume fell to 601.53 million units, worth RM979.37 million, from Wednesday's 1.27 billion units valued at RM1.85 billion.

Volume on the ACE Market decreased to 221.85 million shares, valued at RM45.74 million, from 310.60 million shares valued at RM61.21 million yesterday.

Warrants volume decreased 286.69 million units, worth RM45.93 million, from Wednesday's 337.42 million units valued at RM64.98 million.

Consumer products accounted for 24.70 million shares traded on the Main Market, industrial products (183.22 million), construction (19.87 million), trade and services (276.85 million), technology (32.63 million), infrastructure (2.85 million), SPAC (30,400), finance (27.70 million), hotels (231,200), properties (19.76 million), plantations (10.89 million), mining (79,800), REITs (2.67 million) and closed/fund (2,000).

Bursa Malaysia and its subsidiaries will be closed tomorrow (Feb 16) and will resume trading on Monday (Feb 19).

The physical price of gold as at 5pm stood at RM163.92/g, up RM1.29 from RM162.63 at 5pm yesterday. — Bernama