Market rebound struggles near 1,500
KUALA LUMPUR: The FBM KLCI maintained its early lead although the rebound stalled just below the 1,500 psychological level, reflecting ongoing market caution.At 12.30pm, the index was up 9.36 points to 1,498.24.There were strong performances from Tenaga Nasional and the financial sector as investors picked up on oversold stocks after eight consecutive weeks of selling on the benchmark index.Tenaga was up 14 sen to R9.30 while Maybank gained six sen to RM8.18, CIMB added eight sen to RM5.26 and Hong Leong Bank rose 30 sen to RM18.28.Petronas Chemicals jumped 12 sen to RM8.54 while Petronas Gas was up 14 sen to RM16.60.The general mood on the market was positive given the number of gainers on Bursa Malaysia outpacing the decliners 442 to 322.Nevertheless, trading activity was subdued with only 1.48 billion shares traded valued at RM906.83mil.The top actively traded counters were ATA IMS up 3.5 sen to 55 sen, Dataprep down one sen to RM1.08 and Asdion rising 1.5 sen to 14.5 sen.Meanwhile, Asian markets were mostly higher on Monday despite slew of central bank meeting scheduled for this week and forecasts of hawkish policy moves.THe US Federal Open Committee Meeting is set to take place on Tuesday and Wednesday, with the likelihood that the central bank will announce and early end to US policy stimulus.Japan's Nikkei was up 0.9% while South Korea's Kospi gained 0.25%.In mainland China, the benchmark index was up 1%, while Hong Kong's Hang Seng followed suit with its own 1% advance.Australia's ASX200 rose 0.6%.
Source:The Star
December 13, 2021 18:02 UTC
Research of Malaysia's Covid-19 vaccine in proof-of-concept stage
KUALA LUMPUR (Dec 13): Research of the country’s Covid-19 vaccine is still in the proof-of-concept stage, the Dewan Rakyat was told on Monday (Dec 13). Deputy Science, Technology and Innovation Minister Datuk Ahmad Amzad Hashim said for the messenger ribonucleic acid (mRNA) vaccine, the candidate vaccine would undergo an in-vitro transcription process, involving various complex laboratory tests. On the inactivated vaccine research, he said the process of inactivating selected viruses would be done and special substances such as adjuvants would be added to enhance the immune response. Ahmad Amzad said the research of the Covid-19 mRNA vaccine is being carried out by researchers at the Institute for Medical Research (IMR), while studies related to the development of inactivated virus vaccine technology are being conducted by the IMR with the cooperation of experts from UPM and the Veterinary Research Institute. He said the Ministry of Science, Technology and Innovation through its Combating Covid-19 Fund had also channelled an allocation of RM4.9 million to finance two projects.
Source:The Edge Markets
December 13, 2021 14:14 UTC
Near-term outlook likely to stay in low gear with Omicron fears, says Inter-Pacific
KUALA LUMPUR (Dec 13): Inter-Pacific Securities Sdn Bhd said the near-term outlook is likely to stay in a low gear with the Omicron concerns and the lack of impetus to keep the Malaysian equity market subdued. It said sentiments also turned weaker in tandem with the insipid performance of key global stock indices. Inter-Pacific said these concerns could also weigh on market sentiments and may leave the FBM KLCI on a drifting mode for longer. Inter-Pacific said the lack of following is likely to keep most of the lower liners and broader market shares muted for longer. “Although many of these stocks have found some measure of support following their incessant falls, fresh buying interest is likely to stay thin as most market players are still adopting a defensive stance for the time being,” it said.
Source:The Edge Markets
December 13, 2021 13:17 UTC
MISC sees recovery next year on petroleum tanker segment
KUALA LUMPUR: MISC Bhd is eyeing a recovery next year on expects that the Organisation of the Petroleum Exporting Countries (Opec) will raise production quotas in tandem with rising global consumption. The management is cautiously optimistic on petroleum tanker rates, which have doubled year-on-year (y-o-y) to US$11,000 (RM46,337.50) per day for Suezmax and risen 76% y-o-y to US$8,800 (RM37,070) a day for Aframax. However, very large crude carriers’ (VLCC) rates remained depressed, halving y-o-y at only US$6,700 (RM28,223.75) a day. In a recent report, AmInvestment Bank said it expects modest improvement to petroleum tanker rates as Opec+ plans to raise production levels by two million barrels from August to December 2021 amid the winter season, which is usually the peak tanker cycle. FPSO tenders currently appear to be single-bidder propositions given the limited number of financially viable operators.
Source:The Star
December 13, 2021 12:15 UTC
Misreading China’s WTO record hurts global trade
This discussion affects many countries’ views on whether the current global trading system should be built up or pulled down. But the data do not support such assertions, and the misperception that this narrative has created is hurting the global trading system. In fact, China’s WTO compliance record, while imperfect, is broadly comparable to that of other member countries. China’s trade policies and practices often are challenged at the WTO, but not more frequently than those of some other large economies. Doing so would greatly improve both US credibility and the effectiveness of the global trading system.
Source:The Star
December 13, 2021 12:05 UTC
An insight on industry outlook and market forecasts
The StarBiz Summit was the avenue for businesses and organisations to learn about the industry outlook and market forecasts of 2022 in various critical industry verticals, business areas and organisational functions. Digital SME Industry Calibration for the ‘Never Normal’ Power Panel: (from left) Andy, who was the moderator, Suriani, Mohamed Fitri, Vithoulkas and Peng. Manufacturing & Construction Industry Calibration for the ‘Never Normal’ Power Panel: (from left) Low, who was moderator, with Gan, Sivasuriyamoorthy, Dr Satesh and Badrulhisyam. Digital Finance Industry Calibration for the ‘Never Normal’ Power Panel: (from left) Baijal who was moderator, with Malolos, Mohd Suhail, Akhtar and Liew. It was supported by the Federation of Malaysian Manufacturers (FMM), SME Association of Malaysia, SME Association of Australia and 30% Club Malaysia, with sendQuick as the Mobile Messaging Partner and the summit was live on Jublia.
Source:The Star
December 13, 2021 09:53 UTC
European start-ups using AI in healthcare the new rage for venture capitalists
KUALA LUMPUR (Dec 13): European start-ups using artificial intelligence (AI) in healthcare are becoming the new rage for venture capitalists. The Financial Times-backed Sifted, which reports news and analysis of European start-ups and their founders, investors and partners, last week said in November alone, biotech company Owkin and telehealth firm SWORD Health both became unicorns. It quoted Owkin head of strategy Anna Huyhues-Despointes as saying that some of the biggest cheques in healthtech this year were written for companies using AI to assist in drug and treatment development. But [start-ups using AI] are as well. The report added that big pharma companies are starting to report real results from working with AI start-ups.
Source:The Edge Markets
December 13, 2021 08:13 UTC
Foreign funds dispose of RM383.76mil net of Bursa equities
According to MIDF Research data, foreign investors have sold a cumulative net amount of RM1.1bil worth of equities on Bursa over the last three weeks. In contrast, retailers were net buyers everyday of the week with the largest net purchase of RM72.13mil recorded on Friday. The largest net buying was on Monday with RM133.9mil net bought while the only outflow came on Thursday with RM14.21mil net sold. Local institutions have been the largest net sellers for 2021 so far, with RM9.53bil net of Bursa equities sold. Article type: metered User Type: anonymous web User Status: Campaign ID: 46 Cxense type: free User access status: 3Join our Telegram channel to get our Evening Alerts and breaking news highlights
Source:The Star
December 13, 2021 06:13 UTC
Malaysian cocoa industry has good potential to penetrate international market, says Zuraida
KOTA SAMARAHAN (Dec 12): The Malaysian cocoa industry has good potential to penetrate the international market due to its high quality, said Minister of Plantation Industries and Commodities Datuk Zuraida Kamarudin. She said the ministry was serious about developing the cocoa industry as the country's fourth largest commodity, after oil palm, rubber and timber. "So if we can focus on growing high quality cocoa, it will definitely generate income. According to Zuraida, the Malaysian Cocoa Board strives to help local chocolate entrepreneurs promote their products to be known throughout the country, thus being able to compete with international chocolate products. The RM4.6 million Sarawak Cocoa Cluster Complex in Kota Samarahan was completed in May and is part of the Cocoa Cluster Chain Development Programme under the 12th Malaysia Plan (12MP).
Source:The Edge Markets
December 13, 2021 01:42 UTC
Iran's nuclear negotiator says good progress made in nuclear talks
CAIRO (Reuters) - Iran's top nuclear negotiator, Ali Bagheri Kani, said good progress had been made in nuclear talks with world powers in Vienna that could quickly pave the way for serious negotiations. "Our path during the negotiation was successful," he was quoted as saying on Sunday by Lebanon's pro-Iranian Al Mayadeen TV as saying. (Reporting by Ahmad Elhamy; Editing by Gareth Jones)
Source:The Star
December 13, 2021 00:53 UTC
Digital Nasional warns against scam involving 'forged letter’ by fake project executive committee
"This is a scam and is not in any way related to DNB’s business. Please be advised that DNB has never authorised any 'jawatankuasa exco project' to act on its behalf in any capacity. "Members of the public are advised to ignore any letter, request or message from unverified or questionable parties purporting to act on DNB’s behalf. This is to protect members of the public from falling prey to scams or fraudulent activities of any sort,” DNB said. "DNB would like to state that the following bank account and email address are not related in any way to DNB: BSN account no.
Source:The Edge Markets
December 12, 2021 18:39 UTC
Covid-19: 97.3% of adults in Malaysia fully vaccinated as of Dec 11
KUALA LUMPUR (Dec 12): A total of 22,772,882 individuals or 97.3% of the adult population in the country have completed their Covid-19 vaccination as of Saturday (Dec 11). Based on the Health Ministry’s COVIDNOW portal, 98.7% of the adult population, or 23,094,811 individuals have received at least one dose of the vaccine. Meanwhile, 89.7% of the adolescent population, or 2,824,847 individuals aged between 12 and 17 have received at least one dose of the vaccine, while 86.5% or 2,723,137 individuals in the group have completed the vaccination. A total of 70,382 doses of the vaccine were dispensed on Saturday, with 1,407 as first dose, 2,353 as second dose and 66,622 as booster dose. This brings to a total of 54,820,915 doses of the vaccine, including 3,597,902 booster doses having been administered under the National Covid-19 Immunisation Programme (PICK).
Source:The Edge Markets
December 12, 2021 06:03 UTC
Nothing else matters
Malaysians are struggling with matters like rising food prices, job loss, minimum wages, and affordable homes, and then, we have a Member of Parliament who wants to talk about the uniforms of Malaysia Airlines’ air stewardesses. It provides a homey feeling, especially for tired Malaysians who have been away from the country for too long. He has a magnitude of problems in his backyard, yet he’s worried about the attire of our national airline’s staff. It’s mind boggling for Dr Boo and some non-Muslims to criticise Yeoh for her decision to display modesty and respect. Let’s just address what matters.
Source:The Star
December 12, 2021 05:31 UTC
500,257 job seekers able to secure jobs through 27 govt initiatives, says PM
KUALA LUMPUR (Dec 12): A total of 500,257 job seekers have managed to secure jobs through 27 initiatives implemented by the government as of Dec 3, thus surpassing the target of creating 500,000 job opportunities set by the Finance Ministry through Budget 2021. Among key initiatives that have contributed to this success, he said, are the hiring incentive programme, PenjanaKerjaya, and the Malaysia Short-Term Employment Programme (MySTEP). “As of Dec 3, PenjanaKerjaya 2.0 has succeeded in providing placement for a total of 221,966 employees, exceeding the overall target of 200,000 thousand job opportunities for 2021. "Since PenjanaKerjaya 2.0 and MySTEP were first implemented last January, the number of jobs created has always exceeded the set monthly target," he said. Ismail Sabri said under Budget 2022, the government would create 600,000 job opportunities under the JaminKerja Keluarga Malaysia (JaminKerja) initiative, which would involve an allocation of RM4.8 billion.
Source:The Edge Markets
December 12, 2021 05:18 UTC
Peace talks on Southern Thailand to be held in Kuala Lumpur next month
PATTANI, Dec 11 (Bernama): Peace talks on the situation in southern Thailand, which had been disrupted by the Covid-19 pandemic, will be conducted face to face in Kuala Lumpur next month. Negotiations between representatives of the Thai government - the chief negotiator, General Wanlop Rugsanaoh - and the most influential armed group in southern Thailand, the National Revolutionary Front (BRN), were only held virtually during the pandemic. "With the Covid-19 situation improving, I and the delegation will attend the meeting in Kuala Lumpur," he said. The previous peace talks between the BRN and Thailand were held in Kuala Lumpur in January and early March 2020, which brought hope of ending the violence in southern Thailand. The relentless cycle of violence in southern Thailand began in 2004 in four provinces namely Pattani, Yala, Narathiwat and Songkla, which has claimed 7,000 lives to date.
Source:The Star
December 11, 2021 23:12 UTC