Bursa opens lower, tracking Wall Street performance
KUALA LUMPUR (April 17): Bursa Malaysia opened lower on Monday (April 17), taking its cue from the Wall Street’s negative performance overnight amid cautious market sentiments, an analyst said. At 9.06am, the FTSE Bursa Malaysia KLCI (FBM KLCI) fell by 1.65 points to 1,433.48 from last Friday's close of 1,435.13. The barometer index opened 0.34 points lower at 1,434.79. Meanwhile, among the heavyweights, Malayan Banking Bhd shed three sen to RM8.68 and Public Bank Bhd eased one sen to RM3.98. CIMB Group Holdings Bhd stood at RM5.23, followed by Petronas Chemicals Group Bhd at RM7.40 and Tenaga Nasional Bhd at RM9.21, as all three counters were flat.
Source:The Edge Markets
April 17, 2023 13:31 UTC
Bond traders to scour bank results for signs of increased stress
(April 16) : Bond investors will pay a lot more attention than usual to the latest US quarterly bank results as they assess the potential hit to economic growth from any slide in lending. Also on the radar is how smoothly markets absorb the usual post-earnings rush of bond sales from banks. Schwab’s outlook will be in focus when it releases results Monday, after deposits sank while unrealized losses swelled. Amid the uncertain outlook for growth and a potential credit crunch, traders have been actively staking out bets on both sides of a potential Fed hike in May via options even though pricing still strongly favors another quarter-point rise. The potential X-date for raising the debt ceiling is seen around mid-August, but that could shift based on tax receipts.
Source:The Edge Markets
April 16, 2023 08:49 UTC
Over 70,000 applicants so far for EPF FSA2, but only 34,643 eligible
KUALA LUMPUR: A total of 74,392 contributors have applied for the Employees Provident Fund (EPF) Account 2 Support Facility (FSA2) as of Friday (April 14) since it opened on April 7. “We understand that there has been confusion among some EPF members regarding the need for monthly repayments towards the personal loans. FSA2 is a facility that aims to help EPF members obtain personal financing from banking institutions. Among the stipulated conditions is that the applicant must have a minimum amount of RM3,000 in EPF Account 2. For more information on the Account 2 Support Facility, visit the EPF website at www.kwsp.gov.my, or call the EPF contact management centre at 03-8922 6000.
Source:The Star
April 15, 2023 22:28 UTC
Almost half of 74,392 applicants qualify for MBSB Bank’s FSA2 loans amounting to RM722m
KUALA LUMPUR (April 15): The Employees Provident Fund (EPF) said almost half or 34,643 of the 74,392 applications received under MBSB Bank’s Ihsan-i Account 2 Support Facility (FSA2) are qualified to obtain loans amounting to RM722 million. Presently, MBSB Bank and BSN are the only two participating banks offering the FSA2 facility. He noted the confusion among some EPF members regarding the need for monthly repayments towards the personal loans. In the statement, the EPF reiterated that applications will remain open for one year, allowing EPF members ample time to apply in advance for Age 50 or Age 55 conditional withdrawals. The eligibility amount for the personal financing is based on the savings amount in Account 2, with a minimum financing amount of RM3,000 and a maximum of RM50,000.
Source:The Edge Markets
April 15, 2023 15:34 UTC
JPMorgan leads gain in big bank stocks as regional firms lag
Bank of America Corp, Morgan Stanley, and Goldman Sachs Group Inc joined the rally, while the KBW Bank Index climbed by the most in three weeks. Investors had been steering clear of the financial sector overall amid the turmoil, leaving the stocks cheap. Wells Fargo & Co’s stock closed little changed after it pointed to a 45% jump in its NII in the quarter. The KBW Regional Banking Index dropped by 2.2% on Friday, extending the year’s losses to 22%. The class of American financial institutions fell under pressure earlier this year amid collapses at Silicon Valley Bank and other regional lenders.
Source:The Edge Markets
April 15, 2023 13:53 UTC
Retired fisherman recalls night MH653 fell from the sky
ISKANDAR PUTERI: Retired fisherman Sulaiman Sharu (pic, left) will never forget that fateful day when he saw the hijacked flight MH653 explode in mid-air before it came crashing down in Tanjung Kupang 46 years ago. “When I looked up at the night sky, I noticed only the front part of the aircraft was lit up while the wings were not. Witness: The names of the passengers and crew of MH653 at Tanjung Kupang Memorial Park in Taman Kebun Teh in Johor Baru. A total of 93 passengers and seven crew members died in the tragic incident, with the remains of the victims buried at a grave known as the Tanjung Kupang Memorial Park in Taman Kebun Teh, Johor Baru. Meanwhile, a check at the Tanjung Kupang Memorial Park showed a bouquet of flowers had been left there.
Source:The Star
April 15, 2023 06:31 UTC
HK singer Maggie Fu’s phone was snatched by 3 robbers in London, traumatised she took next flight out of London
Hong Kong singer Maggie Fu took to Instagram on April 1 to share some of the last photos she took on her phone in London before it was snatched from her by three men in black. Along the way, she met a kind stranger who lent her his handphone to contact her family to lock her phone remotely. Although she had calmed down and took care of things, she decided to leave London immediately and hence, got on the next available flight back to Hong Kong. Fu added that it is easier to focus on the bad things and ignore the good things, which is why she is sharing the importance of changing one's perspective. We should always trust that things will work out and that the universe will give us the strength to go on.”
Source:The Star
April 13, 2023 22:25 UTC
HLIB keeps ‘buy’ on Genting as it sees value in stock, despite extended losses in FY2022
KUALA LUMPUR (April 13): Hong Leong Investment Bank Bhd (HLIB) has maintained its “buy” call on Genting Bhd, with an unchanged target price of RM6.75, as it sees significant value in the stock, despite the company’s continuous headline losses. Its analyst Tan Kai Shuen said the group’s headline losses for the financial year ended Dec 31, 2022 (FY2022) were mainly attributed to the recognition of large impairment and foreign exchange losses, which he believes contributed to the share price underperformance. “Due to the high per capita income of the locals, their strong spending power was enough to sustain GenS' performance during the pandemic. “In 4Q2022, GenS’ adjusted Ebitda recovered to 89% of the pre-pandemic level [in 4Q2019]. Notably, GenS' share price has performed well, surging 63.4% to S$1.16 (RM3.85), from a one-year low of S$0.71 on July 6, 2022.
Source:The Edge Markets
April 13, 2023 09:53 UTC
New Covid variant 'Arcturus' dominant behind surge in India — reports
KUALA LUMPUR (April 13): A new variant of Covid-19 dubbed 'Arcturus' is behind a fresh surge of infections in India. It said the national capital logged 1,149 fresh cases along with one fatality. With the addition of the fresh cases, Delhi's infection tally has risen to 20,17,250. Delhi logged 980 Covid cases on Tuesday, the highest since Aug 20, with a positivity rate of 25.98%, along with two fatalities. Read also:Report: New Omicron subvariant XBB.1.16 is ‘one to watch’, says WHO expert
Source:The Edge Markets
April 13, 2023 06:49 UTC
Bursa slips as US Fed minutes signal recession risk
KUALA LUMPUR: The domestic market is starting out on a weaker footing after the minutes from the US Federal Reserve's recent meeting showed expectations of a mild recession later this year. "We believe further profit taking activities may emerge in the regional markets and our local bourse," said Malacca Securities Research in a note. Leading tech counters included MPI falling 26 sen to RM28.62, D&O dropping seven sen to RM4.22 and Pentamaster shedding seven sen to RM4.93. Sister company Capital A fell 2.5 sen to 78.5 sen as the regularisation plan was expected to lift both companies out of Practice Note 17 status. Most actively traded in the opening minutes of trade were Hong Seng unchanged at 13 sen, Jade Marvel up one sne ot 31 sen and Revenue down 0.5 sen to 32.5 sen.
Source:The Star
April 13, 2023 06:06 UTC
AAX wants more time to submit regularisation plan
KUALA LUMPUR (April 12): AirAsia X Bhd (AAX) has once again applied to Bursa Securities for more time to submit its regularisation plan by extending its April 28 deadline to July 28. The regularisation plan is crucial as it is supposed to lift not just AAX, but also its sister company Capital A Bhd — which operates short-haul, low-cost airline AirAsia — out of Practice Note 17 (PN17) status. It is widely expected that the regularisation plan involves Capital A injecting its aviation business into AAX via an issuance of shares. Capital A and AAX are working on their respective regularisation plans. The recent Capital A share price rally has caused many to wonder about the price that AAX will have to pay to acquire AirAsia.
Source:The Edge Markets
April 12, 2023 15:39 UTC
Indian startups go to court to stop Google's new in-app billing system
NEW DELHI (April 11): A group of Indian startups has asked a court to suspend Alphabet Inc Google's new in-app billing fee system until the country's antitrust body investigates the US firm for alleged non-compliance with its directives, a legal filing showed. The 744-page filing, seen by Reuters, asks the court to "keep the implementation of Google’s UCB in abeyance" until CCI hears the complaint. The new service fee system, it says, supports investments in Google Play app store and the Android mobile operating system, ensuring it distributes it for free, and covers developer tools and analytic services. But Indian startups argue Google's UCB system still imposes a "service fee" of 11-26%, compared with the earlier in-app payment system that charged a fee of 15-30%. The new system is "cloaked as another version" of Google's earlier system, the ADIF filing stated.
Source:The Edge Markets
April 11, 2023 23:13 UTC
Jamie Dimon says banking crisis has increased the odds of a recession
(April 7): The US bank crisis that rattled global markets last month is probably nearing the end, even if more unforeseen failures occur, JPMorgan Chase & Co chief executive officer Jamie Dimon said. “But if there are, I know honestly they’ll be resolved and it will probably be the last of them,” Dimon said. In a CNN report earlier Thursday, he said the recent turmoil in the financial industry had probably made a US recession more likely, though a downturn won’t necessarily happen. “We are seeing people reduce lending a little bit, cut back a little bit and pull back a little bit,” the broadcaster quoted him as saying. The government shouldn’t overreact to the banking crisis by imposing more rules on the industry, Dimon said.
Source:The Edge Markets
April 07, 2023 15:22 UTC
Bursa opens almost flat on prevailing cautious sentiments
KUALA LUMPUR (April 7): Bursa Malaysia's main index opened almost flat in the early session on Friday (April 7) as cautious sentiment remained in the market, tracking Wall Street’s performance overnight amid volatile trading sessions, an analyst said. At 9.12am, the FTSE Bursa Malaysia KLCI (FBM KLCI) slipped 0.7 of-a-point to 1,424.19 from Thursday's closing of 1,424.89. The main index opened 0.03 of-a-point lower at 1,424.86. The FBM 70 Index went up 21.52 points to 13,611.18, while the FBM ACE Index was 17.08 points lower at 5,311.13. Sector-wise, the Financial Services Index shed 13.61 points to 15,732.34, the Industrial Products and Services Index inched down 0.1 of-a-point to 172.98 and the Plantation Index shaved 0.18 of-a-point to 6,723.42, while the Energy Index increased 2.36 points to 864.01.
Source:The Edge Markets
April 07, 2023 13:37 UTC
Zafrul: Malaysia open to reviving high-speed rail project to Singapore
KUALA LUMPUR (April 6): Malaysia is open to reviving a high-speed rail project to Singapore, though it has to be a private sector-led initiative, its trade minister said in an interview with CNBC aired on Thursday (April 6). In January 2021, Malaysia and Singapore jointly called off an estimated US$17-billion (RM75 billion) plan to build a 350km high-speed railway between Kuala Lumpur and the city-state, after both countries failed to agree on several proposed changes to the project. Malaysia paid S$102.8 million (RM340.6 million) to Singapore for the project's termination, both countries said at the time. Malaysia's International Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz told CNBC companies were welcome to submit proposals to re-start the project. Singapore's government also indicated last year the country is open to fresh proposals from Malaysia on the project, according to media.
Source:The Edge Markets
April 07, 2023 05:26 UTC