Cautious trading on Bursa to continue
KUALA LUMPUR: Bursa Malaysia is expected to continue its cautious trading this week, despite the recent uptrend, as investors are wary of persistent global inflation, economic growth outlook and the ongoing war in Ukraine. Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng expects the benchmark index to trend sideways, within the 1,540-1,555 range, this week. The benchmark index added 0.36% or 5.61 points to end at 1,546.76. Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng expects the benchmark index to trend sideways, within the 1,540-1,555 range, this week. Weekly turnover increased to 15.03 billion units valued at RM9.77bil against 14.33 billion units valued at RM9.26bil the previous week.
Source:The Star
May 30, 2022 08:09 UTC
Bursa opens lower, weighed down by selected heavyweights
KUALA LUMPUR (May 30): Bursa Malaysia opened lower on Monday (May 30) with the key index falling 0.81%, weighed down by selected heavyweights. At 9.05am, the FBM KLCI had decreased 1.26 points to 1,545.50 from last Friday’s close at 1,546.76. Rakuten Trade Sdn Bhd, in a note, said sellers took a breather as Wall Street closed broadly higher, buoyed by slowing inflation news and strong retail earnings. The Dow Jones Index Average ended 576 points higher, while the Nasdaq jumped by 390 points. “Reflecting the rally on Wall Street, we, however, reckon that the index will possibly trend higher today (Monday) as the regional performance is expected to see an upswing.
Source:The Edge Markets
May 30, 2022 05:53 UTC
Hawana must be made a national agenda, says Annuar Musa
MELAKA: The National Journalists Day (Hawana) celebration must be made a national agenda in recognition of the role played by journalists and media practitioners in the country, says Tan Sri Annuar Musa. Hawana 2022, carrying the theme "People's Voice, National Aspiration" is celebrated here today by media practitioners, and will be officiated by Ismail Sabri this evening. In addition, Annuar wants the Communications and Multimedia Ministry (K-KOMM) to pay more attention to all matters discussed and formulated in today’s and future Hawana forums. He said this was important to resolve issues, including grievances faced by journalists and media practitioners that the public is mostly unaware of. Annuar also wants major towns and cities to seize the opportunity of bidding to host the next Hawana celebration as it will be a prestigious annual event.
Source:The Star
May 29, 2022 17:38 UTC
Matrix Concepts unveils M333 St Kilda in Melbourne
PETALING JAYA (May 29): Matrix Concepts Holdings Bhd launched its latest Australian project called M333 St Kilda on Sunday. Due to the good response of our previous projects, we are confident that there will be demand for M333 St Kilda. M333 St Kilda is located in the heart of St Kilda in Melbourne, a trendy Tribeca-style bay side suburb that is well known for its beach and cultured yet bohemian lifestyle. Sitting on a 0.63-acre freehold parcel, M333 St Kilda is situated at the corner of St Kilda Road and Blanche Street. Nearby amenities include St Kilda Esplanade Market, The Avenue Hospital, Windsor Private Hospital, St Kilda Park Primary School, St Mary College, St Kilda Botanical Garden, as well as Luna Park — Australia's oldest theme park.
Source:The Edge Markets
May 29, 2022 16:12 UTC
Top India explorer's profit misses as levies weigh on oil gains
NEW DELHI (May 29): Oil & Natural Gas Corp's (ONGC) profit rose 32% in the fourth quarter but missed estimates as an increase in government levies ate into the gains from soaring oil prices after Russia's invasion of Ukraine. Net income increased to 88.6 billion rupees (US$1.1 billion) in the three months ended March 31 from 67.3 billion rupees a year earlier, according to an exchange filing late on Saturday. That compared with the average 109 billion rupees estimated in a Bloomberg survey of analysts. Revenue surged 63% to 345 billion rupees, exceeding estimates. Total oil output fell almost 3% to 5.4 million tons during the quarter, while gas production dropped 4.4% to 5.3 billion cubic metres.
Source:The Edge Markets
May 29, 2022 12:24 UTC
Why the personal attacks against me, asks Tajuddin
IPOH: Questioning the amount of brickbats that he has received, Datuk Seri Tajuddin Abdul Rahman says it is not new for politicians to be appointed as ambassadors. ALSO READ: Tajuddin appointed as ambassador to Indonesia"I don't understand what the dispute is about me being appointed as the ambassador to Indonesia. Tajuddin also said that he would state his mission and vision as ambassador after his official appointment by the King. ALSO READ: Tajuddin: I will comment on appointment as ambassador at the right time"Before leaving for Indonesia, I will reveal my plans. Tajuddin will be replacing senior diplomat Zainal Abidin Bakar, who has been serving as the Malaysian ambassador to Indonesia since 2018.
Source:The Star
May 29, 2022 08:43 UTC
Covid-19 surge leaves Taiwan's insurers struggling to pay out
TAIPEI (May 29): Taiwan's worst Covid-19 outbreak has left the island's insurers bracing for more than US$1 billion in claims that the financial regulator is urging them to honour. While that is just a tiny fraction of the NT$2 trillion in net assets held by Taiwan's insurance industry, the majority of those are held by the large life insurers. The potential claims represent around 25% of the assets held by property insurance companies, which were among the most active in selling Covid-19 policies. The generosity of the policies insurers sold is a major part of the problem. Siang Lin, a financial industry professional working in Taiwan, bought a Covid-19 insurance policy that he extended once it expired.
Source:The Edge Markets
May 29, 2022 08:10 UTC
Strong economic fundamentals, prudent management to contribute to stronger ringgit
KUALA LUMPUR: Strong economic fundamentals and prudent ringgit management are expected to contribute to the strengthening of the ringgit against the US dollar despite several temporary factors that have contributed to the ringgit's current depreciation, Minister of Finance Tengku Datuk Seri Zafrul Tengku Abdul Aziz said. "What is more important are our economy’s strong fundamentals such as the country’s continued economic growth prospects,” he said in a statement today. "At the same time, the expectation of a current account surplus means that demand for the ringgit will remain strong,” he said. Moving forward, Tengku Zafrul said the Ministry of Finance (MoF) is optimistic about the country’s economic growth prospects with Malaysia’s GDP expected to grow between 5.3 and 6.3 per cent in 2022, contributing to the ringgit’s stability. "The MoF and Bank Negara Malaysia (BNM) will continue to monitor both financial and non-financial risks to the national economy in order to maintain economic stability and the well-being of all Malaysians,” he added.
Source:The Star
May 29, 2022 01:02 UTC
A global stock trader’s guide to navigating food protectionism
“Producers in economies that resist the temptation of export restrictions gain pricing power in global markets,” said Frederic Neumann, a co-head of global research Asia at HSBC Holdings plc. This has helped drive a 17% gain in the shares in Australian food ingredient trader GrainCorp Ltd, versus a 15% drop in MSCI Inc’s global equity gauge. An export halt may lead to higher global prices given that India is the world’s biggest sugar exporter after Brazil. Food service distributorsOther beneficiaries of rising commodity costs are food-distribution stocks such as Sysco Corp, US Foods Holding Corp and Performance Food Group Co which provide food and kitchen supplies to restaurants, hospitals, hotels and schools. “With rising prices and food shortages leading to more protectionism, the protectionism only causes further supply imbalances and shortages, which lead to even more price increases.”
Source:The Edge Markets
May 28, 2022 15:44 UTC
Musk wants market access for Tesla before building local plants
(May 28): Tesla Inc will not set up auto manufacturing plants in any location where it is not allowed to first sell and service its vehicles, chief executive officer Elon Musk said in a tweet when asked on his plans for India. Tesla wants the Indian government to lower taxes so it can sell imported cars to test the market before committing to building a factory in the country. Tesla will not put a manufacturing plant in any location where we are not allowed first to sell and service cars. — Elon Musk (@elonmusk) May 27, 2022Musk also said his other company, Space Exploration Technologies Corp (SpaceX), is awaiting government approval in India to start its Starlink Internet service. — Elon Musk (@elonmusk) May 27, 2022Read also:Elon Musk says Bill Gates has ‘multibillion dollar’ Tesla short position
Source:The Edge Markets
May 28, 2022 15:20 UTC
Poor skinny kid from Malaysia makes it really big
Once a poor "skinny kid" from Malaysia, Hock Tan was going head-to-head with a legendary U.S. technology mogul for a transformative acquisition. Broadcom Inc AVGO.O, the chip maker that Tan leads, was willing to acquire VMware, a cloud software company for $61 billion. Dell, who personally owns 40% of VMware and controls it together with buyout firm Silver Lake, had a decision to make. It was Silver Lake that helped recruit Tan as chief executive of the company that would go on to become Broadcom. A spate of deals followed as Tan embarked on consolidating the semiconductor industry, often with backing from Silver Lake.
Source:The Star
May 28, 2022 08:57 UTC
Cypark shares beaten down
The selling of the renewable energy (RE) group’s shares further intensified this week, prompting Bursa Malaysia to suspend short-selling of Cypark shares after the latter’s share price dropped more than 15% on May 24. Yesterday, Cypark announced that RAM Rating has reaffirmed the long-term rating of AA3 for Cypark REF’s RM550mil socially responsible investing sukuk murabahah programme 2019/2041. “The floating solar project has reached the final stage of construction, of which the floating solar system installation and interconnection works are already completed. Last year, Cypark completed a private placement of up to 20% of its total issued shares to raise up to RM108mil. Interestingly, Cypark says the group has procured the solar panels and other equipments for its greenfield projects prior to the price hike.
Source:The Star
May 28, 2022 08:34 UTC
Stock rally fanned by hopes of Fed 'past peak hawkishness'
Softer economic growth raises risks of weaker corporate profits, in theory paving the way for softer share prices. "It's very clear that everyone at the Fed is on board for 50-basis point [interest rate hikes] for the next two hiking meetings. A potentially less hawkish Fed is not necessarily a green light for equity buyers over the long term. "The Fed is past peak hawkishness," she said. Read also:Wall Street rallies, snaps longest weekly losing streak in decadesWorld stock markets rally, treasury yields fall on inflation data
Source:The Edge Markets
May 28, 2022 06:13 UTC
SKP Resources posts record high annual profit of RM169.83m in FY22
KUALA LUMPUR (May 27): SKP Resources Bhd bagged a record high net profit for the financial year ended March 31, 2022 (FY22) at RM169.83 million, as it was able to benefit from economies of scale and increased efficiency in its manufacturing process over time. The net profit in FY22 was 27.56% higher than in the preceding financial year, when the group recorded RM133.24 million. The group’s net profit in the fourth quarter ended March 31, 2022 (4QFY22) climbed 43.75% to RM51.19 million from RM35.61 million, as its revenue increased 39.68% to RM576.85 million from RM412.99 million. In terms of quarter-on-quarter (q-o-q), 4QFY22’s net profit was up 11.13% from RM46.06 million, despite a 14.22% q-o-q drop in revenue from RM672.5 million, buoyed by an improved net profit margin. SKP Resources shares ended four sen or 2.78% higher at RM1.48, giving the group a market capitalisation of RM2.31 billion.
Source:The Edge Markets
May 28, 2022 03:57 UTC
Genting's prospects to improve in coming quarters
KUALA LUMPUR: Over the recent past quarter, Genting Bhd faced challenges in returning to profitability as it was dragged by Resorts World Genting (RWG) and Resorts World Las Vegas (RWLV). However, the outlook on both properties for the subsequent quarters is looking brighter. However, the research firm maintained its "buy" call and revised its target price higher to RM6.50 on upgrades to subsidiaries Genting Malaysia and Genting Plantations. In the coming quarters, HLIB expects the group's earnings to be supported by a recovery in its leisure and hospitality segment, a lower share of losses from its joint ventures and sustained high crude palm oil and oil prices. "Furthermore, Genting provides an exposure to RWLV which we believe will have a strong growth potential in the longer term," it said.
Source:The Star
May 27, 2022 20:39 UTC