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Wednesday, 24 January 2018

Bursa a risk wobble overnight on the back of trade discussions; positive risk sentiment; #Ringgit positioned favourably


Malaysia: The ringgit further strengthened to open higher against the US dollar on Wednesday and on the back of a continued weakness in the greenback, said a dealer.
At 9.00 am, the ringgit stood at 3.9180/9210 against the greenback from Tuesday’s close of 3.9250/9280.
Oanda Corp Head of Trading for Asia Pacific, Stephen Innes, said despite a bit of risk wobble overnight on the back of trade discussions, the sun continued to shine on the ringgit this morning.
“The combination of firmer oil prices, broad-based US dollar weakness and positive risk sentiment on the back an International Monetary Fund (IMF) report that suggested the broadest synchronised global growth spurt since 2010.
“’This had the ringgit positioned favourably heading into tomorrow’s Bank Negara Malaysia Monetary Policy Committee meeting,” he added.
He said the the first salvo was launched today in what could develop into a long drawn out ” tit for tat” trade battle between the US against China and South Korea, and possibly the rest of Asia.
This followed tariffs imposed on imported solar panels and washing machines by the US administration, a move which was seen as potentially developing into the trade war between some global economies.
Emerging Market Asia will be following these developments closely as trade-related fears are probably the most prominent external risks since most regional economies are very trade oriented, said Innes.
“However, given the ringgit is less sensitive to external shocks than regional peers due to surging oil prices, the local currency will backtrack less than regional peers,” he added
Meanwhile, the ringgit traded lower against a basket of major currencies.
It weakened against the euro to 4.8184/8228 from Tuesday’s 4.8026/8079 and fell against the Singapore dollar to 2.9749/9790 from 2.9737/9771.
The ringgit depreciated against the yen to 3.5541/5571 from 3.5466/5499 and slipped against the British pound to 5.4876/4925 from 5.4738/4788 .

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Tuesday, 23 January 2018

Trusting that while there may be short term fluctuations, in the longer term the level of the ringgit would reflect the strength of the Malaysian economy : PM


Malaysia: Malaysia will not re-peg the ringgit to the US dollar as the move will be an “unmitigated” disaster for its economy, Datuk Seri Najib Razak said.
The Prime Minister said the ringgit was once pegged against the dollar for far too long, causing investors and global markets to lose confidence in the country.
“It took a long time to win that back. That was a very heavy cost to the country,” he said at Invest Malaysia here today.
“There were some leading the opposition “whom I’m afraid really don’t understand economics. They talk about us re-pegging the ringgit as though that would be an easy and helpful move.
“The reality is that this would be an unmitigated disaster for our economy and therefore for the prosperity of our people,” he added.
Najib made it very clear that the government would never repeat the measure, “trusting that while there may be short term fluctuations, in the longer term the level of the ringgit would reflect the strength of the Malaysian economy.”
Malaysia had in 1998 under then prime minister Tun Dr Mahathir Mohamad pegged the ringgit at 3.8 to one US dollar during the Asian financial crisis. The peg was removed in 2005.
Najib said the ringgit had appreciated by 10.4 per cent against the dollar last year, and on January 5 this year, it had closed at a 17-month high, breaking the four dollar psychological barrier.
“This rise may have been partially underpinned by the recovery in crude oil prices, but it also indicates positive sentiment among investors and a recognition of Malaysia’s excellent economic and financial fundamentals,” he added.

Monday, 22 January 2018

Malaysia in trade and commerce being before gold imported into the country for a commercial purposes poised to take gold industry.


Malaysia: Malaysia is now poised to take on the world in the gold industry.
Prime Minister Datuk Seri Najib Razak said in the past, Malaysia did not have a gold refinery for commercial purposes within the country.
“Previously, gold had to be melted, refined and manufactured overseas before being imported into the country.
“Now, with the development of our first commercial gold refinery, we have the ability to process gold - from the smelting phase through to refinement - within Malaysia,” he said today.
Najib was speaking at the launch of Demi Idaman Sdn Bhd (DISB) certified gold bars and limited gold and silver coins named ‘Syiling Emas dan Syiling Perak Khas DYMM Sultan Selangor’ held at the Concorde Hotel here today.
A Selangor-based company, DISB is a producer of precious metal hallmark bars, minted coins, wafers and strips, including other customized-related products.
The product launch was graced by the Sultan of Selangor Sultan Sharafuddin Idris Shah, his consort Tengku Permaisuri Selangor Tengku Permaisuri Norashikin, and Raja Muda of Selangor Tengku Amir Shah.
Also present was Najib's wife, Datin Seri Rosmah Mansor.
Najib noted that few metals have been as important in making and shaping society as gold has.
Gold, he said, has been instrumental in trade and commerce, and a source of joy and fascination at the individual level.
He also pointed out that in recent years, gold has been a critical component of technology such as in modern microchip used in cellphones due to it being effective conductors.
“Gold value has long been recognised in Malaysia, with products such as Kijang Emas gold bullion coins and gold dinar coins while the buying and selling of gold takes place not just in traditional shops but also in licensed banks - and more recently, via derivative trading platforms.
“While its price may fluctuate, the underlying confidence that individuals, financial institutions, central banks and even governments have in gold is unlikely to diminish anytime soon.
"That is why it is so important that we continue to encourage the growth of the industry in Malaysia,” he said.
The prime minister said DISB, which is supported by the Malaysian Islamic Economic Development Foundation (Yapeim), would drive Muslim participation and empowerment in the industry.
Inaugurated in March 2010, DISB integrates foundry, refinery and manufacturing into various control production lines under a fully integrated manufacturing concept.
Apart from the precious metal manufacturing, DISB also provides research and development, testing, assaying, and logistic requirements for the industry.
At the same time, Najib highlighted that the nation's economy has beat all expectations, with the World Bank revising Malaysia's output to a very healthy 5.8 per cent over the course of 2017.
International companies are also coming to Malaysia at an unseen before pace, including energy giant Saudi Aramco and HSBC, one of the world's largest banks.
He said these companies had announced plans to invest billions in Malaysia over the years, with many multinational corporations (MNC) following suit.
"This is reflective of the confidence the international community has shown in Malaysia over the past years.
“Institutions such as the World Bank, the International Monetary Fund and many other respected global bodies had commended the government’s prudence in handling the economy, and recognised that its resilience and competitiveness have been built up for the good of the Malaysian people,” he said.

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Friday, 19 January 2018

U.S. output to break through 10 million barrels as expected fall in demand when winter ends. Investors positioning!


SINGAPORE: Oil prices fell on Friday on a bounce-back in U.S. production, but ongoing declines in crude inventories curbed losses in the market.
Brent crude futures were at $68.78 at 0128 GMT, down 53 cents, or 0.8 percent, from their last close. On Monday, they hit their highest since December, 2014 at $70.37 a barrel.
U.S. West Texas Intermediate (WTI) crude futures were at $63.36 a barrel, down 59 cents, or 0.9 percent, from their last settlement. WTI marked a December-2014 peak of $64.89 a barrel on Tuesday.
Traders said the lower prices were prompted by a recovery in U.S. oil production after a recent drop, as well as by an expected fall in demand when winter ends in the northern hemisphere.
U.S. crude oil production stood at 9.75 million barrels per day (bpd) on Jan. 12, data from the Energy Information Administration (EIA) showed.
Output had fallen to 9.49 million barrels at the start of the year, due largely to a cold snap that shut down some production.
Most analysts expect U.S. output to break through 10 million barrels per day soon.
Analysts also pointed to excessive long positions in financial oil markets as a likely brake on any upward momentum in prices, with many traders soon likely to cash in on recent price rises, which saw crude jump by around 14 percent since early December.
"An upcoming soft patch in demand and extreme investors positioning does open up the possibility of some short-term weakness," ANZ bank said.
Overall, however, oil prices remain well supported, and most analysts do not expect steep declines.
The main price driver has been a production cut by a group of major oil producers around the Organization of the Petroleum Exporting Countries (OPEC) and Russia, who started to withhold production in January last year.
The supply cuts by OPEC and its allies, which are scheduled to last throughout 2018, were aimed at tightening the market in order to prop up prices.
In the United States, crude inventories fell 6.9 million barrels in the week to Jan. 12, to 412.65 million barrels.
That's their lowest seasonal level in three years and below the five-year average marker around 420 million barrels. 

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Thursday, 18 January 2018

KL Local bourse would likely stay volatile among heavyweights Maybank & Public Bank slipped; TNB flat; Petronas Chemicals added; Sumatec earned


Malaysia: Bursa Malaysia extended yesterday's gains to open higher today on continued buying interest in selected heavyweights and in line with most regional markets, dealers said.
At 9.10 am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) stood at 1,828.64, up 0.01 of-a-point, from yesterday's close of 1,828.63.It opened 2.61 points higher at 1,824.55.
Overall market breadth was positive with gainers leading losers 197 to 116, while 234 counters were unchanged, 1,285 untraded and 32 others suspended.
Turnover stood at 374.60 million shares worth RM98.52 million.
In a research note today, Maybank Investment Bank Research (Maybank IB) said the local bourse would likely stay volatile today.
“The rally in overnight US markets will lend support to the local bourse, but after rising for the fourth consecutive day, we believe the FBM KLCI is due for a correction. Technically, we expect the benchmark index to trade between 1,820 and 1,835 today. Downside supports are the 1,812 and 1,793 points,” it said.
Among heavyweights, Maybank and Public Bank slipped two sen each to RM9.86 and RM20.86, respectively, TNB was flat at RM15.82, while Petronas Chemicals added two sen to RM8.19.
Of the actives, Sumatec earned half-a-sen to 10.5 sen, UMW O&G eased half-a-sen to 38 sen, while NETX and Perisai Petroleum were flat at five sen and 7.5 sen respectively.
The FBM Emas Index was 5.63 points higher at 13,197.36, the FBMT 100 Index rose 3.50 points to 12,851.87 and the FBM 70 advanced 16.07 points to 16,436.36.
The FBM Emas Shariah Index went up 10.19 points to 13,628.70 and the FBM Ace perked 37.65 points to 6,843.83.
Sector-wise, the Finance Index improved 11.21 points to 17,257.47 and the Plantation Index gained 17.37 points to 8,092.60.But, the Industrial Index shed 1.75 points to 3,336.60.
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Wednesday, 17 January 2018

Bursa Malaysia opened lower also Oil and Gas stocks will take the brunt of the selling as losers leading gainers.


Malaysia: Bursa Malaysia opened lower today on profit taking activities in heavyweights and in line with most regional markets, while tracking the overnight losses on Wall Street, dealers said.
At 9.10 am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) stood at 1,822.73, down 3.30 points, from yesterday's close of 1,826.03.It opened 1.48 points weaker at 1,824.55.
Overall market breadth was slightly negative with losers leading gainers 161 to 155, while 213 counters were unchanged, 1,304 untraded and 22 others suspended.
Turnover stood at 518.35 million shares worth RM107.49 million.
In a research note today, Maybank Investment Bank Research (Maybank IB) said that after rising for three consecutive days, the local benchmark is likely to take a breather soon, mirroring losses in overnight US markets.
“Oil and Gas stocks will take the brunt of the selling following a sharp fall in oil price. Technically, we expect the benchmark index to trade between 1,820 and 1,830 points today. Downside supports are 1,812 and 1,793 points,” it said.
Among heavyweights, Maybank and Petronas Chemicals slipped two sen each to RM9.83 and RM8.17, respectively, TNB was flat at RM15.88, while Public Bank rose four sen to RM20.92.
Of the actives, Xinghe rose 1.5 sen to 7.5 sen, Globaltec earned half-a-sen to 6.5 sen, while Sumatec shed 1.5 sen to 10.5 sen and Perisai Petroleum fell two sen to seven sen.
The FBM Emas Index was 18.79 points lower at 13,169.25, the FBMT 100 Index slipped 18.37 points to 12,817.45 and the FBM 70 declined 7.34 points to 16,416.09.
The FBM Emas Shariah Index fell 12.77 points to 13,627.66, but the FBM Ace perked 62.07 points to 6,842.83.
Sector-wise, the Finance Index shed 41.24 points to 17,149.56, the Plantation Index dipped 8.18 points to 8,087.50, while the Industrial Index was up 19.03 points to 3,375.45.
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