Short-term outflows of foreign currency; reflecting the management of ringgit #liquidity in the Financial system.

Malaysia: Bank Negara Malaysia's reserve assets amounted to US$101.2 billion as at end-September this year.

Other foreign currency assets amounted to US$1.82 billion, the central bank said today.

Bank Negara said for the next 12 months, the pre-determined short-term outflows of foreign currency loans arising from scheduled repayment of external borrowings by the Government would amount to US$251.0 million.

The short forward positions, meanwhile, amounted to US$12.28 billion, reflecting the management of ringgit liquidity in the financial system.

"In line with the practice adopted since April 2006, the data excludes projected foreign currency inflows arising from interest income and the drawdown of project loans amounting to US$2.46 billion in the next 12 months.”

Bank Negara added that the only contingent short-term net drain on foreign currency assets are Government guarantees of foreign debt due within one year, amounting to US$183.2 million.

There are no foreign currency loans with embedded options, no undrawn, unconditional credit lines provided by or to other central banks, international organisations, banks and other financial institutions.

It also said it did not deal in foreign currency options vis-a-vis the ringgit.

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MIA has and will continue to work; to increase the number of Bumiputera accountants in Malaysia.

Malaysia: The Malaysian Institute of Accountants (MIA) has welcomed the numerous programmes and incentives focused on the development of micro entrepreneurs, following the recent announcement of the Budget 2018.

MIA said the government's efforts would spur the country towards achieving the status of a high-income nation towards sustainable economic growth and societal well-being in Malaysia

The programmes include an allocation of RM500 million to Tabung Ekonomi Kumpulan Usahawan Niaga (TEKUN) and RM80 million to the Skim Pembiayaan Ekonomi Desa (SPED).

MIA chief executive officer Dr Nurmazilah Mahzan said these programmes and additional funds allocated to the development of micro entrepreneurs are expected to boost the further development and growth of entrepreneurship in the future.

"Nevertheless, micro enterprises generally lack in-house expertise and suffer from human resource deficiency. Various studies found that small business enterprises' growth is influenced by management abilities such as finance, marketing, human resource, and operations management," she said in a statement.

Nurmazilah noted financial mismanagement as one of the key contributors to small enterprises' failure, which can impact enterprise performance.

She said it is important to put start-ups and business advisors in touch with financial management at an early stage to bridge the skill and knowledge gap.

"Accountants can play an important role as trusted business partners by providing financial management and relevant business support," she said, adding that contributions by accountants can benefit small businesses throughout various phases.

She pointed out the goal is not just improving the financial capability of business owners, but also increasing business formalisation and professionalism among small businesses, to generate a more resilient economic growth.

Nurmazilah added the growth prospects arising from the implementation of various economic programmes and activities would increase the demand for qualified accountants.

MIA also commended the government's effort to encourage women who have been on a career break to return to the workforce.

"The announcement on the tax incentive for women returning to work after their two-year hiatus would encourage more female accountants to contribute to the accountancy profession and the economy," it said.

The national accountancy body said the government's allocation of RM90 million to the Program Peneraju Professional, Skil dan Tunas.

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Malaysia Election-Friendly Budget? #Faster-Growth #Budget-Deficit #Digital-Economy #Infrastructure

Stronger economic growth and rising oil prices mean higher tax revenue, which Najib is expected to use to boost cash handouts and wages for government workers next year, helping to shore up his support with voters without compromising fiscal targets. Investors are watching for clues on the timing of the election, which must be held by August next year.

Najib said on Thursday the 2018 budget deficit will be slightly lower than this year's 3 percent of gross domestic product. Analysts expect him to strike a populist tone, tackling issues such as the rising cost of living and homes for Malaysians.

The budget will probably "be expansionary, meaning I think the government will increase the expenditure and I think it will be pro-growth," said Julia Goh, an economist at United Overseas Bank Ltd. in Kuala Lumpur. "They will balance the populist measures against long-term targets such as ensuring sustainable growth and reducing the fiscal deficit."

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Changes in the US Federal Reserve’s leadership, #Investors' sentiment towards emerging market.

Malaysia: The ringgit rebounded from yesterday's losses to open higher against the US dollar today over speculation on changes in the US Federal Reserve's leadership.

At 9am, the local unit was traded at 4.2310/2340 versus the greenback, from Wednesday's close of 4.2340/2370.

A dealer said concerns over the new Fed Chair appointment had shifted investors' sentiment towards emerging market currencies. However, he noted that some investors are staying on the sidelines for fresh leads ahead of the 2018 Budget, which will be tabled at the Dewan Rakyat tomorrow.

The ringgit was traded lower against other major currencies.

It fell against the Singapore dollar to 3.1101/1130 from 3.1055/1079 yesterday, and weakened against the yen at 3.7228/7265 from yesterday's close of 3.7069/7105. The local note slipped against the British pound to 5.6128/6181 from 5.5902/5962 on Wednesday, and was lower against the euro at 5.0002/0042 from 4.9817/9869 yesterday.

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Global #equities continued to rally, downside risk worth RM70.94 million.

Malaysia: Bursa Malaysia opened marginally higher, tracking the mixed performance of its Asian peers, dealers said.

At 9.16 am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) was 0.95 of a point higher at 1,737.09 from Tuesday's close of 1,736.14.

The index opened 0.89 of-a-point better at 1,737.03

On the broader market, gainers led losers by 169 to 108, while 211 counters remained unchanged with 1,364 untraded and 18 others were suspended.

Turnover stood at 220.46 million shares worth RM70.94 million.

In a note today, Maybank Investment Bank said as global equities continued to rally, downside risk for FBM KLCI remained limited.

"The 2018 Budget will be unveiled on Friday and this will boost the local stock market. Technically, we expect FBM KLCI to trade between 1,729 and 1,740 today with downside support at 1,729 and 1,718 level," it said.

Among heavyweights, TNB and Public Bank added two sen each to RM14.32 and RM20.46 respectively, Petronas Chemicals bagged three sen to RM7.51, Sime Darby shed three sen to RM9.08 while Maybank was flat at RM9.25.

Of actives, UMW Oil & Gas added one sen to 28.5 sen, Trive Property and D.B.E Gurney edged up half-a-sen each to 18.sen and 3.5 sen, respectively, UMW Oil &Gas warrant gained 11 sen to 11.5 sen and NetX Holdings was flat at 5.5 sen.

The FBM Emas Index improved 10.43 points to 12,476.43, the FBMT100 Index was 8.67 points firmer at 12,117.21 and the FBM Emas Shariah Index rose 10.33 points to 12,840.74.

The FBM 70 accumulated 18.41 points to 15,178.78 and the FBM Ace bagged 1.51 points to 6,886.68.

Sector-wise, the Plantation Index was 21.36 points higher at 7,948.26, the Industrial Index shed 1.60 points to 3,198.58 and the Finance Index slipped 2.04 points to 16,255.67.

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2018 Budget will be a catalyst for Investors. #Infrastructure-projects #Firm-export #Consumer-spending #Domestic-consumption #Investor-sentiment

Malaysia: The 2018 Budget, which will be unveiled on Friday, is expected to provide an impetus for Bursa Malaysia to hit the 1,830 to 1,850 level by the year-end, analysts said.

They said investor interest should return to the local stock exchange as more infrastructure projects and incentives can be expected under next year's national budget.

Online equity broker Rakuten Trade head of research Kenny Yee said there will be some interest coming back to the market. Interest will also be fuelled by the local stocks' overall attractive valuation and cheaper ringgit.

"The market is currently rather oversold and will induce more buying activities. I believe the budget will be a catalyst for investors to come in, following the anticipation of more projects to be given out," Yee told NST Business yesterday.

The budget will also focus more on affordable housing and cost of living issues, he said, maintaining Rakuten Trade's FTSE Bursa Malaysia KLCI (FBM KLCI) target of 1,850 points by the year-end.

The key index yesterday finished slightly higher, in line with the firmer regional markets which were driven by strong external factors.

After opening 1.64 points higher at 1,742.29, the FBM KLCI moved between 1,741.38 and 1,744.86 before settling 0.047 per cent higher at 1,741.47 over last Friday's close of 1,740.65.

The FBM KLCI index has added about six per cent so far this year compared with the more than 20 per cent gain by the MSCI Asia-Pacific index.

Sunway University Business School economics professor Dr Yeah Kim Leng said the budget is likely to have a positive spillover effect on Bursa in view of supportive economic growth to boost consumer spending and investor sentiment.

"Investors may feel more confident to invest in anticipation of rising stock prices due to better business performance. We are also looking at a friendly budget that will likely sustain consumers' spending and enhance investors' sentiment," he said when contacted.

Yeah said Malaysia's economy is likely to sustain next year due to higher expected growth and government revenue this year. Thus, the government can be expected to spend more.

"Of course, the government still has to spend within its fiscal deficit target of between 2.8 per cent and 2.9 per cent under the 2018 Budget to maintain investors' confidence and avoid overspending," he added.

Alliance DBS Research head of research Bernard Ching said the budget will likely be friendlier to investors and consumers in view of the upcoming general election.

Ching also said the FBM KLCI will be driven by earnings as long as there is a rebound in domestic consumption and firm export.

MIDF head of research Mohd Redza Abdul Rahman said the FBM KLCI could hit 1,830.

Reza said investors had previously taken a step back, waiting for the two big announcements – the 2018 Budget and mid-term review of the 11th Malaysia Plan.

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#BURSA Sector-wise, the #Plantation-Index was up #Finance-Index improved #Industrial-Index better

Malaysia: Bursa Malaysia opened higher today, taking the cue from the better performance on Wall Street on Friday amid firmer crude oil prices, a dealer said.

At 9.05 am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) was 1.91 points higher at 1,742.56 from last Friday's close of 1,740.65.

The index opened 1.64 points higher at 1,742.29 at 9 am.

Gainers led losers by 144 to 71 while 217 counters remained unchanged with 1,419 untraded and 19 others were suspended.

Turnover stood at 184.22 million shares worth RM46.79 million.

The dealer said the key index was in line with Friday's gains on the Wall Street following stronger expectations on US President Donald Trump's tax-cut decision.

Meanwhile, he said, the local bourse was also supported by the increase in the crude oil prices due to the news reported on Saudi Arabia and Iraq's plans to reduce the crude oil supply.

The overnight benchmark Brent crude oil futures went up 0.16 per cent to US$57.84 (US$1 = RM4.22) per barrel while the US West Texas Intermediate crude oil futures were 0.37 per cent higher at US$52.03 per barrel.

Among heavyweights, Public Bank and Petronas Chemicals rose two sen each to RM20.48 and RM7.56, respectively, Sime Darby increased four sen to RM9.10 while Maybank fell a sen to RM9.28 and Tenaga was four sen lower at RM14.28.

Of the actives, Hubline lost half-a-sen to 18.5 sen, Trive Property and its warrant ticked up 1.5 sen and half-a-sen to 26 sen and 6.5 sen, respectively while DBE and Sterling Progress were flat at three sen and 17 sen, respectively.

The FBM Emas Index was 15.40 points firmer at 12,529.19, FBMT 100 Index gained 17.39 points to 12,173.18, FBM Emas Shariah Index added 13.18 points to 12,868.42, FBM Ace rose 8.85 points to 6,958.22 and the FBM 70 advanced 37.08 points to 15,315.26.

Sector-wise, the Plantation Index was up 20.32 points at 7,942.91, Finance Index improved 14.60 points to 16,310.70 and the Industrial Index was 5.03 points better at 3,195.26.

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