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Thursday, 30 November 2017

#higher-interest-rate; Malaysia’s investors already riding the wave of a robust global demand.

Malaysia: The ringgit opened marginally lower against the US dollar today, weighed down by the decline in the oil prices, dealers said.

At 9 am, the local unit was traded at 4.0840/0890 against the US dollar from 4.0800/0830 on Wednesday.

OANDA Head of Trading Asia-Pacific, Stephen Innes, said despite the lower oil prices, the foreign exchange (FX) market should continue to express its bullish Asia FX views through the ringgit which rallied again yesterday pushing through a 52-week high.

"The unexpected arrival of interest rate normalisation is taking hold of the sentiment. And with Malaysia's investors already riding the wave of a robust global demand, the higher interest rate scenario is adding to the ringgit's appeal.

"Since the market has still not fully priced in a January rate increase nor the real prospects of a follow-up interest rate rise the second or third quarter, the rally could extend well into year-end as traders set sights on the critical 4.00 level for the ringgit against the US dollar," said Innes.

Against a basket of major currencies, the local note was mixed.

It rose against the Singapore dollar to 3.0317/0361 from 3.0330/0364 on Wednesday and increased against the yen to 3.6458/6512 from 3.6598/6629 yesterday.

The ringgit fell against the British pound to 5.4795/4874 from 5.4660/4716 yesterday and against the euro, it eased to 4.8416/8487 from 4.8409/8461 on Wednesday.

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Wednesday, 29 November 2017

#Ease-up-on-bank-regulations, #Investors-were-becoming-desensitised, #BNM-interest-rate-increase; Ringgit opened lower

Malaysia: The ringgit opened marginally lower against the US dollar today after rallying yesterday in tandem with regional peers.

At 9 am, the local unit ended at 4.1025/1065 against the greenback from 4.1010/1050 on Tuesday.

OANDA Head of Trading Asia-Pacific Stephen Innes said the US Federal Reserve chair nominee Jerome Powell's dovish tone on considering to ease up on bank regulations, augured well for the ringgit.

Meanwhile, he said investors were becoming desensitised to North Korea missile tests, lending support to the regional currency as well.

"But if there is an unexpected political breakthrough on the North Korean issue, it will be all aboard to the Asia currency train," said Innes.

On the home front, he said the market still has not fully priced in the prospects of Bank Negara Malaysia's interest rate increase in January.

"Not to mention cheap equity valuations which should continue to support the local currency," he said.

Meanwhile, against a basket of major currencies, the local note was traded mostly higher.

The ringgit firmed up against the Singapore dollar to 3.0481/0523 from 3.0493/0527 on Tuesday and appreciated vis-a-vis the yen to 3.6738/6783 from 3.6866/6906 yesterday.

The local note strengthened against the euro to 4.8602/8654 from 4.8761/8825 yesterday but fell against the British pound to 5.4797/4867 from 5.4556/4621 on Tuesday.

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Tuesday, 28 November 2017

14 #Stocks across the two indexes are involved in the rebalancing exercise. #Nestle #Petron-Malaysia #George-Kent #SP-Setia & more...

Malaysia: Investors can embrace for a significant increase in trading activities on Bursa Malaysia on Thursday.

MIDF Research said there are two key events that will have a significant impact to the trading behaviour of investors that day.

They are the MSCI Equity Indexes November 2017 review (or rebalancing exercise) and the demerged Sime Darby Bhd will resume trading.

MIDF Research said MSCI Inc is set to release the outcome of semi-annual index review for all the MSCI Equity Indexes.

The relevant changes to the constituents in MSCI Global Standard Index and MSCI Global Small Cap Index will be effective as of the close of November 30.

A total of 14 stocks across the two indexes are involved in the rebalancing exercise.

The affected stocks that will be either added or removed include Nestle (M) Bhd, Press Metal Bhd, SP Setia Bhd, Eco World International Bhd, George Kent (M) Bhd, Petron Malaysia Bhd and Media Prima Bhd.

The firm said the MSCI rebalancing exercises had in the past resulted in significant higher trading activities, both in volume and value.

"The need for fund managers, especially the ETFs (exchange-traded funds) which benchmarked MSCI indices, to replicate the index constituents while minimising the tracking errors, would result in significant trading activities on the rebalancing day.

"We expect volume and value traded to be higher this week as evidenced by the previous rebalancing exercises in May 2016, November 2016 and May2017," it explained.

MIDF Research said trading of Sime Darby shares was suspended from Nov 27 to 29 in view of its split off from Sime Darby Plantation Bhd and Sime Darby Property Bhd.

The reference price for Sime Darby Plantation is RM5.59. This is followed by Sime Darby Property at RM1.50 and lastly, Sime Darby at RM1.85.

"On November 30, Sime Darby pure play strategy will complete with all three companies to be traded on Bursa," the firm said.

MIDF Research said Bursa's key FBMKLCI will have 32 members at the start of trading on Thursday, before the two lowest-ranked companies by market capitalisationbeing removed from the index at the close of trading day.

The two companies will be demoted to the FTSE Bursa Malaysia Mid 70 Index.

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Monday, 27 November 2017

#Robust demand and positive external factors. #Ringgit opened higher.

Malaysia: The ringgit opened higher against the US dollar this morning thanks to robust demand and positive external factors.

At 9am, the local unit was at 4.1130/1170 against the greenback, from 4.1155/1185 last Friday.

Against a basket of other major currencies, the ringgit was traded mostly higher.

The local currency increased against the Singapore dollar to 3.0539/0578 from 3.0553/0584 last Friday, and gained vis-a-vis the yen to 3.6858/6901 from 3.6927/6964 previously.

It rose against the British pound to 5.4781/4851 from 5.4839/4895 on Friday, but weakened against the euro to 4.9002/9062 from 4.8835/8887 previously.

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Friday, 24 November 2017

#Ringgit and #Crude-oil-prices should lift local sentiment; local market should recover

Malaysia: Bursa Malaysia opened lower today on mild selling activity but the near-term outlook remained positive, dealers said.

At 9.05 am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) was 2.08 points lower at 1,719.19 from Thursday's close of 1,721.27.

The index opened 1.22 points easier at 1,720.05.

A dealer said the strengthening ringgit and crude oil prices should lift local sentiment in the near-term.

"Hence the local market should recover further on cautious bargain hunting and rotational play," he added.

On the scoreboard, the FBM Emas Index was 10.67 points easier at 12,421.8, FBMT 100 Index erased 10.659 points to 12,077.4 and the FBM Emas Shariah Index edged down 3.011 points to 12,889.02.

The FBM 70 climbed 0.931 of-a-point to 15,445.36 and the FBM Ace was 2.93 points better at 6,433.92.

Sector-wise, the Finance Index improved 13.84 points to 16,001.34, the Plantation Index gained 2.62 points to 7,949.21 and the Industrial Index was 7.72 points higher at 3,138.44.

On the broader market, gainers led losers by 147 to 120 while 154 counters remained unchanged with 1,465 untraded and 41 others were suspended.

Turnover stood at 114.95 million shares worth RM64.67 million.

Among heavyweights, Maybank and Sime Darby added one sen each to RM9.22 and RM8.94, respectively, and Petronas Chemicals perked five sen to RM7.35.

TNB lost eight sen to RM14.76 and Public Bank shed four sen to RM20.28.

Among actives, AirAsia X lost 2.5 sen to 35.5 sen and PUC slipped half-a-sen to 20.5 sen.

Malaysia Steel rose 20 sen to RM1.52 and Green Packet climbed half-a-sen to 44 sen.

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Thursday, 23 November 2017

Front runner in the financial technology; #Digital-currencies #Change-the-banking-system #Fintech #Cryptocurrency

Japan: Financial technology is fast revolutionising the banking industry but digital currencies will not replace physical money any time soon, a senior Bank of Japan (BOJ) official said on Wednesday.

"It's too far off," Hiromi Yamaoka, head of the BOJ's payment and settlement systems department, said on the sidelines of a forum on financial innovation hosted by Thomson Reuters.

"It would change the banking system too drastically."

Japan has become a front runner in the financial technology (fintech) industry, with the government this year having recognised bitcoin as legal tender and approved several companies as operators of cryptocurrency exchanges.

The BOJ last year set up a section in charge of fintech to offer guidance to banks seeking new business opportunities, and joined up with the European Central Bank to study distributed ledger technology (DLT) like blockchain.

But the BOJ and ECB said in September they had judged that blockchain – which is best known as the system underpinning bitcoin — was not mature enough to power the world’s biggest payment systems.

"From a practical perspective, I think this is still 'under construction'," Yamaoka told the forum, referring to blockchain and DLT technology.

He said the hype surrounding initial coin offerings was "quite tremendous".

Blockchain is a public online ledger of transactions maintained by a network of computers on the internet.

Financial firms hope the nascent technology can reduce the cost and complexity of burdensome processes such as international payments and securities settlement.

Banks are also using fintech in other ways to make their financial services more efficient, including smartphone apps and artificial intelligence for advisory services.

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Wednesday, 22 November 2017

Heightened #investor confidence in the currency’s fundamentals. #economic-growth spillover by 6.2 per cent.

Malaysia: The ringgit soared against the US dollar this morning as demand for the local note intensified with heightened investor confidence in the currency's fundamentals.

Dealers attribute the increased demand to positive spillover from Malaysia's 6.2 per cent economic growth in the third quarter of this year, and the dollar's subdued performance.

At 9am, the local unit was traded 120 basis points higher at 4.1260/1290 against the greenback from Tuesday's close of 4.1380/1420.

The ringgit also traded higher against a basket of major currencies.

The local unit appreciated against the Singapore dollar to 3.0475/0504 from 3.0525/0568 on Tuesday, and increased against the yen to 3.6741/6771 from 3.6805/6844 yesterday.

It improved versus the euro to 4.8435/8483 from 4.8526/8586, and rose against the British pound to 5.4653/4705 from Tuesday's 5.4779/4836.

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Tuesday, 21 November 2017

#BURSA Sector-wise; the #Industrial-Index higher #Finance-Index improved #Plantation-Index lost points.

Malaysia: Share prices on Bursa Malaysia rebounded to open higher, after yesterday's losses, on renewed buying interest, dealers said.

At 9.05 am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) was 1.59 points firmer at 1,719.95 from Monday's close of 1,718.36.

The index opened 0.47 of-a-point stronger at 1,718.83.

One dealer said the uptrend may be short-lived amid uncertainties over US tax reforms and geopolitical tensions in the Middle East.

"Towards the downside, we keep our immediate support level at the 1,700 points psychological level while towards the upside, the immediate resistance is detected at the 1,717 points level ," he added.

On the scoreboard, the FBM Emas Index was 12.72 points firmer at 12,395.38, FBMT 100 Index advanced 14.11 points to 12,048.73 and FBM Emas Shariah Index perked 15.54 points to 12,846.47.

The FBM 70 climbed 28.73 points to 15,282.99 and the FBM Ace was 11.02 points better at 6,419.18.

Sector-wise, the Industrial Index was 3.61 points higher at 3,147.58, the Finance Index improved 0.55 of-a-point to 15,975.81 but the Plantation Index lost 0.34 of-a-point to 7,888.29.

On the broader market, gainers led losers 118 to 86 while 173 counters remained unchanged with 1,507 untraded and 20 others were suspended.

Turnover stood at 72 million shares worth RM25.61 million.

Among heavyweights, TNB perked six sen to RM14.88 and Sime Darby added three sen to RM9.02.

Maybank, Public Bank and Petronas Chemicals were all flat at RM9.21, RM20.32 and RM7.28, respectively.

Among actives, Nova MSC gained one sen to 11 sen and Green Packet earned half-a-sen to 43.5 sen respectively.

Palette Multimedia lost 1.5 sen to 29 sen and CME Group eased half-a-sen to 4.5 sen while Hubline was flat at 12.5 sen.

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