The latest set of government measures to cool the property market will not affect genuine buyers and are intended to develop a “sustainable” market, said Mrs. Lim Hwee Hua, the Second Minister for Finance and Transport.
Malaysian crude palm oil futures hit three-week highs yesterday as traders bet on a recovery in exports this month even as news of China buying rival soyaoil prompted some pullback.
Shares of Singapore-listed Chinese sportswear maker China Hongxing surged as much as 10.8% yesterday.
China Essence Group’s (CEG) plans to refinance its US$50m loan with DBS Bank have been delayed due to ‘ongoing unfavourable macroeconomic conditions and tightened bank internal controls’.
Faced with cost overruns in overseas projects, Zelan has shifted its focus to local jobs with concessions such as the Gombak Integrated Transport Terminal (GITT), director Datuk Hasni Harun said.
RH Petrogas, the oil-and-gas exploration and production company has entered sales and purchase agreement to acquire two subsidiaries – Lundin Salawati Basin (LSB) and Lundin Indonesia BV (LIB) of Lundin Petroleum, a Swedish oil-and-gas exploration and production company that is listed on the Nordic Exchange for US$37.1m.
Malaysia’s ringgit climbed to the strongest level in 13 years as better-than-expected growth in US employment brightened the outlook for exports to the world’s biggest economy.
Sunchirin Industries intends to buy up to 4.8ha of land to build a new plant to expand in anticipation of higher demand for automotive components.
Golden Agri-Resources (GAR)’s supplementary Golden VerOleum (GVL), and The Government of Liberia have announced a partnership for the cultivation of sustainable palm oil by the company and by Liberian smallholders and farmers, mill processing and value-added manufacturing.
Shares of Super Group (Super) rose as much as 7.9% to over a two-year high of $1.03 on 3 Sep after it announced the pricing of its Taiwan depository receipts (TDR).
OSK Research believes a major mass housing boom will likely occur in the 1H of 2010-2020.
Petroliam Nasional (Petronas) will acquire BP’s 15% and 60% interests in Ethylene Malaysia (EMSB) and Polyethylene Malaysia (PEMSB) respectively for US$363m (RM1.14b).
United Fiber System (UniFiber) has proposed to raise $178m through the issue of subscription shares to Falcon Capital Global Holding (Falcon) at an issue price of $0.05 apiece.
Ezra Holdings (Ezra) is proposing a 1-for-5 rights issue to raise about $155.3m in gross proceeds.
Bank Negara Malaysia is likely to keep borrowing costs unchanged when its monetary policy committee meets tomorrow for the second last time for this year.
Yangzijiang Shipbuilding (Hldgs) has entered into 28 shipbuilding contracts with a total value of about US$915m since July 1.
Amtek Holdings says it is confident of being profitable again for the financial year ending 30 Jun-11, after several years of losses.
Guocoland returned to the black, posted a FY10 net profit of $134.3m, reversing the $70.2m net loss in the previous year, mainly due to recognition of profit from strong sales in China, where its Ascot Park, a 1,112 unit development in Nanjing, had been fully sold.
China is one of IOI Corp’s top five palm oil markets and the largest vegetable oil consumer in the world.
Strong resistance (R1) is detected at 0.62 for Golden Agri , the stock has touch 0.62 in mid Jan, mid Apr and recently early Aug. Support is detected at 0.50. This was a previous resistance in May and Jun last year. In the beginning of 2010 the 0.50 level was broken decisively, to reach its next resistance at 0.62.
Where is our stock market heading? Can the market go any higher? Are stocks now overvalued? Will there be a double-dip? What stocks can I buy now? These are but some of the more frequently heard questions that are buzzing around our stock investing community recently.
As charts are highly useful in the stock market, I’d like to share a basic chart reading system I use which has aided me. This is called a traffic light trading system
Today the Dow fell bellow 10,000, due to a weak regional manufacturing report released this morning.
Europe’s debt crisis is an opportunity for Malaysia to lure more European investments.
The Dow lost its grip on 10,000, ending near session lows on Thursday as trading was light and investors braced for two events on Friday: the latest reading on second-quarter GDP and a speech by Fed Chairman Ben Bernanke.
The Dow Jones Industrial Average gained 0.2% to close at 10,060.06, snapping a four-day losing streak after a late rally as investors speculated that recent declines in equities overshot the potential damage from a slowdown in the economy.
RAM Holdings has revised upwards its growth outlook for the Malaysian economy from 4.9% to 7.4% this year.
SINOMEM TECHNOLOGY Ltd (SGX: SINO/S14) believes it is in the perfect position to have several breakout years, NextInsight learns in an interview, after the firm posted a 51% jump in first half net profit to 16.2 mln sgd.
making pennies from selling each packet of instant noodles and snack noodles may seem like a hard way to make good money, but ConscienceFood has reaped S$7.4 million in net profit in 1H this year.
The Dow Jones Industrial Average lost 1.3% to 10,040.45, after a dismal report showing home sales plunged 27.2% in July stoked worries about the economic recovery.
Recent moves to allow the ringgit to be used more widely for trade settlement will bolster Malaysia’s trade with major Asian trading partners, Bank Negara Malaysia (BNM) said yesterday.
The global financial crisis and the effects on the economies of Europe are so large a concern among regulators in the continent, that they conducted tests on 91 European Union banks recently.
Malaysians have long benefited from subsidies for a long list of items ranging from fuel, liquefied petroleum gas (LPG), sugar and flour amongst others. As a result, citizens of this country always enjoyed the cheapest prices for essential items in South East Asia. This looked like it was about to change in mid-July when Prime Minister Datuk Seri Najib Razak announced that prices of sugar, LPG tanks and fuel at gas pumps will see their subsidies reduced.
You are a long term investor, or are considering diversifying by adding some longer term investments to your portfolio. Where to start? What to do? And the all important: what to buy?
The Malaysian equity market started off the month of July with a temporary drop in the first week of July before staging an upward trend over the next two weeks. Despite optimism arising from China’s de-pegging of yuan from USD which could help increase competitiveness of exports from developed economies coupled with improving China’s purchasing power, the optimism quickly faded towards the end of June amid renewed concerns on the health of the global economic recovery, driven by weak housing figures in the US in addition to austerity measures announced in various countries which could hurt the fragile economic recovery.
Despite negative news of recalls in Japan and South Korea, the Malaysian auto industry continued to grow healthy. Year on year growth was seen positive as at May 2010. Total industry vehicles (TIV) grew by a strong 16% y-o-y to 50,800 units in May 2010. This came on the back of a low base in 2009, which was affected by the global financial crisis.
CIMB Group will spend RM1.1b over the next five years to implement a unified banking platform.
Wilmar International (Wilmar), the world’s No.1 listed palm oil firm, said it will buy an Indonesian sugar refinery and a Singapore sugar trading firm, Windsor & Brook Trading to complement the development of plantations in Papua.
Although it has been claimed that Selangor would have a state wide water shortage by 2014, this was disputed by the state’s Menteri Besar, Tan Sri Khalid Ibrahim recently.
To outperform the S&P500 in a single year is by no means an easy feat. To do it for 15 consecutive years is definitely mind-boggling. But this was exactly what Bill Miller’s Legg Mason Capital Management Value Trust had achieved from 1991 to 2005.
The Dow Jones Industrial Average ended down 0.9% to 10,213.62 as a jump in jobless claims and an unexpected slump in Philadelphia-area manufacturing suggested a rebound in corporate profit growth won’t be sustained.
Hopetech, a company that provides revenue collection systems for highway tolls, is eyeing to list on the local stock exchange some time next year as it seeks for new funds to fuel expansion plans.
The Dow Jones Industrial Average ended down 1.4% to 10,271.21 after falling sharply most of the day, accelerated by a weak report on manufacturing out of the Mid-Atlantic region.
YTL Corp saw its 4Q profit for the financial year ended 30 Jun-10 jump two-and-a-half times to RM118.25m from a year ago.
US stocks gained on Aug 18 as a strong showing by retailers offset the impact of high oil inventories that’s weighed on major energy stocks.
Budget carrier AirAsia posted a 43% growth in its second quarter net profit of RM198.93m, mainly due to a deferred tax credit recognition of RM58.7m.
The Dow Jones Industrial Average ended 1.01% higher, closing at 10,405.85, ending a 5-day losing streak, on the back of encouraging economic data and positive quarterly earnings from retail giant Wal-Mart and home improvement chain Home Depot.
The Malaysian economy, which enjoyed a spectacular performance in the first three months of 2010, is expected to ease in the second quarter.
Stocks ended a quiet trading session largely flat, with the Dow closing with a slight loss on Aug 16.
Bank Negara is likely to keep the country’s benchmark overnight policy rate (OPR) at 2.75% when its monetary policy committee meets on 2 Sep-10, as focus shifts to stimulating economic activities rather than price pressures.
Stocks fell sharply last week after a sluggish day of trading marked by thin volume.
The private sector plays a vital role in driving the innovation, creativity and investment needed to boost Malaysia’s global competitiveness to become a high-income nation.
As we look at the remaining half of the year, we wonder will Yangzijiang continue to rally, which began in Mar 2009.
Stocks closed lower on Aug 12, continuing a losing streak amid light volume and continued worries over the state of the economy.
Bank Negara Malaysia has given the nod for Prudential Holdings to begin talks to buy a stake in insurer Pacific & Orient, a source with direct knowledge of the deal said on 12 Jun-10.
The Dow Jones Industrial Average fell 2.5% to 10,378.83 as investors lost confidence in the global economic recovery following the Federal Reserve’s grimmer outlook and softening growth in China.
Malaysia must act now to address the shrinking inflow of foreign direct investment (FDI) before its position as an investment destination deteriorates further, says CIMB Investment Bank.
The Dow Jones Industrial Average fell 0.5% to 10,644.25, after being down nearly 150 points earlier, after the Federal Reserve said it plans to buy government debt in an effort to buoy the economy.
Malaysia’s total trade, which dipped to below the RM1t level last year, is set to chalk up export and import receipts over the RM1t mark this year, riding on the recovering global economy.
Olam International (Olam) has issued US$250m ($337m) in unsecured bonds, the leading global, integrated supply chain manager of agricultural products and food ingredients said in a statement on the Singapore Exchange.
Malaysia’s factory output as measured by the Industrial Production Index (IPI) is seen moderating over 2H10 after registering stronger growth in 1H10.
Singapore sovereign wealth fund Government of Singapore Investment Corporation (GIC) has added three banks as joint bookrunners for the upcoming IPO of its logistics unit that could raise as much as US$3b.
Branded items ranging from designer fashions, sportswear, children’s wear, shoes, fashion accessories and jewelry will be offered at 25 to 65% off regular retail prices at Genting Plantations’s premium outlet in Kulaijaya, Johor.
Electronic commerce (e-commerce) revenue in the country is projected to grow 32% to US$29.24b (RM92.7b) this year, bolstered by the increase in online transactions in the aviation, travel and financial sectors.
The Dow Jones Industrial Average rose 0.4%, to close at 10,680.43, while the S&P 500 gained 0.6% to close at 1,127.24, as encouraging reports on jobs and the services sector fueled hopes for a recovery.
Stocks retreated on 3 Aug-10, led by consumer discretionary and materials, amid disappointment in the latest round of earnings and economic reports.
Government investment arm Khazanah Nasional has issued the largest and longest-term sukuk in Singapore of $1.5b (RM3.5b).
The Dow Jones Industrial Average gained 2% as all 30 Dow components finished higher, after a better-than-expected manufacturing reading and some strong bank earnings out of Europe.
Exports will continue to grow at a double-digit pace in June, but economists have warned that a soft global economy means there will be less demand for Malaysian goods in the coming months.
Malaysia Airlines (MAS) is looking at possibly parking the two A330-200 freighters due for delivery next year in air cargo arm Malaysia Airlines Cargo’s (MASkargo) balance sheet.
Stocks ended relatively flat on 30 Jul-10 after a disappointing GDP report but the Dow logged its best month in a year, rising more than 7%.
Wilmar International, owned by Malaysia’s richest man Robert Kuok, was recently accused by Indonesia for illegally receiving large sums of tax refunds.
The 10th Malaysia Plan is the first half of a grand master plan to transform our economy and see us become a high-income nation by 2020.
In the 12 years that the President of Bank Negara, Tan Sri Dr Zeti, has been in office, his neutrality has been questioned by the public only twice.
It has been more than two weeks since the 10th Malaysia Plan was unveiled, and the nation is still abuzz about this grand plan, which constitutes the first half of the New Economy Model, that will steer our country through the next 10 years.
NOL hit a high of 6.40 on Jul 2007, followed by a double bottom low at 1.00 in Mar 2009.
Singapore Shipping Corporation (SSC) recorded a 66% dive in net profit to $450,000 for the first quarter ended June 30 despite a surge in revenue.
Talam Corp, once the country’s largest builder of low- and low-medium-cost houses, plans to launch properties worth as much as RM1b once its restructuring exercise is completed.
The Dow Jones Industrial Average fell 0.4%, after orders for durable goods suffered the biggest drop in almost a year in June, on weaker demand for airplanes and electronic goods.
Travel services company Reliance Pacific is planning to tap into the Indonesian travel market after opening an additional five franchise outlets in Malaysia by the end of the year.
SOME INVESTORS take leave from work in order to attend AGMs where, instead of gorging on the food served after the event
The Dow Jones Industrial Average rose 0.1% to close at a 2-month high, pulling off its fourth-straight gain, built on solid company earnings.
The government is sensitive to the plight of Malaysians and encouraging results are beginning to trickle in due to the Government Transformation Programme (GTP).
Raffles Medical registered a 20.3% rise in its 2Q10 earnings, mainly contributed by improvement in operating efficiencies, recruitment of more specialists, higher patient loads, and a wider range of clinical services and medical specialties.
While it is increasingly important for Malaysian companies to venture beyond the country’s geographical boundary and to tap new trade and investment opportunities, the importance of domestic firms investing locally before expanding overseas had been stressed by Malaysian Industrial Development Authority (Mida).
CIMB Bank and CIMB Investment Bank have been named Malaysia’s Best Bank and Malaysia’s Best Investment Bank respectively by Euromoney at the recent Euromoney Awards for Excellence 2010.
The Dow Jones Industrial Average gained 1% on Friday, led by industrials, after better-than-estimated earnings from companies lifted confidence the economy is recovering.
Technology counters on KLSE have been performing spectacularly well during the global economic recovery
The market news in the month of June was largely dominated by the odd happenings in the Kenmark saga. It started with the sudden disappearance of the company’s Taiwanese managing director and his re-appearance days later saying he was taken ill.
Gamuda Berhad can look forward to positive earnings in the next 10 years at least
China began what analysts believed was a step forward over the last few weeks, by breaking the yuan’s peg to the dollar.
Malaysia’s equity market has been on a steady uptrend in the month of June.
Morgan Stanley Asia has announced that Khazanah Nasional Bhd’s partial takeover offer of Singapore-listed Parkway Holdings Ltd at
Stocks logged their best day in two weeks on 22 Jul-10 as a strong batch of earnings reports revived optimism about the economic recovery.
AmResearch maintains that Gamuda would be the biggest winner arising from the proposed RM36b Klang Valley Mass Rapid Transit (MRT) project.
The Securities Commission has approved three initial public offering (IPO) applications in the second quarter of 2010, taking the total for the year to 13.
Wilmar International (Wilmar) is buying 91.38% of Natural Oleochemicals, a unit of Malaysia’s Kulim group, for RM450m ($192.3m) in cash.
US stocks rose, erasing an early slide, amid speculation the Federal Reserve will take steps to spur the economy.
Malaysia and the government of the member states of the European Free Trade Association (EFTA) signed the Joint Declaration on Economic Cooperation (JDC) on Tuesday in Geneva, Switzerland.
A piece in the PRC press seems to think so.
US stocks rose, rebounding from the biggest drop this month, as optimism about earnings from technology and energy companies overshadowed a drop in financial shares.
CIMB Equities Research is maintaining its overweight rating on the contruction sector, in view of the recently proposed mass rapid transit (MRT) system for the Klang Valley/Kuala Lumpur.
If plans made by terminal operator Penang Port (PPSB) to bring in fresh investments to Penang by way of a halal industrial park and petroleum tank farm are realised, multiple benefits are expected to be accrued by the state.
Stocks ended the week down 1% on disappointment in earnings and economic news.
Just like music and books have their different genres, trading has its distinctive flavours too. Day trading, swing trading and position trading are the three flavours that characterize the commonly used trading styles.
CIMB Bank has issued the first four Callable Bull Certificates (CBBCs), on AirAsia, Gamuda, Genting and Berjaya Corp.
M1 registered a 10% rise in net profit to $40.8m for 2Q10 due to improved operating revenue and larger customer base.
The Dow Jones Industrial Average closed 0.04% higher, clinching a 7-day positive streak, after Intel delivered strong earnings.
Gamuda and MMC Corp plan to bid for the RM14b tunnelling works if their joint-venture mass rapid transit (MRT) system proposal is accepted by the Government, said Gamuda group managing director Datuk Lin Yun Ling.
LBS Bina To Launch RM5b China Project Next Year Property developer LBS Bina Group will launch its fourth project, in Zhuhai, China, in the second half of next year. The 60:40 joint venture of LBS and Jiuzhou Group, a Chinese government-linked company, has been delayed by three years because of the uncertain economic conditions. LBS managing [...]
The Dow Jones Industrial Average closed 1.4% higher as 2Q earnings season kickoff with a positive start and Greece’s sale of debt bolstered optimism in the economic outlook.
Singapore Press Holdings (SPH) posted a 47.4% jump in its 9M10 net profit boosted mainly by the strong rebound in advertising sales and higher contribution from its property segment.
Malaysia and Brunei are keen to tap on joint venture opportunities in the various sectors, especially in Sarawak and Sabah, in the areas of energy, telecommunications and agriculture, including a halal hub.
Singapore-based utilities and marine group Sembcorp Industries Ltd said it successfully completed the initial tender offer for Cascal N.V., a UK-based water and wastewater services provider, and now owns 92.26% of its shares.
The International Monetary Fund (IMF) has raised its growth projection for Malaysia this year to 6.7% from 4.7% before, and also expects the growth to be 5.3% in 2011, beating Malaysia’s own official forecasts.
Stocks logged their best week in nearly a year, led by commodity and bank stocks, as investors looked to earnings season, which kicks off this week.
C&G ENVIRONMENTAL Protection Holdings Ltd (SGX: D79) expects to triple its waste treatment capacity to 3,600 tons per day in calendar year 2010 thanks to robust project completion performance following a shift to waste-to-energy (WTE) business from its original focus on textiles.
DAPAI INTERNATIONAL Holdings Co Ltd (SGX: CZAI), which officially changed its name last month from its original name of China Zaino International Ltd, is demonstrating by the move that it is very serious about building brand recognition for its expansive line of backpacks and luggage.
The Group of Eight Developing Countries (D8) realised the movement has not been able to fully attain its objectives, and positive trade statistics among D8 countries are mainly due to existing bilateral trade initiatives rather than benefiting from real economic collaborations and investment ventures of the D8 as an organisation.
The Dow Jones Industrial Average rose 1.2%, putting it on track for its best week in over a year, as sentiment was lifted by a drop in the number of Americans registering for jobless benefits and the IMF’s upward revision of global growth forecast.
US stocks surged on the back of solid gains chalked up by financial companies, with the Dow Jones Industrial Average closing 2.8% higher above 10,000 for the first time in a couple of weeks.
Bank Negara Malaysia (BNM) is expected to raise the benchmark interest rate by 25 basis points today, in a move to further normalise the interest rates, say economists.
Malaysia’s industrial output, which rose 10.1% year-on-year in April 2010, is likely to remain in expansionary territory.
Singapore wealth fund Temasek Holdings is expected to show the extent of its portfolio shift towards the resources sector and may provide clues about leadership changes when unveiling its annual report on 8 July.
United Overseas Bank has agreed to subscribe for shares worth US$100m in Agricultural Bank of China’s (AgBank) global share offering.
Olympia Industries, Multi-Purpose Holdings (MPHB) and Berjaya Assets are the latest listed companies to comment on the effects that the new betting duty hike will have on them.
The proposed changes to takeover rules by the Securities Commission (SC) will be announced in “a few months,” SC chairman Tan Sri Zarinah Anwar told StarBiz recently.
Stocks dropped on Friday after disappointing reports on jobs and factory orders.
Malaysia is eyeing more infrastructure projects in India, particularly those related to airports, ports and roads, Transport Minister Datuk Seri Kong Cho Ha says.
UOL Group yesterday announced that it has set up a new $1b multicurrency medium term note (MTN) programme, with DBS Bank and United Overseas Bank (UOB) being appointed as dealers and arrangers.
The Dow Jones Industrial Average shed 1% after a disappointing report on private-sector employment and Moody’s Investors Service’s warning that it may downgrade Spain revived concern about sovereign debt.
The Association of Banks in Malaysia (ABM) is bullish about the economy, anticipating Malaysia to register a 7.5% growth this year, much higher than the official forecast of 6%.
Malayan Banking (Maybank) has acquired 8,682,815 non-redeemable preference shares (NRPS) held by Employees Provident Fund (EPF) in Mayban Fortis Holdings for a total cash consideration of RM125.97m.
The Dow Jones Industrial Average lost 2.7% as doubts about China’s growth and a disappointing US consumer-confidence reading rattled an already jittery market.
Sembcorp Industries’ wholly owned subsidiary, Sembcorp Utilities, has inked a memorandum of understanding (MOU) to develop and build a new seawater reverse osmosis facility in the United Arab Emirates (UAE).
Atlan Holdings proposed yesterday the reverse takeover of Esmart Holdings via the injection of its two subsidiaries DFZ Capital and Darul Metro.
Pteris Global said yesterday it has secured a contract of about $29m to design and build screening systems for transfer baggage at Singapore Changi Airport Terminals 1, 2 and 3.
Malaysia is currently on the radar of investors, fund managers, sukuk issuers and halal businesses from the Middle East for the various opportunities that the country offers.
The Dow Jones Industrial Average lost 1.41%, amid concerns about a double-dip recession and financial reform.
The scope for cooperation and bilateral trade between France and Malaysia, especially in the halal field, is big.
Multistar Holdings has entered into a proposed reverse takeover deal to buy HealthTrends Specialists Pte Ltd and Subtle Senses Pte Ltd for a total of about $26m via the issue of 866.66m new shares at three cents each.
Malaysia’s central bank governor said yesterday that intervention in foreign exchange markets following China’s announcement of a more flexible policy on the yuan is not to be expected.
The Dow Jones Industrial Average declined 1.4%, as home sales unexpectedly dropped 2.2% and energy shares under pressure amid uncertainty about regulating offshore drilling.
BNP Paribas, which recently received full commercial banking licence from Bank Negara Malaysia said it will start working immediately to make Malaysia its Asia Pacific hub for its Islamic finance business.
US stocks fell and metals and oil prices pared gains on Monday on uncertainty over how much the China would let the yuan rise after it vowed to allow a more flexible exchange rate.
International Trade and Industry Minister Datuk Seri Mustapa Mohamed said that Malaysia’s trade will bounce back to its RM1t volume mark this year on the back of an improved global economy.
The Dow Jones Industrial Average rose 0.2% on Friday to end the week up 2.3%, amid “quadruple witching” volatility which is the simultaneous expiration of stock index futures, single stock futures, stock options and stock index options, an event that notoriously stirs a lot of volatility in the market.
AmFIRST Real Estate Investment Trust (AmFIRST REIT), Malaysia’s second biggest property trust by assets, is out to increase its asset size of more than RM1b and expects a deal to be done in the current financial year.
The decline in value of the Euro since the start of 2010 has evoked a range of emotions from glee to despair. The Euro crisis has brought joy to the tourists – families and students on their graduation trips on their way to tour around various cities this June holiday period and of course, the traders that have profited from it.
Gold spot price hit a record high of US$1,235 per ounce on 12 May 2010 as the sovereign debt crisis in Europe spurred risk aversion. Investors remain concerned about the details of the 750 billion Euro rescue plan and the externalities of the liquidity injection to the European economy.
With the ever widening budget deficit, stubbornly high national debt and limited sources of revenue, the Government has finally decided to cut back on subsidies.
May 25, 2010 can be remembered for many things by many people, but most importantly for the world economy – it indicated a new sign that the world is heading towards a crisis that could be far worse than the crisis of 2008.
For all the fame and glory in its recent past, Sime Darby is certainly not a new kid on the block. It has been around since the beginning of the 20th century after a Scottish fortune seeker named William Middleton Sime and English banker
KNM Group Berhad has seen its fair share of plays last year. However, all started going wrong for the company upon the announcement that Bidco, an entity controlled by founder Lee Swee Eng, and two foreign funds
Even though Malaysia’s economy is out of the recession, with the first quarter this year registering a double-digit year-on-year growth rate of 10.1% for the first time in 10 years, many people indicated that they are not feeling that this country’s economy is indeed growing as strongly as the figure showed.
With the financial tsunami triggered by the U.S. just subsiding, we are pummelled by the debt crises of Europe. As we worry about our federal government’s debt, the focus, unfortunately, is pinned on the cost of the subsidy scheme.
Malaysian Resources Corporation Berhad (MRCB) peaked at its Wave 5 high of RM1.72 in April 2010 with grossly overbought and bearish divergent signals and had since fallen below its 19-day and 50-day SMA. With the bearish indicators above supporting Maybank Investment’s view of further plunges, MRCB will trend lower and test its support and downside target areas.
KLCI had a tumultuous moment in May, triggered by various factors such as Europe’s debt crisis, Germany’s ban on short selling China’s tightening policies and negative news flow from some of the major companies in Bursa Malaysia.
Internet telephony services provider Spice i2i – formerly known as MediaRing, and bought over by Spice Group has proposed a rights issue to raise net proceeds of some $133m.
Bank Negara will issue five new commercial banking licences to foreign banks in line with the liberalisation of the sector, the central bank said.
Boustead Singapore has, through wholly owned Boustead Knowledge, inked a deal to buy redeemable convertible notes of Bio-Treat Technology for $42.7m from Giant Delight Holdings (GD).
Johor will benefit the most following the improvement in bilateral ties between the two countries.
Cosco Corporation Singapore (Cosco)’s units, Cosco (Dalian) Shipyard and Cosco (Guangdong) Shipyard have signed 11 contracts and 4 letters of intent with four European shipowners to build 15 bulk carriers, worth more than US$440m in total.
Speaking to reporters at a press conference in KL yesterday, Permodalan Nasional’s CEO Tan Sri Hamad Kama Piah Che Othman said that “it’s too early to speculate” the impact on income distributions on two of its fund, as a result of the Sime Darby fiasco.
Noble Expands Into Palm Oil Business In Indonesia Noble Group, the global supplier of agricultural, energy, metals and mineral products, has acquired a 51% stake in PT Henrison Inti Persada to develop about 32,500 ha of land for palm oil production in Sorong Regency, West Papua Province, Indonesia. The transaction is Noble’s first project in the [...]
Foreign investors have given Malaysia a thumping vote of confidence via the largest US dollar sovereign sukuk to date, which attracted more than 270 investors from around the world.
Malaysian palm oil exports and earnings are poised to be better this year than last in view of increasing demand for vegetable oil from countries like China, India and Russia.
After struggling all day, the Dow rose 0.4% to close at 10,211.07 on Friday, snapping a 3-week losing streak.
SingTel subsidiary NCS clinched an $850m deal to manage all the computer systems under the Ministry of Education (MOE).
hat started the year as a budget deficit has led to a fully blown crisis of endemic proportions, which seems to be affecting other nations within the euro zone as well.
1HFY10 power demand posted strong growth at 8.0% y/y led by a strong 2QFY10 demand, up 13.8% y/y compared to 2.7% y/y 1QFY10.
Fund managers upped their investments in Thailand during the month of April, seeing opportunity as escalating political unrest weighed on valuations, according to Dow Jones Newswires’ monthly fund manager survey.
Prime Minister Datuk Najib Razak unveiled his New Economy Model on Tuesday, listing three major objectives, the most important of which is to double the per capita income over a 10-year period from the current US$7,000 to US$15,000, thereby elevating the national income level to the ranks of high income economies.
Whenever a law enforcement agency, regulatory agency or even a government intends to implement new regulations, it is commendable of them to be willing to hear the people out and gather the views of industry players.
While Malaysia’s manufacturing and production is on its way to recovery, the way ahead is far from smooth sailing. The industrial and manufacturing production index for this February was far from satisfactory, signalling that the road to recovery ahead is still a bumpy one.
The ringgit had a spectacular performance this year. It was the best performer among regional peers by strengthening 6.6% year-to-date against the USD.
Economists say that Malaysia is likely to achieve its target of reducing the budget deficit to less than 3% of gross domestic product (GDP) by 2015, since the implementation of the national blueprint will be on a staggered basis.
The month of March ended on a positive note. Following the continuous rise of the last 7 trading days, the FBM KLCI closed on a high note at 1,320.57 points which was 49.79 points higher than its opening of 1,270.78 points.
Singapore’s decision to revalue its currency to prevent economic overheating can prompt policy makers in China and other Asian nations to start withdrawing monetary stimulus especially with growth in the region outpacing the rest of the world.
Industrial production in Malaysia is expected to continue double-digit growth in April on improving manufacturing activity, say economists.
United Overseas Bank (UOB) has set up a euro medium-term note programme, a debt-issuing facility that allows it to borrow up to $5b in various currencies and at different maturities.
Olam International (Olam) has secured a deal to buy the dehydrated and vegetable products business and operating assets of US firm Gilroy Foods & Flavors, a unit of ConAgra Foods for US$250m.
The 10th Malaysia Plan (10MP), which will be tabled by Prime Minister Datuk Seri Najib Tun Razak in Parliament on Thursday, is crucial for Malaysians to achieve higher income in a high-value economy.
The Lippo Group is planning to trim its stake in Overseas Union Enterprise (OUE) via a share placement of up to 26.5% of OUE’s issued share capital.
Speaking yesterday at the 15th Asia Oil & Gas Conference held in KL, Petroliam Nasional’s president and CEO Datuk Shamsul Azhar Abbas warned of a possible supply shortfall should the recent cutback in energy investments persist.
The Muslim World Biz 2010 Business and Investment Zone exhibition held in KL over 2 days last friday is expected to generate RM100m in sales transactions.
The Dow fell below 10,000 on Friday after a sharp selloff that left all three major indices in correction territory amid worries about a disappointing U.S. jobs report and possible default by Hungary.
Singapore-listed, South Korean shipping company STX Pan Ocean (STX) has entered into a shipbuilding contract with a Chinese shipyard to construct two container vessels at a price of about US$50m.
The state Industrial Development Ministry is spending more than RM200m to develop 300 more industrial lots in five industrial parks.
Wilmar International (Wilmar) has once again denied allegations of tax fraud, this time in response to claims by The Jakarta Post that it is being investigated by the Indonesian tax office for the allegedly fictitious value added tax (VAT) refund claims.
Khazanah Nasional may raise as much as S$500m from the biggest sale of Islamic bonds, or sukuk, to fund its takeover of Singapore-based Parkway Holdings.
The Dow declined 1.1%, adding to losses from its worst May since 1940, after BP failed to stop a leaking oil well in the Gulf of Mexico and on report that Lebanon fired on Israeli warplanes.
Starhill REIT unitholders yesterday approved the disposal of Starhill Gallery and Lot 10 shopping centres in Kuala Lumpur for RM1.03b.
Tanjung Offshore, an integrated oil and gas (O&G) service provider, is bidding for over 50 O&G services contracts worth a combined RM1b both locally and abroad this year, said its top official.
Indonesia’s Lippo Group is selling an undisclosed number of its shares in property group Overseas Union Enterprise (OUE).
A late selloff ended US market’s worst May in nearly 50 years, with a loss of more than 1.2% for the Dow and S&P and a nearly 1% drop for the Nasdaq.
Backed with over 30 years of development in Islamic banking and finance, Malaysia now has a deep capital market and broad range of consumer banking and Takaful products that attract both Muslims and non-Muslims.
The Dow, at one stage up 135 points as new-home sales rose to the highest in 2 years and durable-goods orders beat forecasts, declined 0.69% to close below 10,000 for the first time since February.
Middle East & Asian investors are showing significant interest in Malaysia’s first proposed sukuk sale in eight years, but turbulent markets may prevent an immediate launch, a source close to the deal said in Hong Kong yesterday.
US stock markets recovered on Tuesday from heavy losses stemming from concerns over Europe’s banking problems and tensions on the Korean Peninsula.
Projects awarded under the RM60b second stimulus package such as the RM2b new low-cost carrier terminal and the RM3b LRT extension in the Klang Valley, will support the construction industry for the next 2 quarters, Master Builders Association Malaysia (MBAM) said yesterday.
Sime Darby fell 3.3% to RM7.81 over concern that it may have to set aside more money for potential losses in its energy and utilities division.
Singapore investment company Temasek Holdings (Temasek) has appointed former Singapore Exchange (SGX) chief Hsieh Fu Hua as its executive director and president.
The outlook of the electronics industry is good in the second half of 2010 but it is facing a sharp increase in the selling prices of raw materials due to a serious shortage, which impacts negatively on the earnings of some companies.
RH Energy has inked contracts, worth approximately US$9.7m from Shandong Hualu Hengsheng Chemical Co for the provision of process engineering design, technical services and commissiong of both Adipic Acid and Cyclohexanol/Cyclohexanone plant.
Last week started off with waking up to the headline on the front page of The Straits Times screaming about the Greek debt fiasco.
Stocks logged their biggest drop of the year Thursday as investors worried about two events coming Friday – a German vote on the EU bailout and options expiration.
Petroliam Nasional (Petronas) plans to list shares of Malaysia Marine Heavy Engineering (MMHE) on Bursa Malaysia in September, according to sources quoted by the Business Times.
Bank Negara Malaysia Governor Tan Sri Dr Zeti Akhtar Aziz says inflation will remain modest this year and the process of rate normalisation will be dynamic, reported Bernama.
Wilmar International (Wilmar) fell by the most in 18 months in Singapore trading after the parent was being investigated in Indonesia.
Western Digital Corp is investing US$1.2b over the next 5 years to further expand its research and development and manufacturing activities in Malaysia.
The Dow ended 1.1% lower on Tuesday as the dollar surged to a new four-year high against the euro.
The Dow closed 0.05% higher on Monday, despite being down 180 points at one point.
Despite achieving an 11.9% increase in revenue due to the recovery in air travel, Malaysia Airports Holdings (MAHB) registered 21% lower net profit for its first quarter ended 31 March 2010, compared to a year ago.
Aircraft maker Airbus has paid US$30m to Malaysian Airline System as partial compensation for the late delivery of A380 superjumbos, the Malaysian Reserve reported on Monday.
The Dow reported a triple digit loss on Friday as worries over the growing European debt crisis trumped some encouraging U.S. economic data.
The central bank raised the Overnight Policy Rate (OPR) by 25 basis points to 2.5%, as it attempts to normalise monetary conditions as the domestic economy recovers.
Genting Singapore(Genting) posted a net loss of $396.3m in its first quarter, mainly due to impairment loss on intangible assets of $478.1m relating to its UK casino operations.
Johor Baru Iskandar Investment (IIB) will be awarding six construction packages with a total value of RM250m to successful bidders by the end of the month.
SingTel FY10 net profit up 13.3%, contributed by robust performance in Singapore and Australia businesses and earnings recovery in Telkomsel.
Following a survey with member banks, the limit of bank deposits insured by Malaysia Deposit Insurance (PIDM) will be raised from RM60k to RM250k
The Dow ended lower Tuesday as investors locked in some profits on stocks and sent gold to a new closing high as geopolitical worries left the market a little anxious.
Stocks logged their biggest gains in over a year Monday after the EU and IMF agreed to a US$1 trillion emergency-bailout package to stem the sovereign-debt crisis.
On behalf of the government, Bank Negara Malaysia will issue Islamic bonds called Sukuk 1Malaysia 2010 to raise RM3 billion.
The Dow ended down 1.3%, to close at 10,380.43 last Friday. For the week, the Dow lost 5.7%, its worst weekly percentage drop since last March.
NCB Holdings, operator of Northport (M), saw its net profit for its first quarter ended 31 March 2010 jump almost 36% to RM40.8, on the back of a 11.4% increase in revenue, due to improved business volume by both its port and haulage/logistics subsidiaries.
Based on the median forecast of 10 economists surveyed by Dow Jones Newswires, Malaysia’s March industrial output most likely grew 13.5% from a year ago, more than the 4.9% gain chalked up in February.
Cosco Corp (S)’s 1Q10 net profit dropped 4% despite a 17% increase in turnover, mainly boosted by higher contributions from shipbuilding and marine engineering projects.
Sales of corporate debt in Malaysia in 2010 may not hit RM50-60b mark forecast by ratings agency RAM Holdings.
OCBC Bank’s 1Q10 net profit rose 24% yoy to $676m due to higher fee income and lower charges for bad loans as the economy recovered.
The Government has approved the setting up of a nuclear power plant and is slated to commence operations in 2021.
The 110b Euro ($199b) rescue plan to Greece over 3 years by the International Monetary Fund and European Union member countries will be enough to meet all of Greece’s financing needs for about a year, but it will then need to supplement it with new borrowing, according to analysts’ estimates.
The Dow rose more than 140 points, or 1.3%, its biggest gain since the middle of February, to close at 11,151.83 on the first trading day of May.
Malaysia and Indonesia may file a complaint to the World Trade Organisation (WTO) over protectionist measures, disguised as environmental concerns and imposed by developed nations and activist groups, against the oil palm industry.
Brunei has sovereign rights over two oil-rich areas under the provisions of the UN Convention of the Law of the Sea (Unclos) 1982 and the areas would be jointly developed with Malaysia, The Star reported, quoting the Malaysian Foreign Ministry in a statement.
According to InsightAsia, Singapore consumer confidence index has increased 14 points for a second straight quarter, to 138.
Petra Perdana has yet to decide whether to keep its 29.6% stake in associate company Petra Energy.
Federal Reserve continued to keep interest rates at a record low of near zero. The board in a statement said the sluggish economy warranted low rates “for an extended period,” and it signals that leaders of the central bank do not anticipate raising rates in the near future.
UEM Land Holdings proposed yesterday to dispose of its entire 20% stake in Touch `N Go (TnG) to PLUS Expressways for RM33.4m.
Stocks ended higher after the Fed left interest rates unchanged and kept the “extended period” language in its statement. JPMorgan and Bank of America were up 2.48% and 1.77% resp leading the Dow.
Stocks worldwide tumbled, sending benchmark indexes down the most since February, as credit-rating downgrades of Greece and Portugal spurred concern Europe’s debt crisis will weaken the global economic recovery.
Beer and stout prices will rise by an average of 3.6% in May as the country’s 2 leading breweries have agreed to pass on higher raw material costs to consumers.
Bank Negara Malaysia Governor Zeti Akthar Aziz said on Tuesday that the Malaysian ringgit’s recent appreciation should not be a cause for concern as it reflects market conditions.
Singapore property market is unlikely to come down anytime soon even though the market may be near its peak, said CIMB-GK.
Bank Negara Malaysia may hike policy rate by another 25 basis points to 2.50% on 13 May according to a report by CIMB Economics Research.
Global economic recovery is vulnerable to threats caused by long-term unemployment and unsustainable public debts
OSK Research in its research note today stated that Axiata Group remains its top pick for exposure to Malaysian telecoms.
According to Reuters, Greece and Ireland had much larger budget deficits last year than expected and the Greek data may be revised further due to its unreliability.
When I first started out in self-directed trading, I always wondered why do people trade more than one financial instrument? I was told that it helps you diversify your risk throughout the market.
Energy, Green Technology and Water Minister Datuk Seri Peter Chin Fah Kui declined to make any comments over the government’s reaction to Gamuda’s revised offer, when asked by reporters in Selangor yesterday
The International Monetary Fund (IMF) raised its projection for overall real GDP growth in 2010 to 4.25% compared with the 3.9% forecast last October.
In a surprise move by Bank Negara Malaysia, the OPR (Overnight Policy Rate) was hiked by 25 basis points to 2.25% in its latest monetary statement
For a start the US Dow fell below 10,000 pts on 8 Feb-10 to close at 9,908 pts, the first drop in 2010.
Helped by foreign exchange gains and cheaper cost of coal, Tenaga Nasional (TNB) recorded a net profit of RM1.7b for the first 6 months of its financial year ending 31 August 2010, compared to a loss of RM269m previously.
For a property company, SP Setia achieved commendable sales in 2009 and followed through its performance into 2010.
OSIM International’s 1Q10 net profit increased significantly to $8m from $3.2m a year ago.
The World Bank in its latest report has forecast Malaysia’s economy to grow 5.7% aided by a marked revival in exports.
The International Monetary Fund (IMF) will raise its forecast for global growth this year to 4% or more as China and emerging economies pick up pace, the Nikkei newspaper quoted the head of the fund as saying.
Affin Investment Bank maintained its Overweight call on the Malaysian glove manufacturing sector.
Mapletree Logistics Trust Management (MLTM), the manager of Mapletree Logistics Trust (MLT), yesterday announced changes to its senior management team. Under the changes taking effect on May 1st, Chua Tiow Chye, CEO and Executive Director of the industrial trust’s manager, will be stepping down from both posts.
PM Najib Razak confirmed on Thursday that gasoline supplies to Iran have been cut off. Tehran has also been warned that it will face new international sanctions should it continue with its controversial nuclear program.
Exceptional first quarter growth, coupled with strong recovery in the US and Asia led the government to raise forecast for Singapore’s 2010 GDP growth by 2.5 percent. This news relieved fear of a”double dip” recession and also sent the STI past 3,000 points, the first time since 2008.
Pos Malaysia said it would be necessary to increase the price of domestic postage stamps in order to cope with current times.
Singapore Press Holdings (SPH) has posted a 30.2% increase in second quarter net profit, as print ad revenue rebounded and property performed strongly.
OSK Research raised IJM Corp to Buy from Neutral, with higher TP of RM5.45 from RM4.70 previously.
EON Capital has withdrawn a plan to pay a tax-exempt dividend of 10 sen per share for the year ended Dec 31, 2009 to shareholders pending the outcome of a takeover offer from Hong Leong Bank (HLB).
Midas Holdings’ joint venture company, Nanjing SR Puzhen Rail Transport (NPRT), was rewarded a contract worth Rmb474m to supply metro train sets for the Suzhou Metro Line 1 project.
The Dow Jones Industrial Average crossed above 11,000 for the first time since September 2008…
IOI Properties (S) Pte Ltd (IOIP), a wholly-owned unit of IOI Properties Bhd, is proceeding with luxury residential projects in Singapore after delaying for almost a year due to the recession.
Another year has passed since the last Asia Trader and Investor Convention (ATIC) was in town. We have seen the markets rebound into a new blistering bull market filled with possibilities and prosperity – but then they stalled.
Petroliam Nasional (Petronas) plans to list its heavy engineering arm and its petrochemicals business on Bursa Malaysia this year.
Keppel Land’s prospects are positive for residential property in Singapore and other key markets it operates in, the company says in its latest annual report.
Malaysia’s industrial output rose at a slower-than-expected 4.9% in February from a year earlier, as growth in manufacturing output decelerated sharply, based on figures released by the Department of Statistics on Thursday.
China Minzhong Food Corp wednesday said that it has filed its initial public offering(IPO) prospectus with Monetary Authority of Singapore …
OSK Research started Pos Malaysia at Buy, with TP of RM3.52 after the government approved of a hike in postal tariffs from July this year, earlier than analysts expected
According to Reuters, Australia’s Macarthur Coal rejected on Wednesday a sweetened A$14 per share bid by top US coal miner Peabody Energy worth A$3.56b.
Maybank upgraded Kinsteel to Buy from Hold with raised TP of RM1.23 from RM1.03 earlier after raising earnings forecast
Japan Land’s unit Japan Asia Land (JAL) has made a statutory demand against Jurong Data Centre Development Pte Ltd (JDD) for the recovery of debts amounting to about $12.1m…
Affin Research kept Malaysia’s oil and gas (O&G) sector at Overweight saying rising crude oil price provides catalyst for more contract flows.
Regional distribution, marketing and business process centres from Singapore’s services centre could soon move or expand into Iskandar Malaysia…
Malaysia Airports Holdings (MAHB) expects its earnings before interest, taxes, depreciation and amortisation (EBIDTA) to increase to RM1b, while boosting passenger traffic to Kl International airport to 60m, by the end of its five-year business plan.
Petroliam Nasional (Petronas) looks likely to list Petronas Carigali and Malaysia LNG on Bursa Malaysia this year according to OSK Research.
Zhonghui Holdings has entered into an in-principle aggrement to acquire a Chinese tyre maker, Rising Tyre Co Ltd, for Rmb535m ($109.5m) in a reverse takeover (RTO) deal.
PM Najib said yesterday at Invest Malaysia that Khazanah Nasional will divest its 32% controlling stake in Pos Malaysia.
Five companies with market capitalization less than $10m on Singapore Exchange (SGX) loss-making watchlist will be delisted after posting losses for five straight years
Dear President Obama, Facing the global financial crisis, record U.S. unemployment and two wars, I understand that you have a great many issues occupying your time.
Speaking at an investment conference in KL, PM Najib said “I pledge that we will work to develop and implement economic reforms needed for the country to grow further.”
C&G Industrial (C&G) said yesterday that it had inked a memorandum of understanding (MOU) to sell its textile business-for at least $49m – to Hou Shiqing, a major shareholder of Shishi City Gangyi Dyeing Manufacture Co Ltd.
CIMB Group Holdings and Japan Bank for International Cooperation (JBIC) signed an agreement Monday for a long-term $300m facility for businesses across Southeast Asia,
With Asian economies recovering fast and bad weather already affecting harvests, food prices are now expected to resume their climb.
A light-hearted look at our weather, the stock market and the forex market
Chinese Vice-Commerce Minister Zhong Shan said that changing the exchange rate is not the way to fix a huge bilateral trade gap and could upset the world economy.
Bank Negara Malaysia does not anticipate inflation to rise to a level that would require it to start tightening monetary policy over the medium term.
The KL Plantation Index tracking Malaysian plantation stocks remained unchanged in trade today despite the government’s call to make the sale of biodiesel mandatory in stages, from June 2011.
Come 1st May, Ang Kong Hua will be the non-executive chairman of Sembcorp Industries after Mr. Peter Seah, the current chairman, retires as chairman and as a director. Seah will take over duties as chairman at DBS Group Holdings on the same day.
Bank Negara Malaysia is expected to raise the growth forecast for the economy to more than 5% this year on improving external demand, say economists.
Singapore Post plans to issue $200m of fixed-rate notes, partly to capitalize on investment opportunities. They will pay interest of 3.5% per annum, semi-annually. The expected issue date is March 30.
Proton Holdings will slash its 124 parts stockists nationwide by more than half within two years.
Structural steel specialist TTJ Holdings is launching its initial public offering of 110m new shares at $0.20 each, in conjunction with its listing on the main board of the Singapore Exchange. The new shares represent about 31.4% of its enlarged share capital of 350m shares. Of the 110m shares, 15m are available for public subscription while 95m are by way of placement.
DMG & Partners Securities said in its research note today, that it expects the Overnight Policy Rate (OPR) to be normalized to 3% by the second half of this year.
Threatening to shut down its operations in China, Google is at risk of closing off a key avenue of future growth. Many analysts expect Google to seek alternative ways to continue to operate in the Chinese search market, possibly creating a new search site based out of China where the government’s regulation about acceptable content will not reach it
CapitaCommercial Trust (CCT) on Wednesday said that it will issue $225m worth of convertible bonds and use 75-90 % of the proceeds to enhance its assets and refinance debt. In an update yesterday, CCT said that the convertible bonds issue has been fully placed out to institutional and accredited investors.
Berjaya Group’s chairman Vincent Tan said he wants to partner China’s BYD in assembling 1 litre cars in Malaysia.
You could almost hear the sound of the sky falling as journalists around the world hit their keyboards pronounced judgment on the latest inflation figures from China.
Ananda Krishnan, Khazanah Nasional and partners have offered to buy out minority shareholders of Astro All Asia Networks in a cash deal that values the pay-television operator at RM8.5b, or RM4.30 per share.
CapitaCommercial Trust (CCT) is planning to raise at least $225m and up to $250m through a five-year convertible bond issue to be placed with institutional and accredited investors.
CPI figures for February to be released on Friday morning is expected to increase 1.4% from a year ago, according to the median forecast from a Dow Jones Newswires poll of 16 economists. I
According to the 2010 Alternative Investment Survey by Deutsche Bank conducted in January, investors in hedge funds are setting their sights squarely on Asia ex-Japan this year as a destination for new investments…
Astro All Asia was suspended from trading yesterday pending “an announcement of a corporate proposal involving the shareholders of the company.”
According to the Urban Redevelopment Authority (URA), the number of new privates homes sold in January and February 2010 has already outstripped that for the whole of 1Q09.
The Goods and Services Tax (GST) will not be tabled for second reading at the upcoming session of Parliament.
China Minzhong Food Corporation, a Fujian-based food processor, backed by Government of Singapore Investment Corporation (GIC), has lodged its preliminary prospectus with the Monetary Authority of Singapore on Friday and is expected to raise between US$150m and US$200m in what is to be the biggest IPO in local shore since the Lehman-triggered financial malaise.
According to CEO of Oslo bourse, Bente Landsnes, the Norwegian bourse now has a pipeline of companies considering listing there, including a few SGX-listed companies going for dual listing.
SP Setia has received an in-principle agreement from Vietnam’s Investment and Industrial Development Corp to develop a 10.8ha land in Binh Duong province,Vietnam, for a 50-year term.
Malaysia’s industrial output expanded 12.7% in January from a year ago as the economic recovery gains traction.
According to 20 private sector economists polled last month by the Monetary Authority of Singapore, an average 9.2% and 9.5% median have been forecasted for the GDP growth in 1Q10.
PLUS MD Noorizah Abd Hamid told the Business Times that the existing North-South Expressway (NSE) was still underutilised and it would be costly to build a second one.
The tenuous alliance between Indonesia’s Riady family and Malaysian tycoon Ananda Krishnan in Overseas Union Enterprise (OUE) has come to an end – the Riadys’ Lippo Group paid some $957m to acquire all of Krishnan’s stake in the mainboard-listed property group yesterday, raising its total shareholding to 88.52% from 64.67%.
Maybank Research upgraded Maxis to Buy from Hold, with TP raised to RM6.20 from RM5.80.
CapitaMalls Asia (CMA) has bought an integrated development in Chengdu comprising retail, residential and office components for Rmb554.2m from CapitaRetail Chine Development Fund II, of which CMA has a 45% shareholding.
Bandar Raya Development Bhd (BRDB) is said to be considering selling its stake in chipboard maker Mieco Chipboard.
The stronger-than-expected jobs report on Friday has fuelled a spurt on Wall Street, capping a 2-week rally that has brought US stocks into positive territory for the year, and within striking distance of the S&P 500’s recent January high.
Temasek Holdings would likely sell its Shin Corp stake if there was a willing buyer due to rising business and regulatory risks following the Thai Supreme Court’s ruling against former Prime Minister Thaksin Shinawatra, the Bangkok Post reported.
Bank Negara Malaysia yesterday inched up the Overnight Policy Rate (OPR) by 0.25%, after keeping it a record low for about a year.
Midas Hldgs has yesterday announced that it intended dual-listing in Hong Kong shall be by way of a global offering of new shares.
The Star reported that the Health Ministry has revoked the manufacturing licence of Pharmaniaga Manufacturing, a wholly-owned subsidiary of Pharmaniaga, after a routine audit of its Bangi plant.
The healthy upswing in office leasing deals that started around July last year has persuaded some property consultants that rents for the best quality space in Singapore’s financial district could be close to their bottom and poised to perk up, a Business Times report said.
Alliance Financial Group announced that COO of its subsidiary Alliance Bank, Shim Kon Teck, has resigned with effect from 1 April 2010.
Epure International has recorded a 37.7% jump in net profit for the year ended Dec 31, 2009, to Rmb280.5m ($57.8m), thanks to higher revenue, lower finance costs, a drop in income tax and the absence of a Rmb28m net foreign exchange loss it saw in FY08.
Hong Leong Bank said that its JV with strategic partner Bank of Chengdu (BOCD) has been given the nod by Chinese authorities to offer consumer financing in central and western China.
SGX-listed palm oil giant, Wilmar International, has announced a record net profit of US$1.88b, up 23% for FY09 ended Dec 31, 2010, thanks to an exceptional net gain of US$167m booked in 3Q09 from the sale of new shares in Wilmar China to Kerry Hldgs, Great Cheer and Zheng Ge Ru Foundation.
National mortgage corporation Cagamas expects to raise as much as RM12b from bond sales this year, an increase of 6.2% from the previous year. Cagamas sold RM11.3b of debt in 2009 and RM16b in 2008.
Local property bellwether stock, City Develoments has achieved a 2.1% yoy rise in net profit to $593.4m, its 2nd best showing since the company’s inception in 1963.
AirAsia returned to profitability in 4Q09 despite revenue shedding 1% to RM894m, due to lower finance costs and net gain from currency hedges of RM29m.
Stocks ended a 2-day losing streak as comments from Federal Reserve Chairman Ben Bernanke favoring low interest rates outweighed bleak housing data. The stock market bounced back in a strong move that finished with stocks near their session highs.
According to the Business Times, Malaysia Airports Holdings Bhd (MAHB) has shortlist five companies to build the main terminal building and satellite tower for the new RM2b low-cost carrier terminal (LCCT) in Sepang.
Oslo-listed Golden Ocean Group (GOG) has received regulatory approval for a dual-listing in Singapore, according to the SGX yesterday.
Malaysian Resources Corporation Bhd (MRCB) is confident of registering RM1b in revenue for the first time this year, with significant improvement in profitability.
Sembcorp Marine managed to ride through last year’s downturn to post a record high net profit of $700.1m, a 62.8% rise on-year as higher revenue recognition from completed rigs rolled in.
The Singapore International Arbitration Centre (SIAC) has ruled in favour of Astro to recover RM782m from the Lippo Group over a failed Indonesian pay-TV venture reported the Business Times.
Directory publisher Global Yellow Pages (GYP) has started legal proceedings against Reed Business Information, StreetDirectory and Promedia Directories.
The brokerage said that “the share prices of Genting Singapore and Genting are at 6-month lows but Genting is the more attractive entry.”
Technology-based conglomerate ST Engineering has posted a 27% rise in net profit to $129.7m for 4Q09 ended Dec 31, 2009 as revenue increased 9% to $1.47b.
Dutch Lady Milk Industries posted a 42% increase in earnings to RM60.4m for its financial year ending 31 December 2009 due to favourable dairy raw material prices and an effective marketing campaign.
Khazanah Nasional said its plan to buy a 10% stake in Oriental University City from Singapore-listed Raffles Education Corp for US$44m fulfills Khazanah’s strategic objectives and financial returns requirement.”
China kicked off its Lunar New Year holiday with a bitter pill for investors. China’s central bank ordered lenders to set aside larger reserves
The private housing market has entered the year 2010 on a firm footing, with developers’ home sales in January rising to 1,476 units – 3 times as high as the previous month.
The STI was up 1.1% at midday, as a 1.7% lead on Wall Street overnight drove sentiment. The broader S&P 500 also registered similar gains, as all sectors performed well. Market watchers said that concerns were allayed…
Sime Darby Property the property arm of Sime Darby Group, is building its investment portfolio as it mulls setting up a property trust with assets worth more than RM2b, in two to three years, according to the Business Times.
The casino at Resorts World Sentosa (RWS), owned by Genting Singapore, is set to make its debut this coming Sunday, in conjunction with the first day of the Chinese New Year.
Leader Universal Holdings may build a second power plant in Cambodia after it completes the country’s first coal-fired plant in 2012.
Chief investment officer (CIO) of Lembaga Tabung Haji, Halim Alias, has quit the fund abruptly on Monday.
Shares in Raffles Education Corporation (RE) surged as much as 17.4% in active trading yesterday after its subsidiary, Oriental University City (OUC), secured a Rmb300m investment from Malaysia’s state investment agency Khazanah Nasional (KN).
Khazanah Nasional has entered into a conditional sale and purchase agreement to acquire a 10% stake in Oriental University City from Singapore-listed Raffles Education Corporation for US$44m.
CapitaMall Trust (CMT) said yesterday it has agreed to buy Clarke Quay from parent company CapitaMalls Asia for $268m in cash, which in turn will boost the former’s asset size to $7.6b from $7.4b as at end-2009.
China is huge and only a few hundred million of its 1.3 billion people have successfully risen to prosperity. Hundreds of millions of Chinese have yet to experience the glory of getting rich.
SingTel has posted a set of sterling results for its 4Q09 ended Dec 31, 2009 as net profit leapt 24% to $991m on the back of a 20% gain in revenue to $4.45b.
Hong Leong Bank reiterated that it is not extending its RM7.10 per share offer despite requests by EON Capital shareholders.
In a recent Standard & Poor’s (S&P) report, the equity research firm maintained its target for the Malaysian stock market, the FTSE Bursa Malaysia KL Composite Index (FBM KLCI), at 1,400 points in 2010 for an 11% return, pricing the index at 16 times market consensus earnings for this year.
US stocks rebounded from an otherwise negative trading day last Friday after a mixed monthly jobs report saw unemployment rate fell to a 5-month low while also reporting a surprise decline in January payrolls.
Forex trading can give you a profit edge, while the markets are consolidating their direction.
The stock market blows hot and cold in a way no one can predict. However, we can spot omens from fluctuations in currency exchange rates.
Singapore’s 2nd largest telco company StarHub has reported a drop of 15.1% in 4Q09 net profit to $74.2m mainly as a result of lower revenue from its broadband arm and higher cost of sales.
Petra Perdana said shareholders yesterday approved of the motion to remove Tengku Ibrahim Petra as CEO, after a 13 hour EGM yesterday.
Singapore shares snapped a 3-day losing streak on Wednesday on a firm lead from the US overnight, but market watchers say it remains to be seen whether the rebound will carry over into the coming days.
The government yesterday announced that Datuk Shamsul Azhar Abbas, 57, will take the helm of national oil corporation Petroliam Nasional from next Wednesday.
“This undervalued acquisition bid does not account for EON’s significant recent and projected growth, underpinned by the company’s recently completed transformation programme,” EON Capital’s chairman Tan Sri Syed Anwar Jamalullail said in a press statement.
Stocks rallied for a 2nd day on Tuesday as better-than-expected earnings and encouraging data calmed investors after the market’s recent sell-off.
According to Elliott Wave International (EWI), Asian stocks may decline for months after forming a ‘top’ that signals the end of a 10-month rally.
“I think 2010 will be better than 2009, but I don’t think it will be a smooth ride,” CEO Azmil Zahruddin said in an interview aired on CNBC Tuesday.
With business prospects hitting highs not seen since mid-2007, the latest BT-UniSIM Business Climate Survey now predicts that the Singapore economy may grow up to 8.4% in 1Q10, according to The Business Times.
Proton Holdings remains in talks with Indian motorcycle maker Hero Group on a plan to start assembling automobiles in India, according to the New Straits Times reported, quoting an industry source.
CDL Hospitality Trusts (CDLHT) has inked a A$175m deal to buy a portfolio of 5 freehold hotels in Brisbane and Perth with a total of 1,139 rooms from Tourism Asset Hldgs, taking the total number of hotel rooms under its portfolio to 3,942.
Bursa Malaysia CEO Datuk Yusli Mohamed Yusoff expects more IPOs this year with an improving economy. Interest would come from companies in China and countries “around Malaysia”, he was quoted as saying in a Business Times report.
CDL Hospitality Trust (CDLHT), a favourite stockmarket proxy for the improving outlook for Singapore’s tourism sector, achieved an average occupancy rate of 88.9% for its 5 Singapore hotels in 4Q09, a better showing than 4Q08 and 4Q07.
DRB-HICOM plans to take Edaran Otomobil Nasional (EON) private by offering RM1.55 for each of the shares it does not already own.
Mulpha International is seeking Bank Negara’s approval to start talks to buy a stake in EON Capital, the Star newspaper reported on Wednesday.
Stock markets across Asia plunged amid concerns that credit tightening in China had kicked into a higher gear.
Despite recently raising RM2.7b through a massive cash call, Malaysia Airlines (MAS) says it has not ruled out further fund-raising exercise in the future and may consider consolidation if the need arises.
Keppel Land has reported a 56% yoy rise in net profit to $106.9m for 4Q09 ended Dec 31, 2009 as revenue for the same period jumped 52% to $300.5m, thanks to progressive revenue recognition from the newly launched Madison Residences and The Promont in Singapore, as well as projects in Vietnam, India and China.
Stocks may be in for a rough ride this week in continuation of the plunge witnessed last week as the focus on political risk overshadows what is clearly an improving profit picture.
The Securities Commission said that it received 14 IPO application for 4Q09, an increase against the 8 received in 3Q09, reflecting an improvement in sentiment in the equities market.
The Business Times reported today that SapuraCrest Petroleum is poised to seal a multi-million dollar contract in Chennai with an Indian partner today.
US equities suffered their worst one-day percentage drop since October on Thursday as US President Barack Obama proposed tough restrictions on banks that would squeeze profits.
Commercial REIT K-REIT Asia said it is considering buying a stake in the upcoming Marina Bay Financial Centre (MBFC) to add to its portfolio yesterday after releasing its results for 4Q09 ended Dec 31, 2009.
UOB KayHian downgraded Public Bank to Hold from Buy saying share price is close to its estimated fair price of RM12.40.
Genting announced its intention to set up a hub in Iskandar Malaysia, Johor, that will feature a mall with premium outlets in the first phase and, later, hotels and a theme park.
M1’s net profit for 4Q09 ended Dec 31, 2010 has risen 1.6% on-year to $37.2m as revenue gained 11% to $216.2m during the same period, thanks to higher handset sales, which surged 126.5% on-year to $36m and 135.9% compared to 3Q09.
According to state news agency Bernama, Public Bank ’s shares rallied in early trade today on higher earnings anticipation.
CapitaLand has agreed to buy the entire property business of Hong Kong-listed Orient Overseas (International) for US$2.2b in what could well be the largest real estate transaction in Singapore’s history.
CIMB Research kept the local F&B sector at Underweight.
According to The Business Times, CapitaCommercial Trust (CT) is close to selling Robinson Point (RP) for some $200m to US property fund manager AEW.
Khazanah Nasional’s investment portfolio value rose by 34% to RM92.2b as at end-2009 in-line with the general recovery in financial markets.
Financial One Corp, a provider of financing services to SMEs in Taiwan, China, the US, Thailand and Vietnam, is considering listing its wholly owned subsidiary Chailease Hldg on the Taiwan Stock Exchange through a proposed sale of up to 20% of the latter to raise additional funds for the company’s operations.
YTL Cement has offered to buy the cement assets of Singapore-listed Jurong Cement for $50m YTL said that the asset, Jurong Cement Bulk Terminal, was worth more than the price offered by Holcim Investments Singapore.
Media group Singapore Press Hldgs’ net profit for 1Q10 ended Nov 30, 2009, has almost doubled to $144.7m from 1Q09, thanks to higher earnings from a swing in net income from investments.
The Securities Commission has granted a stockbroking licence to US banking giant Citigroup Inc, making it the seventh foreign company to be given the licence in Malaysia.
DBS Bank, Southeast Asia’s largest bank, announced yesterday that it has regulatory approval to set up its first branch in Ho Chi Minh City, Vietnam.
Deutsche Bank has launched 6 new exchanged traded funds (ETFs) on the SGX yesterday – the db x-trackers ETFs – including one linked to the buoyant Brazilian equity market.
Crude palm oil (CPO) prices could fall temporarily on news that the commodity’s stock hit a 13-month high before rising again as demand from China kicks in, traders polled by the Business Times said.
Singapore shares were up 0.59% at the break of trading today, after moving up in early trading. Top 20 gainers include shippers NOL and STX Pan Ocean and palm oil counters, Wilmar and Indofood Agri Resources.
Share prices on Bursa Malaysia are likely to trade upward next week on follow-through buying support with rubber glove makers set to continue to soar above the others, dealers said in report carried by Bernama.
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Frasers Centrepoint Trust (FrasersCT) announced yesterday that it will be buying 2 suburban malls – Northpoint 2 at Yishun for $164.55m and YewTee Point in Choa Chu Kang for $125.65m – from its sponsor Frasers Centrepoint which is the property arm of Fraser and Neave, by way of rights issue of up to 152m units and debt borrowing.
Credit Suisse (CS) cuts its recommendation on Alliance Financial Group (AFG) to ’sell’ from ‘outperform’ and lowers its target price on the stock to RM2.20 from RM3.30.
Maybank Investment Bank Research (MIBR) cut Genting Malaysia to Sell from Buy, with TP lowered to RM2.40 from RM2.89, given uncertainties posed by competition from new Singapore integrated resorts.
United Overseas Bank (UOB) will sell its life insurance unit to Britain’s Prudential Group for $428m in cash and distribute Prudential’s products through its branches in Singapore, Indonesia and Thailand as part of a 12-year partnership agreement.
Jetstar and AirAsia have formed an alliance aimed at cutting costs and pooling their expertise.
Crude oil hit a 15-month high on Tuesday as the old winter weather boosted demand across the US and Europe.
Natural rubber (NR) prices, which peaked at over RM10.10 a kg in June last year, could top the price this year, due to sapping tree production, low inventory, political instability in Thailand and high prices of synthetic rubber.
Stocks climbed broadly on Monday after a report showed the manufacturing sector expanded for a 5th straight month, lifting confidence in the global economy as investors eye 4Q earnings.
The Employees Provident Fund (EPF), and state-owned investment fund Khazanah Nasional have agreed to sell their combined 20.7% stake in EON Capital to Hong Leong Bank Bhd, the Star reported, citing unnamed sources.
According to a report by The Business Times, traders in Wall Street said that investors’ decision to shift more assets into stocks in 2010 will depend on the pace of economic and corporate profit recovery.
“We are looking at a 3% increase in the market share in 2010, or about 120,000 vehicle sales in the expected total industry volume of 540,000,” said DRB-HICOM’s group director of automotive Datuk Nik Hamdan Nik Hassan at a media briefing yesterday.
In a poll by Reuters, private sector economists are expecting stronger year-on- year growth for 4Q09, although a slump in biomedical output could trigger a quarterly contraction.
Moody’s Investors Service has upgraded AIMS-AMP Capital Industrial Reit’s corporate family rating to Ba2 from Caa1 following its recent recapitalisation exercise and deemed its outlook stable
DRB-HICOM and General Motors say they will cease to import and distribute Chevrolet vehicles in Malaysia from January 1 next year.
Malaysian Institute of Economic Research (MIER) executive director Datuk Dr Mohamed Ariff Abdul Kareem said Malaysia was out of recession.
Midas Hldgs’ 32.5%-owned jv company, Nanjing SR Puzhen Rail Transport (NPRT), has secured a Rmb1.56b ($321m) train car deal in China involving the supplying of train cars for China’s Pearl River Delta inter-city train project and Dongguan-Huizhou inter-city train project.
The Employee Provident Fund (EPF) which holds 10.7% of EON Capital, may support Hong Leong Bank’s bid if it thinks the price offered is attractive.
Chinese Premier Wen Jiabao has struck a defiant note about the country’s controversial exchange rate policy, saying the government would not give in to foreign demands to let the Rmb rise.
Malaysia Airline Systems (MAS) recent RM2.7b rights issue and fleet expansion plan has met with mixed reactions by analysts interviewed by the Business Times.
Shares of Z-Obee Hldgs dived as much as 23.4% to $0.18 before closing 19.1% down at $0.19 on news that the final review of its dual primary listing application on the main board of the Stock Exchange of Hong Kong (SEHK) had been suspended.
Malaysia Airlines (MAS) is planning to raise RM2.7b through a 1-for-1 rights issue to partly fund the purchase of new planes. 1.7b new shares will be issued at a price of RM1.60 per share.
Noble Group said Macarthur Coal has launched a takeover offer of A$668.5m for its recently acquired unit, Gloucester Coal and will acquire other interests in Australian coal mining assets held by Noble as well.
Shares of Malaysian Airline Systems (MAS) were suspended for the day pending announcement of material transactions which involves a fund raising exercise and a related party transaction where the percentage ratio is equal to or exceed 25%.
Advanced Integrated Manufacturing (AIM) announced that its new subsidiary AMC Penang has been awarded a 5-year contract worth up to US$135m by Honeywell International, marking a very significant milestone and endorsement of strong supply chain partnership with the latter.
The Federal Land Development Authority (Felda), which has aborted plans to operate estates in Brazil, is now focusing its expansion efforts on West Africa, in countries such as Cameroon and Liberia.
Encouraging results from the technology sector lifted stocks on Friday, helping Wall Street pare some of this week’s losses.
Hong Leong Bank (HLB) plans to start talks that may lead to the takeover of EON Capital and catapult it to become Malaysia’s fourth biggest banking group by assets.
US stocks fell on Thursday as the US dollar’s rebound spurred a safe-haven trade, cutting demand for riskier assets, while a soft profit outlook from economic bellwether FedEx sank transportation shares.
Singapore budget carrier Tiger Airways is facing investor indifference for its S$250 million initial public offering slated for January, and it could even withdraw the IPO if it can’t raise at least S$200 million.
Malaysian-born Professor Low Chee Keong, a corporate law expert from The Chinese University of Hong Kong said that good corporate governance alone is not enough to help Malaysia win back foreign investors, there must also be more accountability and transparency from the government.
A weaker dollar helped put stocks on higher ground in the early going, but broader market support faded in the wake of the latest statement from the Federal Open Market Committee. Federal Reserve reiterated its intention to keep interest rates low for the foreseeable future to ensure a sustainable economic recovery.
Swiss-based commodity supplier Glencore International AG has made an offer to acquire Singapore-based marine fuel supplier Chemoil Energy Ltd. for around US$459 million cash, in a bid to gain market share in the bunker fuel business.
Malaysia is to introduce a new goods and services tax (GST) in mid-2011 to broaden its revenue base and help reduce a budget deficit currently running at its biggest in over 20 years, the finance ministry said on Wednesday.
The Dow fell near half a percentage point last night as new US data showed a 1.8% gain in US wholesale prices. The index, which measures prices at the producer levels, also showed a 0.5% rise in core inflation, which excludes volatile food and energy prices.
Maybank has denied news reports that it is making a bid to buy Siam City Bank, Thailand’s seventh largest lender.
Asian markets got a positive jolt from news that Dubai received US$10b in financing from Abu Dhabi, with investors buying stocks and higher-yielding currencies on relief that there would be no default on Dubai bonds maturing Monday.
Nakheel PJSC, a property unit of Dubai World, may seek to renegotiate the terms of $5.25b of debt due within the next two years with bondholders as its biggest obligation matures today.
According to the Malaysian Business Times, Malton is set to clinch a RM700m job to upgrade some parts of the Pusat Bandar Damansara commercial and office complex owned by Johor Corp.
SP Setia plans to launch its RM6b “green” mixed development opposite Mid Valley Megamall in KL by July next year.
Singapore-based civil engineering group Hock Lian Seng Hldgs (HLS) has launched an IPO for listing on the main board of Singapore Exchange by way of selling 110m new shares at $0.25 each.
Astro All Asia Networks recovered from a RM250.4m loss a year ago to turn in a net profit of RM133.1m for its 3Q ending 31 October 09.
The economy is likely to grow 4.7% in the current quarter before picking up pace in the 1H10, with growth averaging 5.5% in FY10, according to a poll of market economists conducted by MAS.
The related party transaction (RPT) in which Genting Malaysia plans to buy Wisma Genting for RM213m and two parcels of development land for RM16m from Genting, its parent company, has met with mixed reactions.
US stocks fell on Tuesday after disappointing corporate news from 3M and McDonald’s, while negative developments in global credit markets caused a shift to safe-haven assets.
Malaysia PM Najib began his first official visit to Thailand Tuesday, a landmark trip focused on easing tensions in the restive southern border area of the country.
Asia Pacific Breweries (APB), the maker of Tiger Beer, has announced it will pay Heineken International some 2.23t rupiah ($324m) to buy 68.5% of PT Multi Bintang Indonesia Tbk (MBI), the maker of Bintang; as well as…
ECM Libra raised its end-2010 target for KLCI to 1390 from 1350 based on core earnings growth of 11.7% but remained Neutral on the Malaysian stock market.
According to the New York Times, the peak in unemployment in the US has probably passed if going by one economic indicator that has proved reliable in all 10 previous recession since WWII.
Crude palm oil prices may rise as much as 20% to RM3,000/t by March 2010 as supply will not be able to match demand growth, London-based vegetable oil analyst Dorab Mistry said on Friday.
Singapore budget carrier Tiger Airways, 49% owned by Singapore Airlines (SIA), has tapped 3 banks for an initial public offering (IPO) expected in January, the Business Times quoted sources as saying yesterday.
The brokerage said that the sector’s 25.4% improvement in 3Q09 net earnings on-year was a new record and was a remarkable performance considering the country’s GDP contraction for three straight quarters.
Optimism across the airline industry was not enough to sustain Wall Street’s rally on Wednesday after the USD regained its footing.
The Dow climbed to its highest close in 14 months on Tuesday as a weak dollar boosted natural resource companies’ shares and economic data reinforced hopes for a sustainable recovery.
Malaysia Institute of Economic Research said that the country still requires a third economic stimulus package given next year’s global outlook.
The Malaysian government will announce changes to its fuel subsidy system in April, according to a Dowjones Newswire.
US stocks rose on Monday, helping the Dow post its 5th straight monthly gain, on hopes that possible fallout from Dubai’s debt woes will be contained.
OSK kept Carlsberg Brewery Malaysia at Buy with unchanged TP of RM5.00 after it posted in-line 3Q09 net profit of RM56m.
Stock markets in the region suffered steep falls last week as the shockwaves from Dubai’s debt problems filtered through to the region.
Asia’s bank shares fell Friday as investors fretted about the banks’ exposure to Dubai World’s debt. Risk aversion returned and some investors cashed out, hurting major financial shares such as HSBC Holdings PLC and Standard Chartered Bank, both among the most exposed to Dubai World and to emerging markets.
Wall Street traded at its highest level last night, ahead of the Thanksgiving breather. The Dow was up 0.3% to end at a fresh 13-month high of 10,464 points; the S&P 500 which rose half a percent was also at a 13-month high.
Sime Darby saw net profit fall 21% in the first quarter ended September 30 2009, dragged by lower crude palm oil (CPO) prices. Net profit was RM684.6m compared with RM866m a year ago.
Most major banks across the world still don’t have enough capital to comfortably maintain their credit ratings despite recent improvements, Standard & Poor’s Corp. said in a report.
The operator of shopping malls in the region that’s partly owned by CapitaLand opened at $2.30 on its 1st day of trading. The company said it has raised $2.8b selling up to 1.34b shares at $2.12 each in Singapore’s biggest initial public offering since 1993.
Bank Negara Malaysia, as widely expected, left borrowing costs at 2.00% as it kept the Overnight Policy Rate (OPR), its key benchmark interest rate, unchanged yesterday.
Cosco Corp announced on Tuesday morning that its shipyard Cosco (Nantong) delivered a rig to Norway’s Sevan Marine ASA on Monday.
In the text of PM Najib’s speech read by Agriculture and Agro-based Minister Datuk Seri Noh Omar, the PM said that agriculture sector needs to undergo a massive transformation as it is the third engine of growth in the country.
Malaysia’s Overnight Policy Rate (OPR) will likely remain unchanged at 2.0% tomorrow as risks to inflation and growth remain well balanced, according to a DBS note.
Singapore October Consumer Price Index (CPI) slipped 0.8% on-year vs expected 0.5% fall. October data show housing prices down 4.7% on-year, but up 1.9% on-month, while recreation costs fell 1.9% on-year.
While the Singapore market may lack the glamour of its regional rivals, when it comes to IPOs, it’s no lame duck. In the last three months, Singapore has seen every single IPO rise on its debut.
Sellers handed the S&P 500 its worst single-session percentage loss of the month. Although buyers showed some mild interest late in the session and helped stocks moved upward, the moves were quickly repressed.
AirAsia announced yesterday that it is planning for a dual listing in Thailand to achieve its vision of becoming a full-fledged Asean airline.
Trading on the local bourse was off to a positive start – the STI up a marginal 0.4% at the open – despite a cautious 2010 economic forecast from the government and some overnight weakness on Wall Street.
OSK raised KLCI 2010 fair value to 1345 from 1265 after applying higher PER of 17X from 16X. The brokerage says that the recent strong corporate results “further convinces us of continued upside for the KLCI.
Malaysia’s economy likely contracted for a third straight quarter in the three months ended September but at a slower pace, as the decline in manufacturing output eased on the back of the global economic recovery, economists said.
US stocks rose to fresh 13-month highs on Tuesday as upbeat broker views on improving prospects for two Dow components, Exxon Mobile and Microsoft, offset disappointing holiday spending outlooks from Target and Home Depot.
Cambridge Industrial Trust said it opposes MacarthurCook Industrial REIT’s recapitalization plan and said it will vote against it at the real estate investment trust’s extraordinary general meeting on Nov. 23.
AFFIN Holdings (AHB), owner of the country’s second smallest lender Affin Bank, says it is not in talks to merge its bank with Hong Leong Bank.
Investors kept the stock market’s upward momentum going on Monday, sending shares sharply higher as the US dollar extended its slide and after retail sales rebounded more than expected in October.
Malaysia’s CIMB Group Bhd. plans to list shares on the Thai stock exchange, raising up to THB4.46 billion in an initial public offering in the process.
Wall Street, which ended up 2.4% up last week, looks set to continue its rally as Asian shares rose in anticipation today. The STI benchmark was up 1.7% at midday, driven by a broad-based rally and high volume.
Macquarie Equities Research expects the ringgit to appreciate 15% to 20% against the US dollar by 2011 in the belief that the country will no longer need to depress the local currency.
Malayan Banking (Maybank) 1Q10 net profit jumped 54% to RM881.8m, on account of strong performances of its treasury operations, international business, investment banking and insurance and takaful.
US stocks fell broadly on Thursday as a stronger US dollar weighed on commodity-linked shares and a guarded outlook from Wal-Mart stores led to worries about consumer spending.
Bernama reported that Indonesian President Susilo Bambang Yudhoyono, who is on a two-day visit to Malaysia, held a closed door meeting with PM Najib this morning.
Wall Street hit fresh highs for the year on Wednesday after strengthening production data from China showing that factory output had hit a 19-month high in Oct while luxury homebuilder, Toll Brothers surprised the market by announcing that its 4Q revenue would only drop 30% and that net contracts for the quarter had risen 42%, raising hopes that the housing market is beginning to stabilise.
Malaysia’s Prime Minister Najib Razak said Wednesday that a Chinese firm has been awarded the double-tracking rail contract, which will link Gemas to Johor Baru in the southern state of the peninsula.
Wall Street’s rally stalled on Tuesday after gains in US dollar weakened buying sentiments and drove investors to increase their holdings of safe-haven assets like the US dollar and US treasuries.
A broad US stocks rally sent the DJIA to a 13-month high on Monday, after the Group of 20 pledged to keep aid flowing to the world economy, strengthening investors’ desire for risk.
Malaysia will work towards achieving an annual GDP growth of 6% annually until 2020 to meet its target of becoming a high income nation, said PM Datuk Najib.
On Friday, the US markets closed higher after data showed new jobless claims dropped and improved productivity boosted investors’ confidence.
According to Bloomberg, Maxis has raised the price range of its shares to RM5-RM5.50 apiece following a “strong” interest from institutional investors.
Malaysia’s FTSE Bursa Malaysia KLCI Index may rise to 1,400 by the end of next year as economic growth accelerates, according to JPMorgan.
U.S. stocks rallied Thursday as another bout of upbeat economic data and positive results from Cisco Systems lifted the Dow Jones Industrial Average back above the 10,000 level.
The Dow ended last night’s trading session a touch above the 9,800 level, a gain of just 0.03% from its previous close and about 1.3% off its intraday high. The index had reached a high of 9,928 points shortly after the Fed’s annoucement.
The timing of Maxis’ IPO is right, MIMB Investment Bank said in a research note on Wednesday.
According to the Business Times, a source close to the matter said that the Oversea-Chinese Banking Corporation (OCBC) is planning to issue US-dollar lower Tier 2 subordinated debt, with a minimum size of US$500m.
Scomi Marine’s 3Q09 net profit rose 25.1% to RM25.5m on the back of improved gross profit margin, following lower operating expenses that included bunker costs.
United Envirotech announced today that it secured its largest engineering, procurements and construction (EPC) contract in terms of both value and treatment capacity from the Guangzhou municipal government.
PPB Group’s sale of its sugar business has sparked speculation as to what the conglomerate intends to do with the money raised.
Singapore shares opened about 1% lower today, fresh from a torrid US session as well as news that commercial lender, CIT Group, which provides factoring to small businesses, has filed for bankruptcy protection over the weekend.
PPB Group’s proposed sale of 5,797ha in Chuping, Perlis, to Felda Global Ventures (FGV) has angered the state government, which wants to buy the land for development purposes.
The government may allow the price of petrol to rise sometime between January and June next year as part of plans to cut spending and rein in a rising budget deficit.
US stocks logged their best one-day percentage gain in 3 months on Thursday as investors saw data showing the US economy returned to growth in 3Q as brightening the outlook for profits.
1. Lifting the freeze on new manufacturing licences that come with no equity condition attached.
US stocks tumbled in a broad sell-off on Wednesday, sending the benchmark S&P 500 lower for a 4th straight day, after weak data on new home sales heightened concerns about the pace of the economic recovery.
Foreign firms will be given manufacturing licenses to hold entire stakes in firms which produce luxury vehicles with an engine capacity of more than 1,800 cc and costing more than RM150,000 while the controversial Approved Permits (AP) system will be scrapped
Most US stocks closed lower on Tuesday as losses ran into a third consecutive day as strong demand in a US Treasury auction and weak consumer confidence numbers reignited fears about the economic recovery.
Tenaga Nasional Bhd (TNB) turned in a 4Q09 net profit of RM164.3m, after sustaining a loss of RM282.9m a year ago.
US stocks fell for a second straight session on Monday as investors ditched home builders and financials on fears that a federal home buyer tax credit might be phased out, while commodity shares succumbed to pressure from the higher US dollar.
Malaysia Airports Holdings Bhd (MAHB) is expecting to spend some RM105m this year on its airport management venture in Istanbul’s Sabiha Gocken International Airport, one of Europe’s fastest growing airport in terms of passenger traffic.
Asia Environment Hldgs (AEH) announced its 9M09 earnings increased by 51%. This was driven by an increase in turnkey service revenue resulted from the final billing of Nantong Penyao,
Panasonic Malaysia is projecting RM1.9b in sales for its financial year ending March 31 2011, boosted by a forecast 10% rise in sales of imported products.
US stocks rose on Thursday after several companies reported solid earnings that lent credence to the idea corporate profitability has stabilised, according to Reuters.
The Employees Provident Fund (EPF) may have been asked to pay RM520m for a slice of Maxis, Malaysia’s biggest mobile operator that is set to be the region’s biggest IPO this year.
US stocks fell on Wednesday, hurt by a late sell-off in financial shares after an influential bank analyst recommended selling Wells Fargo shares and a wider-than-expected loss from Boeing disappointed investors.
Standard & Poor’s (S&P) have upgraded Pantech Group Holdings to a “Buy” from a “Hold” backed by better profit margins. The research house said the group’s 1H10 net profit of RM28.3m was in line with expectation.
US equities fell on Tuesday, with indices pulling back from their highest levels in more than a year as traders focused on weak economic data rather than higher-than-expected earnings, including impressive figures from Apple and Caterpillar.
The chairman of Proton Holdings Datuk Mohd Nadzmi Mohd Salleh said that the refined National Automotive Policy (NAP) must do away with protectionism. He suggested that industry players
US equities rallied to fresh 12-month highs on Monday as investors turned optimistic over a series of solid quarterly earnings, which continued after the session’s close when Apple’s shares jumped on its results in extended trading.
Malaysia’s vehicle sales in September 2009 dropped 5% to 2,469 units when compared against the previous month, said the Malaysian Automotive Association (MAA).
US equity markets were bailed out of jail late on Thursday on strength from energy stocks as oil prices jumped, after having been in the red earlier on following lacklustre earnings results from banking heavyweights Goldman Sachs and Citigroup.
US stocks markets high fresh 2009 highs on Wednesday, with DJIA crossing the 10,000 mark for the first time since October last year after a smaller-than-expected decline in retail sales and strong earnings from banking giant JPMorgan & Chase Co.
Top Glove Corp will continue to raise glove prices, as latex becomes costlier and the US dollar weakens, to maintain profits. It last increased prices in July. As the world’s biggest glovemaker commanding 22% of the global market share, rivals keenly match Top Glove’s pricing.
Malaysia’s jobless rate is expected to fall below 4% by the year-end, from over 5% at the peak of the recession, Human Resources Minister Datuk S. Subramaniam said. The unemployment rate was 3.1% before the downturn and now stands at 4.1%.
US stocks weakened on Tuesday as disappointing sales from pharmaceutical giant Johnson & Johnson deepened concerns about the strength of earnings, snapping the S&P 500’s 6-day winning streak.
US equity investors extended the S&P 500’s winning streak to six successive days and the benchmark closed at its highest level in a year amid general optimism about corporate earnings.
The government will unveil projects that it plans to undertake from 2011-2015 on a “revolving two-year basis”, instead of announcing them all at one go, said Tan Sri Nor Mohamed Yakcop, Minister
Strength in the technology stocks added fuel to last week’s market rally on Wall St, marking its first full week of consecutive gains since November 2006.
International Trade and Industry Minister Datuk Mustapa Mohamed said the government will try to facilitate Malaysian companies operating in Gulf states, and at the same time draw more investors from the Gulf to Malaysia.
Oversea-Chinese Banking Corp is in fray with its Singaporean rival DBS Group Holdings Ltd and HSBC Holdings Plc for acquiring the Asian private banking assets of ING Groep NV (ING), and analysts say that a possible deal will offer good growth prospects for any of the two Singaporean banks.
Malaysia’s exports in August fell 19.8% from a year ago, but economists say the recovery momentum is intact. According to MIDF Research, the pull back in exports for August was in tandem with regional economies
Wall Street resumed their rally on Thursday as the market was energised by encouraging jobs data and positive results from Alcoa, the country’s biggest aluminium producer.
Speaking to reporters at the sidelines of the IMF Summit in Istanbul, Bank Negara Governor Tan Sri Dr Zeti Akhtar Aziz said that interests rates still need to support the country’s economic recovery.
US stocks ended mixed on Wednesday as investors turned cautious in view of the start of 3Q09 earnings season. A shake-up in the telecoms sector led the declines in stocks in early trading after AT&T reversed its policy on internet voice applications.
Minister in the Prime Minister’s Department Tan Sri Nor Mohamed Yakcop said measures to increase domestic consumption will be among those to be highlighted in Budget 2010, which is due to be tabled on 23 October.
US stocks extended its rally on Tuesday amid signs that global economy was recovering and optimism that corporate earnings report will beat expectations.
South-east Asia’s largest property developer by assets, CapitaLand Ltd said that it plans to list its unit that manages retail properties on the Singapore Exchange in a move to reorganize its malls business. The unit, CapitaLand Retail Ltd, will be renamed CapitaMalls Asia Ltd and will have a portfolio of 86 retail properties worth S$20.3 billion spread across five countries in Asia.
US stocks scored a strong rally on Monday in what could possibly turn out to be an important comeback after having suffered two weeks of decline on weakening economic data.
Bursa Malaysia’s Bursa Trade Securities, will undergo some enhancements on its trading phases for the morning session. Among the measures to be implemented, the existing Pre-Closing and
A string of disappointing US data releases last week culminated in last Friday’s news that non-farm payrolls had tumbled by 263,000 in September, taking the unemployment rate up to 9.8% from 9.7% in August.
Notion Vtec will start making 2.5″ HDD components for South Korea’s Samsung by as early as next month, according to OSK Research. OSK said in a report that Notion Vtec
US stocks suffered its biggest daily loss since early after disappointing data on jobs and surprise slowdown in manufacturing activity fuelled fears about the strength of the economic recovery.
Loan applications and approvals in August 2009 fell significantly year-on-year, prompting ECM Libra Investment Research to say the development has thrown a spanner into its two months of bullish views on the general economy.
Stocks fell on Wednesday after the Institute for Supply Management-Chicago business barometer fell to 46.1 in September from 50 in August, sharply lower than economists’ forecast reading of 52.
Dubai Investment Group (DIG), one of three shareholders of Bank Islam Malaysia, will not be injecting further capital into the bank as it plans to eventually sell off its 40% stake, sources said.
US stocks edged lower in choppy trading on Tuesday after data showed consumer confidence for September had fallen more than expected.
Malaysia is likely to revise upwards its economic growth forecast for this year at the upcoming national budget. Bank Negara Malaysia governor Tan Sri Zeti Akhtar Aziz told reporters
Berjaya Land posted a net profit of RM78.1m for 1Q10, and increase of 76% against previous year, with sales falling slightly by 1.2% to RM952.6m.
A series of M&A activities helped inject investor confidence back into the market and snap a 3-day losing streak on Wall Street which had previously turned weary after rising fast ahead of economic fundamentals.
China-based tyre manufacturers should consider setting up operations in Malaysia according to the deputy chairman of the Malaysia-China Chamber of Commerce, Liew Choon Kong. This is to avert the recent punitive tariff of 35% imposed on Chinese-made tyre imports by the US. Speaking at a meeting in KL, he said, “China buys a lot of rubber from Malaysia as raw material to produce tyres there.
US stocks took a tumble last week, marking the steepest weekly decline since July after a surprise drop in the sale of durable goods sparked a sell-off in the industrials sector on Friday.
The new Central Bank of Malaysia Act 2009, to be implemented come November, will empower Bank Negara Malaysia to act decisively in enhancing transparency and accountability. “The Act will extensively provide greater clarity on the mandates for which we are accountable and provide enhanced powers to undertake these mandates,”
US stocks surrendered early gains on Thursday after an unexpected fall in home sales triggered investors’ worries about the pace of economic recovery.
US stocks fell into the negative territory in the last hour of trading after investors started to worry that the US Fed is closer to extracting its stimulus measures from the world’s largest economy.
Malaysia’s central bank has become more confident that its economy is recovering from the global recession, Credit Suisse Group said, citing a meeting with Bank Negara’s Deputy Governor Ooi Sang Kuang. “The central bank’s view is that the signs of an economic recovery seem evident,” Danny Goh, an analyst at Credit Suisse, said in a report today.
US stocks crept up to fresh highs for the year on Tuesday as the US dollar’s slide to a one-year low against the euro prompted a rally in global commodity prices, propelling commodity stocks higher.
Muhibbah Marine Engineering expects its performance to be better this fiscal year, on the back of increased orders and improved productivity. A wholly-owned unit of Muhibbah Engineering, Muhibbah Marine saw its net profit grow by 48% to RM26.7m for the fiscal year ended December 31 2008, up from RM18m the previous year. Revenue rose 37% to RM303.4 m from RM222.1m.
National news agency Bernama, reported that the Finance Ministry was studying an application for licence from a company to build an offshore port that will serve the oil rig in Kuala Kemasin, Kelantan.
A drop in oil below US$70 and other retreating commodity prices dragged energy and materials stocks lower on Monday, causing the DJIA and S&P indices to tip towards the negative.
Bursa Malaysia has agreed to sell a 25% stake in its derivatives unit to CME Group, the world’s largest derivatives exchange. The stake sale, expected to be concluded before year-end will cost CME about RM55.6m, which it will pay for with RM1.9m in cash and the rest in CME stock comprising 76,427 shares.
US stocks skidded to a halt on Thursday after fears of a market pullback got the better of investors in spite of fresh positive economic data.
US stocks rose for a 3rd day on Wednesday, hitting fresh highs for the year in a broad-based rally fueled by fresh economic data suggesting a stronger-than-expected global recovery.
The LNG sector is set to receive a boost with the upcoming Gorgon project in Australia, which will benefit Malaysian companies. The project is on the way when Chevron announced it had agreed with partners Shell and ExxonMobil on the final investment plan for the Gorgon LNG project in West Australia.
AirAsia said it has successfully placed out 380m new shares at RM1.33 per share, raising gross proceeds of RM505.4m. The additional shares represent 16% of the airline’s capital before the issue, the company said in a statement to Bursa Malaysia yesterday.
US stocks rose on Tuesday to 2009 highs after fresh economic data boosted commodity prices and sent shares of material companies higher.
ECM Libra has said that there merger and acquisition activity is picking up especially amongst the oil and gas firms in Malaysia. The research house cited the example of Dayang Enterprises which recently bought a 40% stake in Syarikat Borcos Shipping for RM132m. Borcos recorded a net profit of RM47.5m for FY08.
US stocks recovered to finish higher after optimism about potential deals in the utility sector overshadowed concerns about trade friction between US and China after Washington imposed a duty of 35% on Chinese tyre imports.
HwangDBS Vickers Research sees the Malaysian bourse to be back on track now, ready to ride on a positive trajectory to plot fresh highs for the year going forward. In a research note issued on 14 Sep, it said the positive upside comes after the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) jumped last week, climbing to a high of 1,210.36 before finishing at 1,208.28, up 29.5 points or 2.5% from the previous Friday’s close.
The S&P 500 posted its biggest weekly gain since July as rising forecasts for oil demand boosted energy companies and Goldman Sachs’ recommendation lifted industrial shares.
The new National Automotive Policy (NAP) will be delayed by a month as the government wants to refine it further, Minister of International Trade and Industry Datuk Mustapa Mohamed said. It will now be unveiled next month. “We don’t want to rush things. It (NAP review) has been progressing very well, but needs to be further refined,” he told reporters after presenting donations to the ministry’s (MITI) supporting personnel in Kuala Lumpur yesterday.
US stocks continued to climb for a 5th straight day on Thursday, marking their longest string of gains since November last year after encouraging data on jobs, a successful Treasury bond auction and bright outlook from consumer product giant Procter & Gamble (P&G) reassured investors.
US stocks continued its climb for a 4th straight day on Wednesday following gains in the industrial and technology sectors led by the weak US dollar, which has fallen to its 2009 low against a basket of leading currencies.
Volkswagen Group Malaysia MD Andreas Prinz said the group’s global sourcing unit will set up a small department here within Volkswagen Malaysia in the next couple of months. They will be looking at the Malaysian market and also using Malaysia as a sourcing hub for worldwide production.
Carlsberg Brewery Malaysia (Carlsberg Malaysia) said it is close to acquiring Carlsberg Singapore (Carlsberg (S)) for RM370m cash. It announced yesterday that it had entered into a share purchase agreement to purchase all the equity shares in Carlsberg (S) with Carlsberg Asia (CAPL), a wholly-owned subsidiary of Carlsberg Breweries A/S (CBAS).
US stocks climbed higher for the 3rd day running on Tuesday after renewed interest in corporate deal activity and rising commodity prices boosted investors’ confidence.
Malaysia could decide by as early as next year if it will opt for nuclear energy, making it the country’s sixth energy source, said Energy, Green Technology and Water Minister Datuk Peter Chin Fah Kui. Having a nuclear power plant means that it will join the likes of coal, gas and hydro now being used by Tenaga Nasional and independent power producers to help fuel the country.
The STI rallied 0.8% to close at 2,643.95 as investors chose to think positive of a mixed US job report data showing a smaller-than-expected job cuts in August but with unemployment rate soaring to a 26-year high.
US stocks made its biggest weekly loss since July despite closing higher on Friday. Volatility, it seems, has returned to spook investors as shown by the CBOE’s Vix index – also known as Wall Street’s “fear gauge” – which has risen towards a reading of 30, its highest since mid-July on last Tuesday.
The 20-year-old beach resort, which belongs to Tradewinds Corp (TCB), has been closed for some 41 months now since 2006. It was to be renovated and rebranded as an InterContinental Resort Penang. TCB and InterContinental have now mutually terminated the management contract, according to its CEO Shahrul Farez.
The Malaysia government is not considering selling a 10% stake in its largest company Sime Darby to a Chinese entity, government officials said today. Earlier, the Malaysian Insider website (www.themalaysianinsider.com), citing unnamed sources, reported that the government had recently agreed to sell a 10% stake in the palm oil to property conglomerate to a Chinese entity. An unnamed senior Malaysian government official has denied discussions of such an agreement.
US stocks broke its 4 day losing streak to end higher on Thursday after the retail sector surprised many by reporting better-than-expected August sales figures, which was complemented by a survey showing improvement in the US Services sector.
Malaysia Smelting Corp (MSC) has proposed to divest its 22.1% stake in Australia’s Beaconsfield Gold NL, just over a year after taking a major stake in the company. Beaconsfield Gold said MSC was considering divesting its portfolio of non-tin mineral and metal resource investments in the Tasmanian gold mining company to re-focus on its core business of tin mining and smelting.
US stocks fell for the 4th day running after a labour-market report showing more private-sector job losses in August than forecast brought out renewed fears about the health of the economy.
US stocks tumbled on Tuesday sending the S&P 500 below the psychologically important threshold of 1,000 as fears of a revival of balance-sheet troubles in the financial sector outweighed the first expansion for manufacturing in 18 months.
Investment inflows into Penang were severely affected by the global economic slowdown, with the total for the first six months of 2009 at RM1.3b, tumbling 90% from the RM10.3b achieved in 2008. InvestPenang executive committee chairman Datuk Lee Kah Choon said the reduction in investments must be viewed in the context of international and national FDIs.
Malaysia will have its maiden nuclear power plant 15 years from the day it starts working on the project, Tenaga Nasional president and CEO Datuk Seri Che Khalib Mohamed Noh said. The national electric utility is pushing for the use of nuclear energy to head off a power crunch expected in the future, and has asked for a decision from the government around 2013.
US stocks fell on Monday despite two multi-billion acquisition deals made and better-than-expected manufacturing data from the Chicago Index, as a 7% plunge in Chinese stocks set the tone for trading.
Tenaga Nasional plans to award key contracts to build two hydroelectric plants in Hulu Terengganu and Ulu Jelai in Pahang by the middle of next year, according to its President and CEO Datuk Seri Che Khalib Mohamed Noh. Tender for the major civil work and mechanical and electrical (M&E) contracts will close by early next year. Bids are expected from consortiums of local and foreign companies.
The opposition Democratic Party of Japan has won the nation’s general election in a landslide victory that saw the party securing at least 320 of the 480 seats in the policy-initiating Lower House of the Legislature, according to advance projections from Japanese TV stations.
Axiata Group said 2Q09 net profit jumped 44% yoy driven by foreign exchange gains and a better showing by its units, especially Celcom. The net profit of RM526.8m is also its best quarterly performance since its listing a year ago. On a to-date basis, 1H09 revenue rose 7% to RM6b but net profit sank 23% to RM591m.
US stocks rallied strongly during the day on Thursday, reversing early losses, as oil price turned around and rose US$1.06 to settle at US$72.49, along with fresh positive news concerning financial giants Citigroup and AIG.
Malaysia’s GDP contracted at a slower pace of 3.9% in the second quarter compared with 6.2% in the previous quarter. These are signs that the Malaysian economy has stabilised during the second quarter, with growth led by the increase in public spending as well as private consumption, according to Bank Negara Malaysia governor Tan Sri Dr Zeti Akhtar Aziz.
US stocks’ recent run-up slowed after a choppy day of trade on Wednesday as cautious sentiments weighed in despite solid report showing a sharp rise in monthly sales of new homes.
IJM Corp expects to maintain an order book of more than RM4b as it bids for sizeable government contracts locally and abroad. It aims to bid for infrastructure projects that will be rolled out under government stimulus packages in Asia. Speaking at its AGM in Subang Jaya, IJM Corp’s CEO Datuk Krishnan said that governments around the world are spending more money to pull their economies out of recession. He added that, “We (IJM Corp) would replenish the order book so that we maintain about RM4b plus at any one time.
Wall Street rose to new highs for the year as encouraging economic data and the renomination of US Federal Reserve chairman Ben Bernanke reassured investors and offset concerns about red ink in the federal budget.
Sime Darby Engineering, (SDE), the indirect wholly owned subsidiary of Sime Darby, has revised its offer price downward to RM530m from RM560m for Ramunia Holdings’ fabrication yard. Sime Darby announced yesterday on Bursa Malaysia that SDE notified Ramunia Holdings and the related parties that the final purchase consideration price would be RM30m lower than the price stated in its Aug 3 announcement. Ramunia has until Sept 7 (14 days) to deliberate on whether to accept the offer.
Wall St snapped its 4-session winning streak on Monday after a warning over future bank losses saw the markets erase early gains.
HwangDBS Vickers Research sees better upside for Singapore-listed Wilmar and prefers direct exposure to the company rather than PPB Group. In its research note issued on Aug 24, it said that PPB’s 2Q09 results exceeded expectations due to strong Wilmar contribution and lower tax rate. Associate contribution from Wilmar accounted for 79% of PPB’s 1H09 net profit.
US stocks rallied to new highs for the year on last Friday after positive figures showing the German manufacturing and service sectors had expanded followed by an unexpected jump in the sales of existing homes fueled the market to its best day since late July.
Wall Street continued to rally for a 3rd straight session on Thursday as investors focused on the positives in a mixed bag of economic data. The US Mid-Atlantic manufacturing data showed that business activity in the region turned positive for the first time in 10 months.
Crude palm oil (CPO) prices are expected to rise by a quarter and hit RM3,000 a tonne in the next six months, due to global demand outpacing dwindling supply and stockpile. Other factors include a poor Argentinian soyabean harvest, limited edible oils in India and a lower national CPO production. CPO is trading at around RM2,400 now.
US stocks rose on Wednesday after data showing a surprising drop in crude oil stockpiles triggered a sudden surge in oil price and pulled equities out of a slump.
Consumer prices fell for the second consecutive month in July, as effects from the spike in petrol prices slowed inflation risks in Malaysia. Data released by the Statistics Department yesterday showed that the Consumer Price Index (CPI) fell 2.4% in July, yoy, from 114.7 to 111.9. This was due to changes in the price of petrol and diesel starting June last year.
The government plans to cut operating expenditure by 15% under Budget 2010 to help reduce the deficit, according to Second Finance Minister Datuk Seri Ahmad Husni Hanadzlah. Currently, Malaysia is spending RM67b to stimulate the economy and this has been forecast to widen the deficit to 7.6% of GDP. The government wants the deficit to be lower than 7% according to the Second Finance Minister, possibly through reducing overseas assignments and the number of officials on trips abroad to keep a lid on spending.
US stocks rebounded on Tuesday after investors went on bargain hunting following the steepest decline in more than a month during the previous session.
The STI plunged 3.3% to end at 2,545.98 amidst a wide regional sell off that saw both the Shanghai and Hong Kong benchmarks shedding 5.8% and 3.6% respectively.
Malayan Banking’s (Maybank) president and CEO Datuk Seri Abdul Wahid Omar has clarified again that the recent board revamp had nothing to do with its purchase of Bank Internasional Indonesia (BII) last year. He was dismissing a source-led news report last week that Bank Negara Malaysia had ordered a board revamp as it was not happy with the high price Maybank paid for BII.
In his annual National Day Rally Speech to the nation yesterday, Prime Minister Lee Hsien Loong brought up a rare but timely reminder of the sensitivities that Singapore faces as a multi-racial and multi-religious society and the need to maintain trust and understanding, especially when religious tension and conflict are rife in the region.
Glomac is selling one of its two corporate towers at its RM800m Glomac Damansara development in Petaling Jaya to a government agency for RM200m. Glomac’s executive vice-chairman Datuk Richard Fong Loong Tuck said the deal is due to be finalised by month-end. The undisclosed government agency will buy the 30-storey corporate tower but it wants the height reduced by five floors.
US stocks reluctantly joined the global equity rally on Thursday, staggering to new highs for the year after weak economic data hampered what could have been a stellar day of trade.
The Ringgit and South Korean Won led gains in Asian currencies on speculation that investors will add to holdings of emerging-market assets after the Federal Reserve indicated the U.S. recession was abating. The Fed said it would slow purchases of Treasuries and signaled the US$300b program will end in October, helping the won strengthen for the first time in five days.
Second quarter performance at AirAsia was better than expected, as profit surged near 15-fold on absence of forex losses and lower fuel costs this quarter.
US stocks bounced on Wednesday, recovering most of the previous day’s losses as buyers were tempted back into the market following two days of falls.
In an attempt to dispel rumors, Malayan Banking’s CEO Datuk Seri Abdul Wahid Omar told reporters at the World Capital Markets Symposium in KL that boardroom changes are part of normal transitions. He declined to elaborate, saying that more details would be provided when Maybank announces its financial results on 25 August.
Financial stocks led US equities to their worst day in more than a month on Tuesday amid signs that the effects of the financial crisis are still being felt.
Templeton executive chairman Dr Mark Mobius speaking at the World Capital Markets Symposium in KL, said that surging money supply in the system and the use of derivatives will continue to drive stock prices up. He said global investors, who had retreated to holding US Treasuries last year in October and November thinking that those were the safe haven investments, are now seeking to diversify their portfolio as the pessimism on global economy fades. “So you are going to see a big push into equity going forward.
US stocks drifted from last week’s highs on Monday, with investors looking to bank profits even as several experts gave a relatively bullish analysis for equities.
Malaysia Airlines (MAS) will impose an across-the-board salary freeze from next year. The salary freeze is expected to save the airline some RM100m next year as it seeks to conserve cash in a tough operating environment.
For the first time this week the S&P 500 closed below the 1,000-point threshold on Thursday, as healthcare, retail, energy and telecoms stocks weighed on market sentiments.
US stocks declined on Wednesday in the face of fresh downbeat economic data but positive words from UK bank Lloyds drove buying in US bank stocks, helping the markets to pare its losses.
Mobile operators Axiata Group and DiGi.Com may come under selling pressure with the impending return of Maxis Communications to the local bourse. Maxis is anticipated to make its IPO sometime towards the end of this year after being taken private by its owners in 2007.
OSK said that retail sales will recover gradually towards the year-end, boosted by the festive seasons and mega sales campaign. The brokerage expects a soft second quarter, but it would be better than anticipated, given the rally in the equity market and the positive overseas economic data in June.
US stocks extended their recent run of gains on Tuesday as encouraging housing data offset concerns that the market’s rally may run out of steam.
US equities rallied sharply on Monday and the S&P 500 closed above the 1,000-point threshold for the first time since November.
Sime Darby has proposed to buy Ramunia Holdings fabrication yard for RM560m cash, a change from its earlier plan to pay cash and shares. This comes three months after it first proposed to buy the business of Ramunia Holdings for RM232m, of which 80% of the price was to be satisfied with new shares in Sime Darby Engineering (SDE), an indirect wholly-owned unit.
US equities settled mixed on Friday, but closed out July with solid gains as data on the economy suggested the vehemence of the recession was abating and expansion beckoned in the 3Q09.
Proton will explore all avenues to grow the business, including tapping more export markets and developing new models via collaboration with key partners in foreign countries. Chairman Datuk Nadzmi Mohd Salleh told Business Times in an interview in Jakarta, Indonesia.
Massive infrastructure spending and a push towards 3G networks by Chinese telcos propelled Sinotel’s profit to grow 16%, to Rmb70.4m, in the first half.
The outlook for the aviation industry remains bleak with weaker demand and falling load factors in June, according to the International Air Transport Association (IATA). In a statement issued on Thursday, IATA said international scheduled traffic results last month showed passenger demand declining 7.2% compared to a year ago while freight demand was down 16.5%.
Wall Street stocks were weaker on Wednesday amid concerns about bearish US economic indicators and a sharp fall in oil prices.
Bank Negara Malaysia left borrowing costs unchanged yesterday, a widely expected move, and said the economy has shown signs of improvement. The central bank said that prevailing policy is sufficient given the current low interest rates and the gaining traction of the fiscal stimulus. Overnight Policy Rate was left unchanged at 2.0% at the bank’s monetary policy committee meeting yesterday.
John Master said yesterday that it will sell the entire clothing and property business through an open tender for RM78.5m and return RM77.5m, or 63 sen per share, to shareholders after deducting the expenses involved. After that, it will issue new shares, convertible bonds, and make a rights offer to buy China-based Be Top Group, holding company of fabric maker Top Textile (Suzhou), for RM328m.
The Wall Street rally came to a halt on Wednesday as the broad market posted modest losses after data showed that consumer confidence has fallen for the second straight month.
Lion Group said its planned US$9.8b steel plant venture in Vietnam is being reviewed in light of the global financial crisis. The company said that is was considering various aspects of the project and its implementation in view of the global financial crisis that has occurred since the project was initially proposed. One of the possible factor include the surplus capacity in Vietnam. Steel producers in the Vietnam expect construction steel capacity to reach about 7m tonnes this year, outpacing demand of 3.8m tonnes, according to industry sources.
US equities posted small gains on Monday, as investors digested a mixed array of earnings results that overshadowed better news on the housing front.
Chip prices have started to recover this year as manufacturers cut output after a supply glut drove prices below the cost of manufacturing them. Thanks to inventory replenishment in the second quarter, Asian chip makers have been benefiting from stronger-than-expected shipments.
International companies trading in New York ended mixed Friday after a seesaw session around the flat line, though solar stocks rose on excitement about US-based solar panel maker SunPower Corp’s (SPWRA) better-than-expected second-quarter results.
US stocks rallied towards the close on Friday to end a 2nd straight week of gains on a surprisingly positive note after early falls triggered by disappointing earnings at Microsoft.
As part of recent measures to improve liquidity in the market, Bursa Malaysia announced that it will shorten the halt for material company announcements to one hour from one trading session previously. The ruling takes effect on 3 August. The rationale given was that shortened trading halts might improve the efficiency of the market as investors would have greater trading opportunities.
IOI Corp plans to issue a cash call of at least RM1.22b from shareholders to fund its spending, investment opportunities and repay some of its debts. IOI Corp plans to use the money within two years upon receiving it but has yet to determine how much will be for capital expenditure and debt repayment.
The DJIA rose above 9,000 points on Thursday to a record high for the year as corporate profits continued to please US investors and drive stocks higher.
US stocks fluctuated on Wednesday as investors reacted to signs of strength in the housing and consumer sectors and mixed messages on banks’ future bad debts.
The Consumer Price Index (CPI) last month saw its biggest drop in 22 years, falling 1.4% y-on-y from the base effects of rising fuel costs. The Statistics Department said the June CPI fell to 111.8 from 113.4 due to changes in petrol and diesel prices from the previous corresponding month. Compared with May, the CPI was up 0.1%.
A late rally for US stocks saw the markets build on Monday’s impressive gains on Tuesday and set new highs for the year, spurred on by signs of growth in global demand from Caterpillar.
Gamuda’s SPLASH has accepted the RM3b offer from the Selangor government to take over its water-related assets and operations. This would result in Gamuda selling shares of SPLASH to the state government.
US stocks reached highs for the year on Monday after Goldman Sachs raised its forecast for the S&P 500.
PM Najib has announced a major initiative by the Abu Dhabi government whereby a sovereign wealth fund it wholly owns is set to make a US$1b investment in Malaysia in the energy, real estate and hospitality sectors. Najib said the proposed investment would be carried out in partnership with a new Malaysian sovereign wealth fund to be known as “1Malaysia Development Berhad” (1MDB), which is the result of the government’s decision to expand the Terengganu Investment Authority (TIA).
US stocks managed to hang on to most of the gains made during the previous four sessions on last Friday, as they completed their best week since the surge that marked the beginning of the rally in March.
According to the Kuching Port Authority, January-June 2009 cargo volume figures indicate a downtrend for the whole year, possibly lower than that in 2008. For 1H09, general cargo volume was 519,120 tonnes against 1,356,316 tonnes for whole of 2008 period and 957,750 tonnes in 2007. Liquid bulk in 1H09 amounted to 440,932 tonnes compared to 877,119 tonnes in 2008 and 893,000 tonnes in 2007. Container cargo throughput registered 57,630 TEUs in 1H09 compared with 169,101 TEUs in 2008 and 162,899 TEUs in 2007.
Hock Seng Lee (HSL) in consortium with Dwimula Bina and Pembinaan Nomisual has signed a RM137m project with the Department of Irrigation and Drainage. The consortium will carry out the works for the Sibu Flood Mitigation project as an unincorporated joint venture with HSL having 85% stake in the project. The project is expected to be completed by February 2012.
US stocks rose close to their highs for the year on Thursday after a late rally pulled the markets out of a range following a choppy morning.
Motor vehicle sales in Malaysia are not expected to improve in the second half of 2009 despite the better economic outlook. Research firm Frost & Sullivan said it was maintaining its earlier forecast of an 8.1% decline in Total Industry Volume (TIV) to 501,000 units for 2009. However, the research firm added that sales in the second half were expected to be better than the first half.
US stocks extended its rally on Wednesday, with the DJIA enjoying its best day since early April, as strong earnings from chipmaker Intel encouraged investors to buy riskier assets.
Consumer confidence in Malaysia improved q-o-q this quarter as individuals begin to feel “less negative” about the current state of the economy and more optimistic about its future, according to a recent study. The local Consumer Confidence Index was up from 83 to 94 alongside increases in the indexes of other Asian countries, namely Singapore, China, Thailand and Indonesia, according to independent market research agency InsightAsia Research group’s latest survey.
US stocks managed to rise during a choppy session on Tuesday, led by record profits announcement in Goldman Sach’s 2Q09 earnings results.
Financial stocks led US equity markets to their strongest rally in 6 weeks on Monday, taking the benchmark S&P 500 index back above the psychologically important 900 level.
Genting’s management reiterated that its integrated resort on Sentosa in Singapore is on track to launch by 1Q10. The statement comes after rival Las Vegas Sands recently reported that there would be further delays to its Marina Bay integrated resort due to shortage of labour and materials. Las Vegas Sands now hopes to open by January or February next year.
The 1Malaysia Unit Trust proposed by Prime Minister Datuk Seri Najib Razak on Saturday should be carefully monitored to benefit more of the medium- and low-income earners. The national unit trust was announced by PM Najib as one of his 11 “people-friendly” measure to commemorate his 100th day in office.
US stocks closed last week at levels not seen since the beginning of May as a month of losses took its toll.
Malaysia is switching to a more serious level in its handling of influenza A (H1N1) cases from merely containing these to mitigation. Health Minister Datuk Seri Liow Tiong Lai said under the mitigation stage, measures would be implemented to slow down infection within the country while mild flu cases would be given outpatient treatment.
US stocks staged a modest rally on Thursday as a positive start to earnings season and better-than-expected economic data failed to lift the caution that has dominated Wall Street since last week’s jobs report.
Bank Negara Malaysia’s governor Tan Sri Dr Zeti Akhtar Aziz said the key interest rate is at the appropriate level now but the central bank would not rule out future cuts. She said that domestic economic conditions are stable and that certain sectors show trend towards positive growth. Nonetheless, she was cautious with regards to external environment remains.
US stocks rallied late on Wednesday to end a choppy session close to where they began as investors waited cautiously for the start of the earnings season, due to open after the bell with results from Alcoa.
US stocks fell to their lowest levels in two months on Tuesday as investors sold shares ahead of the start of the 2Q09 earnings season.
Malaysia has decided to be open to nuclear energy as another source, and is now drafting the policy and guidelines for it, according to Datuk Dr Maximus Johnity Ongkili, the Minister of Science, Technology and Innovation. The draft for the national energy policy, which includes a section on nuclear energy, is expected to be ready in the next three months.
Bandar Raya Developments is optimistic of prospects for subsidiary Mieco Chipboard, but may sell the chipboard maker if there is a good enough offer. BRD chairman said that it was choosy of prospective suitors for Mieco and that he disagreed with the view that furniture manufacturing was a sunset industry. He added that the demand for furniture is dependent on from residential, commercial and indutrial sector.
Defensive stocks spurred a late rally on Wall Street to turn US equities positive on Monday following the previous session’s heavy falls.
The government is unlikely to opt for the nationalisation of the country’s toll operators as the cost would be too big for the government to bear amidst the current weak economic climate, analysts say. Calls for the nationalisation of toll highways came about early this year due to toll hikes, particularly of the North South Expressway managed by PLUS Expressways.
Wall Street began 2H09 nervously after signs that the economic recovery, which many were predicting to be around the corner, may yet be some way off.
Malaysia’s manufacturing sector is due to draw RM30b in foreign investments this year, a third lower than in 2008, as multinational corporations have delayed their expansion plans due to the global recession. According to MITI Minister Datuk Mustapa, investments from 294 projects for the first five months totalled RM9b, of which foreign investments amounted to RM4.2b.
US stocks took a pounding on Thursday, with the benchmark S&P 500 turning negative for the year as investors reacted to data showing many more people lost their jobs in June than expected.
US stocks began 2H09 on a positive note on Wednesday with shares in prominent food and drink manufacturers leading the market higher.
Bursa Malaysia said it will press publicly traded companies to sell more shares to stay in a revamped benchmark stock index, a move aimed at making the equities easier to buy and sell. In an interview with Bloomerg, Bursa’s CEO Yusli Yusoff, Bursa’s said that the move will “bring a sense of competition” and that a lot of companies would want to be in that benchmark.”
The 30% bumiputra quota requirement for companies seeking to list on Bursa Malaysia has been scrapped at the latest unveiling of the government’s economic policies. Speaking at the Invest Malaysia 2009 conference yesterday, PM Najib Tun Razak said that there was a need for a new economic model. He then announced the setting up of Ekutinas (Ekuiti Nasional), a private equity fund to make strategic investments for bumiputras, especially in companies with high-growth potential.
US stocks registered their best quarter in a decade on Tuesday, in spite of falling during the day to take the markets lower for June.
3 out of 4 of Selangor’s water concessionaires have rejected the state government’s second offer to buy their water-related assets and operations. In separate regulatory filings, Puncak Niaga, SYABAS and Gamuda said that they considered the NAV method based on a one-time book value adopted by the Selangor state government to be inappropriate.
US equities rallied on Monday as upgrades in the consumer sector and improving energy stocks helped lift stocks after an early droop.
Transactions involving the buying and selling of Malaysian hotels have plunged 83%, from RM1.2b in 2005 to RM205m last year, as owners preferred to hold on to their assets as property prices appreciated. There was also noticeable absence of foreign interest in 2008, where they were no foreign buyers last year, as compared to 2006 and 2007 when more than 60% of the hotel investment volumes were by foreigners.
US stocks capped last week on a muted note, managing to hold on to most of the previous day’s impressive gains on Friday, but failing to build on them.
US stocks staged an impressive broad-based rally on Thursday with retail stocks leading the way. Home furnishings retailers fared especially well after Bed Bath & Beyond reported an unexpected rise in profits with cost cuts and new store openings making up for a fall in same-store sales.
EON Capital hopes to raise up to RM500m via the sale of perpetual preference shares which may boost its Tier 1 capital to around 11%. Its Tier 1 capital now is 9.4%. The group plans to submit an application to the Securities Commission, to put in place a programme that will allow it to raise up to RM1b of Innovative Tier 1 capital over 30 years.
US stocks lost most of their early gains on Wednesday afternoon after investors reacted negatively to uncertainty at the Federal Reserve.
The KLCI may fall 10% in coming months from last week’s peak before forming a base at 980 for the next leg up driven by a revival in corporate earnings, according to AmResearch.
US stocks struggled for momentum on Tuesday having crashed through several significant support levels during the previous session. An encouraging auction of government debt helped lift stocks during the afternoon.
The Malaysian property market is showing signs of a glacial recovery, attributed to government spending and developers taking a cautious stance during the economic downturn. Dr Zailan Mohd Isa, director of the Valuation and Property Services Department under the Ministry of Finance said that it has been recording higher property volume, but of lower value.
A total of 44736 projects worth RM4.2b have been tendered for implementation under the first economic stimulus package as of June 12 this year, according to PM Datuk Najib. He said that 13365 projects worth RM1.5b had been completed involving small projects such as upgrading and repair works on rural roads, bridges, schools and hospitals.
US stocks fell sharply on Monday, sending the S&P 500 through several important psychological barriers as investors worried about the pace of economic recovery.
Caution imbued investors last week as the debate over the recovery prospects of the global economy weighed on many equity markets, which registered their first weekly decline in a month.
SJK (C) Jalan Davidson in KL has been closed for a week after two local transmissions of H1N1 virus were detected in the school. 2 students from the school contracted the Influenza A from a classmate who had returned from Melbourne.
The liberalisation of Malaysia’s steel sector beginning August will increase the competitiveness of domestic companies and benefit the construction sector, according to the International Trade and Industry Minister Datuk Mustapa Mohamed.
US stocks made gains on Thursday following three successive sessions of losses as fresh data indicated the recession was closer to ending than expected.
US stocks fluctuated on Wednesday as bullish healthcare stocks balanced a flagging financial sector, which fell as the government released details of proposed new regulations.
The ringgit fell after reports showed continued slumps in Singapore exports, raising concern Asia’s trade-dependent economies will take longer to recover.
Southeast Asia’s bourses are working to develop electronic trading links but are unlikely to merge. “It’s a good idea but, personally, I think it is going to be a challenge to become reality,”
US stocks lost early gains on Tuesday as they headed towards a second consecutive session of losses. Investors worried about the health of consumer spending after Best Buy reported weaker sales than expected and falling profits.
World stocks suffered a heavy knock yesterday as “green shoots” appear to fizzle out and fears of inflation caused by rising oil prices and declining US$ continue to spook investors.
Malaysia’s consumer confidence index has dropped further to 27.8 for 1H09, against 35.9 2H08 and 36.9 in 1H08, the latest MasterCard Worldwide Index of Consumer Confidence survey showed.
Buy when it is “oversold” and sell when it is “overbought” – this is what most traders, investors and even some technical advisors would conclude when using relative strength index (RSI) in technical analysis.
Italy is sending a high-level delegation to Malaysia this week on a three-day business mission to explore new opportunities and foster closer economic ties. A series of sectorial seminars, business-to-business meetings and technical visits have been planned from 16 – 18 June in KL, and it is set to be the largest in Malaysia.
US stocks erased most of their early loss on last Friday, but they failed to break out of the week’s narrow trading range on a day when floor trading range in 242 companies was halted because of a computer problem.
Sapuracrest Petroleum, the oil and gas arm of Sapura Group, is bidding for some RM5b worth of contracts, of which more than half comes from the region such as India, Indonesia, Australia, and New Zealand.
US stocks closed at their highest level of the year on Thursday as the surging price of oil boosted energy stocks, which added to the impetus created by fresh data suggesting that the recession is abating.
US Stocks slipped on Wednesday afternoon after a disappointing auction of government debt triggered a slump that was then erased by some positive economic news from the US Fed Reserve.
Bursa Malaysia yesterday cautioned investors on the trading of Measat Global and Transmile Group shares, after both companies could not explain the unusual market activity queries dated 4 and 5 June respectively.
Genting has paid US$100m for a 3.2% stake in US casino operator MGM Mirage, according to an official from MGM Mirage.
US Equities edged upwards but stayed within the narrow range of the past six sessions as rising commodities and a slipping dollar failed to spark significant buying.
TechnoDex will continue with Phase 2 of the National Property Information Centre’s Property Information System Management (Prism) project, after having successfully completed the first phase with the launch of the Prism System yesterday.
US stocks staged a late recovery on Monday to end roughly where they were at the end of the previous session after a day spent almost entirely in negative territory.
US stocks were mixed in choppy trade on Friday, on track for another week of gains as investors digested the latest news on the economy and oil prices continued to rise.
The president of the Malaysia Association of Retailers (MRA) Eddy Chan said that retailers expect sales to contract by 3-5% this year in line with the government’s GDP forecasts.
US stocks gained ground on Thursday, led by the financial and energy sectors, as oil prices rose and investors reacted to the latest data on the economy.
Malaysia reported April export figures that were below expectations, although import numbers surprised, leaving economists unsure if an economic recovery is taking hold.
Deputy PM Tan Sri Muhyiddin Mohd Yassin said that the Malaysian economy does not need a third stimulus package at the moment.
Wall Street stocks declined on Wednesday as oil prices slid and investors reacted to mixed data on the economy and a warning from US Federal Reserve chairman Ben Bernanke.
US stocks posted slight gains on Tuesday as investors digested the latest data on the housing market and a fresh round of bank capital raisings.
The KLCI may rise to a 12-month high by year-end according to CIMB Investment Bank which recommended that investors buy “bombed-out cyclical” stocks in construction, building materials and property.
Maxis says it considers the plan to inject Maxis into Astro contained in the OSK report to be ‘totally without basis’ and ’speculative’.
US stocks rose sharply on Monday to hit seven-month highs as investors took the General Motors bankruptcy filing in their stride and focused on encouraging economic data.
Minister in the Prime Minister’s Department, Tan Sri Nor Mohamed Yakcop said that although 10th Malaysia Plan will take effect only in 2011, the government has started early planning on the five-year economic programme to ensure a sustainable development.
US stocks posted their 3rd consecutive month of gains and the biggest 3 month percentage gain in 10 years as investors reacted to encouraging data on the economy and higher oil prices.
The audit report by PricewaterhouseCoopers (PWC) on the Port Klang Free Zone (PKFZ) released yesterday concluded that weak governance and project management by the Port Klang Authority (PKA) were the two major factors that severely undermined the viability of the project.
US stocks rose on Thursday as oil prices climbed above US$65, sending energy stocks higher and investors digested a mixed set of economic reports.
Just a day after the US proclaimed rising consumer confidence, the Dow ended down 2.1%, or 173.47 points, to close at the 8,300 level.
THE Malaysian Industrial Development Authority (Mida) expects to give out all of the RM100m under a fund by September to help local firms deal with impending competition in the services sector.
Wall Street stocks rallied strongly on Tuesday as figures showed that consumer confidence improved much more than expected in May.
Malaysia’s economy may contract by more than 1% this year. However, it is expected to return to positive growth next year, according to Second Finance Minister Datuk Ahmad Husni Mohamad Hanadzlah.
The STI climbed to net a gain of 22.19 points or 0.99% at 2,267.46, posting its third day straight gain after grinding to a halt on last Thursday.
Petronas Dagangan (PD) FY09 earnings slipped 13.3% y-o-y to RM578.7m despite revenue increasing 9.4% to RM24.37 billion from RM22.30 billion previously, on the back of higher average selling price during the first half of the calendar year.
Renegotiation on the free trade agreements (FTAs) between Malaysia and three other countries – the US, Australia and New Zealand – will begin in the middle of next month.
US equities ended a week of modest gains on Friday after optimism from home improvement retailer Lowe’s on Monday triggered a rally which fears over the US credit rating failed to extinguish.
The KL Composite Index opened marginally lower as Wall Street ended its trading session, down 130 points.
US stocks fell for a third consecutive session on Thursday on further signs that economic green shoots could wither before flowering into a recovery.
A global reassessment exercise may see Moody’s Investors Service downgrading the deposit and debt ratings of many banks in the non-AAA rated countries, including 9 from Malaysia.
US stocks suffered a late sell-off on Wednesday as a downward revision to growth figures and the progress of a bill to overhaul credit card lending helped tip the markets into negative territory.
Hamburg-based oilseeds analysts Oil World forecast revised its Malaysian October 08 – September 09 palm oil output downwards from 18m to 17.8m tonnes yesterday.
US stocks recovered early losses on Tuesday but finished a choppy session slightly lower as Wall Street digested data from the commerce department showing that builders had started to build fewer homes in April than any month since 1959.
THE government hopes to unveil the refined National Automotive Policy (NAP), together with a revised approved permit (AP) policy, by September this year, International Trade and Industry Minister Datuk Mustapa Mohamed said.
Trade figures released by Singapore’s trade promotion agency, IE Singapore, showed that sustained recovery in global trade could still be some way off.
Golden Agri-Resources’ 1Q09 net profit was US$8.6m, down 93.7% yoy on the back of a significant drop in revenue of 44.8% or US$335.2m, which resulted in 1Q09 revenue being US$412.2m.
The Plantation Industries and Commodities Ministry will submit a paper on enhancing the rubber industry and increasing its productivity to PM Najib by his hundreth day in office.
Singapore stocks came under pressure and the STI lost 2.89% to 2,122.11 yesterday in the wake of a Wednesday sell-off on Wall Street.
Big companies based in China and other parts of Asia in the consumer, healthcare and resource sectors, may be listed on the Mainboard before the year’s end.
In a regulatory filing yesterday, Perwaja said that negotiations were being held with the government over the revision of natural gas price for the supply of gas by Petronas to Perwaja, in line with prevailing international price with the applicable discount.
US equities tumbled on Wednesday as figures showing retail sales unexpectedly fell in April dented hopes that the economy had stopped its decline.
Sembcorp Industries has reported a net profit of $133.6m for 1Q09, up 9% yoy, mainly due to increased contribution from its Marine business.
THE government has shot down appeals to abolish windfall tax on crude palm oil put forward by the Malaysian Estate Owners Association.
While other regional markets started to go into a correction mode, the Malaysian equity market remained in a bullish mode last month after forming a reversal early in the month.
In his keynote address at the 13th Malaysian Banking Summit in KL yesterday, PM Najib urged banks to speed up their loan approvals so as not to impede the country’s economic recovery.
BAT reported 1Q09 net profit of RM205.9m (-2.6% y-o-y, +19.1% q-o-q) is in line with consensus forecasts. No dividends were announced for the quarter.
US stocks fell on Monday, giving back almost all the gains made on Friday in the wake of the government’s stress test results.
DBS Group has posted a record 1Q09 revenue of $1.66b, up 6% yoy, mainly attributable to significant contributions from strong net interest and non-interest incomes, which rose 2% to $1.08b and 16% to $586m respectively.
OSK Investment Research said in its 11th May note that the oil and gas (O&G) industry is expected to recover in 2010.
Investors welcomed the results of the US government’s stress tests on banks on Thursday afternoon in post-market trading as 10 out of the 19 banks tested were shown not to need additional capital. Major banks such as Citigroup and BOA rose 9.5% and 1.5% respectively.
Some 250 investors from the three of the largest European cities are planning to invest RM5 billion in several sectors of the country soon.
The Dow rebounded last night amid optimism ahead of the release of the banks’ stress tests results and better-than-expected employment numbers.
The local stock market was on rally mode again yesterday, reversing morning session losses to close near an 8-month high.
Despite optimistic comments from Fed Chairman Bernanke and another dose of better-than-expected economic data, participants opted to take profits rather than extend the prior session’s rally.
Fraser & Neave Holdings (F&N) expects to perform better this year than last with more consumer-focused marketing activities and contribution from its dairy division.
Asian stocks punched to a seven-month peak Monday, fueled by confidence the global economy is recovering faster than expected.
Plantation giant, Sime Darby (SD), has made a RM232m (RM0.41 per share) offer to buy Ramunia Holdings via its subsidiary, Sime Darby Engineering.
Loans approved for residential properties turned positive in March for the first time in 6 months. It grew by 10.7% from a year ago.
Stocks pulled off a gain in the final minutes of trading Friday after a rocky session as investors weighed some encouraging economic reports against gloomy earnings. It was an eventful week, marked by fears about swine flu, news that Chrysler will file for bankruptcy protection and the first time the Fed…
The US Federal Reserve announced last night that it is maintaining the target range for the federal funds rate, as it capped interest rates at 0-0.25% for the third consecutive meeting.
Malaysia continues to draw investment interest in the oil, gas and petrochemical sector, with two projects worth RM1.14 billion approved in 1Q09.
The Singapore STI came under pressure for the 2nd consecutive day as more deaths linked to Swine flu were being reported in Central America, stoking fears of an epidemic that hark back to the SARS days.
The authorities should have increased the 30% foreign ownership limit on commercial banks rather than issue licences to new banks in what is an “already crowded market”, according to ECM Libra Investment Research.
Bank Negara Malaysia says it wants to ensure that domestic financial institutions hold more than 50% of the local financial market to retain a balanced growth across the country’s economy and geographical areas.
US equities fell on Monday as investors worried about the effects of a potential swine flu pandemic.
Keppel Land has proposed to undertake a 9-for-10 renounceable rights issue at $1.09 per rights share to raise approximately $712.3m in gross proceeds.
The European Union (EU) and Malaysian negotiators are in the midst of finalising the bilateral voluntary partnership agreement to promote trade in legally produced and harvested timber through the European Commission developed, Forest Law Enforcement, Governance and Trade (FLEGT) action plan.
Stocks pulled off a gain after a wobbly session Thursday as banks rose and some better-than-expected earnings helped offset gloomy economic data.
Malaysia’s services based exports could potentially increase by 10% with the liberalisation of sub-sectors like health, tourism and transport, according to the International Trade and Industry Ministry (MITI).
In another set of downgrades, the IMF, in a latest report, had projected a 1.3% drop in global economic output for 2009.
The Government has removed the 30% bumiputra equity requirement for 27 services sub-sectors with immediate effect, under a liberalisation of the services sector.
Stocks ended higher Tuesday as investors were encouraged by comments from Treasury Secretary Tim Geithner that most banks are well capitalized. Stocks had started out the day…
New car sales rose by a 20% to 44,205 units in March from February’s 36,675, driven by new models, better sales of light commercial vehicles and a longer working month.
Singapore Petroleum Company booked a 43.5% drop in first quarter profit on the back of a 46.8% fall in revenue. The drop came amidst the fall in oil prices…
Malaysia’s inflation rate scheduled to be released tomorrow by the Statistics Department is expected to remain unchanged at 3.7%.
Stocks closed higher despite some selling in the final half hour of trading, giving the market its sixth straight weekly gain and its longest weekly winning streak since 2007.
Malaysia External Trade Development said that China could help sustain Malaysia’s export performance this year.
Sales in the manufacturing sector slumped 26.1% in February to RM32.9 billion. This was a 2.2% decline on a month-on-month basis.
China’s first quarter GDP growth figures, at 6%, was her slowest in a decade and fell short of the widely reported 8% required to keep unemployment at bay.
Markets around the world rebounded in the middle of March following a rally in the US. Investors went bargain-hunting as there was a slight improvement in volume.
AmResearch has upped its year-end KLCI target to 1,050 due to slower economic decline and the stabilising of the political scene.
The Dow rallied to the finish line after a rocky session Wednesday amid a few glimmering signs that the recession may be easing up. Among the encouraging signs are: The Federal Reserve’s “beige-book” report…
Quarterly earnings season in the US has kicked off as some of the world’s corporate icons are due to release its financial results amidst the present downturn.
Singapore and Malaysia today agreed to expand their bilateral air services agreement to include 6 more new destinations in Malaysia. This includes Ipoh, Kuala Terengganu, Kuantan, Melaka, Sandakan and Tawau.
CPO futures rose to their highest level this year on the Malaysian Derivatives Exchange, boosted by falling inventory and firm demand. The CPO contract for June 2009 delivery closed at RM2,335 per ton, up 1.6% from RM2,299 on April 10.
US stocks struggled for clear direction on Monday as investors braced themselves for a possible bankruptcy filing from General Motors at the beginning of what is likely to be a crucial week for corporate earnings and economic data.
The rally enjoyed by global equity markets since early March was tested last week as investors increasingly took the view that recent optimism about the global economy had been overdone.
According to DTZ Research, office rental rates in KL are expected to decline by 10% to 15% during this economic slowdown. With new office space entering the market, rental rates are expected to fall from their peak of RM8 per square feet, despite resilience in occupancy rates.
The Malaysian government will begin selling RM5 billion of Islamic savings bonds from next week as part of a fund-raising program to cover its budget deficit, which is expected to swell to 7.6% of GDP.
Ezra Holdings has won new and renewal contracts with charter periods of 2 years for 3 anchor, handling, towing and supply vessels (AHTSes) to various parties for operation in Southeast Asia, reflecting the still firm demand for offshore support vessels.
M1 will be launching Singapore’s first prepaid mobile broadband service today to enable more consumers to enjoy the convenience of broadband connectivity anywhere in Singapore, offering unlimited data usage.
A Hong Kong Court has ruled in favour of Pacific Century Regional Developments’ US$2.2b plan to take PCCW private.
More companies have been issued with an ‘Emphasis Of Matter’ by their independent auditors after having produced a set of substantially negative results.
SGX has reprimanded Dayen Environmental for breaches of several listing rules which include failure to promptly disclose material updates on two sewage treatment projects and announce significant use of funds from placement proceeds.
Independent auditors of CHT (Holdings) have issued disclaimer of opinion as a result of the company’s mounting debt fears of up to Rmb365m to be fulfilled within the next 12 months.
WBL Corporation has proposed a renounceable and fully underwritten 3-for-4 rights issue of 2.5% pa coupon convertible bonds due 2014 to raise up to approximately $159.7m.
The looming threat of bankruptcy at General Motors (GM) and Chrysler sent stocks tumbling on Monday after the White House rejected the carmakers’ turnround plans and forced out GM CEO Rick Wagoner.
World equities enjoyed another bumper week as hopes mounted that the worst might be over for the ailing banking system and the broader global economy.
US stocks rallied strongly on Thursday to put the benchmark S&P 500 index on course for its biggest monthly gain since 1974.
Ocean International Holdings auditors have expressed major concern about the company’s ‘going concern’ ability after the audits were unable to obtain sufficient audit evidence to ascertain the recoverability of Rmb4.8m due from its subsidiary.
Auditors have raised the red flag on China Enersave and Sino-Environment Technology Group – over the uncertainties surrounding their abilities to continue as going concerns.
US stocks made their biggest surge since October on Monday, putting the benchmark S&P 500 index above 800 points for the first time in more than a month.
US stocks fell on last Friday as the financial sector was weighed down by bad news for financial stocks and falling commodity prices.
US stocks fell on Thursday as investors continued to react to the Federal Reserve’s bold plan to buy up assets in order the stimulate the economy.
Noble Group has been given a boost following a ruling by Australia’s takeovers panel that the circumstances of the proposed merger between Gloucester and Whitehaven Coal were unacceptable.
US stocks staged a financials-led rally on Tuesday on housing data that was much better than expected. Figures showing that building had started on many more houses than expected during February gave equities the spur to continue the rising trend of last week.
SIA has recorded a YoY decline in systemwide passenger carriage (measured in revenue passenger km) 0f 17%, which outpaced the reduction in capacity (measured in available seat km) of 8.5%.
Kuala Lumpur Composite Index (KLCI): Growing Selling Pressure
One of the common questions that plays in the minds of most investors is the purpose of investing – should an investor invest for growth or income?
US Stocks clung on to their gains on last Friday during a choppy session as rises in health care stocks took equities to their best weekly performance since November.
US stocks surged on Thursday as a steady stream of positive messages helped financials drag the benchmark S&P 500 index above the psychologically important 750 level.
US stocks held on to modest gains on Wednesday in a choppy session as equity markets closed up for their second consecutive session for the first time in a month.
US stocks leapt on Tuesday after some rare good news from the battered banking group Citigroup led the benchmark S&P 500 index back above the 700 level.
Chartered Semiconductor Manufacturing has made a 27-for-10 rights offering of new ordinary shares and its American Depository shares (ADS) at $0.07 per rights share and US$0.45 per rights ADS respectively to raise net proceeds of approximately US$300m.
US stocks finished marginally higher on Friday after a late rally led by the energy sector, which was boosted by a rise in oil prices.
US stocks slumped to new lows for the year on Thursday in New York, wiping out the gains made during the previous bullish session.
All three major indices rose on Wednesday as hopes came from China that the country could shore up global demand, with a fresh stimulus package from Beijing widely expected.
The benchmark S&P 500 index closed the day below the 700 points level for the first time since October 1996 in a choppy trading session dominated by news coming from Washington.
US stocks nosedived in another grim Monday as shares were hit by bad news that brought equities to historic lows. The S&P and the Dow Jones both fell more than 4%, bringing their losses for the year to more than 20%, the measure for a bear market.
US Stocks fell steeply to 13-year lows in early morning trade on Friday led by the banking sector after details were announced of a government plan to convert its preferred shares in the banking giant Citigroup and take its overall stake to 36%.
US stocks fell on Thursday after a bright start was wiped out by the news that President Barack Obama intends to cut subsidies in the healthcare sector as part of his reform plan.
Banking stocks swung violently between spectacular losses and gains on Wednesday as traders scrambled to assess where the Obama administration’s rescue plans leave shareholders.
US stocks rallied strongly on Tuesday, lifting the S&P 500 from its previous close at its lowest level since 1997, in spite of poor economic data, some disappointing company earnings and mixed comments from Federal Reserve chairman Ben Bernanke.
US stocks hit their lowest level since 1997 on Monday in a pivotal sell-off that sparked fears of even more heavy selling. Particular weakness in material, industrial and technology shares pushed the benchmark S&P 500 index beneath a nadir reached in November last year.
Global stock markets ended a miserable week last Friday at multi-year lows as fears of a deepening worldwide recession and fresh worries about the banking sector drove nervous investors to the perceived safety of gold, government bonds and the dollar.
US banking shares hit their lowest level since 1992 on Thursday as fears mounted that the government would be forced to nationalise a key institution.
Hyflux has reported a record net profit of $59m on highest ever revenue of $554.2m for FY08 ended 31 December 2008. Both net profit and revenue surged by 79% and 34% YoY respectively.
Financial stocks were the hardest hit in a broad-based sell-off on Wall Street on Tuesday that pushed the market to its lowest level of the year.
China Hongxing Sports has reported a revenue increase of 41.2% to Rmb2.9b and net profit was 7.7% higher at Rmb448.5 when compared to last year.
Unperturbed by a slowing economy and the perceived intense competition within the Information & Communications Technology (ICT) industry, TechnoDex Bhd is finding opportunities in niche markets to carve a name for itself.
Further selling of financial stocks on last Friday characterised the end of US stocks’ worst week of the year so far, which was dogged by concerns over the Obama administration’s ability to shore up the stricken banking sector.
Olam International has reported a strong net profit growth of 152.1% for 1H09 at $118.3m, in line with a 16.1% growth in sales revenue at $3.86b. The improvement included a one-off gain of $55.9m and all four business segments contributed to the growth in its sales volume.
ST Engineering’s electronic arm, ST Electronics has been awarded additional contracts worth about $6.8m to provide an Integrated Security System, an IT Infrastructure System and a Carpark Guidance & Payment System to Resorts World at Sentosa (RWS).
Big name banking stocks were among the heaviest losers on Wall Street on Tuesday after Tim Geithner, the US Treasury Secretary’s much-awaited financial sector rescue proposals failed to instil investors in the stricken sector with confidence.
US financial stocks enjoyed reasonable gains during the most subdued session of the year so far as traders remained reluctant to place bearish bets on banks before the Obama administration unveiled plans to shore up the stricken sector.
US financial stocks enjoyed spectacular gains on last Friday as investors looked beyond the latest bleak economic data and focused instead on the Obama administration’s plans to shore up the stricken sector.
DBS Asset Management will be launching the first of a series of new SGX-listed Exchange Traded Funds (ETF) on 25 February 2009. The ETF is said to serve investors looking for a medium-term investment horizon, banking on the steadfastness of Singapore’s financial foundation.
The Lexicon Group has inked a conditional sale and purchase agreement to acquire the entire share capital of Zenna Overseas, a company principally engaged in the development and investment in commercial properties in the Hunan Province, for approximately $160m through the allotment and issuance of 800m new company shares at $0.20 per share
US stocks advanced for the first time in four sessions on Tuesday as strong performances among consumer and health care stocks helped offset more selling in the financial sector.
Industrial stocks were among the hardest hit on Wall Street on Monday as the market struggled to mount a recovery from its worst January on record. The major indices finished mixed after a choppy session in relatively thin trade.
The worst January on record for US stocks drew to a close with another widespread sell-off on Friday after data showed the biggest contraction in US output since 1982.
US stocks tumbled on Thursday, stalling a four-day surge in the S&P and Nasdaq as poor earnings coupled with a fresh wave of bleak labour market and housing data heightened fears of a deep recession.
US banking stocks enjoyed spectacular gains on Wednesday, helping the wider market extend its winning streak to four straight sessions – the longest since the government rescued Citigroup last November.
Suntec REIT’s (S-Reit) distribution income of $44.1m for the quarter ended December 2008 increased 31.7% over the previous corresponding year. For the twelve months to December 2008, DPU grew 30.2% year-on-year. Despite the downturn, its office leases has continued to enjoy strong positive reversion.
Sino-Singapore Tianjin Eco-City Investment and Development Co, a 50/50 JV between Chinese Consortium and Keppel Corp-led Singapore Consortium has signed a MOU with Sembawang Engineers & Constructors to work on the feasibility study for the development of a US$1b solar polysilicon production plant in the Sino-Singapore Tianjin Eco-City.
Banking stocks led a strong rebound on Wall Street on Wednesday after a raft of earnings, some not as dire as feared, attracted bargain hunters back to the battered sector. Trading in the wider market was volatile and the benchmark S&P 500 briefly entered negative territory during the morning.
The Obama administration yesterday came under immediate pressure to rescue the battered financial sector as bank stocks plunged amid growing fears over their capital needs.
Britain’s banks hit their lowest in at least two decades as investors were spooked by the government’s moves to offer insurance on toxic assets. Expectations that Royal Bank of Scotland (RBS), poised to announce its biggest loss ever in its upcoming earnings report, will end under total state control sent it tumbling 66.6% to 11.6p, a record drop.
Yongnam Holdings has been awarded its single largest contract, valued at $185.5m for steel works at the Marina Coastal Expressway (MCE). The contract is expected to impact the company’s FY09 results positively.
An apparently minimal movement by the close of the market belied what was another wild session on Wall Street on Thursday as several banking stocks slid to fresh multi-year lows.
Banking stocks slid to a 13-year low on Wednesday as the wider market suffered from the latest in a series of sharp sell-offs that have now erased all of the gains made over the past six weeks.
US stocks struggled for momentum on Tuesday as gains in the energy and financial sectors helped offset fears that bleak results from aluminium group Alcoa were merely the precursor to a glut of heavy losses during the nascent earnings season.
US stocks were sold off sharply on Monday as investors braced themselves for what is set to be a bleak earnings season, which kicked off with results from Alcoa, the aluminium producer, after the closing bell.
A week marked by bleak corporate developments from a host of sector bellwethers drew to a close with more selling pressure on Wall Street on Friday after data that showed that the US economy last year shed the most jobs since 1945 further underscored the depth of the recession.
The consumer staples sector was the worst performing on Wall Street on Thursday after a profit warning from Wal-Mart heightened concerns that the year-long recession could hurt even those groups previously regarded as relatively immune.
It was another month of uncertainty as the year ended. As expected, the KLCI traded in a tight trading range, between 835 and 888 points, lower than the previous month. It closed at 869.62 points before Christmas and this is very near the monthly closes for the past two months.
As we enter 2009, it is no longer imperative the level of GDP growth Malaysia registered in the year that just passed – either 5.5%, 5.0% or even 4.5%. What is more important is the level of economic growth one foresees this year.
The deterioration of advanced economies such as the US, Euro zone and Japan is expected to impact the growth of developing economies such as Malaysia, say several analysts.The subprime mortgage collapse in Aug 2007 followed by a credit squeeze in March 2008 created turmoil in the US and Europe, causing the bankruptcy of several well-known financial institutions and record-level retrenchments.
Sweeping layoffs and profit warnings from a range of blue chips on Wednesday sparked the steepest Wall Street sell-off for more than a month and wiped out nearly all of the market’s new-year advance.
Technology stocks were among the big favourites on Wall Street on Tuesday as the market hit a fresh two-month high. The benchmark S&P 500 overcame the previous session’s losses, up 0.8% to close at 934.70. The Dow rose 0.7% to 9,015.10 and the Nasdaq Composite Index gained 1.5% to 1,652.38.
The new year optimism fizzled out on Monday as selling pressure came back to Wall St after a fresh round of profit warnings and analyst downgrades greeted traders returning from their holiday.
US Stocks shrugged off more grim economic data on last Friday to begin 2009 with a strong rally, as hopes mounted that the new year would bring buyers back to the market following the worst annual sell-off since the Great Depression.
The Singapore economy is expected to grow between -2.0% and 1.0% in 2009. The forecast by the MTI, which is lower than the -1.0% to 2.0% range forecast in November 2008, is based on the sharp contraction seen in the 4Q08.
The S&P and Dow are poised to end the year down about 40% and 35% respectively, the worst annual performances for each since 1931
Wall Street stocks began the final week of one of their worst years on record with another retreat, as the collapse of Dow Chemical’s deal with Kuwait heightened concerns over the difficulties companies face in securing funding during the credit crisis
Wall Street put together a moderate advance Boxing Day after the government threw a lifeline to General Motors’ financing arm, but gains were limited by dreary holiday shopping readings that dimmed the chance of a big year-end rally.
Wall Street entered the Christmas holiday in subdued mood on Wednesday, posting a modest Santa Claus rally, as investors digested more gloomy data on the economy and, with just four trading days left in 2008, began to take stock of a torrid year.
US stocks ended lower, after an earlier rally in thin volume on Tuesday, as investors digested the government’s final and unchanged figure on third-quarter GDP and more data on the housing market
US stocks sold off on Monday as investors reacted to more bad news from the embattled automotive sector and digested new details of president-elect Barack Obama’s planned economic stimulus package.
Man Wah has failed to receive the requisite Special General Meeting approvals for its proposed acquisition of famous bedding as minority shareholders voiced their concern over the terms of the deal in the light of the current depressed company share price.
ST Engineering’s land systems arm, ST Kinetics, has been awarded a contract of about $330m by the UK Ministry of Defence for the supply of Bronco All Terrain Tracked Carriers.
The market overall failed to hold gains enjoyed in the previous session on Wednesday, when the Federal Reserve’s historic move to cut rates
Morgan Stanley was among the big winners from a rally in financials on Tuesday as the wider market received a boost from the Federal Reserve’s interest rate decision.
Financials led US stocks lower on Monday as investors braced themselves for losses at Goldman Sachs and Morgan Stanley.
US stocks drew another volatile week to a close on Friday with an afternoon rally after the Bush administration signalled it would use the US$700b bailout fund created for the financial industry to avert a collapse of the car industry.
Financial stocks led an afternoon retreat on Wall Street on Thursday after a warning from US Bancorp heightened concerns that the forthcoming earnings season would bring heavy writedowns.
Credit card stocks were notable exceptions to a commodities-led rally on Wall Street on Wednesday amid mounting concerns of heavy losses from risky loans.
Financial stocks bore the brunt of the losses on Wall Street on Tuesday as a two-day rally fizzled out.
Hard-hit industrial and commodity stocks were among the most prized in a bullish session on Wall Street that lifted the market to its highest level in nearly a month.
China Milk Products, one of the largest companies in PRC specialising in the production of pedigree bull semen, pedigree dairy cow embryos and raw milk
Banks were among the favourite stocks on Wednesday as investors hunted for bargains during a volatile session that finished with a strong rally.
Koh Brothers’ Joint Venture (JV) between its unit, Koh Brothers Building & Civil Engineering Contractor and Soletanche Bachy Singapore Branch, has secured a $582m contract
The month began in a sour mood as traders, on their return from the Thanksgiving break, were greeted with official confirmation that the economy has been in recession for a year.
US stocks enjoyed strong gains last week as a degree of confidence returned to Wall Street following the government rescue of Citigroup
ST Engineering’s aerospace arm, ST Aerospace, has been awarded a US$51m contract to perform maintenance and modification on four C-130B aircraft for the Indonesian Air Force.
US stocks made further advances on Wednesday as the market shrugged off largely disappointing economic data and reacted positively to US President-elect Barack Obama’s latest appointments to his economic team.
A strong early rally lost steam on Tuesday leaving US stocks mixed as investors digested details of the latest round of government interventions in markets and a lower third quarter reading on economic growth.
US stocks extended Friday’s rally on Monday as investors welcomed the rescue package for Citigroup and fear retreated as the market digested more details on US President-elect Obama’s economic team.
A euphoric rally drew a torrid week for US stocks to a close on Friday as reports that President-elect Barack Obama had selected Timothy Geithner to be his Treasury secretary helped the market bounce from an 11-year low.
Fears of a severe global recession gripped financial markets on Thursday, sending interest rates to record lows and driving down US stock prices to their worst close in more than a decade.
The chilling prospect of a deflationary US economy and collapsed car industry sent Wall Street stocks on Thursday to their lowest levels since the financial crisis began.
With the impact of the high fuel price and other economic as well as political uncertainties that often plague stock markets globally, it is only natural for the local stock market to face similar implications.
Another wild session for Wall Street stock ended in positive territory on Tuesday after the market earlier flirted with a fresh five and a half year closing low.
The KLCI easily broke through the immediate support of 950 points and plunged to its lowest low since June 2004 at 801 points before rebounding immediately.
The biggest round of US job cuts for 15 years helped push Wall Street stocks lower on Monday as fears heightened over the scale of the difficulties facing financial institutions.
Global equity markets fell again last week amid deteriorating economic data, poor corporate results and renewed fears over the outlook for the financial sector after the US Treasury shelved plans to buy toxic mortgage assets.
Wall street hit its lowest level in more than 5 years, before staging a dramatic recovery on Thursday as global financial markets reacted to the US Treasury’s decision to shelve plans to buy toxic mortagage assets.
Equities, commodities and emerging market currencies all suffered steep declines on Tuesday as renewed fears of a prolonged global recession sparked a fresh bout of investor risk aversion.
The Federal Reserve (Fed), which is headed by a government agency in Washington known as the Board of Governors of the Federal Reserve, is widely considered to be one of the most important financial institutions in the world.
Call warrants give the holder the right to buy the underlying security for an agreed price, on or before a specified date.
Baltic Dry Index is an index covering dry bulk shipping rates and managed by the Baltic Exchange in London. The index provides an assessment of the price of moving major raw materials by sea.
The FTSE ST Index Series, launched on 10 January 2008, aims to provide a comprehensive index solution for the Singapore equity market.
Sovereign Wealth Funds (SWFs) are state-owned funds composing of financial assets such as equities, bonds, property or other financial instruments.
Under Catalist’s rules, companies must list through a Sponsor and need not meet any prescribed financial entry criteria. There is no restriction on the size of companies seeking a listing on Catalist. Listing applicants must issue an Offer Document, instead of a prospectus.
QDII, qualified domestic institutional investor, is a scheme relating to the capital market which is set up to give financial institutions the ability to invest in overseas markets in categories such as securities and bonds. It provides limited opportunity for domestic investors
A trade in which an investor sells a certain currency with a relatively low interest rate and uses the funds to purchase a different currency yielding a higher interest rate. A trader using this strategy attempts to capture the difference between the rates
The phrase ’sub-prime’, sometimes referred to as ‘non-conforming’, generally refers to those mortgages targeted at consumers with impaired or low credit ratings who may find it difficult to obtain finance from traditional sources.
An indicator used to compare volatility and relative price levels over a period of time, Bollinger Bands widen in volatile market conditions and contract during less volatile periods.
Support is the price level at which demand is thought to be strong enough to preventthe price from declining further. The logic dictates that as the price declines towardssupport and gets cheaper, buyers become more inclined to buy and sellers become less inclined to sell.
EVA is an estimate of true “economic” profit, or the amount by which earnings exceed or fall short of the required minimum rate of return that shareholders and lenders could get by investing in other securities of comparable risk.
The CAGR is a mathematical formula that provides a “smoothed” rate of return. It is really a pro forma number that tells you what an investment yields on an annually compounded basis; it indicates to investors what they really have at the end of the investment period.
Management Buy-Out is the term applied when a business is sold to the existing management team. Often this occurs when companies seek to dispose of parts of the business or where the existing owner-manager is looking to retire.
This is the quoted bid, or the highest price an investor is willing to pay to buy a security. Practically speaking, this is the available price at which an investor can sell shares of stock.
Under current rules, short selling is not illegal. However, the system requires a short seller to cover the position within the same day or be bought in four days later at prices that start above the prevailing market price.
The CPI, as it is called, measures the prices of consumer goods and services and is a measure of the pace of inflation.
Often referred to as the Dow, it is the best known and most widely reported indicator of the stock market’s performance. The Dow tracks the price changes of 30 significant industrial stocks traded on the New York Stock Exchange.
Insider dealings refer to transactions in the securities of a listed company executed by company insiders. These are directors and senior officers of a corporation – in effect those who have access to inside information about a company.
A formal, written offer to sell securities that sets forth the plan for a proposed or existing business. The prospectus must be filed with the SGX and given to prospective buyers. A prospectus includes information on a company’s finances, risks, products, services and management.
A broad category of tools used to reveal crowd psychology in the investment markets using trading data, such as volume and price trends, to make predictions. In general, Fundamental Analysis answers the question of what to buy.
A security that shows ownership in a corporation and gives the holder a claim, prior to the claim of common stockholders, on earnings and also generally on assets in the event of liquidation.
The policy-making arm of the Federal Reserve Board. It sets monetary policy to meet the Fed’s objectives of regulating the money supply and credit. The FOMC’s chief tool is the purchase and sale of government securities, which increase or decrease the money supply, respectively.
Asian stocks rallied for the first time in three days after China announced a US$586b package on infrastructure spending, tax deductions and farming subsidies to revive growth in the world’s fourth-largest economy.
Fresh signs of the serious difficulties facing corporate America pushed Wall street stocks sharply lower for a second straight session. A host of big names such as General Motors and Ford neared or surpassed yearly lows.
US President Elect Barack Obama on Wednesday moved swiftly to capitalise on the momentum from his historic victory by announcing a string of senior appointments aimed at reassuring the markets and ensuring a confident transition to the presidency in January.
Global risk appetite continued to show signs of improvement on Tuesday as investors anticipated further central bank interest rate cuts and awaited the result of the US presidential election – widely expected to be a victory for Barack Obama, the Democratic nominee.
SGX has signed a Memorandum of Understanding (MOU) with the Fujian Development and Reform Commission Office (FDRC) of the Fujian Provincial Government in PRC.
Volatile trading characterised the final week of a torrid month for investors in equities, currencies, bonds and commodities as data showed the global economy facing a protracted recession. Many central banks sliced borrowing rates, led by the US Federal Reserve with its second half-a-percentage point cut in October.
Worries about the outlook for the US economy resurfaced on Thursday, challenging recent optimism about central bank rate cuts and triggering a burst of volatility in financial markets.
The US Federal Reserve cut interest rates by half a percentage point to 1% on Wednesday and announced that it would lend US$30b each to central banks in Brazil, Mexico, South Korea and Singapore to lend on to local banks.
A frenzied buying spree sent US shares soaring on Tuesday with the second-largest point gain in history for blue chips amid hopes for a rate cut and easing of a global credit crunch.
Asian stocks fell for a fifth day after Mitsubishi UFJ Financial Group said it will sell new shares to replenish capital and Canon slashed its profit forecast as slowing global growth cuts sales.
Intensifying fears about the potential depth of a global recession triggered a fresh wave of turbulence in financial markets on Thursday.
The stock market and currency market both sent a loud warning Wednesday that investors believe the global economy is heading into a deep recession.
The Federal Reserve will provide up to US$540b in loans to help relieve pressure on money-market mutual funds beset by redemptions.
Asia-Pacific equities rallied for a second day on Tuesday following Wall Street’s gain overnight, aided by Federal Reserve chairman Ben Bernanke’s comments that he backed more government spending to help avoid a protracted slowdown.
Economic reports out Thursday contained a few bright spots, including signs that U.S. inflation is in check. But the overall picture that emerged was one of a reeling economy that may take considerable time to right itself.
Stock markets in Asia Pacific fell sharply on Thursday, a day after US markets were pummeled by growing fears of a worldwide recession.
OCBC Bank has voluntarily proposed to abstain from undertaking financial advisory work on take-overs for 6 months from 1 September 2008 and to donate up to $1m to sponsor education program in fraud awareness and detection.
Wall Street stormed back from last week’s devastating losses Monday, sending the Dow soaring a nearly inconceivable 936 points after major governments’ plans to support the global banking system reassured distraught investors.
The US$700b rescue plan recently introduced by President George W. Bush, though supported by Federal Reserves chairman Ben Bernanke as a measure to avoid a recession, was opposed by many free-market advocates amongst politicians and economists.
30 September, 2008: The Malaysian stock market was the least affected by the US financial crisis.
European leaders agreed to guarantee new bank debt and use taxpayer money to keep distressed lenders afloat, trying to stop the worst rout in Europe’s stock markets in two decades and stave off a recession.
US shares plunged to fresh five-year lows Thursday in a vicious late-date selloff as jitters intensified over the global financial crunch.
CapitaLand’s subsidiary, the Ascott Group, has been awarded a contract by Raffles City Bahrain Fund to manage a 200-unit serviced residence in Manama City, Bahrain.
Trading remained volatile across major markets on Tuesday and Wall Street slumped during afternoon trade as financial stocks plumbed their lowest level since 1997.
Stock prices collapsed around the world on Monday amid growing fears that the credit crisis would trigger a global recession.
The Federal Reserve and US Treasury were on Sunday night under increasing pressure to follow passage of the US$700b financial rescue plan with further measures to shock the ailing credit markets back to life.
Leading home-grown infrastructure and civil engineering company OKP Holdings has secured a $6.78m contract from the JTC Corporation, through its unit, Eng Lam Contractors for the construction of roads and infrastructure for Tukang Estate Phase 1A.
The dollar rose as President George W. Bush and Congressional leaders agreed on a US$700b plan to revive credit markets by purchasing banks’ distressed debt.
Equities rose strongly on Thursday as members of Congress decided in principle to pass a US$700b Treasury plan to bail out the banking system.
A measure of a company’s profitability, cost structure and efficiency, calculated by dividing a measure of profits by sales.
Money markets were paralysed on Wednesday as lending beyond a week virtually dried up amid concerns over the US plan to buy up toxic assets.
Buffett’s legendary investment strategy – hunt for bargain stocks, hold them long term and watch the share prices rise – flies in the face of today’s craze for the latest hot IPO or quickly won day-trading gains.
When this aspiring young cartoonist returned home after serving as an American Red Cross truck driver during World War I, he and a partner set up a movie studio that made short animated films.
A jargon for the quarterly expiration of stock-index futures, stock-index options and options in individual stocks. Trading associated with the expirations inflates stock market volume and can cause volatility in prices.
The founder of Apple Computer Corp., Jobs helped bring about the personal computer revolution. Jobs and a friend, Stephen Wozniak, built their first computer in 1976, when he was 21, putting the machine together in Jobs’ garage.
Sam Walton opened his first discount store in 1962 on the theory that large-scale budget retailers could do well in rural areas with little competition through volume buying and a well-organized distribution system.
Knight, the co-founder and CEO of Nike, has made his athletic shoe company one of the world’s most recognized brands through ubiquitous advertising and celebrity endorsements.
In the case of a call option, it means the strike price is higher than the current price of the underlying security. In the case of a put option, it means the strike price is lower than the current price of the underlying security.
A titan of Wall Street finance and a railroad magnate, J.P. Morgan was one of the leading industrialists of the early 20th century and a preeminent symbol of American capitalism. He began as an accountant with a New York banking firm and later became a partner in the firm Drexel, Morgan and Co.
A term used to describe an option that is worth something if exercised immediately. In the case of a call option, it means the current price is higher than the strike price. In the case of a put option, it means the current price is below the strike price.
(1863-1947) Ford, considered the father of the auto industry, launched a business that revolutionized American life perhaps more than any other. He founded Ford Motor Co. in 1903 and five years later introduced the Model T, the first car to target the mass market. Ford became the biggest automobile producer in the world, manufacturing low-cost automobiles [...]
His surname has become one of the most widely used terms in the American business lexicon. Dow and Edward D. Jones founded the financial news service Dow Jones & Co., which delivered daily updates to Wall Street brokerages. One of those daily reports was a news sheet that was the precursor of The Wall Street Journal
The CAPM asserts that the only risk that is priced by rational investors is systematic risk, because that risk cannot be eliminated by diversification. The CAPM says that the expected return of a security or a portfolio is equal to the rate on a risk free security plus a risk premium.
The world’s wealthiest man and most famous Harvard University dropout, Gates has become the symbol of the high-tech revolution and the new era of young entrepreneurs revolutionizing American business.
The simultaneous buying and selling of a security at two different prices in two different markets, resulting in profits without risk. Perfectly efficient markets present no arbitrage opportunities. Perfectly efficient markets, however, seldom exist.
An American Depositary Receipt (ADR) is a certificate issued by a US Depository bank on behalf of a non-US corporation for the listing of its shares on a US exchange.
A pioneer of the discount brokerage concept, Schwab’s firm is one of the most recognized financial names among the general public. Schwab started his business in 1971, originally as a full-service broker, but then shifted to discount brokerage services after the SEC forbade fixed commissions in 1975.
He was appointed as a member of the Board to a full 14-year term, which expires January 31, 2020, and to a four-year term as Chairman, which expires January 31, 2010.
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