Malaysia-Market factors to watch on Feb 5(Tuesday)

February 5, 2013 By Leave a Comment

KUALA LUMPUR: Following is a list of events in Malaysia as well as news company-related and market news which could have an influence on the local market.

GLOBAL MARKETS-Shares, euro fall sharply on renewed euro zone fears

SE Asia Stocks-Rise; Philippines, Indonesia at record high

WHAT IS HAPPENING IN MALAYSIA, IN TIMES LOCAL FOLLOWED BY GMT:

* Frost & Sullivan media briefing on Asia Pacific healthcare outlook, Plaza Mont Kiara, Kuala Lumpur, 9.00 am (0100)

* International Centre for Education in Islamic Finance organises ‘The Islamic Financial Services Act 2012′ at Chancellery Building, Inceif at 0900am (0100).

* iProperty Group Chief Executive Officer Shaun Di Gregorio shares insights on Malaysian property market outlook, Boulevard Hotel, Kuala Lumpur, 10.30 am (0230)

* Malaysian Prime Minister Najib Razak officiates ground breaking ceremony of Malaysia China Kuantan Industrial Park (MCKIP) at MCKIP Gebeng, Kuantan, 10.00 am (0200)

MARKET NEWS

> Nikkei seen lower as euro fears spur profit taking

> S&P 500 posts worst day since Nov; McGraw-Hill shares sink

> Bonds up as stock losses, euro zone concern revive bid

> Euro rally loses steam, Aussie eyes RBA

> Platinum at 4-month high, palladium 17-month peak

> Oil prices sink on profit-taking after positive streak

> Palm rises on dry weather fears, posts 4th straight gain

MALAYSIA IN THE NEWS:

> Iran’s president says wishes to visit Gaza

> Simon Property results easily beat Wall St views again

> Indonesia food traders must report stocks or face sanctions

> Malaysia’s MISC rises on Petronas buyout offer. – Reuters

VEGOILS-Market factors to watch Feb 5(Tuesday)

KUALA LUMPUR: The following factors are likely to influence Malaysian palm oil futures and other vegetable oil markets.

FUNDAMENTALS

* Malaysian palm oil futures edged up on Monday and posted a fourth straight session of gains, tracking higher soybeans and soybean oil on persistent concerns over dry weather in Argentina..

* U.S. soybeans rose 1 percent on Monday to a seven-week high on steady export demand and as unfavorable weather in South America slowed the harvest in northern Brazil and threatened crops in Argentina.

* Oil future prices dropped alongside equities on Monday as traders took profits after three weeks of gains and after a rise of about 10 percent rise in oil prices since the beginning of December.

MARKET NEWS

* Major stock markets fell on Monday and the euro tumbled from multi-month highs against the dollar and yen as political uncertainty in Spain and Italy revived worries that the steps taken to rein in the euro zone debt crisis could unravel.

* Crude futures fell nearly 2 percent on Monday, sinking along with Wall Street stock prices as traders cashed in profits from a three-week rally in oil, which fed a broad decline across commodity markets. RELATED NEWS

> U.S. soy rises to 7-week high amid Argentina dryness

> Ethanol mix from Brazil cane seen rising, focus on tax

> Irregular rains cause Brazil firms to lower soy forecast

> Europe removes agriculture barriers to US trade talks

> Ukraine seeks to boost agricultural exports to Iran -minister

> Brazil cost decline to force Black Sea shift out of sugar. – Reuters

DIARY – Malaysia – Feb 5 (Tuesday)

ALL TIMES ARE PROVISIONAL AND IN LOCAL TIME FOLLOWED BY GMT IN BRACKETS

TUESDAY, FEB 5

* KUALA LUMPUR – Frost & Sullivan Asia Pacific Healthcare Outlook briefing 2013 at Frost & Sullivan Malaysia, Block C, Plaza Mont Kiara, Jalan Kiara, Kuala Lumpur at 0830am (0030).

* KUALA LUMPUR – International Centre for Education in Islamic Finance (Inceif) organises ‘The Islamic Financial Services Act 2012′ at Chancellery Building, Inceif at 0900am (0100).

* KUALA LUMPUR – Soft launch of SME Innovation Awards 2013 at KL Hilton Hotel, Kuala Lumpur at 0900am (0100).

* KUALA LUMPUR - Defence Minister Ahmad Zahid Hamidi launches kerjayaveteran.my portal and 1Active Career Planning corporate website at Prince & Residence Hotel, Kuala Lumpur at 0930am (0130).

* KUANTAN, PAHANG – Prime Minister Najib Razak officiates ground breaking ceremony of Malaysia-China Kuantan Industrial Park at Malaysia-China Kuantan Industrial Park Site, Gebeng, Kuantan at 0930am (0130), and attends dinner in conjunction with the visit of chairman of the national committee of the Chinese People’s Political Consultative Conference, Jia Qinglin at Seri Perdana Residence, Putrajaya at 2015pm (1215).

* KUALA LUMPUR – Permodalan Nasional Bhd‘s Ismail Mohamed Ali Foundation Memorial Lecture Series Three at Kuala Lumpur Convention Centre at 1000am (0200).

* KUALA LUMPUR – iProperty Group chief executive officer Shaun Di Gregorio shares insights on Malaysia property market outlook at Boulevard Hotel, Mid Valley Megamall, Kuala Lumpur at 1030am (0230).

* PETALING JAYA – News conference by PLUS on preparation for festive season at Persada PLUS, Subang Interchange, New Klang Valley Expressway, Petaling Jaya at 1400pm (0600).

* PETALING JAYA – Aston Martin official launch of its Aston Matrin 2013 DB9 at Aston Martin KL, Lot 9, Jalan 219, Federal Highway, Petaling Jaya at 1400pm (0600).

* PUTRAJAYA – Memorandum of understanding signing between Malaysia and Myanmar on science and technology cooperation at Block C5, Complex C, Putrajaya at 1430pm (0630).

* KUALA LUMPUR – Chairman of the national committee of the Chinese People’s Political Consultative Conference, Jia Qinglin meets Yang di-Pertuan Agong (Malaysian King), Tuanku Abdul Halim Mu’adzam Shah at the National Palace at 1530pm (0730).

* KUALA LUMPUR – Federal Territories and Urban Wellbeing MInister Raja Nong Chik Raja Zainal Abidin gives away Chinese New Year goodies at Bandar Tun Razak Commercial and Community Centre at 1645pm (0845).

WEDNESDAY, FEB 6

KUALA LUMPUR – Malaysia External Trade Development Corp (Matrade), Halal Industry Development Corp and KasehDia Sdn Bhdofficial announcement of “World Halal Week 2013″ at Menara Matrade, Jalan Duta, Kuala Lumpur at 1000am (0200).

KUALA LUMPUR – Sunlight Unicablink official launch of its taxi booking app and first GPS-enabled taxis in Malaysia at Pavilion KL, Shopping Mall, Bukit Bintang, Kuala Lumpur at 1845pm (1045).

FRIDAY, FEB 8

KUALA LUMPUR – Release of International Reserves as at 31 January 2013.

MONDAY-TUESDAY, FEB 11-12

KUALA LUMPUR – Market and Public Holiday – Chinese New Year.

WEDNESDAY, FEB 20

KUALA LUMPUR – Release of 4th Quarter 2012 GDP and January 2013 Consumer Price Index (CPI).

FRIDAY, FEB 22

KUALA LUMPUR – Release of International Reserves as at 15 February 2013.

THURSDAY, FEB 28

KUALA LUMPUR – Release of January 2013 Money Supply data, and Detailed Disclosure of International Reserves as at end January 2013.

THURSDAY, MAR 7

KUALA LUMPUR – Release of International Reserves as at 28 February 2013, and Monetary Policy Statement.

MONDAY, MAR 11 * KUALA LUMPUR – Release of January 2013 Index of Industrial Production (IPI), January 2013 Manufacturing Sales and January 2013 External Trade data.

WEDNESDAY, MAR 20 * KUALA LUMPUR – Release of February 2013 Consumer Price Index.

FRIDAY, MAR 22

KUALA LUMPUR – Release of International Reserves as at 15 March 2013.

FRIDAY, MAR 29

KUALA LUMPUR – Release of February 2013 Money Supply data, and Detailed Disclosure of International Reserves as at end February 2013.

FRIDAY, APR 5

KUALA LUMPUR – Release of International Reserves as at 29 March 2013 and February 2013 External Trade data.

THURSDAY, APR 11 * KUALA LUMPUR – Release of February 2013 Index of Industrial Production (IPI) and February 2013 Manufacturing Sales.

WEDNESDAY, APR 17 * KUALA LUMPUR – Release of March 2013 Consumer Price Index.

MONDAY, APR 22

KUALA LUMPUR – Release of International Reserves as at 15 April 2013.

TUESDAY, APR 30

KUALA LUMPUR – Release of March 2013 Money Supply data, and Detailed Disclosure International Reserves as at end March 2013.

WEDNESDAY, MAY 1

KUALA LUMPUR – Market and Public Holiday – Labour Day.

WEDNESDAY, MAY 8

KUALA LUMPUR – Release of International Reserves as at 30 April 2013 and March 2013 External Trade data.

THURSDAY, MAY 9

KUALA LUMPUR – Release of BNM Monetary Policy Statement, March 2013 Index of Industrial Production (IPI) and March 2013 Manufacturing Sales.

WEDNESDAY, MAY 15

KUALA LUMPUR – Release of 1st Quarter 2013 GDP.

WEDNESDAY, MAY 22

KUALA LUMPUR – Release of International Reserves as at 15 May 2013 and April 2013 Consumer Price Index.

FRIDAY, MAY 24

KUALA LUMPUR – Market and Public Holiday – Wesak Day.

FRIDAY, MAY 31

KUALA LUMPUR – Release of April 2013 Money Supply data and Detailed Disclosure of International Reserves as at end April 2013.

SATURDAY, JUN 1

KUALA LUMPUR – Market and Public Holiday – The Yang di-

Pertuan Agong’s Birthday.

WEDNESDAY, JUN 5 * KUALA LUMPUR – Release of April 2013 External Trade data.

FRIDAY, JUN 7

KUALA LUMPUR – Release of International Reserves as at 31 May 2013.

TUESDAY, JUN 11 * KUALA LUMPUR – Release of April 2013 Index of Industrial Production (IPI) and April 2013 Manufacturing Sales.

WEDNESDAY, JUN 19 * KUALA LUMPUR – Release of May 2013 Consumer Price Index.

FRIDAY, JUN 21

KUALA LUMPUR – Release of International Reserves as at 14 June 2013.

FRIDAY, JUN 28

KUALA LUMPUR – Release of May 2013 Money Supply data, and Detailed Disclosure of International Reserves as at end May 2013.

THURSDAY, JUL 4 * KUALA LUMPUR – Release of May 2013 External Trade data.

FRIDAY, JUL 5

KUALA LUMPUR – Release of International Reserves as at 28 June 2013.

THURSDAY, JUL 11

KUALA LUMPUR – Release of BNM Monetary Policy Statement, May 2013 Index of Industrial Production (IPI) and May 2013 Manufacturing Sales.

WEDNESDAY JUL 17 * KUALA LUMPUR – Release of June 2013 Consumer Price Index.

MONDAY, JUL 22

KUALA LUMPUR – Release of International Reserves as at 15 July 2013.

WEDNESDAY, JUL 31

KUALA LUMPUR – Release of June 2013 Money Supply data, and release of Detailed Disclosure of International Reserves as at end June 2013.

MONDAY, AUG 5 * KUALA LUMPUR – Release of June 2013 External Trade data.

WEDNESDAY, AUG 7

KUALA LUMPUR – Release of International Reserves as at 31 July 2013, June 2013 Index of Industrial Production (IPI) and June 2013 Manufacturing Sales.

THURSDAY-FRIDAY, AUG 8-9

KUALA LUMPUR – Market and Public Holiday – Hari Raya Puasa

(Eid-Fitr).

WEDNESDAY, AUG 21

KUALA LUMPUR – Release of 2nd Quarter 2013 GDP and July 2013 Consumer Price Index.

THURSDAY, AUG 22

KUALA LUMPUR – Release of International Reserves as at 15 August 2013.

FRIDAY, AUG 30

KUALA LUMPUR – Release July 2013 Money Supply data and release of Detailed Disclosure of International Reserves as at end July 2013.

SATURDAY, AUG 31

KUALA LUMPUR – Market and Public Holiday – National Day.

THURSDAY, SEP 5

KUALA LUMPUR – Release of BNM Monetary Policy Statement.

FRIDAY, SEP 6

KUALA LUMPUR – Release of International Reserves as at 30 August 2013, and July 2013 External Trade data.

WEDNESDAY, SEP 11 * KUALA LUMPUR – Release of July 2013 Index of Industrial Production (IPI) and July 2013 Manufacturing Sales.

MONDAY, SEP 16

KUALA LUMPUR – Market and Public Holiday – Malaysia Day.

WEDNESDAY, SEP 18 * KUALA LUMPUR – Release of August 2013 Consumer Price Index.

MONDAY, SEP 23

KUALA LUMPUR – Release of International Reserves as at 13 September 2013.

MONDAY, SEP 30

KUALA LUMPUR – Release of August 2013 Money Supply data and Detailed Disclosure of International Reserves as at end August 2013.

FRIDAY, OCT 4 * KUALA LUMPUR – Release of August 2013 External Trade data.

MONDAY, OCT 7

KUALA LUMPUR – Release of International Reserves as at 30 September 2013.

THURSDAY, OCT 10 * KUALA LUMPUR – Release of August 2013 Index of Industrial Production (IPI) and August 2013 Manufacturing Sales.

TUESDAY, OCT 15

KUALA LUMPUR – Market and Public Holiday – Hari Raya Haji

(Eid-Adha).

TUESDAY, OCT 22

KUALA LUMPUR – Release of International Reserves as at 14 October 2013.

WEDNESDAY, OCT 23 * KUALA LUMPUR – Release of September 2013 Consumer Price Index

THURSDAY, OCT 31

KUALA LUMPUR – Release of September 2013 Money Supply data, and Detailed Disclosure of International Reserves as at end September 2013.

SATURDAY, NOV 2

KUALA LUMPUR – Market and Public Holiday – Deepavali.

TUESDAY, NOV 5

KUALA LUMPUR – Market and Public Holiday – Moslem New Year.

THURSDAY, NOV 7

KUALA LUMPUR – Release of BNM Monetary Policy Statement.

FRIDAY, NOV 8 * KUALA LUMPUR – Release of September 2013 External Trade data.

MONDAY, NOV 11

KUALA LUMPUR – Release of International Reserves as at 31 October 2013, September 2013 Index Industrial Production (IPI) and September 2013 Manufacturing Sales.

FRIDAY, NOV 15

KUALA LUMPUR – Release of 3rd Quarter 2013 GDP.

WEDNESDAY, NOV 20 * KUALA LUMPUR – Release of October 2013 Consumer Price Index.

FRIDAY, NOV 22

KUALA LUMPUR – Release of International Reserves as at 15 November 2013.

FRIDAY, NOV 29

KUALA LUMPUR – Release of October 2013 Money Supply data and Detailed Disclosure of International Reserves as at end October 2013.

FRIDAY, DEC 6

KUALA LUMPUR – Release of International Reserves as at 29 November 2013, and October 2013 External Trade data.

WEDNESDAY, DEC 11 * KUALA LUMPUR – Release of October 2013 Index of Industrial Production (IPI) and October 2013 Manufacturing Sales.

WEDNESDAY, DEC 18 * KUALA LUMPUR – Release of November 2013 Consumer Price Index.

FRIDAY, DEC 20

KUALA LUMPUR – Release of International Reserves as at 13 December 2013.

WEDNESDAY, DEC 25

KUALA LUMPUR – Market and Public Holiday – Christmas Day.

TUESDAY, DEC 31

KUALA LUMPUR – Release of November 2013 Money Supply data and Detailed Disclosure of International Reserves as at end November 2013

NOTE: The inclusion of diary items does not necessarily mean that Reuters will file a story based on the event. – Reuters

 

Source by: The Star

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Christmas arrives early on Tokyo stock exchange

December 21, 2012 By Leave a Comment

JAPAN’S December rally has handed Asia’s struggling stock traders an early Christmas present as the rare flurry of activity in Tokyo helps make an otherwise bleak year end on a brighter note.

Since elections were called in mid-November, Japanese stocks have soared on expectations that victory for Shinzo Abe and his Liberal Democratic Party would force Japan’s central bank to take more aggressive action to reverse deflation and revive economic growth.

On Sunday, the LDP swept to victory and yesterday, the Bank of Japan appeared to bend to the incoming prime minister’s wishes by announcing its third dose of monetary stimulus in four months.

The Nikkei 225 has risen about 16 per cent since November 13. In the same time, the yen – which on Wednesday hit a 20-month-low against the dollar – has lost eight per cent against the greenback.

As important to traders as the rise in stock prices is the corresponding boom in trading volumes which have dwarfed other Asian markets this week. Wednesday’s turnover in Tokyo was triple that in Hong Kong.

“Japan is our busiest market at the moment in Asia, hands down, and it hasn’t been that way for some years,” said Andy Maynard, global head of trading and execution at CLSA.

The revival of interest offers some relief to brokers at the end of a dreadful year as a global cross-asset slump in trading volumes as institutional investors cut back on trading, plus an uncertain regulatory outlook, pushed banks to cut costs.

Asian trading volumes are down about 20 per cent to 30 per cent year-on-year, according to data from the region’s biggest exchanges such as Tokyo, Hong Kong and Australia, forcing many banks and trading firms to lay off both traders and analysts who provide them and clients with research.

Many of the cuts were deepest in Japan, however, as banks surrendered to the realisation that the global investing herd had lost interest in a country seemingly mired in two decades of stagnation and had moved on to more dynamic markets such as China and even the recovering United States.

According to Greenwich Associates, the annual pool of commissions paid by Japan and Asia-based institutions to brokers on Japanese cash equity trades shrunk by about 40 per cent from 2007 to 2011.

That has led to a steady exodus from Japan. One of the big institutions that cut research and domestic sales staff in Japan this year was Deutsche Bank. For those still in the market, though, the pre-Christmas rally has hit like a cloudburst on a drought-stricken land.

“Looking at the yen go and people chasing this rally, some of the old-timers here are saying ‘Welcome to Japan’,” said CLSA’s Maynard.

This sort of burst of activity has happened in Japan before, only to fizzle out afterwards.

But the revival of interest in Japan – particularly since it has been led by proxies of risk appetite and liquidity in Japan namely megabanks, brokers and trading companies – is sending fund managers back to the drawing board to rethink allocations.

“What I find really interesting is the number of clients who are active again. A lot of funds who were previously dormant are coming back,” said Trevor Spencer, head of Japan sales trading at Citigroup Global Markets Japan.

After pulling much of their cash out of Japanese stocks, many fund managers have been caught off-guard by the latest rally and are now clamouring to put money back in.

“In cash, it’s been one-way traffic.” said Spencer. “On our derivatives desk, there is no interest in the downside right now.”

Tokyo’s US$3.3 trillion (RM10 trillion) market capitalisation makes it Asia’s largest stock exchange by value of listings, according to the World Federation of Exchanges, while Japan commands an 8.2 per cent weight in the MSCI World equity index.

Yet several leading global funds hold significantly less than eight per cent of their assets in Japanese stocks. The US$113.2 billion American Funds Growth Fund of America, ranked by Lipper data as one of the world’s biggest global equity funds, has a negligible allocation to Japan.

According to the fund manager’s website, it held only one Japanese stock at the end of the September: US$202 million worth of shares in Toyota Motor Corp.

Franklin Templeton’s Templeton Global Fund had just a 4.2 per cent allocation to Japan at the end of October, according to fund’s factsheet. Reuters

 

Source by: Business Times

Picture by: hdwallpapers.in

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Warning over penny stock plays

June 28, 2012 By Leave a Comment

THE Securities Commission (SC)is believed to be in the process of clamping down on speculative trading of penny stocks.

A circular from the SC to a brokerage house obtained by Business Times indicated that the clampdown was a high priority to the regulator.

In the letter dated June 21, the SC said it had noted several key areas of concern that would require immediate attention and action by all participating organisations (POs).

POs are stockbroking firms.

“The SC has found some unhealthy trading practices in the trading of penny stocks, which are low-priced shares of small companies,” the regulator said in the letter to the POs.

In Malaysia, penny stocks are categorised as stocks that trade below RM1.

In recent weeks, trading interest in penny stocks had declined rapidly as the market was expecting some form of action from the regulators.

“Normally, the POs are brought in for discussions on how to overcome a set of problems.

Only when the discussions are not delivering the right form of results are things put in black and white,” claimed a stockbroker with more than 17 years of experience.

Retail participation in the market last week was below 20 per cent, and although the market raced to an intra-day record early this week, interest on penny stocks or second liner stocks were muted at best.

On Monday, the all blue chip FBM KLCI Index, which tracks about 30 stocks, peaked to an intra-day high of 1,611.50 points in the first session of trading.

The best closing for the FBM KLCI was on April 3 this year, when the key benchmark index closed at 1,606.63 points.

Maybank Investment Bank Bhd head of retail investment Lee Cheng Hooi told Business Times early this week that retail participation in the market was mild.

According to data obtained from Bursa Malaysia’s website, retail participation in the market on Tuesday was at 17.87 per cent, as opposed to the 59.24 per cent contribution from institutional funds.

Last month, retail participants contributed some 50.45 per cent of the volume traded, information obtained from Bursa Malayia’s website showed.

In terms of value, trades done by retailers contributed some 18.05 per cent. The total value of trades done on the stock exchange was RM31.1 billion, with the total volume at 23.8 billion shares.

The SC also noted shortfalls in the standards of some POs on market and business conduct, which were elaborated in the Guidelines on Market Conduct and Business Practices for Stockbrokers and Licensed Representatives, issued in 2008.

“Hence, POs are reminded to take reasonable steps to organise and manage their business,” the SC said.

As such, it suggested that POs have in place an appropriate monitoring system to detect and manage any manipulative trades.

 

Source by: Business Times

Picture courtesy of: compound-stock-earnings

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Malaysia’s revenues well above target

June 25, 2012 By Leave a Comment

Malaysian’s fiscal deficit level to the gross domestic product is likely to remain unchanged even with the tabling of the RM13.8 billion supplementary budget in Parliament recently, says two foreign bank analysts.

Bank of America Merrill Lynch and CITI pointed out that revenue collections in the first quarter for Malaysia showed outperformance in both indirect tax and non-tax.

Judging from the first quarter revenue performance, full-year revenues may reach the RM200 billion mark, well above the budget target RM186.9 billion and sufficient to cover the additional RM13.8 billion in spending, says CITI.

Both foreign analysts have maintained their deficit forecasts at 5 per cent to the GDP, slightly higher than the government’s 4.7 per cent forecast.

The Ministry of Finance tabled a supplementary budget, raising concerns whether the government will breach its fiscal deficit forecast of 4.7 per cent of GDP or 55 per cent statutory debt ceiling.

Allocation includes RM11.2 billion for “treasury general services”, RM446 million for the Works Ministry, RM360 million for the Election Commission, and RM113 million for the Prime Minister’s Department.

Bank of America Merrill Lynch head of emerging Asia economics Dr Chua Hak Bin expects the government to fund most of the additional RM13.8 billion spending.

He also does not expect it to pose a major upside shock to the fiscal deficit or breach the 55 per cent debt ceiling limit.

BofAML has maintained its fiscal deficit forecast at five per cent of GDP for 2012, slightly higher than the government’s 4.7 per cent forecast.

“The fiscal deficit will likely remain in check due to higher revenue, conservative budget forecasts and rebasing of nominal GDP.”

Rebasing of nominal GDP in 2011 to RM881 billion (from earlier estimate of RM853 billion) will lower the fiscal deficit by about 0.2 per cent point due to a larger denominator.

Tax revenue has come in ahead of expectations, due to improved tax efficiency, healthy income growth and conservative forecasts, remarked Chua.

Central government revenue was only projected to grow 1.4 per cent from 2011 but is already higher by some 20.5 per cent for first quarter, which included corporate taxes (19.2 per cent) and personal taxes (5.9 per cent).

Chua added that non-tax items are also coming in better than expected and these include petroleum royalty (34.1 per cent) and interest & investment return (304 per cent ).

BofAML expects direct taxes to increase 5.1 per cent and indirect taxes to increase by 4.8 per cent in 2012.

CITI economists Kit Wei Zheng and Brian Tan estimated that revenue for the first four months of 2012 totalled RM63 billion, which is about 33.7 per cent of the full year budget estimate of RM186.9 billion.

In the case of oil revenue, they were confident that the full-year revenue targets could still be met. For example, the Ministry of Finance assumes an average annual Tapis price of US$110 (RM351) per barrel, but year-to-date Tapis crude has already averaged US$125 (RM399) per barrel.

As at the first quarter, petroleum income tax collections were 17.5 per cent of the full-year target, compared to the historical average of around 9.3 per cent.

 

Source by: Business Times

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Malaysia going all out to attract foreign investors

June 21, 2012 By Leave a Comment

BOSTON: Malaysia, which started making a concerted effort to develop its biotechnology sector in 2005, ahead of its regional peers, is going all out to attract foreign investments and collaborations in the sector.

It is mobilising all its agencies to do so, said Science, Technology and Innovation Minister Datuk Seri Maximus Ongkili, who led an 80-member delegation to the world’s biggest annual gathering of biotechnology experts – Bio International Convention (BIO) – held here this week.

Maximus witnessed five agreements at BIO that are expected to boost the Malaysian sector.

The minister said he is waiting for about eight other companies from the US and Europe to firm up their investment plans for Malaysia.

He expects the government to announce at least six more entry point projects in either July or August. These will focus on industrial, medical and agricultural areas of biotechnology.

“We have developed the strategic entry point programmes for the Malaysian Bioeconomy Initiative which we hope will be rolled out by Prime Minister Datuk Seri Najib Razak soon, which will bring a host of opportunities for both investment and partnering,” he said.

Meanwhile, Malaysian Biotechnology Corp Bhd (BiotechCorp) and the Malaysian Investment Development Authority (Mida), will for the first time ever embark on a joint road trip in the US with the sole mission of attracting more biotechnology-related investments into Malaysia.

This will be done once the BIO conference is over. The two agencies are scheduled to meet about seven companies in four cities, including Houston, Chicago and New York.

These companies are in businesses that relate to vaccine, orthopedic implants and life sciences, said Jaswant Singh, Mida’s director in charge of the life sciences industry division.

Source by: Business Times

Picture courtesy of: tunisia-live

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Ringgit opens higher against US dollar

June 18, 2012 By Leave a Comment

KUALA LUMPUR: The ringgit was traded higher against the US dollar in the early session Monday, spurred by renewed buying interest for Asian currencies, including the ringgit, dealers said.

At 9.20 am, the ringgit was quoted at 3.1430/1460 vis-a-vis 3.1645/1675 Friday.

They said sentiments were boosted by Greece’s election results that suggested that the country would remain in the eurozone for now, which have prompted investors to pick up higher-risk currencies.

Meanwhile, the ringgit saw little change against the Singapore dollar at 2.4791/4819 from 2.4837/4865 Friday and emerged stronger against the yen at 3.9654/9717 from 4.0087/0130 last week.

The domestic currency saw little change against the British pound to 4.9383/9443 from 4.9145/9207 Friday but advanced against the euro to 3.9951/9998 from 3.9980/9031 last week. Bernama

Source by: Business Times

Picture courtesy of: freemalaysiatoday

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KL shares open higher

June 18, 2012 By Leave a Comment

Share prices on Bursa Malaysia opened higher in early trading Monday as investors took the cue from the favourable outcome of Greece’s elections, dealers said.

They said interest was seen mostly in selected heavyweights, with the FTSE Bursa Malaysia KLCI (FBM KLCI) gaining 8.68 points 10 minutes after the opening bell. The barometer index closed at 1,576.61 on Friday.

HwangDBS Vickers Research said global equities could recover parts of their losses this week as investors heave signs of relief following Greece’s election results yesterday.

“The outcome, which saw pro-bailout political parties winning adequate number of parliamentary seats to form a new government, has essentially reduced the risk of a Greece euro exit,” it said.

On the local front, the research house said should the benchmark index surge above the first resistance level of 1,580, it reckons its upside potential would be limited at the next resistance line of 1,610.

The Finance Index rose 54.51 points to 14,179.04, the Plantation Index gained 35.79 points to 8,449.3 and the Industrial Index advanced 27.73 points to 2,771.78.

The FBM Emas Index surged 57.39 points to 10,840.22, the FBM Mid 70 Index was 51.29 points higher at 11,837 and the FBM ACE Index improved 26.49 points to 4,240.05.

Gainers led losers 177 to 37 while 117 counters were unchanged.

A total of 58.431 million lots worth RM100.2 million were transacted.

Actives, Maybank rose three sen to RM8.72, OSK-Ca added half sen to 15 sen and YTL Power International was flat at 1.66 sen.

Heavyweights Sime Darby added nine sen to RM9.89 while CIMB gained five sen to RM7.54. Bernama

 

Source by: Business Times

Picture cocurtesy of: divineerror.deviantart

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Asia: Greece woes cast shadow

May 16, 2012 By Leave a Comment

 

HONG KONG: Asian shares mostly fell while the euro hit a four-month low yesterday amid growing concern about Greece’s eurozone future as talks on forming a government remain deadlocked.

Dealers are also keeping an eye on Spain as the country’s banking sector comes under huge pressure while Italy saw the ratings of 26 of its lenders downgraded amid fears over their exposure to the eurozone’s debt crisis.

In Tokyo, the Nikkei 225 Index lost 73.10 points, or 0.81 per cent, to 8,900.74.

“We’re at a crucial point after erasing all the gains that followed the Bank of Japan’s surprising easing on February 14,” said Tachibana Securities operating officer Kenichi Hirano.

“Markets are aggressively pricing in a messy Greek default and a potential exit from the eurozone,” Stan Shamu, market strategist at IG Markets, told Dow Jones Newswires.

Chinese shares closed down 0.25 per cent. The benchmark Shanghai Composite Index ended down 5.89 points at 2,374.84.

Sydney fell 0.71 per cent, or 30.7 points, to 4,266.3 and Seoul went down 0.77 per cent, easing 14.77 points to 1,898.96.

Asian losses were in line with Wall Street, which has also been infected by eurozone fear. On Monday, the Dow Jones Industrial Average fell 0.98 per cent, the broader S&P 500 dropped 1.11 per cent and the tech-laden Nasdaq slipped 1.06 per cent.

In other Asian markets yesterday:

* Manila tumbled 2.09 per cent, or 106.17 points, to 4,977.45.

* Taipei rose 18.46 points, or 0.25 per cent, to 7,395.64.

* Bangkok rose 1.63 per cent or 19.04 points to 1,184.55.

* Jakarta closed down 0.18 per cent, or 7.42 points, at 4,045.64.

* Mumbai rose 112.41 points or 0.47 per cent to 16,328.25. AFP*

 

Source by: Business Times

Picture courtesy of: bestsingletravel

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Ringgit slips against US dollar

May 15, 2012 By Leave a Comment

 

RINGGIT

KUALA LUMPUR: The ringgit ended lower against the US dollar yesterday in line with the weakening of Asian currencies as investors cut exposure to Asian assets on escalating concerns over eurozone debt crisis with a possible Greece exit from the euro area, dealers said.

The ringgit slipped to 3.0800/0830 against the greenback from 3.0690/0720 last Friday.

The domestic currency was firmer against the Singapore dollar at 2.4485/4517 from 2.4528/4562 Friday and lower against the Japanese yen at 3.8447/8499 from 3.8386/8443 last week.

The ringgit was also higher against the British pound at 4.9446/9501 from 4.9472/9530 on Friday and firmer versus the euro at 4.9624/9675 from 3.9719/9767 last week.

INTERBANK RATES

KUALA LUMPUR: Short-term rates closed stable yesterday as Bank Negara Malaysia continued to intervene in the market to absorb excess funds, dealers said.

Liquidity surplus in conventional operations was reduced to RM13.45 billion from an earlier estimate of RM17.73 billion.

In the Islamic system, it fell to RM3.76 billion, from RM5.95 billion, previously. Earlier, the central bank conducted nine tenders.

It also issued a late conventional tender of up to RM13.5 billion and a RM3.5 billion Al-Wadiah tender, both for one-day money.

KLIBOR

KUALA LUMPUR: The three-month Kuala Lumpur Interbank Offered Rate futures contract on Bursa Malaysia Derivatives closed mostly higher yesterday.

June 2012 was unchanged at 96.84 while Sept 2012, December 2012 and March 2012 rose two ticks each to 96.88, 96.87 and 96.87, respectively.

Turnover rose to 240 lots, from 50 lots, last Friday while open interest rose to 19,070 contracts, from 19,020 contracts, previously.

At 11am fixing, the underlying rate remained at 3.19 per cent. The five-year Malaysian Government Securities futures contracts remained untraded. – Bernama

 

Source by: Business Times

Picture courtesy of: news.malaysia.msn

 

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US stocks fall on China, Greece worries

May 15, 2012 By Leave a Comment

 

NEW YORK: Stocks fell on Monday as investors dealt with the one-two punch of worsening political upheaval in the euro zone and the possibility that China’s economy may be softening more than previously thought.

The S&P 500 finished lower for the fourth day of five to close at its lowest level since February, adding fuel to worries of a coming market correction.

Economically sensitive shares, including banks and energy companies, paced the decline. Exxon Mobil Corp lost 1.2 percent to US$82.12. The NYSEArca oil index fell 1.8 percent.

State television in Greece reported the president of the fiscally beleaguered country will continue talks on forming a coalition government, although Socialist leader Evangelos Venizelos said on Monday he was not optimistic that a government could be formed.

“People are starting to lose patience – you saw what happened in Greece and some of the other regions around Europe, in terms of voters getting frustrated,” said Ken Polcari, managing director at ICAP Equities in New York.

“Now we are in that in-between stage – 1,325 on the downside and 1,350 representing resistance – so we are stuck right there.”

Banks were pressured by JPMorgan Chase & Co, which announced the exit of a top executive after suffering trading losses that could reach US$3 billion or more. JPMorgan shares fell 3.2 percent to US$35.79 after losing 9 percent on Friday. The KBW Bank Index dropped 2.6 percent.

Adding to the swirling political winds in Europe, German Chancellor Angela Merkel’s Christian Democrats suffered a crushing defeat on Sunday, which could encourage the opposition to increase attacks on her austerity policies. Merkel said on Monday the defeat was a bitter setback, but would not alter her view on how to achieve growth.

Concerns about the depth of a slowdown in China have been troubling investors for several months. China’s decision on Saturday to cut the amount of cash banks must hold as reserves, normally seen as a pro-growth move, suggested the country may be facing more significant hurdles.

The three major U.S. stock indexes pared losses after the European markets closed before selling reaccelerated near the end of trading, pushing the S&P 500 below an important support level at 1,340, which could trigger further selling.

The Dow Jones industrial average dropped 125.25 points, or 0.98 percent, to close at 12,695.35. The Standard & Poor’s 500 Index lost 15.04 points, or 1.11 percent, to 1,338.35. The Nasdaq Composite Index fell 31.24 points, or 1.06 percent, to 2,902.58.

Groupon Inc closed up 18.5 percent at US$11.74 after surging more than 20 percent during the session in a short-covering rally as traders scrambled to close bearish bets ahead of the daily deal company’s first-quarter results.

After the closing bell, Groupon’s stock shot up 13.5 percent to US$13.33 after the company posted its first quarterly profit. — Reuters

 

Source by: Business Times

Picture courtesu of: laurencehunt

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