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International News 2023-01-12 04:01:46

Bursa Malaysia firmer in early trade

KUALA LUMPUR, Jan 12 ― Bursa Malaysia opened higher for the second consecutive day, tracking gains on Wall Street as traders became more confident about inflation cooling down in the United States (US) and the effectiveness of the Federal Reserve’s previous rate hikes, said a dealer.

At 9.05am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) increased by 1.99 points to 1,489.86 from yesterday's close of 1,487.87.

The market bellwether opened 0.70 point firmer at 1,488.57.

In the broader market, gainers surpassed decliners 164 to 130, while 274 count...

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International News 2023-01-08 15:55:14

Some retailers in Singapore absorbing GST increase to help consumers ‘tide through inflation period’

SINGAPORE, Jan 6 — Now that the year has turned, some retailers have switched from getting consumers to buy big-ticket items before the Goods and Service Tax (GST) go up to absorbing the tax increase for customers or giving them a token discount.

They say they are doing so to help consumers cope with rising p...

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International News 2023-01-08 15:49:18

Ringgit likely to be in tight range against greenback next week

KUALA LUMPUR, Jan 7 — The ringgit is likely to remain within a tight range against the US dollar next week on mixed market sentiments, an analyst said.

SPI Asset Management managing director Stephen Innes said markets continue to expect the local currency to weaken and view this as a buying opportunity.

“I think we will be trading in a similar 4.38 to 4.41 range next week until China’s economic activity data begins to improve.

“Local traders will be very dependent on China’s data over the short term,” he told Bernama.

...

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International News 2023-01-08 15:31:34

Bursa Malaysia to trade sideways with upward bias next week

KUALA LUMPUR, Jan 7 — Bursa Malaysia is likely to trade sideways with a slightly upward bias within the 1,475-1,495 range next week.

Rakuten Trade Sdn Bhd vice-president of equity research Thong Pak Leng said investors will remain cautious due to the increasingly global market volatility.

“Technically speaking, we shall see immediate support at around 1,460-1,465 while resistance is at 1,500,” he told Bernama.

The local market was traded mostly lower during the holiday-shortened week amid the ongoing weakness in US markets and uncertainty over the Covid-19 situ...

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International News 2023-01-05 03:31:42

Asia stocks hit four-month high on reopening of Chinese economy

SINGAPORE, Jan 5 ― Asian shares rose today on investor hopes for China's emergence from the Covid-19 pandemic, while the dollar stayed under pressure even as the US Federal Reserve had a warning against market bets on interest rate cuts this year.

MSCI's broadest index of Asia-Pacific shares outside Japan rose 1 per cent to touch a four-month high in morning trade. Japan's Nikkei bounced off a three-month low.

China has abruptly dropped ultra-strict curbs on travel and activity, unleashing the virus on the nation's 1.4 billion people. Many funeral homes and hospitals say...

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International News 2023-01-05 03:26:58

Bargain hunting boosts Bursa Malaysia in early trade

KUALA LUMPUR, Jan 5 ― Bursa Malaysia opened in positive territory today, supported by bargain-hunting activities.

At 9.38am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) advanced by 5.55 points to 1,475.10 from yesterday's closing of 1,469.55.

The market bellwether opened 2.91 points higher at 1,472.46.

On the broader market, gainers surpassed losers 273 to 204, while 292 counters were unchanged, 1,440 untraded and nine others suspended.

Turnover amounted to 657.43 million units worth RM208.27 million.

Rakuten Trade Sdn Bhd said des...

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International News 2023-01-05 03:25:27

Ringgit opens lower against US dollar on US rate hike

KUALA LUMPUR, Jan 5 ― The ringgit opened lower against the US dollar today, as the greenback strengthened after the United States (US) Federal Reserve (Fed) confirmed that it would continue to focus on rate hikes this year, dealers said.

At 9am, the local note depreciated to 4.4015/4055 versus the US dollar from yesterday’s closing of 4.3960/4010.

SPI Asset Management managing partner Stephen Innes said the ringgit opened a tad softer today as the market digested the US Federal Open Market Committee’s hawkish meeting minutes.

“This is consiste...

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International News 2023-01-01 10:09:23

One Singaporean severely ill with Covid-19 after recent China travel; MoH ready to step up border measures for selected countries

SINGAPORE, Dec 31 — Travellers from China account for about 1 to 1.5 per cent of arrivals to Singapore by air, or about 700 to 1,000 travellers each day. Of these, 40 to 80 Covid-19 cases are detected on a weekly basis. All have had mild symptoms except for one Singaporean who is “severely ill” with the coronavirus.

The Ministry of Health (MoH) gave these figures yesterday (December 30) in a statement, recognising that there is “some public concern about the high level of infections in China” and the latest announcements to relax its border measures o...

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International News 2023-01-01 09:43:20

Ringgit expected to continue uptrend against US dollar next week

KUALA LUMPUR, Dec 31 — The ringgit is likely to continue its uptrend against the US dollar next week, trading between the 4.38 and 4.41 level for the first week of the new year on the back of buying support from locals upon the ringgit’s weakness, said an analyst.

SPI Asset Management managing director Stephen Innes said expectations remained extremely bright for the ringgit as one of the favourite expressions for the China reopening, given that Malaysia is a big consumer goods exporter into the country and a keen tourist destination for Chinese tourism.

He t...

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International News 2023-01-01 09:41:35

FBM KLCI seen beginning 2023 within 1,490-1,510 range, may end year at 1,800 mark

KUALA LUMPUR, Dec 31 — Bursa Malaysia looks set to kick off the new year within the current level, with the FBM KLCI fluctuating between the 1,490 and 1,510 range.

Rakuten Trade Sdn Bhd vice-president of equity research Thong Pak Leng expects global funds will return to the Asia Pacific region in 2023 and expects Malaysia to benefit from the spillover effect.

“As we enter 2023, we are optimistic about the local market and expect participation by local institutions will increase given the improving local economy and corporate earnings.

“Further...

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