The Star Online: Business
The Star Online: Business |
- Asian markets higher in early trade
- Malaysia-Market factors to watch Friday Dec 30
- Palm oil retreats from 5-week high, weather eyed
| Asian markets higher in early trade Posted: 29 Dec 2011 05:20 PM PST KUALA LUMPUR: Improved economic data from the US and window-dressing activities buoyed Asian bourses with Tokyo's Nikkei 225, Sydney's S&P/ASX 200 and the Taipei indices posting gains in early Friday trade. Analysts reckon that window-dressing activities would continue in the local bourse which should extend gains seen in the past week as sentiments rose supported by lower US weekly jobless claims and higher pending house sales despite a disappointing Italian bond sale. The local bourse's FBM KLCI was up a third of a percent to 1,511.24 at 9.15am with buying interest seen in select stocks including Scomi Marine which gained 4.5 sen to 41 sen and Scomi, which was 1 sen higher at 28.5 sen. According to analysts at HwangDBS Vickers Research, stocks that might see interest today include Berjaya Corp after posting weaker second-quarter ended Oct 31 results, QSR following a possible counter-offer from the Malay Chamber of Commerce Malaysia and Cypark Resources, which was awarded a contract worth RM14.70 million. In the currency markets, the ringgit was higher versus the greenback at 3.169 and the euro at 4.105. Spot gold price rose more than four-fifths of a percent to trade between US$1,558 to US$1,559 per ounce while Nymex crude oil in electronic trade gained a fifth of a percent to just below US$100 per barrel. Full content generated by Get Full RSS. |
| Malaysia-Market factors to watch Friday Dec 30 Posted: 29 Dec 2011 05:15 PM PST KUALA LUMPUR: Following is a list of events in Malaysia as well as news stories and press reports which may influence financial markets. WHAT IS HAPPENING IN MALAYSIA, TIMES LOCAL FOLLOWED BY GMT: >Kelington Group Bhd holds EGM at No. 3, Jalan Astaka U8/83, Jelutong Industrial Park, Shah Alam at 1000am (0200). >Home Ministry secretary-general Tan Sri Mahmood Adam attends media appreciation night for the success of the Anti-Trafficking in Persons and Anti-smuggling of Migrants Campaign at Putrajaya at 11am (0300). >Release of Nov 2011 Detailed International Reserves at 12pm (0400) > Release of Nov 2011 Money Supply data at 6pm (1000) MARKET SNAPSHOT: * Malaysia's stock market finished 0.2 percent higher on Wednesday, with gains in leisure conglomerate Genting Bhd, banking group and telecommunications firm Axiata * U.S. stocks rallied on Thursday, moving the S&P 500 back in positive territory for 2011 ahead of the last trading day of the year, on more positive signals on the U.S. economy. * U.S. stocks rallied about 1 percent on Thursday as data signaled positive trends for the economy, but gold prices fell for a fourth consecutive session as investors constrained by tight liquidity resulting from the euro-zone debt crisis were forced to sell. * Malaysian crude palm oil futures dipped on Thursday in cautious year-end trading, but losses were limited by worries that heavy rains may hit production in second-largest producer Malaysia. IN THE NEWS REUTERS MALAYSIA > Moody's:No rtgs impact from Country Garden's Malaysia > ACE buys Ecuador general insurer for $55 mln > Giant Vale ship gets China port OK > Palm oil to fall to 3,140 ringgit/T * Brazil's real gained against the U.S. dollar on Thursday, reversing early losses, as U.S. labor and housing data boosted expectations that the world's largest economy is rebounding from nearly three years of sluggish growth. * Most Southeast Asian bourses edged higher on Thursday, helped by late bargain-hunting in big caps and dividend-yielding stocks such as banks and telecoms, but trade remained quiet, especially ahead of an Italian debt auction that kept investors nervous. DIARY - Malaysia 30 December ALL TIMES ARE PROVISIONAL AND IN LOCAL TIME FOLLOWED BY GMT (IN BRACKETS) FRIDAY, DEC 30 KUALA LUMPUR - Release of Nov 2011 Money Supply data. SHAH ALAM - Kelington Group Bhd holds EGM at No. 3, Jalan Astaka U8/83, Jelutong Industrial Park, Shah Alam at 1000am (0200). * PUTRAJAYA - Home Ministry secretary-general Mahmood Adam attends media appreciation night for the success of the Anti-Trafficking in persons and Anti-smuggling of Migrants Campaign at Block D1, Complex D, Putrajaya at 1100am (0300). * PUTRAJAYA - News conference by National Registration Department (NRD) on the nnew MyKad at National Registration Department, Putrajaya at 1500pm (0700). MONDAY, JAN 2 2012 KUALA LUMPUR - Market and Public Holiday - New Year. PRESS DIGEST - MALAYSIA - Dec 30 Following are the main stories in Malaysian newspapers. Reuters has not verified these stories and does not vouch for their accuracy. THE STAR (www.thestar.com.my) * There may again be another tussle for control of the KFC fast food business in Malaysia. This time, the Malay Chamber of Commerce Malaysia(MCCM) is challenging a joint bid by Johor Corp (JCorp) and CVC Capital Partners Asia Pacific to acquire the assets and liabilities of QSR Brands Bhd and KFC Holdings Bhd, MCCM president Syed Ali Alattas said. After uncovering five cases of drug smuggling this month alone, The KL International Airport Customs has declared all air routes into Malaysia to be at high risk of being used for trafficking, KL International Airport (KLIA) Customs director M. Govinden said. * The Energy Commission (EC) says it expects the competitive bidding process for the 4,500 megawatt (MW) power-generation capacity to involve a combination of new and existing power plants, an EC official said. NEW STRAITS TIMES (www.nst.com.my) * The intensifying scrutiny on alleged corruption at Iskandar Investment berhad (IIB) has uncovered foreign links in inflating costs of projects, sources said. * The automatic transmission driving licence will be implemented nationwide in May after the driving curriculum is revised, said Deputy Transport Minister Abdul Rahim Bakri. BUSINESS TIMES (www.btimes.com.my) * Kian Joo Can Factory Bhd is planning to privatise subsidiary Box-Pak (Malaysia) under a multi-million ringgit deal that will involve certain Japanese firms, sources said. * Malaysia's retail industry is expected to grow 6.5 percent this year, from last year's 8.4 percent growth, the Malaysian Retailers Association (MRA) said. THE SUN (http://www.thesundaily.my/) * Malaysia Airlines' (MAS) unionised staff are unhappy over a potential plan by its management to downsize the workforce as part of the struggling national carrier's turnaround plans, MAS Employees' Union president Alias Aziz said. * Analysts have maintained ratings on WCT Bhd despite it being awarded a mixed development project in Vietnam, due to its exposure to global economic uncertainties and scepticism in Vietnam's property market, Kenanga Research said in a report. THE EDGE FINANCIAL DAILY (www.theedgemalaysia.com) * The local stock market bellweather FBM KLCI rose for a fifth day on Wednesday and with tomorrow (Friday) being the final day of trading for 2011, investors are expecting the upward momentum to continue, ending the year on positive note Malaysian weather concerns weigh on palm oil futures KUALA LUMPUR, Dec 30 (Reuters) - The following factors are likely to influence Malaysian palm oil futures and other vegetable oil markets on Friday. FUNDAMENTALS * Malaysian crude palm oil futures dropped on Thursday in cautious year-end trading, but losses were limited by worries that heavy rains may hit production in second-largest producer Malaysia. * U.S. corn futures slipped almost one percent on Thursday, easing from a six-week peak on profit-taking after the market had moved into overbought technical levels during a lively weather rally. * Oil rose on Thursday as gains in the stock market and shortcovering helped shake off early losses caused by a rise in U.S. crude stockpiles. MARKET NEWS * U.S. stocks rallied about 1 percent on Thursday as data signaled positive trends for the economy, but gold prices fell for a fourth consecutive session as investors constrained by tight liquidity resulting from the euro-zone debt crisis were forced to sell. * Agricultural markets fell broadly on Thursday, ending a two-day rally spurred by dry weather in Argentina, a major growing country, while gold slid into bear market territory as investors sold the precious metal to raise cash. RELATED NEWS > European vegoils: Palm oil down on strong dollar > Soybeans retreat for 2nd day on profit-taking > ADVISORY-Astra Agro suspends palm oil auction on Dec 30, Jan 2 - Reuters Full content generated by Get Full RSS. |
| Palm oil retreats from 5-week high, weather eyed Posted: 29 Dec 2011 05:03 PM PST SINGAPOREL Malaysian crude palm oil futures dropped on Thursday in cautious year-end trading, but losses were limited by worries that heavy rains may hit production in second-largest producer Malaysia. Weaker global markets also prompted investors to book profits as palm oil eased from a 5-week high on Wednesday, adding to its 16.7 percent loss this year. Palm oil is set to post its first annual decline since 2008, weighed down by concerns the euro zone debt crisis could stall economic growth and commodity demand. "There's light profit-taking in the market, but it's going to be a wait-and-see game on the severity of the rainfall," said a dealer with a foreign commodities brokerage in Malaysia. Benchmark March palm oil futures on the Bursa Malaysia Derivatives Exchange settled 0.9 percent lower at 3,155 ringgit ($1,000) per tonne. Prices touched 3,205 ringgit on Wednesday, a level unseen since Nov. 22. Traded volumes for palm oil futures stood at 15,694 lots of 25 tonnes each, much thinner than the usual 25,000 lots as traders were unwilling to take postions ahead of the new year holidays. But despite the loss, some traders were bullish on palm oil's outlook for next year. "The bulls have both technical momentum and weather vagaries to propel prices higher. Against the backdrop of tight production prospects and slippage in South American crop, prices should be supportive in first quarter next year," said a trader with a local commodities brokerage in Malaysia. "Any drop in prices is certainly a buy at least until first quarter 2012," he added. On the weather front, the Malaysian weather office warned heavy rains could trigger floods in low-lying areas in the key oil palm growing states of Pahang, Johor and Sabah, accounting for almost 60 percent of national palm oil output. While there have not been any reports of a disruption in deliveries of crude palm oil to refineries and ports, traders are watching the weather development closely, especially as palm oil production in Malaysia is in the seasonally low-yield phase. But slowing exports may provide relief to any tightness in stocks as cargo surveyor data on Tuesday showed Malaysia's palm oil exports fell 11 percent in the first 25 days of December. In related markets, oil held above $107 a barrel on Thursday as investors looked ahead to a U.S. supply report expected to show a drop in crude stocks and as Iranian threats to halt a vital oil trade lent support. U.S. soyoil for January delivery fell 0.6 percent amid weaker global markets while the most active Sept 2012 soyoil contract on China's Dalian commodity exchange was almost flat. - Reuters Full content generated by Get Full RSS. |
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