The Star Online: Business
The Star Online: Business |
- Malaysia's blue chips start week on firm note, Genting up
- Malaysia-Market factors to watch on Dec 10(Monday)
- Greece gets 30bil euros, it’s set to buy back half of debt owned by private investors
| Malaysia's blue chips start week on firm note, Genting up Posted: 09 Dec 2012 05:33 PM PST KUALA LUMPUR: Malaysia's blue chips traded higher on Monday, underpinned by gains in consumer stocks and Genting Bhd while Time dotCom's securities rallied. At 9.15am, the KLCI was up 3.98 points to 1,621.75. Turnover was 66.27 million shares valued at RM36.89mil. There were 95 gainers, 54 losers and 92 counters unchanged. Hwang DBS Vickers Research (HDBSVR), in its strategy outlook for the 30-stock index, said the KLCI slid to a low of 1,601.71 last Tuesday before rebounding to close at 1,617.77 last Friday which was a weekly gain of 6.9 points or 0.4%, its first increase in six weeks. "With our Malaysian bourse appears stuck inside a sideways pattern at the moment, we reckon the benchmark index will probably end the year somewhere between 1,600 and 1,635," it said. Nestle was the top gainer, up 84 sen to RM65.42, Dutch Lady added 58 sen to RM46.68 and BAT 52 sen to RM59.96. Petronas Dagangan rose 16 sen to RM23.80, UMW 14 sen to RM11.36 and Genting nine sen to RM9.24. Time dotCom was in focus after it proposed to distribute up to 137.50 million DiGi.com Bhd shares to its shareholders. Its shares jumped 52 sen to RM4.02 with 1.08 million shares done while its call warrants, TdC-CF rose sebe sen to 17 sen and TdC-CE added 6.5 sen to 17.5 sen. Lafarge fell the most, down 20 sen to RM9.50 with 100 shares done. Shell fell 14 sen to RM8.75, HL Bank six sen to RM14.72 while Bumi Armada and AirAsia shed five sen each to RM3.75 and RM2.71. Tenaga fell four sen to RM6.95. |
| Malaysia-Market factors to watch on Dec 10(Monday) Posted: 09 Dec 2012 05:30 PM PST 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-Stocks, dollar up modestly after strong jobs data SE Asia Stocks-Mixed; Manila at record peak WHAT IS HAPPENING IN MALAYSIA, IN TIMES LOCAL FOLLOWED BY GMT: * Islamic Banking and Finance Institute Malaysia signs memorandum of understanding with Binary University of Management and Entrepreneurship at Dataran Kewangan Darul Takaful, Kuala Lumpur at 0945am (0145). * Press conference by China Stationery Ltd and Pelikan International Corporation on latest corporate exercise between the two companies at Impiana KLCC Hotel, Kuala Lumpur at 1000am (0200). * Naton Medical Group joint venture signing ceremony at Ministry of Health, Putrajaya at 1030am (0230). MARKET NEWS > Nikkei rises to 7-month high after strong U.S. jobs data > US STOCKS-Dow, S&P rise on jobs, but Apple bites Nasdaq again > TREASURIES-Prices fall on job growth, ahead of new supply > FOREX-Euro stung by euro zone worries; China trade data eyed > PRECIOUS-Gold rises from 1-month low after U.S. payrolls > Oil seesaws as US job growth offsets budget deadlock > Palm oil flat, posts biggest weekly loss in nearly a month MALAYSIA IN THE NEWS: > Canada OKs CNOOC, Petronas deals, but slams door on any more > Sunway Bhd consortium wins tender for $394 mln Singapore land parcel > SE Asian governments gamble on making cheap labour less cheap > Cash-rich Genting Singapore hopeful of Japan foray > Malaysia's Petronas to shut Malacca crude unit -industry sources > Malaysia Oct exports worse than expected due to weak China, Japan > ANALYSIS-As China's clout grows, sea policy proves unfathomable > US extends waivers on Iran sanctions to China and India. - Reuters DIARY - Malaysia 10/12/12(Monday) ALL TIMES ARE PROVISIONAL AND IN LOCAL TIME FOLLOWED BY GMT IN BRACKETS MONDAY, DEC 10 * KUALA LUMPUR - Delegation of the European Union, the Bar Council Malaysia and The Human Rights Commission of Malaysia invites to Pleadings Competition 2012: Grand Final at Parliament House of Malaysia, Kuala Lumpur at 0930am (0130). * KUALA LUMPUR - Islamic Banking and Finance Institute Malaysia signs memorandum of understanding with Binary University of Management and Entrepreneurship at Dataran Kewangan Darul Takaful, Kuala Lumpur at 0945am (0145). * KUALA LUMPUR - Press conference by China Stationery Ltd and Pelikan International Corporation on latest corporate exercise between the two companies at Impiana KLCC Hotel, Jalan Pinang, Kuala Lumpur at 1000am (0200). * KUALA LUMPUR - Yayasan Amanah Perdana Malaysia soft launch of the Biography book entitled: "Rosmah Mansor" at Grand Hyatt Hotel, Jalan Pinang, Kuala Lumpur at 1000am (0200). * KUALA LUMPUR - Human Resources Minister S. Subramaniam holds press conference on 'MySihat Indian 1Malaysia' programme at Wisma Perkeso, Jalan Tun Razak, Kuala Lumpur at 1000am (0200). * KUALA LUMPUR - Prime Minister Najib Razak attends launch ceremony of 'Coffee Table Book' at Grand Hyatt Hotel, Jalan Pinang, Kuala Lumpur at 1015am (0215). * PUTRAJAYA - Naton Medical Group joint venture signing ceremony at Ministry of Health, Putrajaya at 1030am (0230). * KUALA LUMPUR - Suaram's Human Rights Award 2012 and launch of 2012 Human Rights Report overview at Auditorium Selangor Chinese Assembly Hall, Jalan Maharajalela at 1030am (0230). * KUALA LUMPUR - Intel Malaysia 2013 Technology outlook at Intel Electronics (M) Sdn Bhd at Wisma UOA, Damansara II, Changkat Semantan, Damansara Heights at 1030am (0230). TUESDAY, DEC 11 KUALA LUMPUR - Release of Oct 2012 Index of Industrial Production (IPI) and Oct 2012 Manufacturing Sales. KUALA LUMPUR - The Global Movement of Moderates Foundation and the Embassy of France in Malaysia jointly preset a lecture by director of the Center for International Studies and director of the Centre for South and Southeast Asia studies and member of the board of INALCO, Marie-Sybille de Vienne at Grand Hyatt, Jalan Pinang, Kuala Lumpur at 1400pm (0600). WEDNESDAY, DEC 12 KUALA LUMPUR - Malaysia Institute of Estate Agents press conference on The Malaysia Property Outlook for 2013 at Sime Darby Convention Centre, Kuala Lumpur at 1500pm (0700). WEDNESDAY, DEC 19 KUALA LUMPUR - Release of Nov 2012 Consumer Price Index. FRIDAY, DEC 21 KUALA LUMPUR - Release of International Reserves as at 14 Dec 2012. TUESDAY, DEC 25 KUALA LUMPUR - Market and Public Holiday - Christmas Day. MONDAY, DEC 31 KUALA LUMPUR - Release of Nov 2012 Money Supply data. NOTE: The inclusion of diary items does not necessarily mean that Reuters will file a story based on the event. - Reuters VEGOILS-Market factors to watch Dec 10(Monday) KUALA LUMPUR: The following factors are likely to influence Malaysian palm oil futures and other vegetable oil markets. FUNDAMENTALS * Malaysian palm oil futures closed flat on Friday, but notched their biggest weekly loss in almost a month amid an uncertain outlook where record high stocks are weighing on prices at the same time as expectations are rising for a pick up in demand. * U.S. corn futures fell to a 2-1/2-week low on Friday in the steepest slide in nearly a month, pressured by technical selling and concerns that stockpiles are growing as elevated prices blunt demand. * Oil prices were little changed on Friday after data showing U.S. job growth offset statements by U.S. Republican lawmaker John Boehner indicating deadlock in talks to avert a U.S. budget crisis. MARKET NEWS * Global shares rose modestly on Friday after a surprisingly strong U.S. jobs report for November was tempered by a drop in American consumer sentiment amid a lack of progress in talks to avert the "fiscal cliff." * Oil seesawed before closing lower on Friday and sharply lower for the week, while copper rose on the day as stronger-than-expected U.S. jobs growth in November offset deadlocked talks in Congress to avert a budget crisis. RELATED NEWS > Trade sees USDA paring S.America corn crop forecast > New Argentine rains worsen soy planting delays > El Nio unlikely before Northern Hemisphere spring > Rain forecast in Brazil as gov't forecasts record soy crop > POLL-Trade estimates for U.S. grain ending stocks DATA/EVENTS * Malaysian Palm Oil Board will issue official data on November palm oil exports, stocks and production after 0430 GMT Monday. * Malaysia's Commodities Ministry will hold a briefing for refiners on crude palm oil export taxes at the Malaysian Palm Oil Board, Kelana Jaya, Monday from 9.00am (0100). * Cargo surveyors Intertek Testing Services and Societe Generale de Surveillance issue Dec 1-10 Malaysian palm oil exports on Monday. - Reuters |
| Greece gets 30bil euros, it’s set to buy back half of debt owned by private investors Posted: 09 Dec 2012 05:25 PM PST ATHENS: Greece is set to purchase back about half of its debt owned by private investors, broadly succeeding in a bond buyback that is key to the country's international bailout, a Greek government official said. Greek and foreign bondholders offered the targeted 30 billion euros in the deal, which is central to efforts by Greece's eurozone and International Monetary Fund (IMF) lenders to cut its debt to manageable levels. "The buyback went well in broad terms. The amount offered by investors was within the range expected, about 30 billion euros," the official said on condition of anonymity. He did not provide more details. The buyback accounts for about half of a broader, 40-billion euros European Union (EU)/IMF debt relief package for Athens agreed in November. The package broadly doubles the average maturity of its rescue loans to almost 30 years and cuts its interest rates by one per centage point to a level far below 1%. Under its terms, Athens will spend up to 10 billion euros of borrowed money to buy back bonds with a nominal value of about 30 billion euros. This is nearly half the 63 billion euros of Greek debt held by private investors eligible for the plan. Since the bonds are to be bought far below their nominal value, the country's net debt burden would fall by about 20 billion euros. A successful buyback will ensure that the IMF, which contributes about a third of Greece's bailout loans, will stay on board of the rescue. It would also unlock the payment of 34.4 billion euros of aid later this month. Athens badly needs that money to refloat its ailing economy by replenishing the capital of its cash-strapped banks and settle arrears with government suppliers. The EU and the IMF have been withholding rescue payments to Greece for six months because it had fallen short of promises to shore up its finances, privatise and make its economy more competitive. Athens has received 148.6 billion euros in EU/IMF funds since May 2010. It stands to get almost 90 billion euros more by the end of 2014. But the rescue comes at a heavy price. Austerity measures taken in exchange for aid have plunged the country into economic depression. Unemployment hit a record 26% in September, the highest in the eurozone. The economy is going through its fifth consecutive year of recession and is expected to have shrunk by 24% when recovery begins in 2014. The buyback was expected to go well after Greek banks, which hold about 17 billion euros of bonds, announced shortly before a Friday deadline they would take part. Two Cypriot lenders also said they would offer their bonds. Foreign investors have offered between 15 and 16 billion euros worth of bonds, Greek newspapers reported yesterday, citing initial estimates without saying how they got them. Athens' hopes of drawing enough investors to the scheme grew after it announced better-than-expected terms last Monday, with price ranges at a premium over market prices. The price range varied from a minimum of 30.2% to 38.1% and a maximum of 32.2% to 40.1% of the principal amount, depending on the maturities of the 20 series of outstanding bonds. Hedge funds, which bought the debt at rock-bottom prices when it was feared the country would exit the euro, are estimated to hold a large part of Greek debt and the offer was seen as good enough to make them a nice profit. "Athens put forth a reasonable if not generous offer for hedge funds to participate," Sassan Ghahramani, CEO at New York-based Macro Advisers, a hedge fund consultancy, said on Friday. "I expect there will be strong participation from hedge funds, tendering a substantial portion of their Greek bond holdings," he said. The government also enticed Greek bankers by offering to protect them from possible shareholder lawsuits stemming from the buyback. Greek bankers had been reluctant to take part, in the fear they would book losses on top of the ones they incurred earlier this year when Athens enforced a debt cut on its bondholders. But the lenders were nevertheless expected to participate because they depend on the bailout funds that Athens stands to receive if its bailout continues smoothly. - Reuters |
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