The Star Online: Business
The Star Online: Business |
- KLCI opens lower at start of 2013
- HDBSVR sees Malaysia's blue chips extending gains
- Britain urges bold G8 action on global economy
| KLCI opens lower at start of 2013 Posted: 01 Jan 2013 05:16 PM PST KUALA LUMPUR: The FBM KLCI opened lower at the start of 2013 on Wednesday on some profit taking after the index hit two-straight days of record highs but the undertone of the market was still firm. It opened down 3.80 points to 1,685.15. By 9.01am, it had slipped 4.66 points to 1,684.29. Turnover was 16.10 million shares valued at RM6.41mil. There were 57 gainers, 39 losers and 68 counters unchanged. Parkson fell the most, giving up most of its gains from Monday, as it fell 43 sen to RM4.77. MISC fell 20 sen to RM4.10, Petronas Chemicals 12 sen to RM6.28 while SKPetro slipped six sen to RM3.09 and Astro lost five sen to RM2.95. Among the banks, Maybank shed 10 sen to RM9.10 and AFG eight sen to RM4.32. As for plantations, FGV was down seven sen to RM4.55. However, PPB rose 12 sen to RM11.72. |
| HDBSVR sees Malaysia's blue chips extending gains Posted: 01 Jan 2013 05:00 PM PST KUALA LUMPUR: Hwang DBS Vickers Research expects Malaysian equities to start 2013 on a strong note following the resolution of the "fiscal cliff" issue in the US. "As such, we expect the FBM KLCI Index to continue its upward momentum to extend its gains," it said on Wednesday. HDBSVR said on Wall Street, key US equity indices gained between 1.3% and 2.0% on New Year's Eve as markets were expecting a deal to be wrapped up to avoid the "fiscal cliff", which would steer the US economy away from recession. Eventually, a deal was struck during the early hours of New Year's Day and is subject to approval by the House of Representatives. At Bursa Malaysia, on the backdrop of limited corporate news flow, HDBSVR expects SEG International to see trading interest on news that Navis Capital has been aggressively increasing its interest in the company. DiGi.Com could also attract attention after major shareholder Telenor said it may further increase its stake in the company once there is more clarity on the government's plan to further liberalise the local telecommunications sector. Sentoria Group announced a joint venture with Seriemas Development to develop a RM1.8bil integrated resort city in Morib, Selangor. |
| Britain urges bold G8 action on global economy Posted: 01 Jan 2013 04:58 PM PST LONDON: British Prime Minister David Cameron called on his fellow G8 leaders on Wednesday to start work now on agreeing "bold steps" to help boost global economic growth, ahead of a summit he will host in June. In a letter marking the start of Britain's presidency of the Group of Eight richest nations, Cameron laid out his three priorities for the year: to extend free trade, tackle tax evasion and combat corruption. Writing to the leaders of Canada, France, Germany, Italy, Japan, Russia and the United States, Cameron said: "It is clear that in 2013 the world will continue to face grave economic uncertainty." While each country would rightly focus on their own challenges, he said, "the ambitious standards we set and the bold steps we take by working together through the G8 can make a tangible difference by firing up economies and driving prosperity, not just in our own countries, but all over the world". But he warned that if the G8 is to see progress in these areas, leaders meeting in Northern Ireland in June need to do more than "whip out a chequebook at the 11th hour, pledge some money and call it a success". "What we are talking about are long-term changes in our countries and the rules that govern the relationships between them. With ambition on this scale, I am convinced that success depends on us starting a debate on these changes now." Cameron said the G8 nations, which together account for about half of global economic output, could offer leadership to ease trade negotiations, adding that the start of talks on a deal between the European Union and the United States would be "perhaps the single biggest prize of all". The G8 could also "galvanise collective international action" to tackle tax evasion and avoidance by sharing information and looking at whether global standards need to be extended and tightened, he said. And the prime minister urged the G8 to "put a new and practical emphasis on transparency, accountability and open government" in its relations with less developed and emerging economies, including by improving the way aid is spent. Cameron added that he was reviewing why Britain had not yet signed up to the Extractive Industries Transparency Initiative, which is designed to shed light on who earns what from the exploitation of natural resources. The United States was the only G8 country to have joined, he said, adding: "We need to change that. We cannot call on other countries to live up to these high standards if we are not prepared to do so ourselves." The last time Britain held the G8 presidency was in 2005, when the summit at Gleneagles in Scotland was overshadowed by the bombings on the London transport system which left 52 people dead. - AFP |
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