The Star Online: Business
The Star Online: Business |
- Asian shares rebound from Cyprus bailout scare, vote eyed
- Malaysia's KLCI snaps six days of losses
- Poll: Energy cost major concern in M’sia
| Asian shares rebound from Cyprus bailout scare, vote eyed Posted: 18 Mar 2013 08:11 PM PDT TOKYO: Asian shares rebounded on Tuesday from the previous session's steep falls, but investors remained wary over a bailout plan for Cyprus which was set for a parliamentary vote later in the day. Confidence was partially restored by news on Monday that the Eurogroup decided to give Cyprus more flexibility over a bank levy which is part of the bailout conditions, after a teleconference of euro zone finance ministers. A Greek finance ministry source said Cyprus would still need to raise 5.8 billion euros from the levy as planned, but could exempt smaller savings accounts from the levy than first planned. The MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.3 percent after slumping 1.5 percent to its lowest level since Jan 2 for its steepest one-day fall in two weeks on Monday. Australian shares rose 0.6 percent, partly recovering Monday's 2 percent losses while South Korean shares <.ks11> opened 0.5 percent higher. Japan's Nikkei stock average <.n225> opened 1.5 percent after shedding 2.7 percent for its biggest one-day percentage drop in 10 months on Monday. "The worry about Cyprus is overdone, as the scenario there is unlikely to spread to bigger euro zone countries. Global markets were due for a correction after last week's long rally," said Lee Young-gon, an analyst at Hana Daetoo Securities. Global stock markets fell on Monday following the euro zone's decision over the weekend on partially funding a bailout of Cyprus by taxing bank deposits, raising fears the measure could set a precedent for future euro zone bailouts, and destabilize its financial system. The declines gave U.S. equities investors the opportunity to take profits after last week's extended rally. Investors also awaited the U.S. Federal Reserve's policy meeting on Tuesday and Wednesday for the Fed's assessment of recent positive U.S. economic indicators and signs it may consider scaling back its very accommodative monetary stance. European shares fell on Monday, slipping further from multi-year highs hit last week, hitting shares in southern European lenders the hardest, while Italian and Spanish bond yields jumped on Monday. Safe-haven German yields hit 2013 lows. The euro hit a three-week low of $1.2882 on Monday but was trading at $1.2944 early on Tuesday in Asia. The dollar held steady around 82.725 against a basket of major currencies <.dxy>, after inching closer on Monday to a seven-month high of 83.166 hit last week. While investors were cautiously watching developments in Cyprus, many remained skeptical of serious contagion from the island state to the broader European system. "The uncertainties and potential fallout from the bailout plan in Cyprus have brought systemic risk back to the table," Morgan Stanley said in a research note, adding the situation could add to funding stress in the near-term. "However, we note the level of stress is significantly lower than in the first half of 2012. This, in combination with still-abundant liquidity, portfolio reallocations into the (emerging market) asset class, and normalizing growth should keep periods of systemic risk short-lived and contained in nature," it said. U.S. crude oil inched up 0.1 percent to $93.81 a barrel. - Reuters |
| Malaysia's KLCI snaps six days of losses Posted: 18 Mar 2013 08:04 PM PDT KUALA LUMPUR: The FBM KLCI snapped its six-day of losses on Tuesday on mild bargain hunting for oversold blue chips, especially Tenaga and selected plantations. At 10.42am, the FBM KLCI was up 6.11 points to 1,627.47. Turnover was 189.75 million shares valued at RM268.66mil. There were 217 gainers, 144 losers and 222 counters unchanged. Bloomberg reported that Asian stocks rose, led by banks, with the benchmark regional index climbing after more than US$500bil was wiped from global equity markets on Monday amid concern that Europe will plunge back into crisis. Maybank KE Research, in its technical outlook, said the KLCI made a key all-time high of 1,699.68 on Jan 4, 2013 followed by a swing low of 1,597.00. "We do not like the local index's failure to sustain above the 62% retracement level of 1,660.46 convincingly, especially in light of the US markets' negative tone last night. As such, a temporary top was formed at 1,664.39 on March 11. Further downside volatility and turbulence will persist," it cautioned. At Bursa Malaysia, plantations were among the major gainers. KL Kepong rose 32 sen to RM20.58, PPB Group 14 sen to RM12.44 and Genting Plantations 13 sen to RM8.55 but Batu Kawan - which is KLK's biggest shareholder - fell 12 sen to RM17.70. Among consumer stocks, BAT was the top gainer, up 34 sen to RM60.86. Nestle fell the most, down 46 sen to RM60.40, Carlsberg 16 sen to RM14.22 and GAB 10 sen to RM18.50 while F&N shed six sen to RM18.30. PetGas advanced 20 sen to RM18.60 while Takaful rose 14 sen to RM6.56 and Tenaga 11 sen higher to RM7.04. |
| Poll: Energy cost major concern in M’sia Posted: 18 Mar 2013 06:42 PM PDT KUALA LUMPUR: A survey by the Association of Chartered Certified Accountants (ACCA) and Institute of Management Accountants shows that respondents across the Asia-Pacific cited the rise in energy and fuel prices as the most pressing issue facing businesses in the immediate future. The survey also shows that 72% of senior executives identifying it as the most important factor for their future plans. The survey, titled Drivers of Change in Asia-Pacific, reveals that Malaysian respondents were more sensitive to rises in fuel and energy costs than other respondents across the region. It was also revealed that respondents from Malaysia highlighted the increased cost and accessibility of higher education as their second-most critical driver of change in the short term. This differs to that across the Asia-Pacific, which ranked cyber security challenges for businesses as the second change driver. ACCA Malaysia head Jennifer Lopez said: "In looking at the future challenges and opportunities facing businesses in Malaysia and the wider Asia-Pacific, we get more than just a snapshot of the business landscape today. "While it might be predictable for finance and senior executives to identify fuel and energy costs as an issue in the short term, it is encouraging to see both roles looking to the same factors well into the next 10 years and beyond." In the medium term (2016-2022), the factor businesses said would be top of the Asia-Pacific corporate agenda was the increased need for accountants to take on a business partner role and have a broader skillset within the company, with 82% of senior executives and 72% of accountants citing it as critical to their future business plans. The report also shows the growing prominence of non-financial information reporting and integrated reporting in businesses, with three-quarters of senior executives who took part in the survey rating it as a major consideration for their future plans to 2022. "It's interesting to note that Malaysian respondents rated these two drivers higher than otherwise reported across the region. This just goes to show that the chief financial offier and the accountancy function will play an increasingly central role in business," said Lopez. — Bernama |
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