The Star Online: Business
The Star Online: Business |
- Gold hits 2-mth low on large sell order, hopes U.S. shutdown to end
- Sell-off of SerSol could be over, for now
- ADB's growth an inflation forecast for Asia, including Malaysia
| Gold hits 2-mth low on large sell order, hopes U.S. shutdown to end Posted: SINGAPORE: Gold fell to two-month lows on Wednesday, rattled by a large sell order in New York that pushed prices below US$1,300 the session before and on weak safe-haven buying after what many expect to be a short-lived U.S. government shutdown. FUNDAMENTALS Spot gold had dropped 0.4 percent to $1,280.35 an ounce by 0024 GMT, after losing 3 percent on Tuesday. Bullion fell abruptly in early U.S. trading on Tuesday as a massive Comex sell order appeared to overwhelm the market, sending prices $25 an ounce lower and triggering further technical stop-loss selling below $1,300, analysts said. The early activity stirred market talk of forced liquidation by a distressed commodities fund and of selling related to a fund rebalancing on the first day of the third quarter, although no details could be confirmed. The White House rejected a Republican plan to reopen portions of the U.S. government on Tuesday as the first shutdown in 17 years closed landmarks like the Statue of Liberty and threw hundreds of thousands of federal employees out of work. The anticipated unwinding of U.S. stimulus and expectations of improving economic growth leave little room for a rebound in gold prices over the next few years, Fitch Ratings said, adding that a further decline remains a real possibility. India's only gold imports in August and September were for exporters' use, reducing volumes to a fraction of what the world's biggest bullion buyer used to bring in before the government took steps to rein in purchases. Swiss gold refiner Metalor Technologies has postponed the full-scale launch of its refinery in Singapore to next year due to a delay in construction, a company executive said. - Reuters |
| Sell-off of SerSol could be over, for now Posted: KUALA LUMPUR: SerSol Bhd, which was hit by heavy selling on Monday and Tuesday, eked out marginal gains early Wednesday, which could mean the sell-off may be over for now. At 9.36am, shares of the paints and coating company was up 0.5 sen to 62 sen. There were 3.15 million shares done at prices ranging from 61 sen to 63 sen. SerSol-Wa edged up one sen to 39 sen. The FBM KLCI rose 3.09 points to 1,772.12. Turnover was 312.57 million shares valued at RM170.66mil. There were 200 gainers, 123 losers and 222 counters unchanged. On Tuesday, it saw RM24.09mil wiped out from its market capitalisation after it closed down 12.5 sen to 61.5 sen. It fell 27 sen on Monday. |
| ADB's growth an inflation forecast for Asia, including Malaysia Posted: MANILA: The Asian Development Bank (ADB) released an update to its 2013 outlook for developing Asia, spanning 45 countries in Asia and the Pacific. The report is available on the ADB's website www.adb.org GDP GROWTH, pct Actual --Forecast-- Subregion/ Economy 2012 2013 2014 ----------- -------------- Oct July April Oct July April CENTRAL ASIA 5.6 5.4 5.3 5.5 6.0 6.0 6.0 EAST ASIA 6.5 6.6 6.7 7.1 6.6 6.7 7.1 China 7.8 7.6 7.7 8.2 7.4 7.5 8.0 SOUTH ASIA 5.0 4.7 5.6 5.7 5.5 6.2 6.2 India 5.0 4.7 5.8 6.0 5.7 6.5 6.5 SOUTHEAST ASIA 5.6 4.9 5.2 5.4 5.3 5.6 5.7 Indonesia 6.2 5.7 -- 6.4 6.0 -- 6.6 Malaysia 5.6 4.3 -- 5.3 5.0 -- 5.5 Philippines 6.8 7.0 -- 6.0 6.1 -- 5.9 Singapore 1.3 2.6 -- 2.6 3.5 -- 3.7 Thailand 6.5 3.8 -- 4.9 4.9 -- 5.0 Vietnam 5.2 5.2 -- 5.2 5.5 -- 5.6 THE PACIFIC 7.5 5.2 5.0 5.2 5.5 5.5 5.5 ________________________________________________________________ DEVELOPING ASIA 6.1 6.0 6.3 6.6 6.2 6.4 6.7 INFLATION, pct Actual --Forecast-- AVERAGE 3.7 3.6 3.5 4.0 3.7 3.7 4.2 |
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