The Star Online: Business
The Star Online: Business |
- China Q1 economic growth slows to 7.4 pct
- Petronas Dagangan, Sime Darby lead KLCI higher in early trade
- Coca-Cola sales beat estimates as China volumes soar
| China Q1 economic growth slows to 7.4 pct Posted: 15 Apr 2014 07:33 PM PDT BEIJING: China's annual economic growth slowed between January and March 2014 to 7.4 percent from 7.7 percent in the previous three months, but beat market expectations for growth of 7.3 percent, data showed on Wednesday. Other data released alongside GDP showed industrial output rose 8.8 percent in March from a year ago, versus expectations of a rise of 9 percent in a Reuters poll. Retail sales in March rose 12.2 percent on a year ago, above expectations for a 12.1 percent rise. Fixed-asset investment rose 17.6 percent in January-March from the same period a year earlier, versus a forecast for an 18.1 percent rise. The government only publishes cumulative investment data. - Reuters |
| Petronas Dagangan, Sime Darby lead KLCI higher in early trade Posted: 15 Apr 2014 06:19 PM PDT KUALA LUMPUR: Blue chips on Bursa Malaysia extended their gains early Wednesday, with Petronas Dagangan and Sime Darby taking the lead amid a firmer broader market, underpinned by the recovery on Wall Street. At 9.02am, the KLCI was up 0.25 of a point to 1,854.13. Turnover was 89.11 million shares valued at RM32.57mil. There were 139 gainers, 55 losers and 156 counters unchanged. Reuters reported Asian markets took some comfort from a late spurt by Wall Street on Wednesday as investors tensed for a reading on Chinese economic growth, while rising tensions in Ukraine kept safe-haven sovereign debt well bid. BIMB Securities Research said it expected some profit taking after the last minute revival where the KLCI closed 2.35 points higher at 1,853.88 after spending the entire day in negative territory. "Such resilience has kept our market valuation on a high of 16.2 times as compared to Indonesia's 13.1 times and the Philippines 15.9 times. We expect some profit taking to appear today with 1,845 and 1,850 as the immediate support levels," it said. Petronas Dagangan rose 16 sen to RM30.66 with just 100 shares done and heavyweight Sime Darby added six sen to RM9.36. MISC rose five sen to RM6.80. Sarawak counters including cement producers Cahya Mata Sarawak rose 12 sen to RM9.92 and property-based Naim Holdings added eight sen to RM4.13. I-Bhd rose five sen to RM3.10. The property company plans to set up its own real estate investment trust (Reit) as the property developer strives to unlock more value and derive at least half of its earnings from recurring income in five years' time. Meanwhile, Petronas Gas fell 20 sen to RM23.72 with 100 shares done. Datasonic continued to lose ground, falling 20 sen to RM2.70 in active trade. Among the banks and finance stocks, Hong Leong Capital fell 18 sen to RM12, AFG eight sen to RM4.52 and BIMB five sen to RM4.25. Telekom Malaysia lost six sen to RM5.98 as it pared its gains from Tuesday's late buying. |
| Coca-Cola sales beat estimates as China volumes soar Posted: 15 Apr 2014 05:59 PM PDT NEW YORK: Coca-Cola Co reported better than expected quarterly revenue as strong sales in China more than offset a drop in Europe and flat volumes in North America. The company's shares rose 2% in premarket trading on Tuesday. Global case volumes rose 2% in the quarter, while those in China rose 12% due to increased marketing around the Chinese New Year, the company said. "Our North America Group delivered even volume versus the prior year quarter while gaining value share and maintaining volume share," the company said in a statement.North America is the company's biggest market. Sales declined 4% in Europe, but rose 6% in both India and Russia. The company's net income attributable to shareholders fell to US$1.62bil, or 36 cents per share, in the first quarter ended March 28 from US$1.75bil, or 39 cents per share, a year earlier. Excluding items, earnings were 44 cents per share, matching the average analyst estimate. Revenue fell 4% to US$10.58bil. Analysts on average were expecting US$10.55bi, according to Thomson Reuters I/B/E/S. Coca-Cola shares were up 1.9% at US$39.48 before the bell. The stock has fallen 3.5%. - Reuters |
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