The Star Online: Business
The Star Online: Business |
- KLCI can still hit 1,700 points next year, says analyst
- KLCI sees red at market open
- Australia's Woodside says 2011 production target now 64bil barrels
| KLCI can still hit 1,700 points next year, says analyst Posted: 24 Nov 2011 06:29 PM PST KUALA LUMPUR: The FTSE Bursa Malaysia KLCI (FBM KLCI) is still able to hit 1,700 points by the end of next year despite concerns over the global economy slipping into recession, an analyst said. Affin Investment Bank Bhd Head of Retail Research Dr Nazri Khan Adam Khan said the country, backed by high liquidity supported by the government-linked investment companies and strong interest on the Economic Transformation Programme (ETP) projects, was still resilient compared to regional counterparts. "The downside that we made is actually less compared to Indonesia and Singapore, this means we are more resilient," he told Bernama on the sidelines of the 16th Malaysian Capital Market Summit here today. Nazri Khan said commodity prices are expected to remain firm next year and would push up stocks, especially in plantation and oil and gas sectors, which makes up about 40% of Malaysia's market capitalisation. He said the implementation of ETP projects had attracted huge market interest due to its focus on longer term gains. This was evidenced by foreign funds being the net sellers in October with RM1.4bil foreign inflows, he said. He said the FBM KLCI gained nine percent year-on-year in September since the ETP was launched last year. Overall, he said, the country was still in a good position to overcome the challenging global uncertainties and sectors like property, construction and tourism would benefit from the ETP. - BERNAMA Full content generated by Get Full RSS. |
| Posted: 24 Nov 2011 06:16 PM PST KUALA LUMPUR: The FBM-KLCI opened lower in line with regional markets as France and Germany remain sharply divided over proposals to solve the euro zone's debt turmoil. At market open, the FBM-KLCI fell 8.68 points to 1,439.31. Losers led gainers 226 to 140 while 176 counters traded unchanged. Volume was 364.7 million shares on turnover of RM136.19mil. In a note to clients, Hwang DBS Vickers Research said that without an overnight cue from Wall Street (which was closed for a public holiday), Asian equities would probably swing sideways today pending the emergence of fresh market leads. Over in Europe, most stock exchanges were either flat or marginally weaker yesterday. On the home front, the research house said after staging a technical rebound yesterday, the FBM-KLCI could slip below its immediate support level of 1,445. Top gainers this morning were Hong Leong Bank which added 20 sen to RM10.40, TDM 16 sen to RM3.45, and Knusford 16 sen to RM1.95. Losers were Nestle which shed 40 sen to RM50.20, MISC 19 sen to RM5.94, and Tradewinds 19 sen to RM9.30. The actives were Malayan United Industries, Compugates, JCY International, Pan Malaysia Capital, and MBF Holdings. Reuters reported that although France and Germany agreed on Thursday to stop bickering openly over whether the European Central Bank (ECB) should do more to rescue the euro zone from a deepening sovereign debt crisis, it has not proven to be a salve for investors. French president Nicolas Sarkozy said Paris and Berlin would circulate joint proposals before a Dec 9 European Union summit for treaty amendments to entrench tougher budget discipline in the 17-nation euro area. German chancellor Angela Merkel has stayed steadfast in her opposition to France's suggestion that joint euro zone bonds be created alongside the boosting of the ECB's role as a lender of last resort, but this impasse has roiled markets. In Asia, Hong Kong's Hang Seng Index lost 276.32 points to 17,658.78, Seoul's Kospi Index fell 5.95 points to 1,789.11, Australia's S&P ASX shed 62.1 points to 3,982.1, and Singapore's Straits Times Index fell 11.28 points to 2,665.87. Japan's Nikkei 225 was the only gainer, adding 8.11 points to 8,173.29. Nymex crude oil stood at US$96.43 per barrel and the ringgit was quoted at 3.19 to the US dollar. Spot gold was at US$1,693.60 per ounce. Full content generated by Get Full RSS. |
| Australia's Woodside says 2011 production target now 64bil barrels Posted: 24 Nov 2011 04:42 PM PST SYDNEY, Nov 25 (Reuters) Australia's Woodside Petroleum on Friday narrowed its 2011 production target range to between 63 million and 64 million barrels of oil equivalent from 62 million to 64 million previously but said next year would be higher. Next year it said it expects higher production of between 73 million and 81 million barrels of oil equivalent. The forecast is comprised of a range of 56 to 60 MMboe for the underlying business and 17 to 21 MMboe for the company's new Pluto liquefied natural gas project, it said in an update for investors. Australia's biggest independent oil and gas producer also said amount its need to invest capital in new projects would drop to around A$2.3 billion in 2012, 45 percent below 2011's level as completion of the Pluto foundation project nears. The 2012 production target allows for variations in the time required to ramp up output of LNG from Pluto, with the first cargo targeted for next March, according to the company. The overall Pluto project is underpinned by 15year sales agreements with Kansai Electric and Tokyo Gas. Both companies became project participants in January 2008, each acquiring a 5 percent interest in the foundation stage. The initial phase comprises an offshore platform in 85m of water, connected to five subsea wells on the Pluto gas field. Gas will be piped in a 180km trunkline to an onshore facility, located between the North West Shelf Project and Dampier Port on the Burrup Peninsula in far western Australia. Woodside said it remained committed to finding a mutually acceptable solution with the East Timor government on its stalled Sunrise LNG project. East Timorese officials have told media in recent weeks that Woodside had agreed to revisit the idea of onshore processing from the Greater Sunrise gas field in the Timor Sea, which the East Timor government wants in order to create jobs, instead of a floating liquefied natural gas facility. Woodside shares were trading 5 percent lower at 2353 GMT against a more modest decline in the S&P/ASX200 index Full content generated by Get Full RSS. |
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