KUALA LUMPUR, Sept 30 (Bernama) — The ringgit rebounded to close higher against the US dollar Tuesday as the greenback lost its attraction in global markets, dealers said.

They attributed the weakening greenback to US lawmakers rejecting a US$700 billion bailout package to stabilise the country’s battered financial sector.

At 5pm, the ringgit was traded higher at 3.4350/4400 against the greenback compared to yesterday’s closing of 3.4440/4480.

One of the dealers said that due to the holiday mood, most investors were reducing their holdings, resulting in the trading volume today being generally thin.

The market will be closed tomorrow and Thursday for the Hari Raya celebrations.

“The market may see some dollar-selling activity starting next week as the rejection was not good news for the greenback.

Hence, the ringgit is expected to appreciate against the dollar at 3.43 to 3.42,” a dealer said.

The ringgit was traded mixed against other major currencies Tuesday.

It weakened to 2.4071/4156 against the Singapore dollar from yesterday’s 2.4027/4075 and also against the Japanese yen at 3.2715/2772 from 3.2445/2488 previously.

However, against the euro, the local unit rose to 4.9401/9486 from 4.9428/9499 Monday and it was also higher against the pound sterling at 6.2162/2267 from 6.2168/2250 previously.

Posted by admin | No Comments »

KUALA LUMPUR, Sept 30 (Bernama) — The Kuala Lumpur Composite Index (KLCI) futures contracts on Bursa Malaysia Derivatives ended the day higher on late buying support, dealers said.

At close, September 2008 increased 6.5 points to settle at 1,018 and October 2008 gained 26 points to 1,032 while December 2008 and March 2009 added 29.5 points each to settle at 1,021 and 1,003, respectively.

The day’s volume increased to 19,952 lots compared with Monday’s 18,203 lots while open interest declined to 31,452 lots from 39,009 contracts previously.

On the cash market, the underlying KLCI declined 1.04 points to close at 1,018.68 after opening 24.60 points to 995.12.

– BERNAMA

Posted by admin | No Comments »

KUALA LUMPUR: Blue chips fell sharply in early trade on Tuesday, sending the KL Composite Index below the key 1,000 level as sentiment was battered by weak regional markets and the tumble on Wall Street.

At 9.05am, the KLCI was down 23.86 points or 2.34% to 995.86. Turnover was 22.31 million shares valued at RM31.27mil. There were only nine gainers, 195 losers and 34 counters unchanged.

Major Asian markets which were opened for trading also fell sharply after the US Congress rejected the US$700bil bailout plan.

US markets plunged as the House rejected, by a vote of 228 to 205, the US$700bil measure to authorise the biggest government intervention in the markets since the Great Depression.

The Dow Jones Industrial Average fell 778 points, or 6.98% to 10,365, the biggest point drop ever. The Standard & Poor’s 500 Index fell 8.4%, the most since Oct 26, 1987.

Japan’s Nikkei 225 fell 4.78% or 561.07 points to 11,182.54, South Korea’s Kospi skidded 3.69% 1,402.65 while Singapore’s Straits Times Index fell 4.64% to 2,251.71.

Light crude oil fell 29 cents US$96.09 per barrel.

The Star | Also read on Asian markets plunge on Wall Street’s tumble

Posted by admin | No Comments »

All eyes firmly on the outcome of bailout proposal

Stock Market Signals: A weekly column on the Main Board of the MSEB by G.M. Teoh

THE Kuala Lumpur Composite Index (KLCI) rose in early trading last week influenced by a strong short-lived rebound rally in US markets and then headed south in line with losses in all Asian markets as the US bailout deal broke down.

The rescue move, if successful, would be the biggest US government bailout since the Great Depression.

President George W. Bush told the world that America is under threat from a financial crisis. This sounds very much like his dribble about how Iraq was a global threat with its weapons of mass destruction before he invaded Iraq.

The world does not doubt that the situation in the financial markets is dire, but it is doubtful that things are as bad as Bush makes out to be.

The Star

Posted by admin | No Comments »

KUALA LUMPUR: Malaysian Prime Minister Abdullah Ahmad Badawi may quit in June 2009, earlier than the 2010 date planned, according to a proposal to be discussed at an emergency meeting of his UMNO party on Friday.

Abdullah had asked the supreme council of the United Malays National Organisation (UMNO) to move back leadership elections to next year from December to avoid a contested vote in which he may have been forced out, a senior party source told Reuters.

“The idea to push back (the party annual meeting) was the prime minister’s idea… The 2009 plan and the move to delay the (UMNO) annual general meeting may not go down well with the party grassroots,” said the source who spoke on condition of anonymity.

Abdullah had already announced he would stand down in 2010, handing power to his deputy, Najib Razak.

Najib told a news conference earlier on Thursday that UMNO’s top body would hold an emergency session at 10 a.m. (3 a.m. British time) on Friday, but declined to comment on what would be discussed.
(more…)

Posted by admin | No Comments »

KUALA LUMPUR, Sept 26 (Bernama) — In order for trade to be conducted in Ringgit, the local currency would have to be internationalised first, said Datuk Salleh Majid, an independent economist.

But by doing so, the ringgit would once again be exposed to currency speculators, he said.

Salleh was asked to comment on former premier Tun Dr Mahathir Mohamad’s suggestion that all Malaysian trade payments be made in the Ringgit denomination.

The demonetising of Ringgit is one of the features under the capital control initiatives introduced way back in 1998 during the Asian financial crisis, Salleh recalled.

Dr Mahathir, in his most-read blog in the country, hitting a million readers in just one month of launch, suggested that conducting trade in ringgit, would keep the currency in constant demand and its value would be stable at a certain level.
(more…)

Posted by admin | No Comments »

KUALA LUMPUR, Sept 25 — The Kuala Lumpur Composite Index (KLCI) futures contracts on Bursa Malaysia Derivatives ended mixed Thursday in line with the cash market’s performance, dealers said.

September 2008 decreased 5.0 points to 1,030.0 and October 2008 dropped 0.5 of a point to 1,026.0.

December 2008 rose 1.5 points to 1,010.0 and March 2009 perked 2.5 points to 992.0.

Volume decreased to 16,975 lots from the 21,446 lots Wednesday and open interests rose to 34,766 contracts from with 31,907 previously.

On the cash market, the underlying KLCI fell by 3.66 points to 1,024.74.

– BERNAMA

Posted by admin | No Comments »

KUALA LUMPUR: Blue chips eased by midday on Thursday, dragged down losses in Tenaga Nasional and IOI Corp, while the overall breadth of the market was cautious, with declining counters beating advancers more than two to one.

At 12.30pm, the KL Composite Index was down 4.65 points to 1,023.75. Turnover was 188.94 million shares valued at RM237.02mil. There were 113 gainers, 256 losers while 192 counters were unchanged.

Light crude oil inched up 13 cents to US$105.86 while crude palm oil futures fell RM3 to RM2,315.

Asian markets were mixed at midday, with the Nikkei 225 down 167.26 points or 1.38% to 11,947.77 and Singapore’s Straits Times Index fell 0.96% to 2,453.9.
(more…)

Posted by admin | No Comments »

KUALA LUMPUR: Asian markets fell in early trade on Wednesday while the local stock market continued to be lacklustre as investors stayed on the sidelines in the absence of any strong definite plan to shore up investment sentiment.

At 9.30am, the KL Composite Index was down 3.05 points or 0.3% to 1,023.13. Turnover was 30.22 million shares valued at RM49.5mil. There were 58 gainers, 84 losers and 74 counters unchanged.

Among Asian markets, Shanghai’s A Share Index opened 3.5% or 80 points lower at 2,231.32, Japan’s Nikkei 225 lost 1.43% to 11,918.02 and Singapore’s Straits Times Index 0.56% lower at 2,462.53.

OSK Investment Research said while the KLCI had reached a temporary bottom, it was still too early to call for a real market capitulation.

Full Article

Posted by admin | No Comments »

KUALA LUMPUR: The benchmark Kuala Lumpur Composite index opened 0.84 points or 0.08% down at 1025.34 points on Wednesday.

Volume was 44039 lots and losers led gainers 25 to 17. Eight counters were traded unchange.

The opening appeared to be following the US overnight market where the The Dow fell 161.52, or 1.47 percent, to 10,854.17 after having risen more than 125 points in the early going and then falling by more than 180.

With Monday’s 370-point decline, the blue chips are down 534 points, or 4.69 percent, for the week.

Broader stock indicators also fell Tuesday.

Full Article

Posted by admin | No Comments »