KUALA LUMPUR, Dec 27 (Bernama) — The Kuala Lumpur Composite Index (KLCI) futures contracts on Bursa Malaysia Derivatives are likely to be higher next week in line with the expected higher cash market, dealers said.
They said the cash market was expected to trade on a positive note on window-dressing activities.
For the week just ended, the futures market was mostly lower as most investors were away for Christmas.
The market was closed on Thursday for Christmas.
On a Friday-to-Friday basis, spot month December 2008 declined 11.5 points to 874.0, January 2009 fell 12 points to 876.0, March 2009 dropped nine points to 867.0 and June 2009 slipped six points to 851.0.
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KUALA LUMPUR, Dec 24 (Bernama) — The Kuala Lumpur Composite Index (KLCI) futures contracts on Bursa Malaysia Derivatives ended lower Wednesday following the easier trend on the cash market, dealers said.
At the close, December 2008, March 2009 and June 2009 declined 5.5 points each to settle at 871.5, 864.5 and 847.0 respectively while January 2009 dropped five points to 870.0.
The day’s turnover went down to 12,505 lots from 12,579 lots yesterday while open interest increased to 33,440 contracts from 30,318 contracts previously.
The KLCI closed 1.54 points lower at 869.62 after opening 1.87 points lower at 869.29.
– BERNAMA
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PETALING JAYA: OSK Investment Bank Research forecasts the Kuala Lumpur Composite Index (KLCI) to reach 1,020 points by the end of next year.
Its Investment Strategy 2009 report said: “With our house estimates of a 4% loan growth, crude oil at US$60 - US$70 per barrel and crude palm oil at RM1,650 per tonne, and positive gross domestic product growth, we see corporate earnings growing by some 1.8% in 2009.
“We derive our 2009 year-end target of 1,020 points after applying a 12 times price-earnings ratio (PER) to the KLCI,” it said.
It said over the past 10 years, the KLCI had traded in a wide range with the lows of eight to nine times PER during the 97/98 financial crisis.
Since 2000, the KLCI has traded within a tighter PER range of nine to 30 times with the market reaching a trough in the later months of 2008.
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KUCHING, Dec 23 (Bernama) – The Sarawak state government and Western Digital Media (M) Sdn Bhd will meet in early January to discuss in detail the closure of the latter’s factory in the Samajaya Free Industrial Zone here which has affected 1,500 workers.
Deputy Chief Minister of Sarawak, Tan Sri Dr George Chan, said the vice president of Western Digital, Datuk Don Blake, in a telephone conversation had agreed to come to Sarawak to find a more effective resolution to the closing of the factory effective March next year.
“I understand that the closure of the factory is a business decision and the state government respects it but there are various issues involving the 1,500 workers that ought to be taken into consideration,” he said at a press conference here today.
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KUALA LUMPUR, Dec 20 (Bernama) — The Kuala Lumpur Composite Index (KLCI) futures contracts on Bursa Malaysia Derivatives are expected to be steadier next week in line with the expected higher cash market, dealers said.
They said the cash market is expected to trade on a positive note, supported by bargain hunting in selected bluechips.
The futures market rebounded strongly during the week just ended and is expected to continue till next week, they added.
On a Friday-to-Friday basis, spot month December 2008 rose 36.0 points to 885.5, January 2009 went up 43.0 points to 888.0, while March 2009 and June 2009 perked 41.5 points each to 876.0 and 857.0 respectively.
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KUALA LUMPUR: Plantation heavyweights Sime Darby Bhd and IOI Corp Bhd led the decline on the Kuala Lumpur Composite Index (KLCI) with other commodity stocks following suit as the price of crude oil fell to US$36.36 in electronic trading on the Nymex.
At midday, the KLCI was 0.29% lower at 877.96 while in the region, Tokyo’s Nikkei 225 was down 0.40% to 8,632.13 while Hong Kong’s Hang Seng Index fell 0.77% to 15,378.02.
However, Shanghai’s A share Index was up 0.5% to 2,016.75 while Singapore’s Straits Times Index gained 1.03% to 1,817.53.
At Bursa Malaysia, 132 counters were up, 204 were down with 164 others unchanged. There were 210.88 million shares traded worth RM236.15mil.
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KUALA LUMPUR: As it had been in recent days, global equities continue to fare well against the backdrop of worsening economic conditions. US stocks surged almost 360 points overnight while key Asian markets traded broadly higher on Wednesday.
Shares on the local bourse too traded on a firmer footing. It does appear as if investors are more confident that financial markets have seen the worst and are gradually forming a bottom.
Latest statistics on the global economy, on the other hand, continued to be dismal. Europe is bracing for a deeper recession. The US released a sharply weaker than expected housing report while inflation is falling around the world.
The latter is raising fears of deflation, a persistent downward spiral in prices that could cause even more problems for moribund economies.
The US Federal Reserve is throwing in almost everything it has to try to revitalize the credit market and economic activities. In its meeting Tuesday, the Fed slashed the target lending rates between banks to 0% to 0.25%, the lowest possible levels.
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KUALA LUMPUR: Malaysian stocks advanced in early trade, mainly on gains across banking and plantation stocks.
At 9.48am, the Kuala Lumpur Composite Index (KLCI) rose 6.52 points or 0.77% to 852.99, spurred by financial services entities like Bumiputra-Commerce Holdings Bhd whose shares added 10 sen to RM5.95, and Malayan Banking Bhd (Maybank) which advanced 5 sen to RM5.15.
Plantation firms Sime Darby Bhd saw its shares surge 5 sen to RM5.35, while IOI Corp Bhd rose 4 sen to RM3.24. At 9.57 am, Bursa Malaysia had 85 gainers versus 62 decliners, with a total of 59.26 million shares valued at RM45.32 million traded.
“As the market falls in the window of opportunity, traders are likely to position for bargain hunting for the expected year-end rally. It could test the price gap at 905 of Nov 10. There is also the prospect of the market rising beyond the year-end window dressing. January-February period is usually upbeat, driven by the festivity of the Chinese New Year,” SJ Securities wrote in a note today.
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KUALA LUMPUR: The ringgit traded at its strongest level in a month against the US dollar yesterday in anticipation that the US government’s move to safeguard its automotive industry will soothe world markets and boost investors’ risk appetite.
Commodity prices also advanced amid a weakening US dollar, lending further support to the equity market after significant gains a day earlier.
“The ringgit is on the rebound today, as news of an auto bailout in the US revived some risk appetite among investors, but gains may be limited by a government manufacturing report today that may show further signs of easing local growth.
“The appeal of the US dollar as a safe haven is losing its lustre, amid worries of burgeoning deficits,” HLG Securities Sdn Bhd wrote in a note earlier yesterday.
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By JOSEPH CHIN (TheStar)
KUALA LUMPUR: Asian markets were mostly lower in early trade on Thursday, with the KL Composite easing slightly in lacklustre trade, dragged by losses in DiGi.
However, the ringgit strengthened against the US dollar at RM3.6 while crude oil rose 18 cents to US$43.70.
At 9.30am, the KLCI was down 0.56 point to 854.10. Turnover was 40.14 million shares valued at RM43mil. There were 59 gainers, 70 losers while 66 counters were unchanged.
Asian markets eased, with the Singapore Straits Times Index down 1.63% or nearly 30 points to1,792.02 while the Nikkei 225 fell 1.21% to 8,555.2 and Shanghai A Share Index shed 0.21% to 2,178.68.
HwangDBS Vickers Research said it was surprised by the KLCI which surged 2.3% to close at its intra-day high of 854.66 yesterday, more than offsetting its losses over the preceding three days.
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