The Edge Markets
The surprise in Malaysia’s budget: Revenue growth beats spending
April 24, 2015 02:15:17 pm
(Apr 24): There are several reasons Malaysia’s ringgit was the worst performing currency in Asia last quarter including plunging oil prices that hurt the budget and loan repayment delays at state investment company 1Malaysia Development Bhd... ...
Ringgit gains for a fifth week as oil rebound eases revenue woes
April 24, 2015 02:13:32 pm
(Apr 24): Malaysia’s ringgit rose for a fifth week in its longest run of gains since July as a rebound in Brent crude eased concern that government revenue will deteriorate for Asia’s only major oil exporter. The currency climbed to a two-m... ...
Dollar nurses losses, euro supported by Greek hopes
April 24, 2015 02:11:18 pm
SYDNEY/SINGAPORE (Apr 24): The dollar nursed losses on Friday after taking a hit from underwhelming U.S. economic data, while the euro found support from signs that cash-strapped Greece was making tentative progress toward securing fresh funding....
Up on oil prices; rate play lifts Thai shares
April 24, 2015 02:09:22 pm
BANGKOK (Apr 24): Southeast Asian stock markets rose on Friday, led by oil related shares such as Sapurakencana Petroleum Bhd and PTT Pcl, following gains in oil prices and as a fresh record for the Nasdaq bolstered sentiment in the broader Asia m......
Tenaga active, up on positive results preview
April 24, 2015 02:07:15 pm
KUALA LUMPUR (Apr 24): Shares of Tenaga Nasional Bhd rose in active trade today after MIDF Research has maintained its “Buy” rating on the stock with an unchanged target price of RM17.20 and said it expects Tenaga to post another set of good resul......
EPF preliminary findings show withdrawal flexibility preferred
April 24, 2015 01:53:45 pm
KUALA LUMPUR (Apr 24): The Employees Provident Fund's (EPF) preliminary findings have shown that its members prefer the flexibility in full withdrawal of their savings. "Looking at the overwhelming response, the public so far would p... ...
Mahathir: I'm not alone either
April 24, 2015 01:44:36 pm
KUALA LUMPUR (Apr 24): In yet another jab at Prime Minister Datuk Seri Najib Abdul Razak, former premier Tun Dr Mahathir Mohamad said he too is not alone in his critical views against Najib's leadership. "Well he's not alone, but lot... ...
Bina Puri secures RM123m interior design works in Sabah
April 24, 2015 01:26:24 pm
KUALA LUMPUR (Apr 24): Bina Puri Holdings Bhd has secured RM123.32 million of interior design works from the Kota Kinabalu Public Works Department. In a filing with Bursa Malaysia, the infrastructure construction firm said its wholly-owned ... ...
LCTH, APFT, Vsolar, Tanco, Ge-Shen, Ewein
April 24, 2015 01:17:22 pm
KUALA LUMPUR (Apr 24): theedgemarkets.com has highlighted six stocks with momentum at afternoon market close today. Two of the stocks have positive momentum while four show negative momentum. The stocks with positive momentum are: LC... ...
KLCI advances 0.67% as banks and blue chips lift
April 24, 2015 01:05:33 pm
KUALA LUMPUR (Apr 24): The FBM KLCI rose 0.67% in the morning today, in line with the gains at most regional markets, lifted by index-linked banking stocks and select blue chips. At 12.30pm, the FBM KLCI rose 12.41 points to 1,858.49... ...
What’s next for Petrobras may be tougher than $17 billion loss
April 24, 2015 01:03:01 pm
(Apr 24): Petrobras’s massive writedowns this week answer the question about the cost of its corruption and pose a much bigger one: whether the state-run driller can restore its role as Brazil’s economic anchor and source of national pride. ...
Minnesota declares state of emergency over bird flu in poultry
April 24, 2015 01:02:20 pm
CHICAGO (Apr 23): Minnesota declared a state of emergency on Thursday over a fast-spreading strain of avian flu that has led to the extermination of more than 7.3 million birds in the country. It followed Wisconsin's action on Monday. The h... ...
If China’s seeing capital outflows now, what happens in crisis?
April 24, 2015 12:49:37 pm
(Apr 24): Here’s another Chinese puzzle. Economic growth, while slowing, is still 7 percent and the stock market is on a tear. Yet money is leaving the country. That’s a turnaround for an economy that’s been a magnet for foreign capi... ...
Asian shares take cue from Nasdaq record
April 24, 2015 12:48:45 pm
TOKYO (Apr 24): An index of Asian shares rose to fresh seven-year highs on Friday, on track for a weekly gain after Nasdaq rose to a record, while the dollar stuck to recent ranges after more lacklustre U.S. economic data. MSCI's broadest i... ...
Oil prices edge down from 2015-highs, but set for weekly gains
April 24, 2015 12:41:48 pm
SINGAPORE (Apr 24): Oil prices on Friday edged down from 2015-highs reached in the previous session, but prices remained on track for weekly gains after renewed air strikes in Yemen stoked concerns on the security of Middle East oil shipments.... ...
Indonesian tin smelter slashes output; doubts raised on industry quota
April 24, 2015 12:38:05 pm
JAKARTA (Apr 24): Major Indonesian tin smelter PT Refined Bangka Tin (RBT) said it will slash output in April and May following a slump in prices of the solder material, although a key export group raised doubts about an industry wide effort to cu......
Low-key launch as Apple Watch finally goes on sale
April 24, 2015 12:25:14 pm
TOKYO (Apr 24): The Apple Watch launched globally on Friday with a small queue of Japanese tech-addicts lining up in Tokyo for Apple Inc's first wearable gadget, but there was no sign of the excitement usually attached to the company's product rol......
MARC affirms Malaysia’s sovereign rating at AAA; outlook stable
April 24, 2015 12:19:59 pm
(Apr 24): MARC has affirmed Malaysia’s sovereign rating of AAA with a stable outlook based on its national scale. The AAA rating reflects MARC’s opinion on the sovereign’s ability to meet its local currency obligations. The rating of AAA re... ...
U.S. House panel passes fast track trade bill
April 24, 2015 12:18:38 pm
WASHINGTON (Apr 23): Legislation to speed trade deals through the U.S. Congress cleared through a key committee on Thursday, but low Democratic support signaled a looming battle over a Pacific trade pact central to President Barack Obama's strateg......
Soft U.S. data supports gold, but weekly dip on the cards
April 24, 2015 11:55:41 am
SINGAPORE (Apr 24): Gold clung to overnight gains on Friday on sluggish U.S. economic data but the metal was poised for its third straight weekly drop on persistent uncertainty over when the Federal Reserve will begin to hike rates. Spot go... ...
AIA posts new business value growth in line with estimates
April 24, 2015 11:47:40 am
(Apr 24): AIA Group Ltd., the third-largest Asia-based insurer by market value, said the value of new business climbed 20 percent in the first quarter, meeting analysts’ estimates. The measure of projected future profitability of new polici... ...
Ireka up after announcing plans to sell property assets
April 24, 2015 11:42:43 am
KUALA LUMPUR (Apr 24): Construction cum property development firm Ireka Corp Bhd saw both its shares and warrants move upwards today after announcing that its 23%-owned subsidiary Aseana Properties Ltd intends to sell off its property asse... ...
EPF public consultation leans towards option 2 from the four proposed enhancements
April 24, 2015 11:35:40 am
EPF public consultation leans towards option 2 from the four proposed enhancements ...
Shahril EPF: PM was stating his keenness on option 2 on the EPF withdrawal at age 55
April 24, 2015 11:34:59 am
Shahril EPF: PM was stating his keenness on option 2 on the EPF withdrawal at age 55 ...
Stocks With Momentum: LCTH Corporation
April 24, 2015 11:29:01 am
LCTH Corporation Bhd (+ve) Since LCTH (Fundamental: 2.5/3, Valuation: 1.1/3) was first picked by our algorithm on February 9, its share price has surged by 50.7% to 52 sen yesterday. This is partly due to its 4Q2014 earnings results.... ...
Asean integration risks more corruption, transparency group says
April 24, 2015 11:26:31 am
(Apr 24): Greater economic integration in Southeast Asia could worsen corruption in the region and governments need to work together to strengthen anti-graft agencies and regulations, a watchdog group said. As the 10 members of the Associat... ...
Insider Asia’s Stock Of The Day: Apollo Food Holdings
April 24, 2015 11:26:25 am
Apollo Food Holdings Bhd Apollo (Fundamental: 1.45/3, Valuation: 1.4/3) is expected to see a turnaround in its financial performance after raw material prices declined from record high levels. Apollo is a manufa... ...
Stocks With Momentum: Ewein
April 24, 2015 11:25:01 am
Ewein Bhd (-ve) Ewein (Fundamental: 1.1/3, Valuation: 1.4/3) triggered our momentum alert on April 2, when its share price was 59 sen. Yesterday, the stock was again picked out by our algorithm with 4.3 million shares changing hand. ... ...
Press Metal share price slumps on selling pressure
April 24, 2015 11:22:37 am
KUALA LUMPUR (Apr 24): Aluminium extruding firm Press Metal Bhd (Press Metal) emerged as Bursa Malaysia’s second biggest loser in morning trade today. The company’s share price whose reference price stood at RM3.24 today took a plunge today... ...
Stocks With Momentum: Ge-Shen Corporation
April 24, 2015 11:22:21 am
Ge-Shen Corporation Bhd (-ve) Ge-Shen (Fundamental: 2.2/3, Valuation: 1.1/3) is involved in the manufacturing of high precision plastic moulded products and components. The company’s shares rose 5% yesterday, closing at a hist... ...
Ringgit gains for a fifth week as oil rebound eases revenue woes
April 24, 2015 11:18:06 am
(Apr 24): Malaysia’s ringgit rose for a fifth week in its longest run of gains since July as a rebound in Brent crude eased concern that government revenue will deteriorate for Asia’s only major oil exporter. The currency climbed to ... ...
GST rate will increase with time, says Rafizi
April 24, 2015 11:13:27 am
(Apr 24): The goods and services tax rate will not remain at 6% but will increase to a higher amount over time, PKR's Rafizi Ramli told a forum on the controversial consumption tax. The PKR secretary-general said there was no country... ...
For expats, Singapore becoming (a bit) cheaper to call home
April 24, 2015 11:01:30 am
SINGAPORE (Apr 24): When Ritika Verma relocated to Singapore with her husband three years ago, she settled for an apartment much smaller than she wanted. "Having lived in France, finding out how much landlords were asking for rent was quite a shoc......
Palm oil signals mixed
April 24, 2015 11:00:02 am
SINGAPORE (Apr 24): Signals are mixed for Palm oil, as it is hard to categorize the gain from the April 23 low of 2,136 ringgit. This gain could be an extension of the preceding uptrend from the April 10 low of 2,092 ringgit, if the five co... ...
Putrajaya abolishes RM35 fee for foreign workers’ permits renewal
April 24, 2015 10:59:16 am
(Apr 24): Putrajaya has abolished the RM35 fee for the renewal of foreign workers’ permits through e-government services provider MyEG following criticism over the charge. Quoting Minister in the Prime Minister's Department Datuk Dr ... ...
Oil prices edge back from 2015-highs
April 24, 2015 10:50:26 am
SINGAPORE (Apr 24): Oil prices on Friday edged back from 2015-highs reached the session before, but remain on course for weekly gains after renewed air strikes in Yemen stoked concerns on the security of Middle East oil shipments. Crude pri... ...
AIA quarterly new business value growth in line with estimates
April 24, 2015 10:50:22 am
(Apr 24): AIA Group Ltd., the third-largest Asia-based insurer by market value, said the value of new business climbed 20 percent in the first quarter, meeting analyst estimates. The measure of projected future profitability of new policies... ...
Steady outlook expected for CIMB Niaga from 2H
April 24, 2015 10:50:20 am
CIMB Group Holdings Bhd (April 23, RM6.15) Maintain sell with an unchanged target price (TP) of RM5.50: PT Bank CIMB Niaga Tbk saw a 92.4% plunge in the first quarter of financial year 2015 ended March (1QFY15) ... ...
Steady outlook expected for CIMB Niaga from 2H
April 24, 2015 10:49:58 am
CIMB Group Holdings Bhd (April 23, RM6.15) Maintain sell with an unchanged target price (TP) of RM5.50: PT Bank CIMB Niaga Tbk saw a 92.4% plunge in the first quarter of financial year 2015 ended March (1QFY15) ... ...
A more positive longer-term outlook
April 24, 2015 10:48:01 am
United States markets edged higher on Wednesday after better results from Coca-Cola Co, McDonald’s Corp and eBay Inc lifted the American bourses above their key psychological levels of 18,000 and 2,100 for the Dow and the S&P 500 respec... ...
Embattled rare earths miner Lynas hit major milestone in March
April 24, 2015 10:46:56 am
MELBOURNE (Apr 24): Australia's Lynas Corp managed to achieve positive free cash flow in March for the first time since it began mining rare earths in 2011, a key milestone for the company battling to service $430 million in debt. Lynas and... ...
AEC 90% there but far from reality
April 24, 2015 10:37:48 am
AEC 90% there but far from reality ...
Nazir: Get Indonesia to say that they are pro ASEAN integration
April 24, 2015 10:36:56 am
Nazir: Get Indonesia to say that they are pro ASEAN integration ...
KLCI rises 0.68% as banks, blue chips lift
April 24, 2015 10:32:05 am
KUALA LUMPUR (April 24): The FBM KLCI rose 0.68% at mid-morning today in line with regional gains, lifted by index-linked banking stocks and select blue chips. At 10am, the FBM KLCI rose 12.67 points to 1,858.75. The top gainers incl... ...
Nazir frustrated on AEC progress
April 24, 2015 10:31:06 am
Nazir frustrated on AEC progress ...
Nestle looking to improve export sales
April 24, 2015 10:29:18 am
KUALA LUMPUR: Nestle Malaysia Bhd is looking to improve its export sales which remain on a downward trend due to lower demand from affiliated companies in countries like the Philippines and Indonesia, which have developed their own manufact... ...
Mercedes-Benz says new C-Class will be hot seller
April 24, 2015 10:25:33 am
SHAH ALAM: Mercedes-Benz Malaysia Sdn Bhd is optimistic that its newly-launched sedan C-Class CKD (completely knocked down) will be welcomed by Malaysians, based on their response to its previous equivalent model. “We launched the C-... ...
Ireka sees early 2015 Aseana investment returns
April 24, 2015 10:21:29 am
KUALA LUMPUR: Aseana Properties Ltd, a London-listed property developer in which Ireka Corp Bhd has a 23% stake, plans to sell off some of its property assets and return capital to shareholders as early as this year, said Ireka group managi... ...
Mah Sing confident of hitting FY15 sales target
April 24, 2015 10:16:54 am
KUALA LUMPUR: Mah Sing Group Bhd is confident of achieving its sales target of RM3.43 billion for the financial year ending December (FY15) as it believes it has the right product mix, with attractive pricing, in the right locations. ...
Karex aims to acquire at least one firm in the next 12 months
April 24, 2015 10:16:53 am
KUALA LUMPUR: Condom manufacturer Karex Bhd, which is on the lookout for mergers and acquisitions (M&A) opportunities in an effort to build its own-brand business, expects to acquire at least one company “that will provide relevant syne... ...
Muhibbah expects Rapid tender outcome in 2H or next year
April 24, 2015 10:12:27 am
KUALA LUMPUR: Muhibbah Engineering (M) Bhd expects the outcome of its tender for RM1 billion worth of jobs in Petroliam Nasional Bhd’s Refinery and Petrochemicals Integrated Development (Rapid) project in Johor to be known in the second half this ......
Look beyond short term in managing economy
April 24, 2015 10:09:23 am
KUALA LUMPUR: Bank Negara Malaysia governor Tan Sri Dr Zeti Akhtar Aziz has urged politicians to look beyond the near term in managing Malaysia’s economy and its financial systems. She said the assessment of national risk requires pr... ...
PM: EPF withdrawal retained at age of 55
April 24, 2015 10:06:04 am
KUALA LUMPUR: Prime Minister Datuk Seri Najib Razak has affirmed that Employees Provident Fund (EPF) members will be able to retain their rights to withdraw their savings at the age of 55, following public uproar over the retirement fund’s ... ...
Eco World to list Malaysia’s first property SPAC in 3Q
April 24, 2015 10:05:47 am
KUALA LUMPUR: Eco World Development Group Bhd is looking at a third quarter 2015 (3Q15) listing for its special purpose acquisition company (SPAC) called Eco World International Bhd (EWI), said its chairman Tan Sri Liew Kee Sin. He s... ...
GHL to provide payment facilitator services to CIMB
April 24, 2015 09:59:27 am
KUALA LUMPUR: GHL Systems Bhd has signed an agreement to provide payment facilitator or third-party acquisition (TPA) services to CIMB Bank Bhd. Under the agreement, GHL will seek to acquire between 3,000 and 4,000 merchants on behalf of CI... ...
Icon Offshore says deputy CEO now in charge
April 24, 2015 09:57:43 am
KUALA LUMPUR: Offshore supply vessel provider Icon Offshore Bhd told Bursa Malaysia yesterday that deputy chief executive officer (CEO) Captain Hassan Ali is now in charge of the group’s day-to-day management following the remand of CEO Dr Jamal Y......
WZ Satu rises 5.9% on profit outlook
April 24, 2015 09:55:32 am
KUALA LUMPUR (Apr 24): WZ Satu Bhd shares rose today after the company’s official said it was hoping to see its net profit double for its financial year ending August 31, 2015, compared to a year ago. At 9.38am, WZ satu jumped 5.92% or nine... ...
WZ Satu eyes doubling of net profit
April 24, 2015 09:55:09 am
KUALA LUMPUR: WZ Satu Bhd expects to see its net profit doubled for its financial year ending Aug 31, 2015, compared with a year ago, said its executive chairman and chief executive officer Tengku Uzir Tengku Ubaidillah. The company ... ...
Scanwolf initiates investigation into irregularities
April 24, 2015 09:53:02 am
KUALA LUMPUR: Scanwolf Corp Bhd, which is involved in property development as well as the design and manufacturing of plastic extrusions, has appointed PKF Covenant to conduct an investigative review of the company’s operations. In a filing... ...
Khazanah hopes to expand overseas investments in the long run
April 24, 2015 09:51:45 am
KUALA LUMPUR: Khazanah Nasional Bhd will continue growing its overseas investment over time without neglecting domestic investment, said managing director Tan Sri Azman Mokhtar (pic). He said Khazanah already had offices in Beijing, ... ...
1MDB’s absence at Invest Malaysia no help to ringgit
April 24, 2015 09:42:30 am
KUALA LUMPUR: 1Malaysia Development Bhd (1MDB) had declined an invitation to participate in Invest Malaysia Kuala Lumpur 2015 and its absence is a huge letdown as most of investors’ negative perceptions of Malaysia stem from the debt-laden ... ...
I’m not lonely, says Najib in dig at Mahathir
April 24, 2015 09:37:19 am
KUALA LUMPUR: Prime Minister Datuk Seri Najib Razak yesterday said he does not feel lonely in a jab at his arch critic, Tun Dr Mahathir Mohamad, who recently said he was alone in telling the truth about problems with Najib’s administration.... ...
KLCI rises in line with region, takes cue from Nasdaq record close
April 24, 2015 09:23:12 am
KUALA LUMPUR (April 24): The FBM KLCI rose in early trade in line with most regional markets, taking its cue from the firm overnight close of the Nasdaq index at Wall Street. At 9am, the FBM KLCI rose 6.91 points to 1,852.99. ... ...
Dr M asks PM what happened to RM27b 1MDB funds
April 24, 2015 09:22:36 am
KUALA LUMPUR: Former prime minister Tun Dr Mahathir Mohamad has questioned some RM27 billion of borrowed money by 1Malaysia Development Bhd (1MDB) that is still unaccounted for, after deducting the ascertained investments the strategic deve... ...
Asian shares take cue from Nasdaq record
April 24, 2015 08:59:22 am
TOKYO (April 24): An index of Asian shares rose on Friday, on track for a weekly gain as a fresh record for the Nasdaq helped nudge it toward seven-year highs, while the dollar marched in place after more lacklustre U.S. economic data. MSCI... ...
MIDF Research expects Tenaga to post good results in 2QFY15
April 24, 2015 08:57:14 am
KUALA LUMPUR (April 24): MIDF Research has maintained its “Buy” rating on Tenaga Nasional Bhd with an unchanged target price of RM17.20 and said it expects Tenaga to post another set of good result in 2QFY15 on the back of potentially improved mar......
AllianceDBS Research maintains Hold on Pavilion REIT, ups target
April 24, 2015 08:24:13 am
KUALA LUMPUR (April 24): AllianceDBS Research has maintained its “Hold” rating on Pavilion REIT at RM1.58 with a higher target price of RM1.60 (from RM1.55) and said the REIT’s distributable income of RM62.3 million (+6.7% y-o-y, +5.4% qo- q) was ......
Nexgram’s immediate hurdle at 13 sen, says AllianceDBS Research
April 24, 2015 08:19:58 am
KUALA LUMPUR (April 24): AllianceDBS Research said Nexgram Holdings Bhd’s immediate hurdle was at 13 sen and said Nexgram continued to trade above the 20-day and 50-day moving average lines in the last 4 days. In its evening yesterday, the ... ...
New promoter for Edra?
April 24, 2015 08:14:14 am
KUALA LUMPUR: Edra Global Energy Bhd is seeking a new promoter to take over from 1Malaysia Development Bhd (1MDB) and undertake the former’s listing, said sources, adding that a Middle Eastern consortium might be interested. “There i... ...
Pasukhas extremely oversold, says HLIB Research
April 24, 2015 08:11:54 am
KUALA LUMPUR (April 24): Hong Leong IB Research says that stocks of Pasukhas Group Bhd were extremely oversold and likely to bottom up in immediate term as “Tweezers Bottom” candlestick pattern in the oversold territory suggested imminent technica......
Apple Watch goes on sale worldwide amid supply shortage
April 24, 2015 07:41:16 am
SAN FRANCISCO (April 24): The Apple Watch goes on sale around the world on Friday, the final stage of a protracted launch of Apple Inc Chief Executive Tim Cook's first new product, capping months of publicity and a frenetic two weeks of pre-orders......
KLCI to trend lower on lacklustre sentiment, lack of catalysts
April 24, 2015 07:13:54 am
KUALA LUMPUR (April 24): The FBM KLCI is expected to trend lower today on the back of still lacklustre investor sentiment and lack of fresh catalysts at the local bourse. The much expected impetus from Invest Malaysia 2015 did not quite mat... ...
Nasdaq sets closing record
April 24, 2015 07:02:10 am
(April 24): The Nasdaq Composite, the U.S. market index most closely associated with technology stocks, closed at an all-time high on Thursday, surpassing a 2000 record set just before the dotcom crash. Its record close of 5,056.06 capped a... ...
Nasdaq breaks 15-yr record; oil up on Middle East worry
April 24, 2015 07:00:04 am
NEW YORK (April 24): U.S. stocks rose on Thursday, with the Nasdaq index hitting a record closing high, as corporate earnings and a rise in energy shares overshadowed soft U.S. economic data, while oil prices climbed to the highest levels of the y......