Finance

The year 2024 should be a ‘take off’ year for Malaysia’s medium to long-term economic transition outlined in last year’s blueprints, masterplans, roadmaps and legislations, with the economy growth expected to be firmer at 4.4% this year, Maybank Investment Bank said. It said these include the Madani Economy, National Energy Transition Roadmap (NETR), New Industrial Master Plan (NIMP2030), 12th Malaysia Plan Mid-Term Review (12MP MTR), Hydrogen Economy and Technology Roadmap (HETR), Fiscal Responsibility Act (FRA) as well as Energy Efficiency and Conservation Act (EECA). On the country’s economic growth, the research firm said the growth would be underpinned by resilient consumer spending, sustained private and infrastructure investment momentum, plus recoveries in trade-related ...

The ringgit opened lower in early trade on Tuesday, the first trading day of the new year 2024, but sentiment for the local note remained strong. It closed the last trading day of 2023 higher by a marginal 0.3%. At 9am, the ringgit had appreciated to 4.5910/5965 against the US dollar, from last Friday’s close at 4.5900/5980. AmBank Group said the ringgit firmed 0.3% on the last trading day of 2023 to close below the 4.60 level at 4.594, the highest since August 2023, and traded within the range of 4.578 to 4.615. “While we think [there is] further upside to the ringgit, cautious trading of the currency is still possible ahead of new US economic data this week. “Investors now will focus on US key labour market and purchasing managers index data this week to kick-start 20...

World shares edged up yesterday as expectations of interest rate cuts stretched a rally in US stocks, while benchmark Treasury yields and the dollar lifted slightly from five-month lows. On Wall Street, the Dow Jones Industrial Average rose 0.14%, while the Nasdaq Composite and the S&P 500 were little changed. The S&P index has climbed 11.6% this quarter and closed within a whisker of its all-time closing peak, while its price-to-earnings ratio is up by a quarter on the year at 24.0. The MSCI world equity index, which tracks shares in 47 countries, gained 0.08%. European shares ticked down, but stood near a 23-month high hit two weeks ago and were on course for gains of about 12.5% this year. “Right now, we really do not want to step in front of Santa's gift-laden sle...

In an announcement, Amanah Saham Nasional Berhad (ASNB), the wholly-owned unit trust management company of Permodalan Nasional Berhad (PNB), revealed a total income distribution of 5.25 sen per unit for the financial year ending December 31, 2023, for its flagship unit fund, Amanah Saham Bumiputera (ASB). The declared amount comprises an income distribution of 4.25 sen per unit and a bonus of 1.00 sen per unit. Notably, this income distribution surpasses the benchmark set by Maybank's 12-month Fixed Deposit rate, which averaged 2.85% throughout the year. The number of ASB accounts experienced a significant increase, reaching 10.8 million accounts, with over 200,000 new accounts added. This growth reflects sustained confidence in ASB as a crucial savings and investment instrument...

A blistering rally in YTL Power International Bhd. this year has scope to continue as better performance from its overseas assets brightens the earnings outlook for the Malaysian power producer. The share price has more than tripled in 2023, making it the biggest gainer among local companies with a market capitalization of more than 1 billion ringgit ($213 million). Analysts are still calling for a buy in the stock, predicting that it could climb as much as 61% next year. YTL Power and its conglomerate parent joined the benchmark FBM KLCI Index on Monday. YTL Corp., controlled by Malaysian tycoon Francis Yeoh and his siblings, has surged about 220% this year. YTL Power and YTL Corp. closed 1.6% and 2.6% lower, respectively, on Monday, relinquishing gains made earlier in the day....

Three straight years of outsized declines in the yen look set to end in 2024. That’s the view of market participants polled by Bloomberg, who on balance see the currency rallying next year as the Bank of Japan exits the world’s last negative interest rate regime and its global peers cut borrowing costs. While projections for a 2023 yen rebound started going wrong as early as February, forecasters see key differences this time around. A year ago traders were speculating that a new chief at the BOJ might unwind ultra-easy monetary policy. Now they’re aligned with economists who say a shift will come within months, and the central bank’s own leadership has publicly discussed the implications of a future exit. “The situation won’t disappoint the yen bulls on this occasion,” said ...

Nasdaq Inc. was hit by a system error Wednesday that impacted thousands of stock orders, leading some to be canceled, according to people with knowledge of the matter. The exchange operator told market participants it’s investigating an order-entry issue that caused inaccuracies and delays, the people said, asking not to be identified discussing a private matter. Nasdaq’s electronic communication channel, which processes so-called financial information exchange or “FIX” messages, was affected, the people said. The incident, starting around 2:30 p.m. New York time, involving “certain FIX/RASH order entry ports,” Nasdaq said in an emailed statement that didn’t elaborate on the cause. “We are working to reach a prompt resolution to deliver the correct execution reports,” it said...