Thursday, February 22

Tag: finance

Maybank IB: 2024 to be a ‘take-off’ year for Malaysia’s economic transition, GDP firmer at 4.4%
Finance

Maybank IB: 2024 to be a ‘take-off’ year for Malaysia’s economic transition, GDP firmer at 4.4%

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 ...
Ringgit off to weak start on first trading day of 2024
Finance

Ringgit off to weak start on first trading day of 2024

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...
Global shares hold gains as rate cuts eyed for New Year
Finance

Global shares hold gains as rate cuts eyed for New Year

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...
Malaysian capital market rides out global volatility in 2023
Finance

Malaysian capital market rides out global volatility in 2023

As they say, when the United States sneezes, the world catches a cold. Global markets have been seesawing erratically since the beginning of the year when the US was shaken by a series of bank failures which led to the spiral of debt costs and risks of recession, culminating in a downgrade to its credit rating outlook by rating assessors such as Moody’s and Fitch. The world’s capital markets were also rattled by the US Federal Open Market Committee’s (FOMC) hawkish interest rate hikes that disconnected from other central banks’ rate cut decisions due to the conflict-induced humanitarian crisis in the Middle East. Fixed-income asset, equity and foreign exchange markets suffered massive outflows, as investors sought shelter in defensive assets. During the 2022-2023 cycle, th...
Amanah Saham Nasional Berhad (ASNB) Declares 5.25 Sen Per Unit for 2023
Finance

Amanah Saham Nasional Berhad (ASNB) Declares 5.25 Sen Per Unit for 2023

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...
Malaysia’s top stock is poised for more gains after 200% rally
Finance

Malaysia’s top stock is poised for more gains after 200% rally

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....
Big currency flop of 2023 is top pick for year ahead, again
Finance

Big currency flop of 2023 is top pick for year ahead, again

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 ...
Bank of England holds interest rate, warns on inflation
Fashion

Bank of England holds interest rate, warns on inflation

The Bank of England on Thursday held its key interest rate and warned it will remain high to tackle inflation, indicating in contrast with the Federal Reserve that cuts were unlikely any time soon. The British central bank’s monetary policy committee (MPC) voted 6-3 in favour of keeping the rate at 5.25%, the highest level in more than 15 years, it said in a statement. The US central bank had also frozen borrowing costs on Wednesday but signalled that it would start cutting rates next year and sparked a broad markets rally. “Monetary policy would need to be sufficiently restrictive for sufficiently long to return inflation to the two percent target sustainably in the medium term,” stated the minutes from this week’s BoE gathering. They added: “The committee continued to ju...