Malaysia News Highlights - 21st Oct 2015

• Bursa Malaysia opened slightly lower on weaker buying demand in selected heavyweights, however, the benchmark index managed to hold above the 1,700 points level.There were 161 gainers, 193 loosers while 214 counters were unchanged, 1,258 untraded and 32 others were suspended.
  The FTSE Bursa Malaysia Kuala Lumpur key index down 3.84 points, after opening 2.32 points weaker at 1,715.88.
   
• The ringgit opened easier against the US dollar as it failed to arrest its continuing decline against the greenback.
   
• WCT Bhd has won a major infrastructure package at the Tun Razak Exchange (TRX), valued at RM754.8 million.

• Affin Islamic Bank Bhd, Bank Islam Malaysia Bhd, Bank Muamalat Malaysia Bhd and Maybank Islamic Bhd have jointly established a consortium named Raeed Holdings Sdn Bhd to develop a multibank platform to market investment account products.
   
• Glomac Bhd is appealing to Bank Negara Malaysia, the central bank, to be more flexible in providing end financing for prospective home buyers, as the rejection rate for home loans in the industry for the first six months this year is more than 50%, which is a worrying trend.
   
• IOI Properties Group Bhd is buying land that is expected to generate an indicative gross development value (GDV) of RM20 billion within IOI City Resort from its major shareholders for RM1.58 billion.
   
• Hong Leong Bank Bhd and Hong Leong Islamic Bank Bhd have become the latest in the growing list of banks offering severance packages to its employees in an effort to reduce operational costs through a mutual separation scheme (MSS).
   
• BIMB Securities Research has maintained its “buy” call on WCT Holdings Bhd with a target price of RM1.75, 25.9% higher than the stock’s close of RM1.39 yesterday, after the company announced on Monday that it has secured a RM755 million infrastructure and roadway contract at the Tun Razak Exchange (TRX) in Kuala Lumpur.
   
• Amcorp Properties Bhd (AmProp), co-investment partnership with Grosvenor Asia Pacific Ltd and Nan Fung, has acquired 14 office and three retail units totalling about 39,000 sq ft comprising about 8% of net rentable area in a 44-storey residential cum commercial high rise building in Tokyo.

Forex Report - 14th Oct 2015

EUR/USD

EURUSD initially gained during the day moving towards 1.14 level. With the ZEW Economic Sentiment the pair fell to 1.1365 level, but we believe the pair is in uptrend and if it crosses 1.1465 level we may end up reaching 1.15 level and then probably to 1.16 level.

GBP/USD

GBPUSD initially rose during the but after the yearly CPI release came out to be -0.1% the currency fell against USD slicing towards 1.5245 level. GBPUSD has completely changed its and if we break below 1.5200 level we are sellers. Short term rallies may give us trading opportunities but we have to be at safer level if we enter the market.

AUD/USD

AUDUSD went back and forth during the day. The pair has changed the uptrend. 0.7285 is the immediate support at the moment and so if we break below this level we are sellers. The four hourly chart shows a clear rounding top. We do not see potential for buying at the moment.

NZD/USD

NZDUSD rallied during the day trying to break below 0.6660 level. The pair is in longer term up trend and the pull backs are the buying opportunities. 0.6740 level has been the major resistance in this market and we feel that if we break above this level we are longer term buyers. For short term trading we have to wait for right time to enter into the market.

Malaysia News Update Today : 7th Oct 2015

• Bursa Malaysia opened lower today on profit-taking activities and in tandem with the downtrend among regional peers.
  The FTSE Bursa Malaysia Kuala Lumpur key index was down 3.49 points to 1,659.02, after opening 3.86 points lower at 1,658.65.
   
• The ringgit opened firmer against the US dollar in early trade Wednesday, supported by continued buying momentum amid weak sentiment for the greenback.
   

• Crude oil surged 5 percent on Tuesday after the United States cut output forecasts, while global equity markets mostly rose on expectations the Fed will not raise interest rates this year, though Wall Street fell on slumping biotech stocks.
   
• Malayan Banking Bhd (Maybank) remains confident of Indonesia’s long term economic outlook due to its strong fundamentals buoyed by stable fiscal and macro-economic policies.
   
• AirAsia was in focus on Wednesday on news that the founders were sounding out investors to take the company private in a management-led buyout while oil and gas stocks climbed following the overnight jump in crude oil prices.