美國的困局 主宰全球市場
- Monday, August 27, 2007
道瓊斯工業指數在7月中旬創下歷史新高14000點后，于月杪挫跌5.6%至13,211點，使全球股市出現持續的賣壓。
雖然目前全球股市的不穩定局面，與今年3月時期股市急降的情形相似，並且都是因為同樣的原因，那就是美國房產泡沫的困擾、次級房貸業者的問題、日圓利差交易的平倉活動等，現在，美國的困擾在于次級房貸的問題正迅速蔓延，並造成投資者調低風險口味(RiskAppetite)，而其中的直接影響就是導致美國大宗的收購計劃面對難以獲得融資的問題（這表示，儘管利率提升，借貸者如私募資本公司，也無法獲得融資進行併購活動）。這帶來信貸危機擴大的憂慮，也讓美國金融市場承受更大的壓力。
我們相信，美國的問題將會造成股市產生更多的波動，全球市場需要一些時間才能夠平復下來。無論如何，我們依然相信，全球投資者對新興市場的興趣，特別是對亞洲股市的興趣，會相對較強，亞洲股市相信將會在塵埃落定之后回升。
全球經濟更強穩
排除美國股市崩盤的可能，我們認為，當地的信貸危機所產生的信貸緊縮影響，只是暫時性和短期性的問題。它應該不會對亞洲股市造成長遠的負面影響。
在這關鍵時刻，我們相信，雖然次級房貸或信貸問題很嚴重，並需要密切關注；但全球經濟的基礎依然強穩。今年，美國的國內生產總值，相信將可繼續取得2%的健康成長（美國商務部在7月27日宣佈，2007年第2季的國內生產總值，取得3.4%的成長）。
鑒于歐洲、日本、中國、印度及亞洲經濟的強勁成長，國際貨幣基金組織(IMF)在7月25日，提高全球在2007及2008年的經濟成長預測，從4.9%至5.2%。為何亞洲股市會有良好的表現？
亞洲經濟與股市非常強勁，因為：
●亞洲的中央銀行有充足的國際外匯儲備金；亞洲擁有接近2兆5000億美元的國際外匯儲備金，單單是中國就有1兆2020億美元。此外，日本則擁有9000億美元的儲備金。
●在亞洲金融風暴時期的清理后，目前銀行系統的呆賬處于相當低的水平。
●在過去幾年持續的成長與良好的獲利情況下，亞洲公司都有充裕的現金。
●亞洲人民擁有豐富的資金，以及少量的貸款。
利率削減與茁壯成長推高印尼表現
印尼的經濟迅速發展，此外，通貨膨脹率的壓力也在各項的經濟改革措施下減緩；自去年起，印尼中央銀行已經開始有減低利率的空間。連續多次的利率削減行動(從06年的12.5%下跌至現在的8.75%)帶動消費開銷。
因著消費開銷好轉而受惠的商家主要是大財團，包括提供在印尼銷售豐田及本田汽車與電單車的的汽車經銷商Astra International。
其他協助改善印尼經濟表現的因素，包括：
●商品價格居高--棕油、石油、木材、鋁、煤炭等等的出口價格達到歷史新高，為國家帶來豐富財源。
●基礎設施貸款的發放--這是多年來規劃的最后一個階段。當銀行發出基礎設施貸款，銀行領域的貸款將大幅度成長。印尼的貸款年成長接近20%。
銀行領域也從印尼經濟復甦的過程中獲利；獲得良好管理的印尼銀行，如Panin銀行，在07上半年貸款按年成長38%，淨利則提升60%。(Panin銀行的創始人及擁有人是著名的印尼華僑。澳紐銀行在該銀行擁有30%的股權。)
大馬經濟下半年料強勁
雖然一些人認為，大馬經濟並沒有如預期的快速成長，而第九大馬計劃也沒有正式啟動，不過，我們從涉及這些計劃的上市公司所得到的消息是，許多第九大馬計劃下的合約，已經發出並開始施工。我們預測，我國經濟能夠在下半年迅速成長，在未來12至18個月內，這強勁的成長，預料將導致建築材料例如鋼鐵、石灰和建築器材等，面對供
應短缺的問題。
此外，我們相信本地消費開銷也蓄勢待發，因為：
●公務員加薪在今年7月已經生效
●國內生產總值成長率提高(預測今年有6%)
●股市帶來的財富效應
●商品價格創新高，包括原棕油(每公噸2660令吉)及樹膠(每公斤722令吉)帶來的財富效應
大馬經濟成長的一個先兆是，在報章上刊登的廣告數量有增長的跡象；我們察覺到一個很好的例子就是，《星報》報紙的厚度在今年有所增加。
最后，市場預料政府將如往昔般，在9月7日宣讀的年度財政預算案中，繼續為人民帶來好消息。
結論
我們相信美國市場及次級房貸問題值得關注，並需要獲得緊密的觀察。短期內，區域市場將面對美國帶來的不穩定性和下降趨勢。在這個過渡時期，採取謹慎及保守策略是萬全之策。
無論如何，我們也相信亞洲將在中期或長期內，將繼續吸引海外投資基金，因為本區域的經濟茁壯成長，加上亞洲股市的漲勢料能持續。
Source = Oriental Daily Newspaper
Sunday, August 26, 2007
Thursday, August 23, 2007
Better investor protection
23-08-2007: Better investor protection
by Surin Murugiah
Email us your feedback at fd@bizedge.com
KUALA LUMPUR: A new law will give the Securities Commission (SC) more clout to take civil action against perpetrators of a wider range of market misconduct when it comes into effect next month.
The Capital Markets and Services Act 2007 (CMSA), which is a consolidation of Part IV of the Securities Commission Act 1993, Securities Industry Act (SIA) 1983 and Futures Industry Act 1993, provides civil remedies for offences in breach of Sections 175, 176, 177, 178, 179 and 181 of the CMSA on top of the prescribed criminal penalties.
The offences are false trading and market-rigging transactions, stock market manipulations, false or misleading statements, fraudulently inducing persons to deal in securities, use of manipulative and deceptive devices, and dissemination of information about illegal transactions.
Previously, the SC could only take civil action against insider trading offences under Section 89E of the SIA 1983.
Under Section 200, paragraphs (1), (2) and (3) of the CMSA, the SC may obtain up to three times compensation of the pecuniary gain made or loss avoided, and claim civil penalty not exceeding RM1 million which will be used to compensate persons who have suffered losses or damages as a result of the contravention.
The SC yesterday at a background briefing on the CMSA told the media that this part of the legislation was an important and positive development as it offered added protection for investors.
Other changes the CMSA will bring include the establishment of a single licence regime that allows for dealing in securities and trading in futures contracts, and a single guideline governing different intermediaries as opposed to seven currently.
The SC said intermediaries would only require one capital markets services licence to carry out one or more regulated activities, which include dealing in securities, trading in futures contracts, fund management, advising corporate finance, investment advice and financial planning.
“There is no need for an existing licence holder under any of the three legislation to apply for a new one as it would be deemed to hold a CMSA licence when the Act comes into force,” said the SC.
Another major change brought about by the CMSA is that financial institutions undertaking capital market activities will now have to comply with specific investor protection provisions from which they were previously exempted.
The investor protection provisions that apply to financial institutions are disclosure of interest in securities, reasonable basis to make recommendations to clients, priority to client’s order and regulation of dealings in securities as principal.
As part of the changes in the law with regards to financial institutions, and to promote Malaysia as a global Islamic financial hub, the CMSA lists clear statutory provisions recognising Islamic products.
“The CMSA provides power to the Minister (of Finance) to prescribe modifications to give full effect to the principles of Syariah in respect of Islamic finance,” said the SC.
The CMSA also accords investors wider access to products, enhances protection for bond investors, promotes greater responsibility among industry players, and requires private placement monies to be ring-fenced via a trust account.
“The requirement for private placement monies to be ring-fenced is for cases where the exercise does not require a prospectus. If these corporate exercises do not proceed, then the monies can be returned to the applicants or placees,” said the SC.
Also, as part of investor protection, the CMSA clarifies that the effective period for an interim stop order is 21 days or the conclusion of a hearing to determine whether a prospectus has contravened any securities laws or contains false or misleading statements, among others.
The law now also covers cases where shares have been issued, and provides that monies be returned to applicants within 14 days of a stop order being made, and for appropriate steps to be taken to effect a share cancellation.
The CMSA creates a new category of markets called the registered electronic facility that caters to products offered electronically, said the SC.
The Act will also provide a framework for the recognition and oversight of self-regulatory organisations (SRO), which lay down the prerequisites for recognition, statutory duties of SRO and withdrawal of such recognition.
To promote investor protection, the CMSA requires approval by the SC for a person to act as a trustee for debenture holders, as the legislation intends to upgrade the role of trustees as “gatekeepers” of bonds, said the SC.
“Past experience shows that the trustees in some cases don’t even know the laws relating to debentures, which leads to bonds that default,” it said.
The CMSA also extends the range of corporate exercises that will not require the SC’s approval in future to facilitate fund raising activities, including issuance of securities by offshore companies exclusively to persons outside Malaysia, share splits or share consolidation, entitlements in respect of warrants, options or rights and issuance of securities of a foreign company to an offshore company.
Source: Osk Wirenews
by Surin Murugiah
Email us your feedback at fd@bizedge.com
KUALA LUMPUR: A new law will give the Securities Commission (SC) more clout to take civil action against perpetrators of a wider range of market misconduct when it comes into effect next month.
The Capital Markets and Services Act 2007 (CMSA), which is a consolidation of Part IV of the Securities Commission Act 1993, Securities Industry Act (SIA) 1983 and Futures Industry Act 1993, provides civil remedies for offences in breach of Sections 175, 176, 177, 178, 179 and 181 of the CMSA on top of the prescribed criminal penalties.
The offences are false trading and market-rigging transactions, stock market manipulations, false or misleading statements, fraudulently inducing persons to deal in securities, use of manipulative and deceptive devices, and dissemination of information about illegal transactions.
Previously, the SC could only take civil action against insider trading offences under Section 89E of the SIA 1983.
Under Section 200, paragraphs (1), (2) and (3) of the CMSA, the SC may obtain up to three times compensation of the pecuniary gain made or loss avoided, and claim civil penalty not exceeding RM1 million which will be used to compensate persons who have suffered losses or damages as a result of the contravention.
The SC yesterday at a background briefing on the CMSA told the media that this part of the legislation was an important and positive development as it offered added protection for investors.
Other changes the CMSA will bring include the establishment of a single licence regime that allows for dealing in securities and trading in futures contracts, and a single guideline governing different intermediaries as opposed to seven currently.
The SC said intermediaries would only require one capital markets services licence to carry out one or more regulated activities, which include dealing in securities, trading in futures contracts, fund management, advising corporate finance, investment advice and financial planning.
“There is no need for an existing licence holder under any of the three legislation to apply for a new one as it would be deemed to hold a CMSA licence when the Act comes into force,” said the SC.
Another major change brought about by the CMSA is that financial institutions undertaking capital market activities will now have to comply with specific investor protection provisions from which they were previously exempted.
The investor protection provisions that apply to financial institutions are disclosure of interest in securities, reasonable basis to make recommendations to clients, priority to client’s order and regulation of dealings in securities as principal.
As part of the changes in the law with regards to financial institutions, and to promote Malaysia as a global Islamic financial hub, the CMSA lists clear statutory provisions recognising Islamic products.
“The CMSA provides power to the Minister (of Finance) to prescribe modifications to give full effect to the principles of Syariah in respect of Islamic finance,” said the SC.
The CMSA also accords investors wider access to products, enhances protection for bond investors, promotes greater responsibility among industry players, and requires private placement monies to be ring-fenced via a trust account.
“The requirement for private placement monies to be ring-fenced is for cases where the exercise does not require a prospectus. If these corporate exercises do not proceed, then the monies can be returned to the applicants or placees,” said the SC.
Also, as part of investor protection, the CMSA clarifies that the effective period for an interim stop order is 21 days or the conclusion of a hearing to determine whether a prospectus has contravened any securities laws or contains false or misleading statements, among others.
The law now also covers cases where shares have been issued, and provides that monies be returned to applicants within 14 days of a stop order being made, and for appropriate steps to be taken to effect a share cancellation.
The CMSA creates a new category of markets called the registered electronic facility that caters to products offered electronically, said the SC.
The Act will also provide a framework for the recognition and oversight of self-regulatory organisations (SRO), which lay down the prerequisites for recognition, statutory duties of SRO and withdrawal of such recognition.
To promote investor protection, the CMSA requires approval by the SC for a person to act as a trustee for debenture holders, as the legislation intends to upgrade the role of trustees as “gatekeepers” of bonds, said the SC.
“Past experience shows that the trustees in some cases don’t even know the laws relating to debentures, which leads to bonds that default,” it said.
The CMSA also extends the range of corporate exercises that will not require the SC’s approval in future to facilitate fund raising activities, including issuance of securities by offshore companies exclusively to persons outside Malaysia, share splits or share consolidation, entitlements in respect of warrants, options or rights and issuance of securities of a foreign company to an offshore company.
Source: Osk Wirenews
Sunday, August 19, 2007
Global credit crunch could slow Malaysia's economic growth this year
Global credit crunch could slow Malaysia's economic growth this year - UPDATE
17/08/2007 18:15:00
KUALA LUMPUR (Thomson Financial) - The global credit crunch has the potential
to slow Malaysia's economic growth this year if it spreads to the wider US
economy, slowing it drastically or in the worst case scenario, sending it into a
recession.
The world's largest retailer Wal-Mart has already issued a profit warning for
the year, saying Tuesday that consumer spending has slowed in the US and abroad.
If the US economy slips into a recession, even the Malaysian government's
pump-priming efforts through its Ninth Malaysia Plan, will not help to avert a
sharp slowdown in the domestic economy.
The official forecast for GDP growth this year is six percent.
The economy grew 5.9 percent in 2006.
The US is Malaysia's single largest trading partner, absorbing the bulk of
Malaysian-made electrical and electronics products.
"The US economy has already slowed down sharply and if there is a recession, I
am sure it is going to be bad," said Suhaimi Illias, chief economist at
Aseambankers Research.
The impact of the current slowdown in the US economy has been reflected in the
domestic economy over the past few months, he said
Malaysia's industrial output for June recorded a slower growth of 0.5 percent
from a year earlier after exports fell 0.4 percent during the same month,
according to official data. Exports have slowed since the beginning of the year,
growing a mere 1.1 percent in the first-half from 2006.
"Based on what happened in 2001 when the US economy was in a recession, the
impact on Malaysia was big, as economic growth slowed down significantly to 0.4
percent from 7.5 percent in 2000," Suhaimi said.
Song Seng Wun, economist at CIMB-GK Research in Singapore, said a recession in
the US could lead to a global recession, although he thinks it's premature to
make that assumption now.
"Asian economies are highly dependent on trade, so in the event of a global
recession, we will not be immune," Song said.
"But it is premature now to say there will be a global recession," he said.
"As much as I hate it, things remain uncertain for now. The good news is as
long as the turmoil in the financial markets does not spread to the real economy
then everything will be fine," Song said.
Increased risk of recession in the US
"An imminent slide towards a recession (in the US) is a clearly plausible
scenario now with a looming credit crunch that will choke off credit to all but
the most obviously credit-worthy," MIMB Investment Bank head of research Pong
Teng Siew said.
However, the full impact on the US economy from the current turmoil will only
be seen in three to six months, Pong said.
The risk of a recession in the US has certainly increased now, Aseambankers'
Suhaimi said.
He said the major concern now is if the global credit squeeze will spill over
to the real economy via the financial system.
The credit crunch, which was initially confined to the US, has now been
"globalised" through the financial markets, he said.
The fundamentals of Asian economies, including Malaysia, remain positive for
now, Song of CIMB-GK said.
Asian economies may fare better this time as the region's two growth engines,
namely China and India, are on a much stronger footing now, he said.
Malaysian Institute of Economic Research (MIER) executive director Mohamed
Ariff said the global credit crunch could develop into a crisis that is more
painful than the 1997 Asian financial crisis.
He said during that time, regional economies could recover very quickly as
exports were cheap due to the sharp devaluation of regional currencies.
Mohamed Ariff said a drastic slowdown in the US will have a serious impact on
regional economies as it will have a knock-on effect on China and the whole
Asian region.
Regional economies need "budgetary and monetary concerted efforts" to overcome
the current crisis, he said.
Pump-priming may not be sufficient
Locally, many have argued that the Malaysian economy should be able to sail
through the current turmoil shielded by the government's ongoing pump-priming
efforts.
The government plans to spend up to 200 billion ringgit under its five-year
development blueprint, the Ninth Malaysia Plan, which will run to 2010.
Head of economic research at CIMB Investment Bank, Lee Heng Guie is expecting
the government to budget for a higher development spending of 50 billion ringgit
or 7.4 percent of gross domestic product in 2008.
This represents a rise of 12.4 percent over 2007's budgeted expenditure of 44.5
million ringgit or 7.2 percent of GDP, Lee said.
"It is true that rising public spending will help. But the issue is the
government has a limit too as to how much they can pump-prime," said Suhaimi of
Aseambankers.
Malaysia's budget deficit in 2007 is estimated at 3.4 percent of GDP or 21.4
billion ringgit.
(1 US dollar = 3.51 ringgit)
aipeng.soo@thomson.com
Source = Osk Wirenews
17/08/2007 18:15:00
KUALA LUMPUR (Thomson Financial) - The global credit crunch has the potential
to slow Malaysia's economic growth this year if it spreads to the wider US
economy, slowing it drastically or in the worst case scenario, sending it into a
recession.
The world's largest retailer Wal-Mart has already issued a profit warning for
the year, saying Tuesday that consumer spending has slowed in the US and abroad.
If the US economy slips into a recession, even the Malaysian government's
pump-priming efforts through its Ninth Malaysia Plan, will not help to avert a
sharp slowdown in the domestic economy.
The official forecast for GDP growth this year is six percent.
The economy grew 5.9 percent in 2006.
The US is Malaysia's single largest trading partner, absorbing the bulk of
Malaysian-made electrical and electronics products.
"The US economy has already slowed down sharply and if there is a recession, I
am sure it is going to be bad," said Suhaimi Illias, chief economist at
Aseambankers Research.
The impact of the current slowdown in the US economy has been reflected in the
domestic economy over the past few months, he said
Malaysia's industrial output for June recorded a slower growth of 0.5 percent
from a year earlier after exports fell 0.4 percent during the same month,
according to official data. Exports have slowed since the beginning of the year,
growing a mere 1.1 percent in the first-half from 2006.
"Based on what happened in 2001 when the US economy was in a recession, the
impact on Malaysia was big, as economic growth slowed down significantly to 0.4
percent from 7.5 percent in 2000," Suhaimi said.
Song Seng Wun, economist at CIMB-GK Research in Singapore, said a recession in
the US could lead to a global recession, although he thinks it's premature to
make that assumption now.
"Asian economies are highly dependent on trade, so in the event of a global
recession, we will not be immune," Song said.
"But it is premature now to say there will be a global recession," he said.
"As much as I hate it, things remain uncertain for now. The good news is as
long as the turmoil in the financial markets does not spread to the real economy
then everything will be fine," Song said.
Increased risk of recession in the US
"An imminent slide towards a recession (in the US) is a clearly plausible
scenario now with a looming credit crunch that will choke off credit to all but
the most obviously credit-worthy," MIMB Investment Bank head of research Pong
Teng Siew said.
However, the full impact on the US economy from the current turmoil will only
be seen in three to six months, Pong said.
The risk of a recession in the US has certainly increased now, Aseambankers'
Suhaimi said.
He said the major concern now is if the global credit squeeze will spill over
to the real economy via the financial system.
The credit crunch, which was initially confined to the US, has now been
"globalised" through the financial markets, he said.
The fundamentals of Asian economies, including Malaysia, remain positive for
now, Song of CIMB-GK said.
Asian economies may fare better this time as the region's two growth engines,
namely China and India, are on a much stronger footing now, he said.
Malaysian Institute of Economic Research (MIER) executive director Mohamed
Ariff said the global credit crunch could develop into a crisis that is more
painful than the 1997 Asian financial crisis.
He said during that time, regional economies could recover very quickly as
exports were cheap due to the sharp devaluation of regional currencies.
Mohamed Ariff said a drastic slowdown in the US will have a serious impact on
regional economies as it will have a knock-on effect on China and the whole
Asian region.
Regional economies need "budgetary and monetary concerted efforts" to overcome
the current crisis, he said.
Pump-priming may not be sufficient
Locally, many have argued that the Malaysian economy should be able to sail
through the current turmoil shielded by the government's ongoing pump-priming
efforts.
The government plans to spend up to 200 billion ringgit under its five-year
development blueprint, the Ninth Malaysia Plan, which will run to 2010.
Head of economic research at CIMB Investment Bank, Lee Heng Guie is expecting
the government to budget for a higher development spending of 50 billion ringgit
or 7.4 percent of gross domestic product in 2008.
This represents a rise of 12.4 percent over 2007's budgeted expenditure of 44.5
million ringgit or 7.2 percent of GDP, Lee said.
"It is true that rising public spending will help. But the issue is the
government has a limit too as to how much they can pump-prime," said Suhaimi of
Aseambankers.
Malaysia's budget deficit in 2007 is estimated at 3.4 percent of GDP or 21.4
billion ringgit.
(1 US dollar = 3.51 ringgit)
aipeng.soo@thomson.com
Source = Osk Wirenews
Friday, July 6, 2007
Malaysia's Maybank target raised to 15.40 rgt on construction spending
Malaysia's Maybank target raised to 15.40 rgt on construction spending - CIMB
06/07/2007 15:27:00
KUALA LUMPUR (Thomson Financial) - CIMB Research has raised its target price on
Maybank, Malaysia's largest banking group by assets, to 15.40 ringgit from the
previous 15.30, while keeping its "outperform" call on the stock, saying the
bank will be an indirect beneficiary of rising infrastructure spending under the
government's five-year development plan, the Ninth Malaysia Plan.
CIMB banking sector analyst Winson Ng said Maybank will likely see better
prospects for financial year ending June 2008 as the Ninth Malaysia Plan, which
runs through 2010, could lead to higher loan demand.
Although the core financing for projects will be raised from the capital
market, the implementation of these projects will have spillover effects on
smaller players in the construction sector, said Ng.
In addition, the bank's Singapore unit is expected to register double-digit
loan growth in the 2008 fiscal year based on the projected 11 percent growth
rate for Singapore's banking industry.
"Increased business activity to these players will require them to take up
additional financing for capital investment and working capital purposes," he
said.
Maybank has 18.5 percent share of the construction loans market.
Loan growth had been weak for the first nine months to March as Maybank
continued to focus on expanding its non-interest income, said Ng.
Growth momentum is expected to have improved in the fourth quarter to June, but
full-year loan growth will still be sluggish at a projected 3.8 percent for
financial year 2007, he said.
The revised target price has also taken into account higher-than-expected gains
from the bank's disposal of non-performing loans, he said.
Maybank plans to dispose of another two tranches of NPLs worth a total of 3-4
billion ringgit, the analyst said.
At 3.11 pm, Maybank was unchanged at 12.20 ringgit.
Source: Osk Wirenews
06/07/2007 15:27:00
KUALA LUMPUR (Thomson Financial) - CIMB Research has raised its target price on
Maybank, Malaysia's largest banking group by assets, to 15.40 ringgit from the
previous 15.30, while keeping its "outperform" call on the stock, saying the
bank will be an indirect beneficiary of rising infrastructure spending under the
government's five-year development plan, the Ninth Malaysia Plan.
CIMB banking sector analyst Winson Ng said Maybank will likely see better
prospects for financial year ending June 2008 as the Ninth Malaysia Plan, which
runs through 2010, could lead to higher loan demand.
Although the core financing for projects will be raised from the capital
market, the implementation of these projects will have spillover effects on
smaller players in the construction sector, said Ng.
In addition, the bank's Singapore unit is expected to register double-digit
loan growth in the 2008 fiscal year based on the projected 11 percent growth
rate for Singapore's banking industry.
"Increased business activity to these players will require them to take up
additional financing for capital investment and working capital purposes," he
said.
Maybank has 18.5 percent share of the construction loans market.
Loan growth had been weak for the first nine months to March as Maybank
continued to focus on expanding its non-interest income, said Ng.
Growth momentum is expected to have improved in the fourth quarter to June, but
full-year loan growth will still be sluggish at a projected 3.8 percent for
financial year 2007, he said.
The revised target price has also taken into account higher-than-expected gains
from the bank's disposal of non-performing loans, he said.
Maybank plans to dispose of another two tranches of NPLs worth a total of 3-4
billion ringgit, the analyst said.
At 3.11 pm, Maybank was unchanged at 12.20 ringgit.
Source: Osk Wirenews
Malaysia's oil/gas sector at 'overweight' on petroleum hub project
Malaysia's oil/gas sector at 'overweight' on petroleum hub project - AmResearch
06/07/2007 15:36:00
KUALA LUMPUR (Thomson Financial) - AmResearch has kept its 'overweight' rating
on the oil and gas (O&G) sector after the managers of the 1.4-billion-ringgit
Asia Petroleum Hub (APH) project in Tanjung Bin, Johor, said the hub will be
operational by mid-2009, having secured clients and financing for the massive
project.
"From our understanding, the new facility should address the lack of storage
space in Malaysia as well as lower bunkering cost,'' the research house said in
a note to investors Friday.
It noted that three key contracts have been awarded by the managing contractor
of the hub, ZAQ Construction Sdn Bhd.
The contracts involved procurement, construction and commissioning of the
petroleum hub and bunkering facilities and the recipients included Muhibbah
Engineering, which secured a 450 million ringgit contract, Nam Fatt
Construction, which won a 553 million ringgit contract, and Kencana Petroleum,
which received a 240 million ringgit contract.
"Macro newsflow momentum remains strong and will gain traction further out.
This project may possibly have positive spillover (effect) on KNM Group and
Dialog,'' AmResearch said, adding that it
has "buy'' calls on Coastal Contracts, Ramunia, Wah Seong, Alam Maritim and
Petronas Gas.
Asia Petroleum Hub Sdn Bhd executive chairman Abdul Rashid Mohamad Isa
Al-Qadiry said yesterday at the project's ground-breaking ceremony that APH has
secured three clients and expects to run at full capacity within six months of
starting operations.
It will fund about 1.1 billion ringgit of the 1.4 billion total cost via
project financing obtained from CIMB Bank.
Source: osk wirenews
06/07/2007 15:36:00
KUALA LUMPUR (Thomson Financial) - AmResearch has kept its 'overweight' rating
on the oil and gas (O&G) sector after the managers of the 1.4-billion-ringgit
Asia Petroleum Hub (APH) project in Tanjung Bin, Johor, said the hub will be
operational by mid-2009, having secured clients and financing for the massive
project.
"From our understanding, the new facility should address the lack of storage
space in Malaysia as well as lower bunkering cost,'' the research house said in
a note to investors Friday.
It noted that three key contracts have been awarded by the managing contractor
of the hub, ZAQ Construction Sdn Bhd.
The contracts involved procurement, construction and commissioning of the
petroleum hub and bunkering facilities and the recipients included Muhibbah
Engineering, which secured a 450 million ringgit contract, Nam Fatt
Construction, which won a 553 million ringgit contract, and Kencana Petroleum,
which received a 240 million ringgit contract.
"Macro newsflow momentum remains strong and will gain traction further out.
This project may possibly have positive spillover (effect) on KNM Group and
Dialog,'' AmResearch said, adding that it
has "buy'' calls on Coastal Contracts, Ramunia, Wah Seong, Alam Maritim and
Petronas Gas.
Asia Petroleum Hub Sdn Bhd executive chairman Abdul Rashid Mohamad Isa
Al-Qadiry said yesterday at the project's ground-breaking ceremony that APH has
secured three clients and expects to run at full capacity within six months of
starting operations.
It will fund about 1.1 billion ringgit of the 1.4 billion total cost via
project financing obtained from CIMB Bank.
Source: osk wirenews
Wednesday, June 13, 2007
Malaysia-Singapore joint IDR committee cannot make policies
Malaysia-Singapore joint IDR committee cannot make policies - Malaysia govt
14/06/2007 10:45:00
KUALA LUMPUR (XFN-ASIA) - The Malaysian cabinet has decided that the
Malaysia-Singapore ministerial level joint committee on the Iskandar Development
Region (IDR) will not be empowered to formulate policies on development in the
area.
The committee will function only as a facilitator for projects between the two
countries, a statement released by the Prime Minister's office said.
The committee will be jointly chaired by Malaysia's Minister in the Prime
Minister's Department Effendi Norwawi and Singapore's National Development
Minister Mah Bow Tan.
Source: Osk Wirenews
14/06/2007 10:45:00
KUALA LUMPUR (XFN-ASIA) - The Malaysian cabinet has decided that the
Malaysia-Singapore ministerial level joint committee on the Iskandar Development
Region (IDR) will not be empowered to formulate policies on development in the
area.
The committee will function only as a facilitator for projects between the two
countries, a statement released by the Prime Minister's office said.
The committee will be jointly chaired by Malaysia's Minister in the Prime
Minister's Department Effendi Norwawi and Singapore's National Development
Minister Mah Bow Tan.
Source: Osk Wirenews
Malaysia's AirAsia aims for first flight to India in 2008
Malaysia's AirAsia aims for first flight to India in 2008 - report
13/06/2007 17:28:00
KUALA LUMPUR (XFN-ASIA) - AirAsia Bhd plans to launch its first flight to India
towards the end of 2008 and its first destination is likely to be Amritsar in
Punjab, the Bernama news agency reported in a despatch from Mumbai, citing
AirAsia chief executive officer Tony Fernandes.
"I am really limited by the planes and the earliest we can look at (it) is the
third quarter of 2008," he said.
The budget carrier is able to fly to India under a bilateral agreement between
India and Malaysia but it will not be able to fly within India unless the Indian
government grants its approval, he said, ruling out alliances with Indian budget
carriers to enter the Indian market.
Source: Osk WIrenews
13/06/2007 17:28:00
KUALA LUMPUR (XFN-ASIA) - AirAsia Bhd plans to launch its first flight to India
towards the end of 2008 and its first destination is likely to be Amritsar in
Punjab, the Bernama news agency reported in a despatch from Mumbai, citing
AirAsia chief executive officer Tony Fernandes.
"I am really limited by the planes and the earliest we can look at (it) is the
third quarter of 2008," he said.
The budget carrier is able to fly to India under a bilateral agreement between
India and Malaysia but it will not be able to fly within India unless the Indian
government grants its approval, he said, ruling out alliances with Indian budget
carriers to enter the Indian market.
Source: Osk WIrenews
Malaysia's AirAsia to fly to China's Shenzhen from July 15
Malaysia's AirAsia to fly to China's Shenzhen from July 15
13/06/2007 15:20:00
KUALA LUMPUR (XFN-ASIA) - Budget carrier AirAsia Bhd said it will start flying
to China's Shenzhen from two of its hubs -- Kuala Lumpur and Bangkok -- from
July 15.
"We are very confident that this route will open more opportunities to enhance
both of our hubs with greater international links in the region, especially with
Shenzhen being the gateway to Southern China and Hong Kong," said Kathleen Tan,
executive vice president for commercial at AirAsia.
Currently, the airline is serving seven daily flights to Macau, from Kuala
Lumpur, Kota Kinabalu and from Bangkok.
It also serves one daily flight to Xiamen from Bangkok.
Source: Osk Wirenews
13/06/2007 15:20:00
KUALA LUMPUR (XFN-ASIA) - Budget carrier AirAsia Bhd said it will start flying
to China's Shenzhen from two of its hubs -- Kuala Lumpur and Bangkok -- from
July 15.
"We are very confident that this route will open more opportunities to enhance
both of our hubs with greater international links in the region, especially with
Shenzhen being the gateway to Southern China and Hong Kong," said Kathleen Tan,
executive vice president for commercial at AirAsia.
Currently, the airline is serving seven daily flights to Macau, from Kuala
Lumpur, Kota Kinabalu and from Bangkok.
It also serves one daily flight to Xiamen from Bangkok.
Source: Osk Wirenews
Malaysia's Time dotCom, Hutchison Global sign broadband solution deal
Malaysia's Time dotCom, Hutchison Global sign broadband solution deal - report
13/06/2007 16:26:00
KUALA LUMPUR (XFN-ASIA) - Time dotCom Bhd has entered into an agreement with
Hong Kong's Hutchison Global Communications Ltd to offer customised broadband
service solutions to corporate customers in Malaysia, the Bernama news agency
reported, citing Time managing director Baharum Salleh.
"Under the agreement, Time dotCom is well-positioned to offer not only Global
IP Virtual Private Network (IP-VPN) services but also International Ethernet
Services to corporate customers in Malaysia," Baharum said.
"Hutchison has a comprehensive international network coverage to support the
Global IP-VPN services between Malaysia and the rest of the world," he said.
"Additionally, the International Ethernet Services that cover six countries
will also be offered via the collaboration," he added.
The agreement between the two companies is for an initial period of 3 years.
Hutchison, a subsidiary of Hutchison Telecommunication International Ltd, owns
the largest fibre-to-the-building telecommunications network in Hong Kong.
Source: Osk Wirenews
13/06/2007 16:26:00
KUALA LUMPUR (XFN-ASIA) - Time dotCom Bhd has entered into an agreement with
Hong Kong's Hutchison Global Communications Ltd to offer customised broadband
service solutions to corporate customers in Malaysia, the Bernama news agency
reported, citing Time managing director Baharum Salleh.
"Under the agreement, Time dotCom is well-positioned to offer not only Global
IP Virtual Private Network (IP-VPN) services but also International Ethernet
Services to corporate customers in Malaysia," Baharum said.
"Hutchison has a comprehensive international network coverage to support the
Global IP-VPN services between Malaysia and the rest of the world," he said.
"Additionally, the International Ethernet Services that cover six countries
will also be offered via the collaboration," he added.
The agreement between the two companies is for an initial period of 3 years.
Hutchison, a subsidiary of Hutchison Telecommunication International Ltd, owns
the largest fibre-to-the-building telecommunications network in Hong Kong.
Source: Osk Wirenews
Tuesday, June 12, 2007
Understanding ETF
Understanding ETF
Q: What is an exchange-traded fund (ETF)?
An ETF is essentially a unit trust fund, except that it is traded on a stock exchange. It represents a basket of securities and is designed to track the performance of an index. The performance of an ETF usually mirrors that of the index it tracks.
Take the FBM30etf as example. Since it tracks the FBM30, it will buy the index's constituent stocks. The number of shares bought for each stock will be based on its weightage on the index.
Q: What benefits does an ETF bring to investors?
Unlike unit trust funds, investors can buy and sell units of an ETF at anytime during trading hours like trading a stock. An ETF is traded in blocks of 100 units.
Instead of buying shares of each and every stock, ETF allows investors to gain exposure to a basket of securities with just a single purchase of ETF units. ETF offers portfolio diversification like unit trust funds.
ETF incurs low management fee as a result of passive management. Transaction cost is low (0.6% via brokerage) compared with unit trust fund (3% to 5% sales charge).
Q: How do I buy or sell ETF?
Like ordinary stocks, you can buy or sell ETF through your broker.
Q: How is the market price of an ETF determined?
As an ETF is traded like a stock, the price of each unit is determined by the supply and demand of the market, and in general, will be traded closely to the market value of the underlying basket of securities.
Q: How do I value an ETF?
An ETF is valued according to its net asset value (NAV). NAV is the fund's assets minus its liabilities divided by the number of outstanding shares. At the end of each trading day, the NAV will be calculated. The increase in NAV means the increase in the value of one's holdings.
Investors should also look at whether an ETF is traded at a premium or discount to the index it tracks.
Q: Does an ETF pay dividends?
Most ETFs do pay dividends. However, investors should study the prospectus of the particular ETF on its dividend policy.
Source: The Edge
Q: What is an exchange-traded fund (ETF)?
An ETF is essentially a unit trust fund, except that it is traded on a stock exchange. It represents a basket of securities and is designed to track the performance of an index. The performance of an ETF usually mirrors that of the index it tracks.
Take the FBM30etf as example. Since it tracks the FBM30, it will buy the index's constituent stocks. The number of shares bought for each stock will be based on its weightage on the index.
Q: What benefits does an ETF bring to investors?
Unlike unit trust funds, investors can buy and sell units of an ETF at anytime during trading hours like trading a stock. An ETF is traded in blocks of 100 units.
Instead of buying shares of each and every stock, ETF allows investors to gain exposure to a basket of securities with just a single purchase of ETF units. ETF offers portfolio diversification like unit trust funds.
ETF incurs low management fee as a result of passive management. Transaction cost is low (0.6% via brokerage) compared with unit trust fund (3% to 5% sales charge).
Q: How do I buy or sell ETF?
Like ordinary stocks, you can buy or sell ETF through your broker.
Q: How is the market price of an ETF determined?
As an ETF is traded like a stock, the price of each unit is determined by the supply and demand of the market, and in general, will be traded closely to the market value of the underlying basket of securities.
Q: How do I value an ETF?
An ETF is valued according to its net asset value (NAV). NAV is the fund's assets minus its liabilities divided by the number of outstanding shares. At the end of each trading day, the NAV will be calculated. The increase in NAV means the increase in the value of one's holdings.
Investors should also look at whether an ETF is traded at a premium or discount to the index it tracks.
Q: Does an ETF pay dividends?
Most ETFs do pay dividends. However, investors should study the prospectus of the particular ETF on its dividend policy.
Source: The Edge
Tradewinds surges 27% in early trade
13-06-2007: Tradewinds surges 27% in early trade
Email us your feedback at fd@bizedge.com
Tradewinds Corporation Bhd’s share price surged as much as 27% or 41 sen to RM1.89 in very active trade on June 21 after a foreign research house re-rated the counter.
It opened at RM1.51, up three sen. Within the first two hours, there were 38.33 million shares done at prices ranging from RM1.51 to RM1.89.
At 11am, it was trading at RM1.78, up 30 sen.
The company reported net profit of RM7.86 million in the first quarter, compared with a net loss of RM23.61 million a year ago.
Earnings per share was 1.28 sen versus 3.79 sen loss per share. Its net assets per share was RM2.18.
Source : The Edge
Email us your feedback at fd@bizedge.com
Tradewinds Corporation Bhd’s share price surged as much as 27% or 41 sen to RM1.89 in very active trade on June 21 after a foreign research house re-rated the counter.
It opened at RM1.51, up three sen. Within the first two hours, there were 38.33 million shares done at prices ranging from RM1.51 to RM1.89.
At 11am, it was trading at RM1.78, up 30 sen.
The company reported net profit of RM7.86 million in the first quarter, compared with a net loss of RM23.61 million a year ago.
Earnings per share was 1.28 sen versus 3.79 sen loss per share. Its net assets per share was RM2.18.
Source : The Edge
BROKER CALL Malaysia's oil/gas sector 'overweight' on firm demand
BROKER CALL Malaysia's oil/gas sector 'overweight' on firm demand - Aseambankers
13/06/2007 11:39:00
KUALA LUMPUR (XFN-ASIA) - Aseambankers Research said it has kept its
''overweight'' rating on the oil and gas sector as it expects global energy
demand to remain robust.
"Global energy demand is expected to remain robust over the next few years,
underpinned by rapid economic growth in Asia (i.e China, India and Middle
East),'' it said in a note to investors, adding that oil consumption is expected
to grow by a cumulative annual growth rate (CAGR) of 1.6 pct from 2007-2030.
However, the research house acknowledged that "long term sustainability could
be a key issue due to exhaustion of hydrocarbons."
"Elsewhere, escalating costs and skill shortage will remain an issue to the
sector, at least in the near-to-mid term in the era of high oil prices,'' it
added.
"Nevertheless, we remain overweight on the oil and gas sector, in anticipation
of a greater push for exploration and production activities, leading to greater
demand for supplies and services,'' Aseambankers concluded.
It has maintained its "strong buy" recommendations on Ramunia, with a target
price of 1.80 rgt; and KNM, target price 17.0 rgt; as well as "buy" calls on
Petronas Gas, target price 11.20 rgt; EPIC, target price 2.60 rgt; Dialog,
target price 2.35 rgt; Wah Seong, target price 4.10 rgt; Petra Perdana, target
price 4.10 rgt; and Alam Maritim, target price 4.65 rgt
Source: Osk Wirenews
13/06/2007 11:39:00
KUALA LUMPUR (XFN-ASIA) - Aseambankers Research said it has kept its
''overweight'' rating on the oil and gas sector as it expects global energy
demand to remain robust.
"Global energy demand is expected to remain robust over the next few years,
underpinned by rapid economic growth in Asia (i.e China, India and Middle
East),'' it said in a note to investors, adding that oil consumption is expected
to grow by a cumulative annual growth rate (CAGR) of 1.6 pct from 2007-2030.
However, the research house acknowledged that "long term sustainability could
be a key issue due to exhaustion of hydrocarbons."
"Elsewhere, escalating costs and skill shortage will remain an issue to the
sector, at least in the near-to-mid term in the era of high oil prices,'' it
added.
"Nevertheless, we remain overweight on the oil and gas sector, in anticipation
of a greater push for exploration and production activities, leading to greater
demand for supplies and services,'' Aseambankers concluded.
It has maintained its "strong buy" recommendations on Ramunia, with a target
price of 1.80 rgt; and KNM, target price 17.0 rgt; as well as "buy" calls on
Petronas Gas, target price 11.20 rgt; EPIC, target price 2.60 rgt; Dialog,
target price 2.35 rgt; Wah Seong, target price 4.10 rgt; Petra Perdana, target
price 4.10 rgt; and Alam Maritim, target price 4.65 rgt
Source: Osk Wirenews
BROKER CALL - Malaysia's water sector 'overweight' on 9MP rollout
BROKER CALL - Malaysia's water sector 'overweight' on 9MP rollout - Aseambankers
13/06/2007 12:28:00
KUALA LUMPUR (XFN-ASIA) - Aseambankers Research has kept its ''overweight''
rating on the water sector pending the rollout of projects under the Ninth
Malaysia Plan (9MP).
"We reaffirm our positive outlook for the water sector, especially for the long
term,'' it said, and noted that the government plans to call for an
international tender for the 44.6 kilometre tunnel works for the Pahang-Selangor
water transfer project "within these few months and for construction works to
start in early-2008."
"This would lead to the rollout of the other main packages of the larger
Pahang-Selangor water project, which we estimate would cost at least 9 bln rgt
in total,'' it added.
Potential beneficiaries of the projects are Gamuda, IJM Corp, and UEM Builders
while smaller players like Loh & Loh, Salcon and Taliworks could feature at the
sub-contracting levels, it said.
Aseambankers said national water asset management company PAAB's active
involvement in discussions to take over water-related assets in the two states
of Negeri Sembilan and Melaka, "is also positive development."
"Here, we understand that Ranhill Utilities is vying for a role in the
operation and maintenance of water treatment plants in Melaka,'' it noted.
Source: Osk Wirenews
13/06/2007 12:28:00
KUALA LUMPUR (XFN-ASIA) - Aseambankers Research has kept its ''overweight''
rating on the water sector pending the rollout of projects under the Ninth
Malaysia Plan (9MP).
"We reaffirm our positive outlook for the water sector, especially for the long
term,'' it said, and noted that the government plans to call for an
international tender for the 44.6 kilometre tunnel works for the Pahang-Selangor
water transfer project "within these few months and for construction works to
start in early-2008."
"This would lead to the rollout of the other main packages of the larger
Pahang-Selangor water project, which we estimate would cost at least 9 bln rgt
in total,'' it added.
Potential beneficiaries of the projects are Gamuda, IJM Corp, and UEM Builders
while smaller players like Loh & Loh, Salcon and Taliworks could feature at the
sub-contracting levels, it said.
Aseambankers said national water asset management company PAAB's active
involvement in discussions to take over water-related assets in the two states
of Negeri Sembilan and Melaka, "is also positive development."
"Here, we understand that Ranhill Utilities is vying for a role in the
operation and maintenance of water treatment plants in Melaka,'' it noted.
Source: Osk Wirenews
BROKER CALL - Malaysia's MRCB kept 'buy' on huge order book
BROKER CALL - Malaysia's MRCB kept 'buy' on huge order book - CIMB
12/06/2007 10:40:00
KUALA LUMPUR (XFN-ASIA) - CIMB Research has reiterated its "buy" call on
Malaysian Resources Corp Bhd (MRCB) as the firm could potentially emerge as the
best play for exposure to mega projects planned for Penang, and to overseas
ventures particularly in the Middle East.
Apart from the 1.2 bln rgt Penang Monorail and 1 bln rgt Penang outer ring road
(PORR) projects, MRCB could add another potential mega job -- the 1.2 bln rgt
new Penang international airport -- to bag three mega jobs in one state, CIMB
said.
The Penang monorail, the 9-bln-rgt Bakun power transmission project and more
overseas contracts are expected to drive MRCB's order book which currently
stands at 1.7 bln rgt, it said.
The company is targeting new contracts worth 1.5 bln rgt by the end of the
year.
There is speculation that MRCB will acquire a stake in Equine to participate in
the building of a new airport in Penang.
"We are surprised by this news and would take a slight positive view should it
materialise," the research firm said.
As for Saudi Arabia, MRCB has been working with several parties in the Middle
East on a potential transport hub, which may provide another big boost to
overseas contributions.
MRCB's 33-year toll highway concession for the Eastern Dispersal Link will
feature a new stream of recurring income by 2011, it added.
CIMB is keeping its target price of 3.15 rgt for MRCB.
At 10.36 am, MRCB was down 0.03 rgt or 1.20 pct at 2.46 rgt and Equine Capital
Bhd was off 0.02 rgt or 0.63 pct to 3.18.
(1 usd = 3.47 rgt)
Source: Osk Wirenews
12/06/2007 10:40:00
KUALA LUMPUR (XFN-ASIA) - CIMB Research has reiterated its "buy" call on
Malaysian Resources Corp Bhd (MRCB) as the firm could potentially emerge as the
best play for exposure to mega projects planned for Penang, and to overseas
ventures particularly in the Middle East.
Apart from the 1.2 bln rgt Penang Monorail and 1 bln rgt Penang outer ring road
(PORR) projects, MRCB could add another potential mega job -- the 1.2 bln rgt
new Penang international airport -- to bag three mega jobs in one state, CIMB
said.
The Penang monorail, the 9-bln-rgt Bakun power transmission project and more
overseas contracts are expected to drive MRCB's order book which currently
stands at 1.7 bln rgt, it said.
The company is targeting new contracts worth 1.5 bln rgt by the end of the
year.
There is speculation that MRCB will acquire a stake in Equine to participate in
the building of a new airport in Penang.
"We are surprised by this news and would take a slight positive view should it
materialise," the research firm said.
As for Saudi Arabia, MRCB has been working with several parties in the Middle
East on a potential transport hub, which may provide another big boost to
overseas contributions.
MRCB's 33-year toll highway concession for the Eastern Dispersal Link will
feature a new stream of recurring income by 2011, it added.
CIMB is keeping its target price of 3.15 rgt for MRCB.
At 10.36 am, MRCB was down 0.03 rgt or 1.20 pct at 2.46 rgt and Equine Capital
Bhd was off 0.02 rgt or 0.63 pct to 3.18.
(1 usd = 3.47 rgt)
Source: Osk Wirenews
Monday, June 11, 2007
Iran to build five new oil refineries across Asia
Iran to build five new oil refineries across Asia - UPDATE
11/06/2007 18:25:00
KUALA LUMPUR (XFN-ASIA) - Iran has announced it will help build five new
refineries across Asia including China with a total capacity of 1.1 mln barrels
per day in a bid to bolster ties in the region.
"Iran has finalised feasibility studies for five refining projects in five
Asian countries with a total capacity of 1.1 mln barrels per day," Seyed Kazam
Vaziri Hamaneh, Iran's petroleum minister said.
Seyed Kazam said the projects are part of Iran's attempt to boost cooperation
with Asian countries, adding that his nation will provide the crude oil.
"Those are some of the cooperation opportunities which I hope will be
supported by Asian countries," the minister told some 1,255 delegates at the
two-day Asia Oil and Gas Conference here.
"China and India are expected to be two major potential consumers in the coming
20 years," he said.
He later told reporters that refineries will be built in China, Singapore,
Indonesia, Malaysia and Syria but declined to elaborate on the partnerships or
the cost of the projects.
"We are supposed to be partners in the refineries and also try to provide the
crude oil for those refineries. The aim is to bring Asian countries together and
to provide crude oil for mutual benefit," he said.
The minister also proposed the creation of an Asian energy market comprising
major suppliers and consumers such as Japan, China, India and South Korea.
Seyed Kazam said the proposed grouping of West Asia oil suppliers and Asian
consumers could bring about "mutual benefit" as Asian countries could invest in
upstream and downstream oil and gas projects.
Oil-rich Iran is the second-largest oil exporter after Saudi Arabia in the
Organisation of Petroleum Exporting Countries. It is also the world's second
largest owner of oil and gas reserves.
He also made a pitch to investors, saying Iran will need 93 bln usd in foreign
investments and more than 43 bln usd in domestic resources by 2014 to boost oil
and gas output.
Iranian oil production is expected to reach 5.3 mln barrels daily by 2014 from
its current level of 4.3 mln barrels per day.
"The country (Iran) cannot meet that level of investment and technology needs
on its on," he said.
Despite United Nations Security Council sanctions on Iran over its refusal to
suspend a uranium enrichment program, Seyed Kazam expressed confidence that Iran
will be able to raise foreign funds.
"No, we are not concerned about the sanctions," he told reporters.
Separately, Iran's state oil company said it will invest in the construction of
an oil refinery in northern Malaysia, part of an ambitious pipeline project to
transport Middle East oil to East Asian countries.
Ghanimi Fard, executive director for international affairs with the National
Iranian Oil Co, said initial discussions are moving smoothly.
"Some works have been done and preliminary discussions have gone very well," he
told reporters at the sidelines of the gathering.
"Crude oil is going to be supplied by the National Iranian Oil Company," said
Fard in the first official confirmation of Iran's participation in the ambitious
project.
Source: Osk Wirenews
11/06/2007 18:25:00
KUALA LUMPUR (XFN-ASIA) - Iran has announced it will help build five new
refineries across Asia including China with a total capacity of 1.1 mln barrels
per day in a bid to bolster ties in the region.
"Iran has finalised feasibility studies for five refining projects in five
Asian countries with a total capacity of 1.1 mln barrels per day," Seyed Kazam
Vaziri Hamaneh, Iran's petroleum minister said.
Seyed Kazam said the projects are part of Iran's attempt to boost cooperation
with Asian countries, adding that his nation will provide the crude oil.
"Those are some of the cooperation opportunities which I hope will be
supported by Asian countries," the minister told some 1,255 delegates at the
two-day Asia Oil and Gas Conference here.
"China and India are expected to be two major potential consumers in the coming
20 years," he said.
He later told reporters that refineries will be built in China, Singapore,
Indonesia, Malaysia and Syria but declined to elaborate on the partnerships or
the cost of the projects.
"We are supposed to be partners in the refineries and also try to provide the
crude oil for those refineries. The aim is to bring Asian countries together and
to provide crude oil for mutual benefit," he said.
The minister also proposed the creation of an Asian energy market comprising
major suppliers and consumers such as Japan, China, India and South Korea.
Seyed Kazam said the proposed grouping of West Asia oil suppliers and Asian
consumers could bring about "mutual benefit" as Asian countries could invest in
upstream and downstream oil and gas projects.
Oil-rich Iran is the second-largest oil exporter after Saudi Arabia in the
Organisation of Petroleum Exporting Countries. It is also the world's second
largest owner of oil and gas reserves.
He also made a pitch to investors, saying Iran will need 93 bln usd in foreign
investments and more than 43 bln usd in domestic resources by 2014 to boost oil
and gas output.
Iranian oil production is expected to reach 5.3 mln barrels daily by 2014 from
its current level of 4.3 mln barrels per day.
"The country (Iran) cannot meet that level of investment and technology needs
on its on," he said.
Despite United Nations Security Council sanctions on Iran over its refusal to
suspend a uranium enrichment program, Seyed Kazam expressed confidence that Iran
will be able to raise foreign funds.
"No, we are not concerned about the sanctions," he told reporters.
Separately, Iran's state oil company said it will invest in the construction of
an oil refinery in northern Malaysia, part of an ambitious pipeline project to
transport Middle East oil to East Asian countries.
Ghanimi Fard, executive director for international affairs with the National
Iranian Oil Co, said initial discussions are moving smoothly.
"Some works have been done and preliminary discussions have gone very well," he
told reporters at the sidelines of the gathering.
"Crude oil is going to be supplied by the National Iranian Oil Company," said
Fard in the first official confirmation of Iran's participation in the ambitious
project.
Source: Osk Wirenews
中国股市热
中国股市热（二）
【本刊特约吴以伦撰述】经济学泰斗级人物凯恩斯（Keynes，John Maynard，1883-1946）早年从事证券投资时，曾总结了一个“最大笨蛋理论”（Theory of Greater Fool，也称“博傻理论”）。这个理论并不深奥，以艺术品市场为例，人们甚至可以完全不管某件艺术品的真实价值（即使它一文不值），只要预期会有更大的笨蛋会花更高的价格买走，他们就可以高价买下。
在资本市场中也是如此，投机行为的关键在于判断“有没有比自己更大的笨蛋”；只要不是最大的笨蛋，自己就一定是赢家，只是赢多赢少的问题。如果没有一个愿意出更高价格的更大笨蛋来做“下家”，那么自己就成了最大的笨蛋。可以这样说，任何一个投机者信奉的无非是“最大的笨蛋”理论。
中国股市是否已经出现“最大的笨蛋”的问题，许多人都已在关注；用一句大家比较熟悉的话，中国股市是否存在泡沫？
然而，“泡沫”这个概念似乎不见得容易衡量，有一句著名的话：“泡沫”只有等到它破了之后才知道，只有等破了之后才能追认它为“泡沫”。这就好像一个经济再怎么空前发展，也不能称之为“盛世”，因为这个概念不能用在当下，反而只能追认过去某个时段而已。
中国股市曾在上周创下历史新高，但仍没有多少人敢说这就是中国股市的定限，至少负责任的分析师都不会这么说。若说泡沫都能成功预见的话，那泡沫也就不会产生了。
衡量股市泡沫的重要指标
国际上常用来衡量股市泡沫的一个重要指标，就是市盈率（Price Earnings Ratio），它是指公司当时股价与每股盈利的比率。简单的说，就是付出的投资要多少年才能收回，像泰国（平均市盈率）是不到10倍、韩国是11倍、香港不到20倍及马来西亚是18倍。前一阵，许多人认为印度泡沫现象很严重，是亚洲经济当中泡沫最大的，但印度的市盈率其实也就20倍左右。
中国则保持在40至50倍之间，单只个股甚至可以高到一千多倍。如果就简单理解，中国股票的估值已经太贵，甚至是股价太高。股价和盈利相比是太高的情况，如果以市盈率40倍为例，就是说买一只股票需要等待企业分红派息40年，才能把整笔买入股票的钱取回来。
当然，单纯就以市盈率衡量股市的好坏，似乎不见得客观，因为中国似乎有其“独特”的国情存在。从1990年代末开始，中国的企业特别是国有企业，似乎不热衷分红派息。以中国银行为例，虽然其市值占中国股市总市值比例的前列，2006年的全年净利润也超过400亿人民币，但其派息政策是每十股派0.4元，以市价计算大约是0.8%，为银行存款利息的五分之一，如此低的派息造成其市盈率必然会被拉高。
这么低的回报，为什么还有这么多人热衷中国股票？这是因为中国的金融建设还不健全，以寿险为代表的理财产品还不规范，时常产生法律纠纷。在证券市场，基金及债券发展历史尚短，还没有足够的吸引力；银行推出的理财产品也只是在近几年随着境外银行登陆才开始呈现多元化。如果把钱存在银行，除了利息过低之外，还得被扣除利息税。
中国企业这种“高利润低分红”的情况似乎很平常，因为中国经济还在发展，竞争异常激烈，企业希望减少派息甚至不派息让企业持有更多的现金进行市场投资，增加投资新项目，占领市场份额，最终获取更大的利润。这个特点也与“股神”华伦巴菲特（Warren Buffett）的看法“暗合”。
中国低派息政策必将调整
与中国类似的地方还有日本，日本企业的传统就是维持稳定的低派息政策，但随着日本股东要求分享企业财富的呼声大增，越来越多日本企业转向提高派息政策。中国的情况呢？随着对资金流向的多元化、渴望获得股东的认可及同行业的竞争，必然会调整其派息政策。
当下有经济学家拿人类历史上第一起有记载的投机泡沫，17世纪荷兰的“郁金香狂热”来比较，对中国股市可能出现类似局面忧心忡忡。那个时候，有人培育出一种特别的郁金香球茎，其价格也不断上涨，磨房主甚至卖掉了自己的磨房，为的就是一只罕见的郁金香球茎。
从1634年开始，荷兰百业荒废，全国上下都开始为郁金香疯狂。与所有投机泡沫一样，参与的人们最初都实际赚到了钱。由于价钱节节上升，只需低买高卖，买高卖更高；得了甜头后，大家信心大增，倾家荡产地把更多的钱投入郁金香的买卖，希望赚取更多的金钱。
原本旁观的人看到挣钱这么容易，也受不了诱惑，加入到疯狂抢购的队伍中来。与此同时，欧洲各国的投机商也纷纷云集荷兰，参与这一投机狂潮。为了方便郁金香交易，人们干脆在阿姆斯特丹的证券交易所开设固定交易市场；鹿特丹、莱顿等城市随后也开设固定的郁金香交易场所。
在这股狂热到达巅峰时，也就是1636至1637年的那个寒冬，人们不仅买卖已收获的郁金香球茎，还提前买卖1637年将要收获的球茎。球茎的期货市场就这样诞生了。球茎在实际货物交割之前不需实际支付货款，又进一步加剧了郁金香的投机。一直到1637年2月4日，最后一个笨蛋出现，整个因郁金香球茎吹气的泡沫被刺破。
“郁金香狂热”乃历史借鉴
“郁金香狂热”不仅沉重打击了举世闻名的阿姆斯特丹交易所，更使荷兰的经济陷入一片混乱，加速了荷兰由一个强盛的殖民帝国走向衰落的步伐。从17世纪中叶开始，荷兰在欧洲的地位就受到了英国的有力挑战，欧洲繁荣的中心也开始向英吉利海峡彼岸的英国转移。
“郁金香狂热”确实是一个很好的历史借鉴，但“郁金香市场”的交易规模很小，缺少风险抗衡能力，而且其炒作对象与国民经济基本状况毫无关系，品种单一又缺少增长性。股票市场则是与国民经济走势密切相关的市场，上市公司也不像郁金香那样只是一个摆设；只要有足够的规模、有足够多的良好上市公司，只要股民大众对国家政治、经济、社会的发展前景保持足够的信任度，其稳定向上的趋势就不会轻易改变，前一时期的市场正好证明了这个道理。
除了市盈率，还有其他衡量股市是否存在泡沫的方法；比较推崇的是用国家的利率水平和国内生产总值（GDP）增长率作对比。中国2007年第一季度内生产总值增速为11.1%，通货膨胀为3%，两者相加为14%。同期中国利率则明显较低，选取利率中最高的贷款利率也不到7%，与内生产总值增长率相比两者差距近一倍。这不是今年才独有的现象，去年、前年甚至更长的一段时间，中国的情况都是如此。
两者的差距产生了相应的连锁反应，个人或者企业必然会努力寻求借贷融资。由于获取资金的成本不到7%，而可以产生的回报基本可以翻倍，一个理性人必然会选择此方法投资。中国政府也意识到两者之间的差距过大，近几年来一直在缩小两者的差距，控制通货膨胀、抑制经济过热及提高贷款利率，都是常见的政策。
Source: http://www.merdekareview.com/news.php?n=4235
【本刊特约吴以伦撰述】经济学泰斗级人物凯恩斯（Keynes，John Maynard，1883-1946）早年从事证券投资时，曾总结了一个“最大笨蛋理论”（Theory of Greater Fool，也称“博傻理论”）。这个理论并不深奥，以艺术品市场为例，人们甚至可以完全不管某件艺术品的真实价值（即使它一文不值），只要预期会有更大的笨蛋会花更高的价格买走，他们就可以高价买下。
在资本市场中也是如此，投机行为的关键在于判断“有没有比自己更大的笨蛋”；只要不是最大的笨蛋，自己就一定是赢家，只是赢多赢少的问题。如果没有一个愿意出更高价格的更大笨蛋来做“下家”，那么自己就成了最大的笨蛋。可以这样说，任何一个投机者信奉的无非是“最大的笨蛋”理论。
中国股市是否已经出现“最大的笨蛋”的问题，许多人都已在关注；用一句大家比较熟悉的话，中国股市是否存在泡沫？
然而，“泡沫”这个概念似乎不见得容易衡量，有一句著名的话：“泡沫”只有等到它破了之后才知道，只有等破了之后才能追认它为“泡沫”。这就好像一个经济再怎么空前发展，也不能称之为“盛世”，因为这个概念不能用在当下，反而只能追认过去某个时段而已。
中国股市曾在上周创下历史新高，但仍没有多少人敢说这就是中国股市的定限，至少负责任的分析师都不会这么说。若说泡沫都能成功预见的话，那泡沫也就不会产生了。
衡量股市泡沫的重要指标
国际上常用来衡量股市泡沫的一个重要指标，就是市盈率（Price Earnings Ratio），它是指公司当时股价与每股盈利的比率。简单的说，就是付出的投资要多少年才能收回，像泰国（平均市盈率）是不到10倍、韩国是11倍、香港不到20倍及马来西亚是18倍。前一阵，许多人认为印度泡沫现象很严重，是亚洲经济当中泡沫最大的，但印度的市盈率其实也就20倍左右。
中国则保持在40至50倍之间，单只个股甚至可以高到一千多倍。如果就简单理解，中国股票的估值已经太贵，甚至是股价太高。股价和盈利相比是太高的情况，如果以市盈率40倍为例，就是说买一只股票需要等待企业分红派息40年，才能把整笔买入股票的钱取回来。
当然，单纯就以市盈率衡量股市的好坏，似乎不见得客观，因为中国似乎有其“独特”的国情存在。从1990年代末开始，中国的企业特别是国有企业，似乎不热衷分红派息。以中国银行为例，虽然其市值占中国股市总市值比例的前列，2006年的全年净利润也超过400亿人民币，但其派息政策是每十股派0.4元，以市价计算大约是0.8%，为银行存款利息的五分之一，如此低的派息造成其市盈率必然会被拉高。
这么低的回报，为什么还有这么多人热衷中国股票？这是因为中国的金融建设还不健全，以寿险为代表的理财产品还不规范，时常产生法律纠纷。在证券市场，基金及债券发展历史尚短，还没有足够的吸引力；银行推出的理财产品也只是在近几年随着境外银行登陆才开始呈现多元化。如果把钱存在银行，除了利息过低之外，还得被扣除利息税。
中国企业这种“高利润低分红”的情况似乎很平常，因为中国经济还在发展，竞争异常激烈，企业希望减少派息甚至不派息让企业持有更多的现金进行市场投资，增加投资新项目，占领市场份额，最终获取更大的利润。这个特点也与“股神”华伦巴菲特（Warren Buffett）的看法“暗合”。
中国低派息政策必将调整
与中国类似的地方还有日本，日本企业的传统就是维持稳定的低派息政策，但随着日本股东要求分享企业财富的呼声大增，越来越多日本企业转向提高派息政策。中国的情况呢？随着对资金流向的多元化、渴望获得股东的认可及同行业的竞争，必然会调整其派息政策。
当下有经济学家拿人类历史上第一起有记载的投机泡沫，17世纪荷兰的“郁金香狂热”来比较，对中国股市可能出现类似局面忧心忡忡。那个时候，有人培育出一种特别的郁金香球茎，其价格也不断上涨，磨房主甚至卖掉了自己的磨房，为的就是一只罕见的郁金香球茎。
从1634年开始，荷兰百业荒废，全国上下都开始为郁金香疯狂。与所有投机泡沫一样，参与的人们最初都实际赚到了钱。由于价钱节节上升，只需低买高卖，买高卖更高；得了甜头后，大家信心大增，倾家荡产地把更多的钱投入郁金香的买卖，希望赚取更多的金钱。
原本旁观的人看到挣钱这么容易，也受不了诱惑，加入到疯狂抢购的队伍中来。与此同时，欧洲各国的投机商也纷纷云集荷兰，参与这一投机狂潮。为了方便郁金香交易，人们干脆在阿姆斯特丹的证券交易所开设固定交易市场；鹿特丹、莱顿等城市随后也开设固定的郁金香交易场所。
在这股狂热到达巅峰时，也就是1636至1637年的那个寒冬，人们不仅买卖已收获的郁金香球茎，还提前买卖1637年将要收获的球茎。球茎的期货市场就这样诞生了。球茎在实际货物交割之前不需实际支付货款，又进一步加剧了郁金香的投机。一直到1637年2月4日，最后一个笨蛋出现，整个因郁金香球茎吹气的泡沫被刺破。
“郁金香狂热”乃历史借鉴
“郁金香狂热”不仅沉重打击了举世闻名的阿姆斯特丹交易所，更使荷兰的经济陷入一片混乱，加速了荷兰由一个强盛的殖民帝国走向衰落的步伐。从17世纪中叶开始，荷兰在欧洲的地位就受到了英国的有力挑战，欧洲繁荣的中心也开始向英吉利海峡彼岸的英国转移。
“郁金香狂热”确实是一个很好的历史借鉴，但“郁金香市场”的交易规模很小，缺少风险抗衡能力，而且其炒作对象与国民经济基本状况毫无关系，品种单一又缺少增长性。股票市场则是与国民经济走势密切相关的市场，上市公司也不像郁金香那样只是一个摆设；只要有足够的规模、有足够多的良好上市公司，只要股民大众对国家政治、经济、社会的发展前景保持足够的信任度，其稳定向上的趋势就不会轻易改变，前一时期的市场正好证明了这个道理。
除了市盈率，还有其他衡量股市是否存在泡沫的方法；比较推崇的是用国家的利率水平和国内生产总值（GDP）增长率作对比。中国2007年第一季度内生产总值增速为11.1%，通货膨胀为3%，两者相加为14%。同期中国利率则明显较低，选取利率中最高的贷款利率也不到7%，与内生产总值增长率相比两者差距近一倍。这不是今年才独有的现象，去年、前年甚至更长的一段时间，中国的情况都是如此。
两者的差距产生了相应的连锁反应，个人或者企业必然会努力寻求借贷融资。由于获取资金的成本不到7%，而可以产生的回报基本可以翻倍，一个理性人必然会选择此方法投资。中国政府也意识到两者之间的差距过大，近几年来一直在缩小两者的差距，控制通货膨胀、抑制经济过热及提高贷款利率，都是常见的政策。
Source: http://www.merdekareview.com/news.php?n=4235
Sunday, June 10, 2007
Malaysia's MRCB lower on speculation to buy stake in Equine
STOCKWATCH - Malaysia's MRCB lower on speculation to buy stake in Equine
11/06/2007 11:11:00
KUALA LUMPUR (XFN-ASIA) - Malaysian Resources Corp Bhd (MRCB) shares were
lower, bucking the trend in the broader market, on speculation that it will buy
a stake in Equine Capital Bhd, a move that analysts said will add very little to
MRCB's shareholders value.
At 11.09 am, MRCB was down 0.01 rgt or 0.40 pct at 2.50, while Equine was flat
at 3.06 rgt.
The KLCI was up 12.18 points or 0.90 pct at 1,364.57
There is speculation that MRCB will acquire a stake in Equine to participate in
the building of a new airport in Penang.
OSK Research said there is no sense in acquiring a stake in Equine Capital as
it will not add to MRCB's shareholders value as Equine is primarily engaged in
property development and the provision of recreational and equestrian
activities, which is "relatively trivial compared to MRCB's construction job
profile".
In addition, Equine reported a 79 pct drop in net profit to 3.56 mln rgt for
the year to March 2007 on the back of a turnover of 76.5 mln rgt.
"We would be disappointed if MRCB (takes) an equity stake in Equine," OSK
analyst Tursina Yaacob said.
"(However,) we would be comfortable in MRCB's participation in the project
since construction of the new airport in Batu Kawan will add 1.2 bln rgt to the
company's orderbook, bringing total outstanding work to 3 bln rgt," she said.
In addition, the construction of an airport will enhance MRCB's job profile,
increasing its ability to bid for a wider range of projects.
"Assuming a conservative 8 pct margin, the project would add 96 mln rgt to
MRCB's bottomline," she said, but added that she is maintaining her earnings
projections for MRCB until there is confirmation of the acquisition.
OSK has a 'trading buy' recommendation on MRCB, with a 12-month target price of
3.25 rgt.
Source: Osk WireNews
11/06/2007 11:11:00
KUALA LUMPUR (XFN-ASIA) - Malaysian Resources Corp Bhd (MRCB) shares were
lower, bucking the trend in the broader market, on speculation that it will buy
a stake in Equine Capital Bhd, a move that analysts said will add very little to
MRCB's shareholders value.
At 11.09 am, MRCB was down 0.01 rgt or 0.40 pct at 2.50, while Equine was flat
at 3.06 rgt.
The KLCI was up 12.18 points or 0.90 pct at 1,364.57
There is speculation that MRCB will acquire a stake in Equine to participate in
the building of a new airport in Penang.
OSK Research said there is no sense in acquiring a stake in Equine Capital as
it will not add to MRCB's shareholders value as Equine is primarily engaged in
property development and the provision of recreational and equestrian
activities, which is "relatively trivial compared to MRCB's construction job
profile".
In addition, Equine reported a 79 pct drop in net profit to 3.56 mln rgt for
the year to March 2007 on the back of a turnover of 76.5 mln rgt.
"We would be disappointed if MRCB (takes) an equity stake in Equine," OSK
analyst Tursina Yaacob said.
"(However,) we would be comfortable in MRCB's participation in the project
since construction of the new airport in Batu Kawan will add 1.2 bln rgt to the
company's orderbook, bringing total outstanding work to 3 bln rgt," she said.
In addition, the construction of an airport will enhance MRCB's job profile,
increasing its ability to bid for a wider range of projects.
"Assuming a conservative 8 pct margin, the project would add 96 mln rgt to
MRCB's bottomline," she said, but added that she is maintaining her earnings
projections for MRCB until there is confirmation of the acquisition.
OSK has a 'trading buy' recommendation on MRCB, with a 12-month target price of
3.25 rgt.
Source: Osk WireNews
Thursday, June 7, 2007
Malaysia's Time dotcom sees return to profitability by 2009 - report
Malaysia's Time dotcom sees return to profitability by 2009 - report
07/06/2007 18:03:00
KUALA LUMPUR (XFN-ASIA) - Time dotcom Bhd expects to return to profitability by
2009 as its restructuring exercise is progressing well, the Bernama news agency
reported, citing managing director Baharum Salleh.
Time reported a pretax loss of 177.1 mln rgt for financial year 2006, against a
loss of 237.9 mln rgt in 2005, according to the report.
"Based on our plan, improvement in numbers will start by the third or fourth
quarter this year while profitability is expected within three years," said
Baharum.
"We have done several market engagements which will give us revenue and from
the third quarter onwards, hopefully the result will be much better from the
previous quarter," he added.
The company will allocate some 134 mln rgt for capital expenditure this year,
up from 44 mln rgt a year ago.
The funds will be utilised to upgrade its existing fibre-optic network to an
internet protocol-based network, said Baharum.
Baharum also said that Time is currently in talks with several parties to roll
out its 3G services.
"We are in discussions with several companies on the content, network and
connectivity," he said, adding that the service will be launched in the "most
economical way" but in tandem with market demand.
Source: Osk Wirenews
07/06/2007 18:03:00
KUALA LUMPUR (XFN-ASIA) - Time dotcom Bhd expects to return to profitability by
2009 as its restructuring exercise is progressing well, the Bernama news agency
reported, citing managing director Baharum Salleh.
Time reported a pretax loss of 177.1 mln rgt for financial year 2006, against a
loss of 237.9 mln rgt in 2005, according to the report.
"Based on our plan, improvement in numbers will start by the third or fourth
quarter this year while profitability is expected within three years," said
Baharum.
"We have done several market engagements which will give us revenue and from
the third quarter onwards, hopefully the result will be much better from the
previous quarter," he added.
The company will allocate some 134 mln rgt for capital expenditure this year,
up from 44 mln rgt a year ago.
The funds will be utilised to upgrade its existing fibre-optic network to an
internet protocol-based network, said Baharum.
Baharum also said that Time is currently in talks with several parties to roll
out its 3G services.
"We are in discussions with several companies on the content, network and
connectivity," he said, adding that the service will be launched in the "most
economical way" but in tandem with market demand.
Source: Osk Wirenews
Stocks Fall As Yields Climb
Stocks Fall As Yields Climb
Thursday June 7, 1:08 pm ET
By Madlen Read, AP Business Writer
Stocks Fall After 10-Year Yield Passes 5 Percent; Dow Falls More Than 100 Points
NEW YORK (AP) -- Wall Street fell sharply for a third straight session Thursday after rising bond yields stoked concerns that an interest rate cut later in the year is less likely. The Dow Jones industrials fell more than 100 points and the S&P 500 index hovered near the 1,500 mark.
Source: http://biz.yahoo.com/ap/070607/wall_street.html?.v=37
Thursday June 7, 1:08 pm ET
By Madlen Read, AP Business Writer
Stocks Fall After 10-Year Yield Passes 5 Percent; Dow Falls More Than 100 Points
NEW YORK (AP) -- Wall Street fell sharply for a third straight session Thursday after rising bond yields stoked concerns that an interest rate cut later in the year is less likely. The Dow Jones industrials fell more than 100 points and the S&P 500 index hovered near the 1,500 mark.
Source: http://biz.yahoo.com/ap/070607/wall_street.html?.v=37
10-Year Treasury Yield Passes 5 Percent
10-Year Treasury Yield Passes 5 Percent
Thursday June 7, 10:45 am ET
By Madlen Read, AP Business Writer
10-Year Treasury Note Yield Rises Above 5 Percent; Could Keep Lifting Mortgage Rates
NEW YORK (AP) -- The yield on the Treasury's 10-year note passed 5 percent Thursday, hitting a 10-month high as investors see their hopes for an interest rate cut evaporating.
The 10-year yield broke through 5 percent mark overnight and rose as high as 5.07 percent in mid-morning trading in New York, reaching its highest point since late July. U.S. bond markets were following a trend toward lower prices and higher yields in trading abroad.
Source: http://biz.yahoo.com/ap/070607/10_year_yield.html?.v=7
Thursday June 7, 10:45 am ET
By Madlen Read, AP Business Writer
10-Year Treasury Note Yield Rises Above 5 Percent; Could Keep Lifting Mortgage Rates
NEW YORK (AP) -- The yield on the Treasury's 10-year note passed 5 percent Thursday, hitting a 10-month high as investors see their hopes for an interest rate cut evaporating.
The 10-year yield broke through 5 percent mark overnight and rose as high as 5.07 percent in mid-morning trading in New York, reaching its highest point since late July. U.S. bond markets were following a trend toward lower prices and higher yields in trading abroad.
Source: http://biz.yahoo.com/ap/070607/10_year_yield.html?.v=7
Stocks Fall After 10-Year Yield Climbs
Stocks Fall After 10-Year Yield Climbs
Thursday June 7, 12:31 pm ET
By Madlen Read, AP Business Writer
Stocks Fall After 10-Year Yield Passes 5 Percent, Retailers Report Tepid Sales
NEW YORK (AP) -- Stocks fell for a third straight session Thursday after rising bond yields stoked concerns that an interest rate cut later in the year is less likely.
The 10-year Treasury note's yield surpassed 5 percent in overnight trading. With rates rising in the market, the Federal Reserve is expected to be less inclined to cut short-term interest rates. And a dip in applications for unemployment benefits last week, which indicates a healthy labor market, also made a rate cut seem less likely.
Source: http://biz.yahoo.com/ap/070607/wall_street.html?.v=35
Thursday June 7, 12:31 pm ET
By Madlen Read, AP Business Writer
Stocks Fall After 10-Year Yield Passes 5 Percent, Retailers Report Tepid Sales
NEW YORK (AP) -- Stocks fell for a third straight session Thursday after rising bond yields stoked concerns that an interest rate cut later in the year is less likely.
The 10-year Treasury note's yield surpassed 5 percent in overnight trading. With rates rising in the market, the Federal Reserve is expected to be less inclined to cut short-term interest rates. And a dip in applications for unemployment benefits last week, which indicates a healthy labor market, also made a rate cut seem less likely.
Source: http://biz.yahoo.com/ap/070607/wall_street.html?.v=35
Wednesday, June 6, 2007
首相再婚
即時新聞更新: June 6, 2007 13:36
首相再婚
（吉隆坡6日訊）首相拿督斯里阿都拉結婚了！
首相辦公室今日發表文告宣布，首相將于週六（9日）與管家珍妮阿都拉（Jeanne）共結連理，婚禮在首相官邸舉行，只邀近親出席。
新娘子今年54歲，1953年7月29日生于吉隆坡，在八打靈再也阿松大高中受教育。擁有豐富酒店行政管理經驗，曾管理多家著名酒店，包括希爾頓和泛太平洋酒店。
來自4名孩子家庭的珍妮，是家中長女，曾任副首相官邸管家和首相官邸經理，即阿都拉的管家。
珍妮和已故前夫育有兩名孩子，分別是納帝雅和納汀。
有關首相再婚消息早在3月份傳開，在回應記者提問時，伯拉只說“謠言，只是謠言”。
首相生于1939年11月26日，現年68歲。首相夫人拿汀斯里恩頓于2005年10月20日清晨7時55分，不敵乳癌病魔，在布城官邸病逝，享年64歲。
Source: ChinaPress malaysia :http://www.chinapress.com.my/breaking_new.asp?a=0607bkg01.txt
首相再婚
（吉隆坡6日訊）首相拿督斯里阿都拉結婚了！
首相辦公室今日發表文告宣布，首相將于週六（9日）與管家珍妮阿都拉（Jeanne）共結連理，婚禮在首相官邸舉行，只邀近親出席。
新娘子今年54歲，1953年7月29日生于吉隆坡，在八打靈再也阿松大高中受教育。擁有豐富酒店行政管理經驗，曾管理多家著名酒店，包括希爾頓和泛太平洋酒店。
來自4名孩子家庭的珍妮，是家中長女，曾任副首相官邸管家和首相官邸經理，即阿都拉的管家。
珍妮和已故前夫育有兩名孩子，分別是納帝雅和納汀。
有關首相再婚消息早在3月份傳開，在回應記者提問時，伯拉只說“謠言，只是謠言”。
首相生于1939年11月26日，現年68歲。首相夫人拿汀斯里恩頓于2005年10月20日清晨7時55分，不敵乳癌病魔，在布城官邸病逝，享年64歲。
Source: ChinaPress malaysia :http://www.chinapress.com.my/breaking_new.asp?a=0607bkg01.txt
Malaysia detects new outbreak of bird flu
Malaysia detects new outbreak of bird flu
06/06/2007 17:17:00
KUALA LUMPUR (XFN-ASIA) - A new outbreak of the deadly H5N1 strain of bird flu
has been detected among poultry in a village on the outskirts of the capital,
Kamarudin Mohammed Isa, head of the disease control section at the Department
of Veterinary Services, said.
He said the virus was confirmed late Tuesday night in chickens in the Sungai
Buloh area.
"We just confirmed it last night. We will implement standard procedures. We
will cull birds within a one kilometre radius from the index cases," he told
Agence France-Presse.
He said authorities are expected to start killing about 2,000 chickens in the
village and surrounding area later today.
Malaysia suffered outbreaks of avian influenza among poultry in early 2006, but
there were no human cases and the nation declared itself free of the disease
last June.
Source: OSK Wirenews
06/06/2007 17:17:00
KUALA LUMPUR (XFN-ASIA) - A new outbreak of the deadly H5N1 strain of bird flu
has been detected among poultry in a village on the outskirts of the capital,
Kamarudin Mohammed Isa, head of the disease control section at the Department
of Veterinary Services, said.
He said the virus was confirmed late Tuesday night in chickens in the Sungai
Buloh area.
"We just confirmed it last night. We will implement standard procedures. We
will cull birds within a one kilometre radius from the index cases," he told
Agence France-Presse.
He said authorities are expected to start killing about 2,000 chickens in the
village and surrounding area later today.
Malaysia suffered outbreaks of avian influenza among poultry in early 2006, but
there were no human cases and the nation declared itself free of the disease
last June.
Source: OSK Wirenews
Tuesday, June 5, 2007
Malaysia's central bank seen cutting key rate by 50 basis pts by year-end
Malaysia's central bank seen cutting key rate by 50 basis pts by year-end - ING
05/06/2007 15:20:00
KUALA LUMPUR (XFN-ASIA) - ING Research chief economist for Asia Tim Condon said
he expects Bank Negara to cut its key rate by 50 basis points by the end of the
year, bringing its policy rate to 3 pct and set the floor for government bond
yields.
He said Malaysian exports are performing dismally and a policy change is only a
matter of time.
"We recently revised our forecast for Bank Negara Malaysia policy rate cuts. We
had forecast the central bank remaining on hold all year but we now expect 50
basis points of rate cuts by the end of the year," it added.
Condon said in a report that Bank Negara has always stated its policy of
managing the ringgit to promote exchange rate stability against the currencies
of its main trading partners.
"Singapore is Malaysia's second largest trading partner after the US so Bank
Negara pays close attention to what the Monetary Authority of Singapore does in
managing the Singapore dollar trade-weighted index," it said.
"We note that since March the Singapore dollar has depreciated slightly against
the US dollar," it said, adding that Bank Negara's policy of "heavy
intervention and grudging accommodation of ringgit appreciation pressure" has
caused the ringgit to appreciate against the Singapore dollar.
ING said it has also cut its 10-year government bond yield forecast to 3.00 pct
from 3.50 pct. The yield is currently at 3.10 pct.
Source: OSK Wirenews
05/06/2007 15:20:00
KUALA LUMPUR (XFN-ASIA) - ING Research chief economist for Asia Tim Condon said
he expects Bank Negara to cut its key rate by 50 basis points by the end of the
year, bringing its policy rate to 3 pct and set the floor for government bond
yields.
He said Malaysian exports are performing dismally and a policy change is only a
matter of time.
"We recently revised our forecast for Bank Negara Malaysia policy rate cuts. We
had forecast the central bank remaining on hold all year but we now expect 50
basis points of rate cuts by the end of the year," it added.
Condon said in a report that Bank Negara has always stated its policy of
managing the ringgit to promote exchange rate stability against the currencies
of its main trading partners.
"Singapore is Malaysia's second largest trading partner after the US so Bank
Negara pays close attention to what the Monetary Authority of Singapore does in
managing the Singapore dollar trade-weighted index," it said.
"We note that since March the Singapore dollar has depreciated slightly against
the US dollar," it said, adding that Bank Negara's policy of "heavy
intervention and grudging accommodation of ringgit appreciation pressure" has
caused the ringgit to appreciate against the Singapore dollar.
ING said it has also cut its 10-year government bond yield forecast to 3.00 pct
from 3.50 pct. The yield is currently at 3.10 pct.
Source: OSK Wirenews
Friday, June 1, 2007
Dow, S&P 500 Hit Record Highs on Data
Dow, S&P 500 Hit Record Highs on Data
Friday June 1, 7:58 pm ET
By Tim Paradis, AP Business Writer
Stocks Finish Higher After Manufacturing, Jobs Data; Dow, S&P Set Records
NEW YORK (AP) -- Wall Street carved out a solid advance Friday after data on job creation, manufacturing and inflation injected the market with renewed confidence about the economy and sent major indexes to record closes.
ADVERTISEMENT
The Standard & Poor's 500 index was the biggest gainer among the major indicators and moved toward its all-time trading high.
Investors found reason for optimism in a stronger-than-expected jobs report for May. Nonfarm payrolls rose by 157,000 last month, a larger increase than in April and more than analysts anticipated. The unemployment rate held steady at 4.5 percent, as forecast, according to the Labor Department report.
The economic picture appeared brighter still following a lower reading on inflation from the Commerce Department and data from the Institute for Supply Management's May survey, which indicated that the manufacturing sector was strengthening.
Investors have been trying to glean from recent economic data any clues about the state of the economy and the direction of interest rates. The market hopes a slowing economy will prompt the Federal Reserve to lower rates, something the Fed is loath to do if inflation remains defiantly above the central bank's target. The job figures Friday pleased Wall Street, however, because they showed growth without an attendant rise in wage inflation
Source: http://biz.yahoo.com/ap/070601/wall_street.html?.v=58
Friday June 1, 7:58 pm ET
By Tim Paradis, AP Business Writer
Stocks Finish Higher After Manufacturing, Jobs Data; Dow, S&P Set Records
NEW YORK (AP) -- Wall Street carved out a solid advance Friday after data on job creation, manufacturing and inflation injected the market with renewed confidence about the economy and sent major indexes to record closes.
ADVERTISEMENT
The Standard & Poor's 500 index was the biggest gainer among the major indicators and moved toward its all-time trading high.
Investors found reason for optimism in a stronger-than-expected jobs report for May. Nonfarm payrolls rose by 157,000 last month, a larger increase than in April and more than analysts anticipated. The unemployment rate held steady at 4.5 percent, as forecast, according to the Labor Department report.
The economic picture appeared brighter still following a lower reading on inflation from the Commerce Department and data from the Institute for Supply Management's May survey, which indicated that the manufacturing sector was strengthening.
Investors have been trying to glean from recent economic data any clues about the state of the economy and the direction of interest rates. The market hopes a slowing economy will prompt the Federal Reserve to lower rates, something the Fed is loath to do if inflation remains defiantly above the central bank's target. The job figures Friday pleased Wall Street, however, because they showed growth without an attendant rise in wage inflation
Source: http://biz.yahoo.com/ap/070601/wall_street.html?.v=58
Malaysia's Khazanah net worth up 86.8 pct to 62.2 bln rgt in three years
Malaysia's Khazanah net worth up 86.8 pct to 62.2 bln rgt in three years
01/06/2007 19:03:00
KUALA LUMPUR (XFN-ASIA) - Khazanah Nasional Bhd said its net worth has
increased by 28.9 bln rgt or 86.8 pct from 33.3 bln to 62.2 bln rgt over the
past three years.
In a statement, the government investment firm said its investment portfolio
has also grown by 74.3 pct from 50.9 bln rgt to 88.8 bln.
It said 28 major investments were made during the period amounting to 21.1 bln
rgt, on which returns of 8.9 bln rgt or 42.4 pct have been achieved during the
holding period to-date.
Of the total, 16 major domestic investments of 15.2 bln rgt and 12 foreign
investments of 5.8 bln rgt were made.
Khazanah said its revised net tangible asset to liability ratio has risen to
3.3 times from the previous 2.9 times.
On the restructuring of legacy investments, it said eight out of the 11
government-linked companies (GLCs) identified for restructuring have been
successfully restructured.
The eight companies are Malaysia Airlines, RHB Bank, Silterra, MTDC, UDA
Holdings, Northern Utility, CCT and Tradewinds, it said.
Meanwhile, works on the three firms that are still pending resolution namely,
Proton, Malaysia Airports and Time dotcom, are currently ongoing, it added.
"Financial and operational progress on GLCs have been very encouraging with,
among other indicators, the market capitalisation of the 47 listed GLCs
increasing 143 bln rgt over the last three years, and outperforming the broader
KLCI," said Khazanah in the statement.
Separately, Khazanah managing director Azman Mokhtar reiterated that Khazanah
is committed to gradually cutting down its holdings in GLCs.
"We want to do it in an orderly fashion and to be in line with our financial
objectives," said Azman.
Source: Osk Wirenews
01/06/2007 19:03:00
KUALA LUMPUR (XFN-ASIA) - Khazanah Nasional Bhd said its net worth has
increased by 28.9 bln rgt or 86.8 pct from 33.3 bln to 62.2 bln rgt over the
past three years.
In a statement, the government investment firm said its investment portfolio
has also grown by 74.3 pct from 50.9 bln rgt to 88.8 bln.
It said 28 major investments were made during the period amounting to 21.1 bln
rgt, on which returns of 8.9 bln rgt or 42.4 pct have been achieved during the
holding period to-date.
Of the total, 16 major domestic investments of 15.2 bln rgt and 12 foreign
investments of 5.8 bln rgt were made.
Khazanah said its revised net tangible asset to liability ratio has risen to
3.3 times from the previous 2.9 times.
On the restructuring of legacy investments, it said eight out of the 11
government-linked companies (GLCs) identified for restructuring have been
successfully restructured.
The eight companies are Malaysia Airlines, RHB Bank, Silterra, MTDC, UDA
Holdings, Northern Utility, CCT and Tradewinds, it said.
Meanwhile, works on the three firms that are still pending resolution namely,
Proton, Malaysia Airports and Time dotcom, are currently ongoing, it added.
"Financial and operational progress on GLCs have been very encouraging with,
among other indicators, the market capitalisation of the 47 listed GLCs
increasing 143 bln rgt over the last three years, and outperforming the broader
KLCI," said Khazanah in the statement.
Separately, Khazanah managing director Azman Mokhtar reiterated that Khazanah
is committed to gradually cutting down its holdings in GLCs.
"We want to do it in an orderly fashion and to be in line with our financial
objectives," said Azman.
Source: Osk Wirenews
Malaysia's Southern Bank end-2005 net assets overstated by 160 mln rgt
Malaysia's Southern Bank end-2005 net assets overstated by 160 mln rgt
01/06/2007 19:14:00
KUALA LUMPUR (XFN-ASIA) - Bumiputra-Commerce Holdings Bhd said
PricewaterhouseCoopers (PwC) have completed their review of Southern Bank Bhd's
audited financial statements for 2005 and it is estimated that Southern Bank's
net assets as of end-2005 had been overstated by about 160 mln rgt.
In a stock exchange filing, the company said PwC has confirmed that, in their
opinion, there were indeed inappropriate accounting treatments of certain
transactions reported in Southern Bank's financial statements for 2005.
These accounting treatments relate to inappropriately valuing certain
derivative financial instruments entered into by Southern Bank, among others, it
said.
The overstatement of 160 mln rgt is approximately 2.4 pct of the purchase
consideration of 6.7 bln rgt paid by Bumiputra-Commerce for Southern Bank, said
the banking group.
It added that PwC has confirmed that these inappropriate accounting treatments
have all been corrected as at end-June 2006 in Bumiputra-Commerce's books and
that no further amendments or corrections are required.
Source: Osk Wirenews
01/06/2007 19:14:00
KUALA LUMPUR (XFN-ASIA) - Bumiputra-Commerce Holdings Bhd said
PricewaterhouseCoopers (PwC) have completed their review of Southern Bank Bhd's
audited financial statements for 2005 and it is estimated that Southern Bank's
net assets as of end-2005 had been overstated by about 160 mln rgt.
In a stock exchange filing, the company said PwC has confirmed that, in their
opinion, there were indeed inappropriate accounting treatments of certain
transactions reported in Southern Bank's financial statements for 2005.
These accounting treatments relate to inappropriately valuing certain
derivative financial instruments entered into by Southern Bank, among others, it
said.
The overstatement of 160 mln rgt is approximately 2.4 pct of the purchase
consideration of 6.7 bln rgt paid by Bumiputra-Commerce for Southern Bank, said
the banking group.
It added that PwC has confirmed that these inappropriate accounting treatments
have all been corrected as at end-June 2006 in Bumiputra-Commerce's books and
that no further amendments or corrections are required.
Source: Osk Wirenews
Malaysia Airports, Time dotcom, Proton revamp by year-end - Khazanah
Malaysia Airports, Time dotcom, Proton revamp by year-end - Khazanah
01/06/2007 18:28:00
KUALA LUMPUR (XFN-ASIA) - Government investment firm Khazanah Nasional Bhd said
the three government-linked companies that have not been successfully
restructured to-date, namely Proton, Malaysia Airports and Time dotcom, will
have to resolve their respective revamps before the end of the year.
Khazanah managing director Azman Mokhtar said he wants the companies
restructured before the end of the year, if not sooner.
Commenting on Time dotcom's restructuring, Azman said the financially-troubled
firm is "a very challenging asset."
"It has been speculated and we confirm that there has been interest shown (by
interested parties) in buying Time dotcom's 3G assets," Azman said, adding that
Khazanah will study all the options available including the sale of Time
dotcom's telecommunications assets, the 3G license and stakes in the company.
He, however, declined to identify the parties that have expressed their
interests in Time dotcom.
Meanwhile, Azman said Malaysia Airports is still waiting for the government's
approval with regards to its restructuring.
He said the government has been very supportive and a decision is expected to
be made soon.
Source: osk wirenews
01/06/2007 18:28:00
KUALA LUMPUR (XFN-ASIA) - Government investment firm Khazanah Nasional Bhd said
the three government-linked companies that have not been successfully
restructured to-date, namely Proton, Malaysia Airports and Time dotcom, will
have to resolve their respective revamps before the end of the year.
Khazanah managing director Azman Mokhtar said he wants the companies
restructured before the end of the year, if not sooner.
Commenting on Time dotcom's restructuring, Azman said the financially-troubled
firm is "a very challenging asset."
"It has been speculated and we confirm that there has been interest shown (by
interested parties) in buying Time dotcom's 3G assets," Azman said, adding that
Khazanah will study all the options available including the sale of Time
dotcom's telecommunications assets, the 3G license and stakes in the company.
He, however, declined to identify the parties that have expressed their
interests in Time dotcom.
Meanwhile, Azman said Malaysia Airports is still waiting for the government's
approval with regards to its restructuring.
He said the government has been very supportive and a decision is expected to
be made soon.
Source: osk wirenews
Kuala Lumpur shares end morning higher on follow-through interest
Kuala Lumpur shares end morning higher on follow-through interest - UPDATE
01/06/2007 12:56:00
KUALA LUMPUR (XFN-ASIA) - Share prices ended the morning higher on
follow-through interest in major blue-chips but volume remained thin which
suggests that the upward momentum may not be sustainable, dealers said.
The Kuala Lumpur Composite Index (KLCI) was up 10.50 points or 0.78 pct at
1,357.39.
The FTSE Bursa Malaysia 30-large cap index gained 63.37 points or 0.73 pct to
8,696.81 and the second board index added 0.37 point or 0.37 pct to 100.90.
Gainers led losers 435 to 258, with 266 counters unchanged and 374 stocks
untraded.
Trading volume was 429.481 mln shares, valued at 808.363 mln rgt.
Analysts said the market's near-term outlook remains "tricky" as there is no
clear signal of a breakout on either side.
"On the surface, the market is trading firmer, but the thin volume may indicate
that sentiment is still pretty negative, as most of the investors are still
waiting on the sidelines," said a technical analyst from a local brokerage.
"To be cautious is still the better strategy for now. Only if the KLCI manages
to surpass 1,368 points, then we can consider this as a breakout and provide
investors a good excuse to jump in," he added.
Investors should also watch out for external shocks such as a collapse in
China's stock markets, the analyst said.
Index heavyweights ended the morning session higher, with Telekom Malaysia
rising 0.10 rgt or 0.96 pct to 10.50, Tenaga adding 0.10 rgt or 0.85 pct to
11.80 and Maybank up 0.20 rgt or 1.65 pct at 12.30.
Newly-listed Deleum topped the gainers list, rising 1.47 rgt or 57.65 pct to
4.02, against its initial public offering price of 2.55.
Plantation major IOI Corp advanced 0.50 rgt or 1.82 pct to 28.00, leisure group
Tanjong gained 0.40 rgt or 2.21 pct to 18.50, state-owned Petronas Dagangan rose
0.40 rgt or 4.30 pct to 9.70 and gaming group Genting was up 0.35 rgt or 4.43
pct at 8.25.
Transmile failed to recover from its earlier losses after it hit limit down in
the session with analyst expecting the shares to fall further in the afternoon
session. Transmile ended the morning down 2.65 rgt or 29.78 pct at 6.25.
Proton was down 0.05 rgt or 0.93 pct at 5.30 as investor sentiment was hit by
news that Volkswagen AG has walked away from a possible tie-up and the firm
posted a net loss of 591 mln rgt for the year to March 2007.
Second Finance Minister Nor Mohamed Yakcop said the government will name a new
partner for the national carmaker in three months following the latest
development.
Pos Malaysia added 0.12 rgt or 2.88 pct to 4.28, riding on the broader market's
strength, after opening lower on concern over the possible impact of accounting
irregularities at Transmile Group Bhd, in which it holds a stake.
At the close, the ringgit was quoted at 3.3990/34005 against the dollar.
Three-month interbank rates were quoted at 3.55/57.
Source: Osk WireNews
01/06/2007 12:56:00
KUALA LUMPUR (XFN-ASIA) - Share prices ended the morning higher on
follow-through interest in major blue-chips but volume remained thin which
suggests that the upward momentum may not be sustainable, dealers said.
The Kuala Lumpur Composite Index (KLCI) was up 10.50 points or 0.78 pct at
1,357.39.
The FTSE Bursa Malaysia 30-large cap index gained 63.37 points or 0.73 pct to
8,696.81 and the second board index added 0.37 point or 0.37 pct to 100.90.
Gainers led losers 435 to 258, with 266 counters unchanged and 374 stocks
untraded.
Trading volume was 429.481 mln shares, valued at 808.363 mln rgt.
Analysts said the market's near-term outlook remains "tricky" as there is no
clear signal of a breakout on either side.
"On the surface, the market is trading firmer, but the thin volume may indicate
that sentiment is still pretty negative, as most of the investors are still
waiting on the sidelines," said a technical analyst from a local brokerage.
"To be cautious is still the better strategy for now. Only if the KLCI manages
to surpass 1,368 points, then we can consider this as a breakout and provide
investors a good excuse to jump in," he added.
Investors should also watch out for external shocks such as a collapse in
China's stock markets, the analyst said.
Index heavyweights ended the morning session higher, with Telekom Malaysia
rising 0.10 rgt or 0.96 pct to 10.50, Tenaga adding 0.10 rgt or 0.85 pct to
11.80 and Maybank up 0.20 rgt or 1.65 pct at 12.30.
Newly-listed Deleum topped the gainers list, rising 1.47 rgt or 57.65 pct to
4.02, against its initial public offering price of 2.55.
Plantation major IOI Corp advanced 0.50 rgt or 1.82 pct to 28.00, leisure group
Tanjong gained 0.40 rgt or 2.21 pct to 18.50, state-owned Petronas Dagangan rose
0.40 rgt or 4.30 pct to 9.70 and gaming group Genting was up 0.35 rgt or 4.43
pct at 8.25.
Transmile failed to recover from its earlier losses after it hit limit down in
the session with analyst expecting the shares to fall further in the afternoon
session. Transmile ended the morning down 2.65 rgt or 29.78 pct at 6.25.
Proton was down 0.05 rgt or 0.93 pct at 5.30 as investor sentiment was hit by
news that Volkswagen AG has walked away from a possible tie-up and the firm
posted a net loss of 591 mln rgt for the year to March 2007.
Second Finance Minister Nor Mohamed Yakcop said the government will name a new
partner for the national carmaker in three months following the latest
development.
Pos Malaysia added 0.12 rgt or 2.88 pct to 4.28, riding on the broader market's
strength, after opening lower on concern over the possible impact of accounting
irregularities at Transmile Group Bhd, in which it holds a stake.
At the close, the ringgit was quoted at 3.3990/34005 against the dollar.
Three-month interbank rates were quoted at 3.55/57.
Source: Osk WireNews
Thursday, May 31, 2007
Sinchew
馬股全面揚升
綜指閉市漲8點 推薦給朋友 列印
updated:2007-05-31 17:41:15 MYT
（吉隆坡訊）美國聯儲局會議記錄緩和投資者對美國經濟的憂慮，加上大馬首季國內生產總值超出預期，馬股也隨亞股“棄中就美”全面揚升。
綜合指數起7.71點，閉市掛1346.89；全富時股項指數揚升81.80，掛5950.20；第二板指數漲0.47點，以100.53掛休。
上升股539隻，跌價股271隻，294隻股股價維持不變，另外290隻股未有交易，36隻股暫停交易。
成交量7億6298萬8000股，總值19億9300萬令吉。
Source: http://biz.sinchew-i.com/content.phtml?sec=2&artid=200705311660
綜指閉市漲8點 推薦給朋友 列印
updated:2007-05-31 17:41:15 MYT
（吉隆坡訊）美國聯儲局會議記錄緩和投資者對美國經濟的憂慮，加上大馬首季國內生產總值超出預期，馬股也隨亞股“棄中就美”全面揚升。
綜合指數起7.71點，閉市掛1346.89；全富時股項指數揚升81.80，掛5950.20；第二板指數漲0.47點，以100.53掛休。
上升股539隻，跌價股271隻，294隻股股價維持不變，另外290隻股未有交易，36隻股暫停交易。
成交量7億6298萬8000股，總值19億9300萬令吉。
Source: http://biz.sinchew-i.com/content.phtml?sec=2&artid=200705311660
Kuala Lumpur shares close higher in line with strong regional gains
Kuala Lumpur shares close higher in line with strong regional gains - UPDATE
31/05/2007 17:32:00
KUALA LUMPUR (XFN-ASIA) - Share prices closed higher, rebounding from its
earlier sluggishness, as the local bourse played catch-up with the strong
performances in regional markets, dealers said.
The Kuala Lumpur Composite Index (KLCI) closed up 7.71 points or 0.58 pct at
1,346.89, off a high of 1,350.46 and a low of 1,338.40.
The FTSE Bursa Malaysia 30-large cap index gained 82.11 points or 0.96 pct to
8,649.16 and the second board index added 0.47 point or 0.47 pct to 100.53.
Gainers led losers 539 to 271, with 294 stocks unchanged and 228 counters
untraded.
Trading volume was 762.988 mln shares, valued at 1.993 bln rgt.
Analysts said the market recovered from yesterday's weakness on the back of
Wall Street's rebound overnight.
"Trading momentum was weak throughout the day before the key index spiked up in
the last hour of trading, when the local bourse tried to pull away on the back
of the regional strength," said an investment analyst from a local brokerage.
On the market's near-term outlook, the analyst said he expects the sideways
trading to continue for now.
"The risk has certainly increased and the market's future direction will very
much depend on developments on the external front," he added.
SJ Securities technical analyst Phua Kwee Hock agreed that the key index is
likely to be stuck in rangebound trade for a couple of months and that he sees
the 2008 budget, to be unveiled only in the third quarter, as the next major
catalyst to lift the market.
Index heavyweights finished the day mostly higher, with Telekom Malaysia adding
0.20 rgt or 1.96 pct to 10.40, Tenaga gaining 0.20 rgt or 1.74 pct to 11.70 and
Maybank was steady at 12.10.
Petra Perdana rose 0.04 rgt or 1.10 pct to 3.66 after the firm reported strong
first quarter to March results boosted by two one-off items.
SP Setia jumped 0.35 rgt or 4.35 pct to 8.40 after it proposed to acquire a
piece of freehold land in the prestigious Bukit Tunku residential area for 73.9
mln rgt in cash from Tenaga Nasional.
IJM Plantations was higher after its fourth quarter to March net profit surged
to 8.940 mln rgt against 4.024 mln a year earlier, rising 0.08 rgt or 3.86 pct
to 2.15.
BIMB Holdings advanced 0.01 rgt or 0.84 pct to 1.20 as its third quarter to
March results swung to a net profit of 36.469 mln rgt, against a loss 84.875 mln
a year earlier.
Zelan topped the gainers list after the power plant construction company said
it is negotiating to buy key stakes in power assets in India, Indonesia and the
Middle East. The stock was up 0.40 rgt or 3.28 pct at 12.60.
As for losers, Sime Darby fell after the company reported its third quarter to
March results, with operating profit falling slightly due to its weak automotive
division. It finished the day down 0.20 rgt or 1.96 pct to 10.00.
Three-month interbank rates were quoted at 3.55/57 and the overnight rates were
at 3.47/50.
At the close, the ringgit was quoted at 3.3975/4025 against the dollar.
Source: Osk Wirenews
31/05/2007 17:32:00
KUALA LUMPUR (XFN-ASIA) - Share prices closed higher, rebounding from its
earlier sluggishness, as the local bourse played catch-up with the strong
performances in regional markets, dealers said.
The Kuala Lumpur Composite Index (KLCI) closed up 7.71 points or 0.58 pct at
1,346.89, off a high of 1,350.46 and a low of 1,338.40.
The FTSE Bursa Malaysia 30-large cap index gained 82.11 points or 0.96 pct to
8,649.16 and the second board index added 0.47 point or 0.47 pct to 100.53.
Gainers led losers 539 to 271, with 294 stocks unchanged and 228 counters
untraded.
Trading volume was 762.988 mln shares, valued at 1.993 bln rgt.
Analysts said the market recovered from yesterday's weakness on the back of
Wall Street's rebound overnight.
"Trading momentum was weak throughout the day before the key index spiked up in
the last hour of trading, when the local bourse tried to pull away on the back
of the regional strength," said an investment analyst from a local brokerage.
On the market's near-term outlook, the analyst said he expects the sideways
trading to continue for now.
"The risk has certainly increased and the market's future direction will very
much depend on developments on the external front," he added.
SJ Securities technical analyst Phua Kwee Hock agreed that the key index is
likely to be stuck in rangebound trade for a couple of months and that he sees
the 2008 budget, to be unveiled only in the third quarter, as the next major
catalyst to lift the market.
Index heavyweights finished the day mostly higher, with Telekom Malaysia adding
0.20 rgt or 1.96 pct to 10.40, Tenaga gaining 0.20 rgt or 1.74 pct to 11.70 and
Maybank was steady at 12.10.
Petra Perdana rose 0.04 rgt or 1.10 pct to 3.66 after the firm reported strong
first quarter to March results boosted by two one-off items.
SP Setia jumped 0.35 rgt or 4.35 pct to 8.40 after it proposed to acquire a
piece of freehold land in the prestigious Bukit Tunku residential area for 73.9
mln rgt in cash from Tenaga Nasional.
IJM Plantations was higher after its fourth quarter to March net profit surged
to 8.940 mln rgt against 4.024 mln a year earlier, rising 0.08 rgt or 3.86 pct
to 2.15.
BIMB Holdings advanced 0.01 rgt or 0.84 pct to 1.20 as its third quarter to
March results swung to a net profit of 36.469 mln rgt, against a loss 84.875 mln
a year earlier.
Zelan topped the gainers list after the power plant construction company said
it is negotiating to buy key stakes in power assets in India, Indonesia and the
Middle East. The stock was up 0.40 rgt or 3.28 pct at 12.60.
As for losers, Sime Darby fell after the company reported its third quarter to
March results, with operating profit falling slightly due to its weak automotive
division. It finished the day down 0.20 rgt or 1.96 pct to 10.00.
Three-month interbank rates were quoted at 3.55/57 and the overnight rates were
at 3.47/50.
At the close, the ringgit was quoted at 3.3975/4025 against the dollar.
Source: Osk Wirenews
Wednesday, May 30, 2007
Malaysia April M3 money supply up 14.2 pct vs 12.8 pct in March - central bank
Malaysia April M3 money supply up 14.2 pct vs 12.8 pct in March - central bank
31/05/2007 10:31:00
KUALA LUMPUR (XFN-ASIA) - The broad M3 measure of money supply expanded by 14.2
pct in April from a year earlier against a rise of 12.8 pct in March , the
central bank said.
Narrow money, or M1, increased at an annual rate of 17.9 pct in April,
unchanged from March, due to higher placements of demand deposits by business
enterprises.
"The increase in M3 reflected the increase in net foreign assets as well as the
higher loans outstanding and holdings of securities by banking institutions," it
said in a statement.
On a month-on-month basis, the increase in net foreign assets is the major
contributor to the expansion in M3, reflecting higher international reserves and
net foreign assets of the banking institutions.
"Claims on the private sector were also expansionary on account of higher loans
outstanding and holdings of securites by the banking institutions.
"Government operations however, were contractionary on M3 as the government
deposited the proceeds from the issuance of Malaysian Government Securities with
Bank Negara," it added.
The banking system's capitalisation remained strong with the risk-weighted
capital ratio at 13.1 pct.
The net NPL ratio improved further to 4.4 pct due mainly to recoveries and
conitnued write-offs by banking institutions.
Total deposits with the banking system increased by 4.3 bln rgt in April
against 3.8 bln rgt in March or 18.3 pct on an annual basis against 18 pct in
March.
The expansion mainly reflected higher deposit placements by businesses and
individuals, which was partly offset by lower deposits among financial
institutions.
Total loans outstanding expanded by 6.2 pct on an annual basis as at end-April,
unchanged against the growth seen at end-March.
Loans outstanding to businesses and households expanded at annual growth rates
of 5.8 pct and 7.9 pct against 6.3 pct and 7.8 pct in March, respectively.
The ringgit appreciated against the US dollar by 2.0 pct, the yen by 5.3 pct
and the euro by 1.1 pct between April 1 and May 28.
Source: Osk Wirenews
31/05/2007 10:31:00
KUALA LUMPUR (XFN-ASIA) - The broad M3 measure of money supply expanded by 14.2
pct in April from a year earlier against a rise of 12.8 pct in March , the
central bank said.
Narrow money, or M1, increased at an annual rate of 17.9 pct in April,
unchanged from March, due to higher placements of demand deposits by business
enterprises.
"The increase in M3 reflected the increase in net foreign assets as well as the
higher loans outstanding and holdings of securities by banking institutions," it
said in a statement.
On a month-on-month basis, the increase in net foreign assets is the major
contributor to the expansion in M3, reflecting higher international reserves and
net foreign assets of the banking institutions.
"Claims on the private sector were also expansionary on account of higher loans
outstanding and holdings of securites by the banking institutions.
"Government operations however, were contractionary on M3 as the government
deposited the proceeds from the issuance of Malaysian Government Securities with
Bank Negara," it added.
The banking system's capitalisation remained strong with the risk-weighted
capital ratio at 13.1 pct.
The net NPL ratio improved further to 4.4 pct due mainly to recoveries and
conitnued write-offs by banking institutions.
Total deposits with the banking system increased by 4.3 bln rgt in April
against 3.8 bln rgt in March or 18.3 pct on an annual basis against 18 pct in
March.
The expansion mainly reflected higher deposit placements by businesses and
individuals, which was partly offset by lower deposits among financial
institutions.
Total loans outstanding expanded by 6.2 pct on an annual basis as at end-April,
unchanged against the growth seen at end-March.
Loans outstanding to businesses and households expanded at annual growth rates
of 5.8 pct and 7.9 pct against 6.3 pct and 7.8 pct in March, respectively.
The ringgit appreciated against the US dollar by 2.0 pct, the yen by 5.3 pct
and the euro by 1.1 pct between April 1 and May 28.
Source: Osk Wirenews
Kuala Lumpur shares outlook - Higher on Wall St rally, forecast-beating Q1 GDP
Kuala Lumpur shares outlook - Higher on Wall St rally, forecast-beating Q1 GDP
31/05/2007 08:06:00
KUALA LUMPUR (XFN-ASIA) - Share prices are expected to open higher following
the overnight rally on Wall Street and Malaysia's better-than-expected first
quarter GDP results, dealers said.
The central bank yesterday said the economy expanded by 5.3 pct in the first
quarter, beating market estimates of a first-quarter GDP growth of 4-5 pct.
Favourable quarterly earnings of major companies are expected to further boost
sentiment, helping ease concerns over falls in China's stock markets yesterday,
they added.
Stocks to watch today include IJM, BIMB, Kumpulan Guthrie and Sime Darby, which
may all attract buying after having announced strong quarterly earnings, dealers
said.
Yesterday, the Kuala Lumpur Composite Index (KLCI) was down 3.82 points or 0.28
pct at 1,339.18, off a low of 1,331.18.
The FTSE Bursa Malaysia 30-large cap index lost 25.10 points or 0.29 pct to
8,567.05, and the second board index fell 1.50 points or 1.48 pct to 100.06.
Losers led gainers 725 to 197, with 175 counters untraded and 237 stocks
unchanged.
Trading volume was 922.94 mln shares, valued at 1.918 bln rgt.
Source: Osk Wirenews
31/05/2007 08:06:00
KUALA LUMPUR (XFN-ASIA) - Share prices are expected to open higher following
the overnight rally on Wall Street and Malaysia's better-than-expected first
quarter GDP results, dealers said.
The central bank yesterday said the economy expanded by 5.3 pct in the first
quarter, beating market estimates of a first-quarter GDP growth of 4-5 pct.
Favourable quarterly earnings of major companies are expected to further boost
sentiment, helping ease concerns over falls in China's stock markets yesterday,
they added.
Stocks to watch today include IJM, BIMB, Kumpulan Guthrie and Sime Darby, which
may all attract buying after having announced strong quarterly earnings, dealers
said.
Yesterday, the Kuala Lumpur Composite Index (KLCI) was down 3.82 points or 0.28
pct at 1,339.18, off a low of 1,331.18.
The FTSE Bursa Malaysia 30-large cap index lost 25.10 points or 0.29 pct to
8,567.05, and the second board index fell 1.50 points or 1.48 pct to 100.06.
Losers led gainers 725 to 197, with 175 counters untraded and 237 stocks
unchanged.
Trading volume was 922.94 mln shares, valued at 1.918 bln rgt.
Source: Osk Wirenews
Stocks Retreat After China Market Drop
Stocks Retreat After China Market Drop
Wednesday May 30, 9:44 am ET
By Joe Bel Bruno, AP Business Writer
Stocks Fall After Drop in Chinese Stocks, Ahead of Fed Minutes
NEW YORK (AP) -- Wall Street retreated in early trading Wednesday as investors around the world reacted to a plunge in China's stock market, and awaited the release of minutes from the last Federal Reserve meeting.
ADVERTISEMENT
The pullback in the U.S. wasn't seen as a surprise as stocks were perhaps overdue for a consolidation after a strong run since the second half of 2006. And the declines in Asian and European markets did not appear as dramatic as on Feb. 27, when investors around the world recoiled at a 9 percent slide in the Shanghai index.
The tumble in Chinese stocks rippled through the global markets. When Beijing tripled a tax on stock trading to cool the country's market boom, the main Shanghai Composite Index dropped 6.5 percent and the Shenzhen Composite Index for China's smaller second market slid 7.2 percent.
Investors also retrenched ahead of the Fed minutes, which Wall Street hopes will indicate that policy makers are leaning more toward a rate cut by the end of the year than a rate hike. The minutes will be released at 2 p.m. EDT.
In the first hour of trading, the Dow Jones industrial average fell 52.25, or 0.39 percent, to 13,469.09.
Broader stock indicators were also lower. The Standard & Poor's 500 index was down 6.22, or 0.41 percent, at 1,511.89, and the Nasdaq composite index dropped 16.31, or 0.63 percent, to 2,555.75.
Source: http://biz.yahoo.com/ap/070530/wall_street.html?.v=14
Wednesday May 30, 9:44 am ET
By Joe Bel Bruno, AP Business Writer
Stocks Fall After Drop in Chinese Stocks, Ahead of Fed Minutes
NEW YORK (AP) -- Wall Street retreated in early trading Wednesday as investors around the world reacted to a plunge in China's stock market, and awaited the release of minutes from the last Federal Reserve meeting.
ADVERTISEMENT
The pullback in the U.S. wasn't seen as a surprise as stocks were perhaps overdue for a consolidation after a strong run since the second half of 2006. And the declines in Asian and European markets did not appear as dramatic as on Feb. 27, when investors around the world recoiled at a 9 percent slide in the Shanghai index.
The tumble in Chinese stocks rippled through the global markets. When Beijing tripled a tax on stock trading to cool the country's market boom, the main Shanghai Composite Index dropped 6.5 percent and the Shenzhen Composite Index for China's smaller second market slid 7.2 percent.
Investors also retrenched ahead of the Fed minutes, which Wall Street hopes will indicate that policy makers are leaning more toward a rate cut by the end of the year than a rate hike. The minutes will be released at 2 p.m. EDT.
In the first hour of trading, the Dow Jones industrial average fell 52.25, or 0.39 percent, to 13,469.09.
Broader stock indicators were also lower. The Standard & Poor's 500 index was down 6.22, or 0.41 percent, at 1,511.89, and the Nasdaq composite index dropped 16.31, or 0.63 percent, to 2,555.75.
Source: http://biz.yahoo.com/ap/070530/wall_street.html?.v=14
我国首季经济成长5.3%
我国首季经济成长5.3%
国家银行：下半年会更好
【本刊陈子莹撰述】马来西亚国家银行总裁洁蒂今天宣布，我国在今年首季取得5.3%的经济成长率，超出市场预测；经济学家一般都预测，我国在2007年第一季的经济成长会介于4%至5%之间。马来西亚在2006年第一季取得的经济成长是6%。
洁蒂（Zeti Akhtar Aziz，右图）今天会见媒体时表示，尽管第一季的外围需求已减少，对制造业的出口带来一定影响，不过服务业的增长成了第一季经济成长的主要带动力。她接着指出，服务业在今年第一季的成长是9.6%，远远超出其他领域的表现。
服务业成长主要是由消费相关以及金融业的收费服务（fee based services）带动。此外，我国今年所倡导的旅游年，也为国家带来不少的旅客，在带动经济成长方面贡献不少。
制造业放缓 服务业加强
相比之下，在带动我国经济成长，扮演重要角色的制造业，这次只不过取得1.7%。制造业在去年同期取得8.8%的成长，而去年全年的成长为7.1%。制造业成长萎缩，已是许多经济学家的预料中事。全球电子业在今年首季已放缓，导致需求量减低，这尤其对马来西亚这个以电子产品为主要出口的经济体影响甚深。
尽管如此，洁蒂表示，制造业在第一季放缓，显示制造业里的电子业需求降低；不过，这并不只是马来西亚单独面对的问题，这是全球电子业所面对的困境，预计全球电子业将会在今年下半年复苏。事实上，我国制造业里与资源相关的行业，在第一季的表现也不俗。
此外，洁蒂也认为，服务业强劲的表现，绝对可抵消制造业放缓的问题。她预计，在种种有利因素的刺激下，服务业将会继续表现良好，尤其是消费以及金融领域。她预料年中假期季节，我国将会有更多的游客到访，再加上公务员的薪金调升，将有效地刺激国内私人消费。
洁蒂最后提到，除了国内私人消费继续增长，在第九马来西亚计划期间的工程启动，也有助于推动我国下半年的经济成长。因此，国行将会把全年经济成长预测，维持在6%。
另一方面，她也表示，马币近期走强的趋势，在在反映出我国经济的基本实况，预料马币接下来也会逐渐随着国内的经济状况而调整。马币在今年初至今，兑美元的汇率增值了4.2%,兑日园和欧元，则分别增值了6.5%和1.9%。
经济学家预测4.8%
早前马来西亚《商业时报》也曾做过一项抽样调查，新马两地的经济学家预测马来西亚2007年首季的经济成长，可达4.8%。他们兼认为以制造业出口为导向的马来西亚，由于受到外围需求减弱的影响，今年第一季的经济成长会放缓下来。
《商业时报》是收集了19位马新经济学家对第一季我国经济成长的预测数据后，总结第一季国内生产总值可达4.8%。
我国在今年首季的出口成长，比去年同期降低了1.4%,同时也比去年的第四季，减少了7.4%。此外，第一季的制造业生产成长率也仅达1.8%，比上一季的4.8%减缓了。
尽管如此，也有经济学家认为，马来西亚在服务业的强劲成长，就可以弥补出口减弱的缺口。《商业时报》引述亚欧美证券银行首席经济学家苏海米的看法时指出，旅游业是我国今年第一季服务业成长的强心剂。马来西亚在今年首五个月，就有890万名游客的到访，比去年同时期增加了25%。
大多数的经济学家都预测，马来西亚的经济在今年下半年会表现更好。由于预计中的通膨率会在下半年，放缓至2%以下，再加上公务员大幅度调薪刺激私人消费；因此经济学家也认为，下半年应该会更好。
Source: http://www.merdekareview.com/news.php?n=4182
国家银行：下半年会更好
【本刊陈子莹撰述】马来西亚国家银行总裁洁蒂今天宣布，我国在今年首季取得5.3%的经济成长率，超出市场预测；经济学家一般都预测，我国在2007年第一季的经济成长会介于4%至5%之间。马来西亚在2006年第一季取得的经济成长是6%。
洁蒂（Zeti Akhtar Aziz，右图）今天会见媒体时表示，尽管第一季的外围需求已减少，对制造业的出口带来一定影响，不过服务业的增长成了第一季经济成长的主要带动力。她接着指出，服务业在今年第一季的成长是9.6%，远远超出其他领域的表现。
服务业成长主要是由消费相关以及金融业的收费服务（fee based services）带动。此外，我国今年所倡导的旅游年，也为国家带来不少的旅客，在带动经济成长方面贡献不少。
制造业放缓 服务业加强
相比之下，在带动我国经济成长，扮演重要角色的制造业，这次只不过取得1.7%。制造业在去年同期取得8.8%的成长，而去年全年的成长为7.1%。制造业成长萎缩，已是许多经济学家的预料中事。全球电子业在今年首季已放缓，导致需求量减低，这尤其对马来西亚这个以电子产品为主要出口的经济体影响甚深。
尽管如此，洁蒂表示，制造业在第一季放缓，显示制造业里的电子业需求降低；不过，这并不只是马来西亚单独面对的问题，这是全球电子业所面对的困境，预计全球电子业将会在今年下半年复苏。事实上，我国制造业里与资源相关的行业，在第一季的表现也不俗。
此外，洁蒂也认为，服务业强劲的表现，绝对可抵消制造业放缓的问题。她预计，在种种有利因素的刺激下，服务业将会继续表现良好，尤其是消费以及金融领域。她预料年中假期季节，我国将会有更多的游客到访，再加上公务员的薪金调升，将有效地刺激国内私人消费。
洁蒂最后提到，除了国内私人消费继续增长，在第九马来西亚计划期间的工程启动，也有助于推动我国下半年的经济成长。因此，国行将会把全年经济成长预测，维持在6%。
另一方面，她也表示，马币近期走强的趋势，在在反映出我国经济的基本实况，预料马币接下来也会逐渐随着国内的经济状况而调整。马币在今年初至今，兑美元的汇率增值了4.2%,兑日园和欧元，则分别增值了6.5%和1.9%。
经济学家预测4.8%
早前马来西亚《商业时报》也曾做过一项抽样调查，新马两地的经济学家预测马来西亚2007年首季的经济成长，可达4.8%。他们兼认为以制造业出口为导向的马来西亚，由于受到外围需求减弱的影响，今年第一季的经济成长会放缓下来。
《商业时报》是收集了19位马新经济学家对第一季我国经济成长的预测数据后，总结第一季国内生产总值可达4.8%。
我国在今年首季的出口成长，比去年同期降低了1.4%,同时也比去年的第四季，减少了7.4%。此外，第一季的制造业生产成长率也仅达1.8%，比上一季的4.8%减缓了。
尽管如此，也有经济学家认为，马来西亚在服务业的强劲成长，就可以弥补出口减弱的缺口。《商业时报》引述亚欧美证券银行首席经济学家苏海米的看法时指出，旅游业是我国今年第一季服务业成长的强心剂。马来西亚在今年首五个月，就有890万名游客的到访，比去年同时期增加了25%。
大多数的经济学家都预测，马来西亚的经济在今年下半年会表现更好。由于预计中的通膨率会在下半年，放缓至2%以下，再加上公务员大幅度调薪刺激私人消费；因此经济学家也认为，下半年应该会更好。
Source: http://www.merdekareview.com/news.php?n=4182
Tuesday, May 29, 2007
Kuala Lumpur shares end morning lower after China's sharp falls
Kuala Lumpur shares end morning lower after China's sharp falls - UPDATE
30/05/2007 13:06:00
KUALA LUMPUR (XFN-ASIA) - Share prices ended the morning session lower, in line
with regional markets, after China's move to raise the stamp duty on securities
trading sparked a 6 pct plunge in the Shanghai composite index, dealers said.
The hike is the latest in a series of efforts by the Chinese government to curb
its rapidly rising stock markets, they added.
The stamp duty was raised to 0.3 pct of the transaction value from 0.1 pct with
immediate effect.
The Kuala Lumpur Composite Index (KLCI) closed down 10.13 points or 0.75 pct at
1,332.87.
The FTSE Bursa Malaysia 30-large cap index lost 69.66 points to 8,522.49, while
the second board index dropped 2.15 points to 99.41.
Losers led gainers 740 to 121, with 197 stocks unchanged and 282 counters
untraded.
Trading volume was 495.351 mln shares, valued at 931.899 bln rgt.
"The local bourse went down following the fall in China's stock markets,
especially the Shanghai and Shenzhen markets,'' noted N. Kaladher, head of
research at TA Securities.
"The local market is basically reacting to what's happening in China,'' he
said.
Kaladher said a lack of fresh leads locally further dampened sentiment.
Wan Suhaimi, an economist at Kenanga Research, said the wider impact of China's
latest move is hard to gauge at the moment although he sees a less potent threat
this time around than the one which caused world markets to crash on Feb 27.
"First of all, the carry trades, especially for yen, were not as pervasive as
before, so on that score, it has become less threatening. Also regional markets
have not been as hot since the Feb 27 sell-down, so again the impact of a sudden
pullout of funds is also diminished,'' he noted.
At the midday break, blue-chips like British American Tobacco (BAT), Bursa
Malaysia and IOI Corp led the losers.
BAT lost 0.50 rgt to 46.0, Bursa shed 0.40 rgt or 3.67 pct to 10.50, while IOI
Corp was down 0.25 rgt at 27.50.
Among index heavyweights, Telekom Malaysia was flat at 10.10, Tenaga rose 0.20
rgt to 11.30 and Maybank dropped 0.20 rgt to 12.0.
Elsewhere, PLUS Expressways lost 0.04 rgt to 3.0 after the firm reported first
quarter earnings that came within market expectations, dealers said.
Malaysian Oxygen was higher after Aberdeen Asset Management Sdn Bhd, which
holds a 9.4 pct stake in the company, reportedly said it does not intend to
accept a takeover offer from Germany's Linde AG.
The stock was up 0.10 rgt at 14.90.
Muhibbah Engineering and E&O succumbed to selling pressure despite posting
stronger quarterly earnings.
Muhibbah lost 0.30 rgt or 3.95 pct to 7.30 and E&O shed 0.01 rgt to 2.99.
Edaran Otomobil Nasional bucked the downtrend and chalked up 0.12 rgt or 3.92
pct to 3.18 after reporting an improvement in its quarterly profits.
At the close of the morning session, the ringgit was traded at 3.3975/4005,
while three-month interbank rates stood at 3.60/61.
Source: Osk Wirenews
30/05/2007 13:06:00
KUALA LUMPUR (XFN-ASIA) - Share prices ended the morning session lower, in line
with regional markets, after China's move to raise the stamp duty on securities
trading sparked a 6 pct plunge in the Shanghai composite index, dealers said.
The hike is the latest in a series of efforts by the Chinese government to curb
its rapidly rising stock markets, they added.
The stamp duty was raised to 0.3 pct of the transaction value from 0.1 pct with
immediate effect.
The Kuala Lumpur Composite Index (KLCI) closed down 10.13 points or 0.75 pct at
1,332.87.
The FTSE Bursa Malaysia 30-large cap index lost 69.66 points to 8,522.49, while
the second board index dropped 2.15 points to 99.41.
Losers led gainers 740 to 121, with 197 stocks unchanged and 282 counters
untraded.
Trading volume was 495.351 mln shares, valued at 931.899 bln rgt.
"The local bourse went down following the fall in China's stock markets,
especially the Shanghai and Shenzhen markets,'' noted N. Kaladher, head of
research at TA Securities.
"The local market is basically reacting to what's happening in China,'' he
said.
Kaladher said a lack of fresh leads locally further dampened sentiment.
Wan Suhaimi, an economist at Kenanga Research, said the wider impact of China's
latest move is hard to gauge at the moment although he sees a less potent threat
this time around than the one which caused world markets to crash on Feb 27.
"First of all, the carry trades, especially for yen, were not as pervasive as
before, so on that score, it has become less threatening. Also regional markets
have not been as hot since the Feb 27 sell-down, so again the impact of a sudden
pullout of funds is also diminished,'' he noted.
At the midday break, blue-chips like British American Tobacco (BAT), Bursa
Malaysia and IOI Corp led the losers.
BAT lost 0.50 rgt to 46.0, Bursa shed 0.40 rgt or 3.67 pct to 10.50, while IOI
Corp was down 0.25 rgt at 27.50.
Among index heavyweights, Telekom Malaysia was flat at 10.10, Tenaga rose 0.20
rgt to 11.30 and Maybank dropped 0.20 rgt to 12.0.
Elsewhere, PLUS Expressways lost 0.04 rgt to 3.0 after the firm reported first
quarter earnings that came within market expectations, dealers said.
Malaysian Oxygen was higher after Aberdeen Asset Management Sdn Bhd, which
holds a 9.4 pct stake in the company, reportedly said it does not intend to
accept a takeover offer from Germany's Linde AG.
The stock was up 0.10 rgt at 14.90.
Muhibbah Engineering and E&O succumbed to selling pressure despite posting
stronger quarterly earnings.
Muhibbah lost 0.30 rgt or 3.95 pct to 7.30 and E&O shed 0.01 rgt to 2.99.
Edaran Otomobil Nasional bucked the downtrend and chalked up 0.12 rgt or 3.92
pct to 3.18 after reporting an improvement in its quarterly profits.
At the close of the morning session, the ringgit was traded at 3.3975/4005,
while three-month interbank rates stood at 3.60/61.
Source: Osk Wirenews
Monday, May 28, 2007
Kuala Lumpur shares outlook - Mixed on consolidation, focus on oil & gas stocks
Kuala Lumpur shares outlook - Mixed on consolidation, focus on oil & gas stocks
29/05/2007 08:16:00
KUALA LUMPUR (XFN-ASIA) - Share prices are expected to open mixed as market
consolidation continues, although positive corporate results such as that of
Malaysia Airlines System (MAS) and follow-through interest in oil and gas stocks
may support sentiment, dealers said.
Teoh Cheng Guan, head of retail research at Kenanga Investment Bank, said there
is downside risk amid lingering fears that China's stock market bubble may burst
anytime.
"Stock picking is key," said Teoh.
He said investors should go for quality blue chips and avoid lower-liners that
involve greater risks when the broader market is consolidating.
Dealers said stocks to watch today include MAS, which is likely to advance
after it reported a first quarter net profit of 133 mln rgt against loss of 321
mln a year earlier.
This is the third consecutive profitable quarter for the national carrier.
Malaysian Plantations may also attract buying after registering a fourth
quarter to March net profit of 55.212 mln rgt from a loss 11.587 mln the
previous year.
Yesterday, the Kuala Lumpur Composite Index (KLCI) closed up 6.91 points or
0.52 pct at 1,345.99.
The FTSE Bursa Malaysia 30-large cap index added 68.61 points or 0.80 pct to
8,627.04 and the second board index was down 1.08 points or 1.08 pct at 101.11.
Gainers led losers 449 to 402, with 274 stocks unchanged and 211 counters
untraded.
Trading volume was 660.481 mln shares, valued at 1.276 bln rgt.
Source : Osk Wirenews
29/05/2007 08:16:00
KUALA LUMPUR (XFN-ASIA) - Share prices are expected to open mixed as market
consolidation continues, although positive corporate results such as that of
Malaysia Airlines System (MAS) and follow-through interest in oil and gas stocks
may support sentiment, dealers said.
Teoh Cheng Guan, head of retail research at Kenanga Investment Bank, said there
is downside risk amid lingering fears that China's stock market bubble may burst
anytime.
"Stock picking is key," said Teoh.
He said investors should go for quality blue chips and avoid lower-liners that
involve greater risks when the broader market is consolidating.
Dealers said stocks to watch today include MAS, which is likely to advance
after it reported a first quarter net profit of 133 mln rgt against loss of 321
mln a year earlier.
This is the third consecutive profitable quarter for the national carrier.
Malaysian Plantations may also attract buying after registering a fourth
quarter to March net profit of 55.212 mln rgt from a loss 11.587 mln the
previous year.
Yesterday, the Kuala Lumpur Composite Index (KLCI) closed up 6.91 points or
0.52 pct at 1,345.99.
The FTSE Bursa Malaysia 30-large cap index added 68.61 points or 0.80 pct to
8,627.04 and the second board index was down 1.08 points or 1.08 pct at 101.11.
Gainers led losers 449 to 402, with 274 stocks unchanged and 211 counters
untraded.
Trading volume was 660.481 mln shares, valued at 1.276 bln rgt.
Source : Osk Wirenews
Malaysia's Bank Negara leaves key rate unchanged at 3.50 pct
Malaysia's Bank Negara leaves key rate unchanged at 3.50 pct
28/05/2007 18:00:00
KUALA LUMPUR (XFN-ASIA) - Bank Negara said its monetary policy committee has
decided to leave the overnight policy rate (OPR) unchanged at 3.50 pct as the
economy is expected to sustain growth, while inflation will remain within the
expected range over the medium term.
"Given the medium-term outlook for inflation and economic growth, the current
level of the policy rate remains appropriate," Bank Negara said in a statement.
The central bank said despite the less favourable external environment has had
a moderating effect on Malaysia's export growth, strong domestic demand has
sustained growth.
"The public sector has also had an important positive impact on domestic
economic activity," it added.
On the outlook for inflation, the central bank said the expectations are that
the average rate of inflation for 2007 would be within the projected range of
2-2.5 pct.
However, it cautioned that the continued high prices of commodities and
agricultural products, and the rise in global food prices could have
implications for domestic food prices and overall inflation.
"In view of the uncertainty in the external environment, developments in the
international economy would be monitored closely," it said.
Source: Osk WireNews
28/05/2007 18:00:00
KUALA LUMPUR (XFN-ASIA) - Bank Negara said its monetary policy committee has
decided to leave the overnight policy rate (OPR) unchanged at 3.50 pct as the
economy is expected to sustain growth, while inflation will remain within the
expected range over the medium term.
"Given the medium-term outlook for inflation and economic growth, the current
level of the policy rate remains appropriate," Bank Negara said in a statement.
The central bank said despite the less favourable external environment has had
a moderating effect on Malaysia's export growth, strong domestic demand has
sustained growth.
"The public sector has also had an important positive impact on domestic
economic activity," it added.
On the outlook for inflation, the central bank said the expectations are that
the average rate of inflation for 2007 would be within the projected range of
2-2.5 pct.
However, it cautioned that the continued high prices of commodities and
agricultural products, and the rise in global food prices could have
implications for domestic food prices and overall inflation.
"In view of the uncertainty in the external environment, developments in the
international economy would be monitored closely," it said.
Source: Osk WireNews
Malaysia, Indonesia, Saudi Arabia sign 7-bln-usd oil pipeline deal
Malaysia, Indonesia, Saudi Arabia sign 7-bln-usd oil pipeline deal
28/05/2007 14:38:00
KUALA LUMPUR (XFN-ASIA) - Malaysian, Indonesian and Saudi Arabian firms have
signed agreements for the construction of a pipeline that aims to divert 20 pct
of oil flowing through the Malacca Strait, the project owner said.
Malaysia's Trans-Peninsula Petroleum Sdn Bhd said it signed an agreement with
Malaysia's Ranhill Engineers and Constructors Sdn Bhd and Indonesia's PT
Tripatra to build the pipeline at an estimated cost of 7.0 bln usd over seven
years.
Trans-Peninsula, the owner and promoter of the project, said it signed separate
memoranda of understanding with Bakrie and Brothers of Indonesia to supply
pipes, while Al-Banader International Group of Saudi Arabia will supply the oil.
Prime Minister Abdullah Ahmad Badawi earlier this month first announced the
development, saying it would transport Middle East oil across the north of the
Malaysian peninsula to East Asian countries.
Badawi witnessed the signing with Indonesian President Susilo Bambang Yudhoyono
on the sidelines of the annual World Islamic Economic Forum, aimed at boosting
cooperation among Muslim communities.
"When the entire project is completed in 2014, TRANSPEN pipeline will divert
about 20 pct of oil transiting through Straits of Malacca, proportionately
easing the congestion in the Straits," Trans-Peninsula said in a statement.
Half of the world's oil shipments currently pass through the 960-kilometre
Strait of Malacca, the busiest seaway in the world, which links the Indian Ocean
and the South China Sea.
Source: OSK Wirenews
28/05/2007 14:38:00
KUALA LUMPUR (XFN-ASIA) - Malaysian, Indonesian and Saudi Arabian firms have
signed agreements for the construction of a pipeline that aims to divert 20 pct
of oil flowing through the Malacca Strait, the project owner said.
Malaysia's Trans-Peninsula Petroleum Sdn Bhd said it signed an agreement with
Malaysia's Ranhill Engineers and Constructors Sdn Bhd and Indonesia's PT
Tripatra to build the pipeline at an estimated cost of 7.0 bln usd over seven
years.
Trans-Peninsula, the owner and promoter of the project, said it signed separate
memoranda of understanding with Bakrie and Brothers of Indonesia to supply
pipes, while Al-Banader International Group of Saudi Arabia will supply the oil.
Prime Minister Abdullah Ahmad Badawi earlier this month first announced the
development, saying it would transport Middle East oil across the north of the
Malaysian peninsula to East Asian countries.
Badawi witnessed the signing with Indonesian President Susilo Bambang Yudhoyono
on the sidelines of the annual World Islamic Economic Forum, aimed at boosting
cooperation among Muslim communities.
"When the entire project is completed in 2014, TRANSPEN pipeline will divert
about 20 pct of oil transiting through Straits of Malacca, proportionately
easing the congestion in the Straits," Trans-Peninsula said in a statement.
Half of the world's oil shipments currently pass through the 960-kilometre
Strait of Malacca, the busiest seaway in the world, which links the Indian Ocean
and the South China Sea.
Source: OSK Wirenews
Sunday, May 27, 2007
Transmile Suspended
Malaysia's Transmile trading suspended pending findings of special audit
28/05/2007 10:49:00
KUALA LUMPUR (XFN-ASIA) - Transmile Group Bhd said trading in its shares will
be suspended through Thursday pending a material announcement on the interim
findings of the special audit by Messrs Moores Rowland.
Transmile was last traded at 8.90 rgt.
Source: OSK Wirenews
28/05/2007 10:49:00
KUALA LUMPUR (XFN-ASIA) - Transmile Group Bhd said trading in its shares will
be suspended through Thursday pending a material announcement on the interim
findings of the special audit by Messrs Moores Rowland.
Transmile was last traded at 8.90 rgt.
Source: OSK Wirenews
28.5.07 C.I Market Outlook
28.5.07 C.I Market Outlook
Kuala Lumpur shares outlook - Higher on robust corporate results, Wall St gains
28/05/2007 08:14:00
KUALA LUMPUR (XFN-ASIA) - Share prices are expected to open higher, with
investors heartened by the robust earnings reported by some major companies and
Wall Street's firmer close last Friday, dealers said.
But they said the upside will likely be limited as the market is still in a
consolidation mode and as some investors may opt for caution ahead of the
release of first quarter gross domestic product (GDP) results midweek.
"Although the consolidation phase may still continue, the outlook is generally
positive and gradually improving," RHB Research's head of research Lim Chee Seng
said.
Dealers said stocks likely to be in focus today include oil and gas heavyweight
KNM Group, which may advance after reporting that its first quarter net profit
surged to 38.31 mln rgt from 19.80 mln a year earlier, as well as transport
group Litrak, after it reported a fourth quarter to March net profit of 44.53
mln rgt against 21.09 mln previously.
OSK Holdings may also attract buying after its first quarter net profit jumped
to 77.62 mln rgt against 24.77 mln in the previous corresponding period.
Last Friday, share prices closed off their lows, with strong bargain-hunting
emerging in late trade to recoup most of the earlier losses. The Kuala Lumpur
Composite Index (KLCI) fell by a marginal 1.90 points or 0.14 pct to 1,339.08,
off a low of 1,319.75.
For the week, the key index lost 17 points or 1.25 pct.
The FTSE Bursa Malaysia 30-large cap index lost 14.21 points to 8,558.43 and
the second board index was up 0.48 point at 100.03.
Losers led gainers 428 to 391, with 312 stocks unchanged and 212 counters
untraded.
Trading volume was 951.70 mln shares, valued at 1.92 bln rgt.
Source: OSK Wirenews
Kuala Lumpur shares outlook - Higher on robust corporate results, Wall St gains
28/05/2007 08:14:00
KUALA LUMPUR (XFN-ASIA) - Share prices are expected to open higher, with
investors heartened by the robust earnings reported by some major companies and
Wall Street's firmer close last Friday, dealers said.
But they said the upside will likely be limited as the market is still in a
consolidation mode and as some investors may opt for caution ahead of the
release of first quarter gross domestic product (GDP) results midweek.
"Although the consolidation phase may still continue, the outlook is generally
positive and gradually improving," RHB Research's head of research Lim Chee Seng
said.
Dealers said stocks likely to be in focus today include oil and gas heavyweight
KNM Group, which may advance after reporting that its first quarter net profit
surged to 38.31 mln rgt from 19.80 mln a year earlier, as well as transport
group Litrak, after it reported a fourth quarter to March net profit of 44.53
mln rgt against 21.09 mln previously.
OSK Holdings may also attract buying after its first quarter net profit jumped
to 77.62 mln rgt against 24.77 mln in the previous corresponding period.
Last Friday, share prices closed off their lows, with strong bargain-hunting
emerging in late trade to recoup most of the earlier losses. The Kuala Lumpur
Composite Index (KLCI) fell by a marginal 1.90 points or 0.14 pct to 1,339.08,
off a low of 1,319.75.
For the week, the key index lost 17 points or 1.25 pct.
The FTSE Bursa Malaysia 30-large cap index lost 14.21 points to 8,558.43 and
the second board index was up 0.48 point at 100.03.
Losers led gainers 428 to 391, with 312 stocks unchanged and 212 counters
untraded.
Trading volume was 951.70 mln shares, valued at 1.92 bln rgt.
Source: OSK Wirenews
Wednesday, May 23, 2007
Djone 23.5.2007
Djonne down 14.30point.
Stocks Fall After Greenspan Comments
Wednesday May 23, 6:22 pm ET
By Madlen Read, AP Business Writer
Stocks End Lower After Greenspan Remarks Spur Investors to Cash in Gains
NEW YORK (AP) -- Stocks wilted Wednesday as comments from former Federal Reserve Chairman Alan Greenspan and worries about upcoming economic data deflated a rally fed by takeover activity.
Stocks initially rose, lifting the Dow Jones industrials briefly above 13,600 for the first time, after the market got a fresh load of deal-related news that included a possible bidding battle over aluminum producer Alcan Inc. But the excitement waned after a media report that Greenspan expressed concern that China's stock market -- which has recently been hitting record highs -- could eventually see a sharp decline.
Source: http://biz.yahoo.com/ap/070523/wall_street.html?.v=46
Stocks Fall After Greenspan Comments
Wednesday May 23, 6:22 pm ET
By Madlen Read, AP Business Writer
Stocks End Lower After Greenspan Remarks Spur Investors to Cash in Gains
NEW YORK (AP) -- Stocks wilted Wednesday as comments from former Federal Reserve Chairman Alan Greenspan and worries about upcoming economic data deflated a rally fed by takeover activity.
Stocks initially rose, lifting the Dow Jones industrials briefly above 13,600 for the first time, after the market got a fresh load of deal-related news that included a possible bidding battle over aluminum producer Alcan Inc. But the excitement waned after a media report that Greenspan expressed concern that China's stock market -- which has recently been hitting record highs -- could eventually see a sharp decline.
Source: http://biz.yahoo.com/ap/070523/wall_street.html?.v=46
UTUSAN
UTUSAN － 政治股。成功扭转劣势。转亏为盈。
大选快来临了。 想想看？ ：）
Have a look on it's result. Turn around sucessfully. And it is GLC (government-linked) counter.
Election rumor is hot in the Market now. Think think.... :)
Utusan Melayu Malaysia Q1 net profit 5.04 mln rgt vs loss 2.75 mln
23/05/2007 18:27:00
KUALA LUMPUR (XFN-ASIA) - Newspaper group Utusan Melayu (Malaysia) Bhd first
quarter to March results:
Sales - 88.0 mln rgt vs 86.36 mln
Pretax profit - 5.85 mln rgt vs loss 3.49 mln
Net profit - 5.04 mln rgt vs loss 2.75 mln
Earnings per share - 4.56 sen vs loss 2.52 sen
大选快来临了。 想想看？ ：）
Have a look on it's result. Turn around sucessfully. And it is GLC (government-linked) counter.
Election rumor is hot in the Market now. Think think.... :)
Utusan Melayu Malaysia Q1 net profit 5.04 mln rgt vs loss 2.75 mln
23/05/2007 18:27:00
KUALA LUMPUR (XFN-ASIA) - Newspaper group Utusan Melayu (Malaysia) Bhd first
quarter to March results:
Sales - 88.0 mln rgt vs 86.36 mln
Pretax profit - 5.85 mln rgt vs loss 3.49 mln
Net profit - 5.04 mln rgt vs loss 2.75 mln
Earnings per share - 4.56 sen vs loss 2.52 sen
Monday, May 21, 2007
公仆加薪超出经济学家预估, 政府大派糖果大选近在眉捷
【本刊陈子莹撰述】早前政府就已发出公务员调薪的消息，马来西亚首相阿都拉巴达威今天正式宣布，公务员将可获得7.5 %至35%的调薪，生活津贴全面增加100%，警察与军人将获额外的20%加薪，由7月1日起生效。
根据《马新社》的报道，阿都拉（左图）今天在布特拉在也宣布，公务员在7月1日起，都能获得7.5%至35%的调薪；至于在工作岗位上需冒上生命危险的警察和军人，则会获得另外20%的调薪。
阿都拉也提到，专业阶级（第1至16级）的底薪，可获得35%的调整；而第一支援组（第17级至40级）将可获25%的调整。
政府在调整全国100万2040个公务员的薪水后，今年需耗费马币34亿元，或是每年需花费额外68亿元。至于100%调升公务员生活津贴后，政府也必须在今年内拨出六亿元，在接下来的每一年都必须额外的12亿元。
调薪幅度超出经济学家预估
国内经济学家早前就推算，若是政府要提高公务员薪水5%，我国的财政赤字就会展延至国内生产总值的3.8%。假设所有的状况都维持不变，公务员薪金调整10%，将会把公共开销提高2.4%，同时在2008年的实质国内生产总值（Real GDP）也会提高0.3至0.4点。【点击：公务员调薪到巨无霸指数 加薪也追不上邻国购买力】
显然地，首相今天公布的调薪幅度，已远远超出经济学家的预估。公务员这一次大幅度加薪后，应该会进一步推动国内的私人消费；不过，却也为国库加重了负担。
尽管如此，阿都拉今天在宣布时也提及，政府这一次有能力为公务员调薪，主要的因素来自税收的增高以及更精明的开销。
他接着还特别提起，政府已在去年成功将财政赤字，从5.3%降到3.5%，政府会继续秉持这一套的财政原则。
大选前派糖果的伎俩
另一边厢，社会主义党秘书阿鲁茨万（Arutchelvan，右图）不排除，这是政府在大选前大派政治糖果的技俩。他向《独立新闻在线》提到，眼前可观察的两个大选前“暗示”就是：公务员调薪及降低国内的汽油价格。
除此之外，他非常赞同政府这一次的举动，寄望这一次调薪后，可以让低级公务员的生活水平可以获得提升。毕竟，我国公务员最高和最低薪水的落差，排在全世界最高位。
他也希望，既然政府这次可以调升公务员的薪金，应该进一步把最低薪金制推介到私人界，让全体的工人都能得到保障。
政府这一次调整公务员薪金，升幅最大的相信是最低级的公务员，这些包括了月薪只有马币480元的普通工人，还有就是从事园丁、司机、书记以及普通文员的公务员
Source:http://www.merdekareview.com/news.php?n=4091
根据《马新社》的报道，阿都拉（左图）今天在布特拉在也宣布，公务员在7月1日起，都能获得7.5%至35%的调薪；至于在工作岗位上需冒上生命危险的警察和军人，则会获得另外20%的调薪。
阿都拉也提到，专业阶级（第1至16级）的底薪，可获得35%的调整；而第一支援组（第17级至40级）将可获25%的调整。
政府在调整全国100万2040个公务员的薪水后，今年需耗费马币34亿元，或是每年需花费额外68亿元。至于100%调升公务员生活津贴后，政府也必须在今年内拨出六亿元，在接下来的每一年都必须额外的12亿元。
调薪幅度超出经济学家预估
国内经济学家早前就推算，若是政府要提高公务员薪水5%，我国的财政赤字就会展延至国内生产总值的3.8%。假设所有的状况都维持不变，公务员薪金调整10%，将会把公共开销提高2.4%，同时在2008年的实质国内生产总值（Real GDP）也会提高0.3至0.4点。【点击：公务员调薪到巨无霸指数 加薪也追不上邻国购买力】
显然地，首相今天公布的调薪幅度，已远远超出经济学家的预估。公务员这一次大幅度加薪后，应该会进一步推动国内的私人消费；不过，却也为国库加重了负担。
尽管如此，阿都拉今天在宣布时也提及，政府这一次有能力为公务员调薪，主要的因素来自税收的增高以及更精明的开销。
他接着还特别提起，政府已在去年成功将财政赤字，从5.3%降到3.5%，政府会继续秉持这一套的财政原则。
大选前派糖果的伎俩
另一边厢，社会主义党秘书阿鲁茨万（Arutchelvan，右图）不排除，这是政府在大选前大派政治糖果的技俩。他向《独立新闻在线》提到，眼前可观察的两个大选前“暗示”就是：公务员调薪及降低国内的汽油价格。
除此之外，他非常赞同政府这一次的举动，寄望这一次调薪后，可以让低级公务员的生活水平可以获得提升。毕竟，我国公务员最高和最低薪水的落差，排在全世界最高位。
他也希望，既然政府这次可以调升公务员的薪金，应该进一步把最低薪金制推介到私人界，让全体的工人都能得到保障。
政府这一次调整公务员薪金，升幅最大的相信是最低级的公务员，这些包括了月薪只有马币480元的普通工人，还有就是从事园丁、司机、书记以及普通文员的公务员
Source:http://www.merdekareview.com/news.php?n=4091
YTLPower- Possible Privatisation Target
BROKER CALL - Malaysia's YTL Power undervalued, privatisation target - TA
21/05/2007 15:54:00
KUALA LUMPUR (XFN-ASIA) - YTL Power International Bhd shares have been
undervalued by the market, making the company one of the potential takeover
targets on the local bourse, said TA Research.
"In a recent meeting, its major shareholder has hinted that privatisation of
YTL Power is a possible option if the market continues to undervalue the stock,"
said TA in a note to clients.
YTL Power's share price at current levels does not reflect the fact that the
company provides a steady stream of cash flow to the tune of 900 mln rgt yearly,
it noted.
YTL Corp owns a 57.69 pct stake in YTL Power, according to the company's 2006
annual report.
Besides, there is a good chance for it to become a KLCI component stock that
will increase the appetite for YTL Power among institutions and funds that tract
the benchmark index, said TA.
As a result, the company has a greater chance to benefit from the further
appreciation of the ringgit, triggered by China's latest move to allow a wider
trading band for its yuan, it added.
At 3.32 pm, YTL Power was down 0.03 rgt or 1.21 pct at 2.44, while YTL Corp
gained 0.25 rgt or 2.96 pct to 8.70.
Source: osk wirenews
21/05/2007 15:54:00
KUALA LUMPUR (XFN-ASIA) - YTL Power International Bhd shares have been
undervalued by the market, making the company one of the potential takeover
targets on the local bourse, said TA Research.
"In a recent meeting, its major shareholder has hinted that privatisation of
YTL Power is a possible option if the market continues to undervalue the stock,"
said TA in a note to clients.
YTL Power's share price at current levels does not reflect the fact that the
company provides a steady stream of cash flow to the tune of 900 mln rgt yearly,
it noted.
YTL Corp owns a 57.69 pct stake in YTL Power, according to the company's 2006
annual report.
Besides, there is a good chance for it to become a KLCI component stock that
will increase the appetite for YTL Power among institutions and funds that tract
the benchmark index, said TA.
As a result, the company has a greater chance to benefit from the further
appreciation of the ringgit, triggered by China's latest move to allow a wider
trading band for its yuan, it added.
At 3.32 pm, YTL Power was down 0.03 rgt or 1.21 pct at 2.44, while YTL Corp
gained 0.25 rgt or 2.96 pct to 8.70.
Source: osk wirenews
CIMA - S&P strong BUY
BROKER CALL - Malaysia's CIMA at 'strong buy' on better earnings prospects - S&P
21/05/2007 15:11:00
KUALA LUMPUR (XFN-ASIA) - Standard & Poor's Equities Research said it has kept
its ''strong buy'' call on Cement Industries Of Malaysia (CIMA) with a target
price of 7.50 rgt on expectations of improved earnings ahead after the company's
first quarter results were ''in line'' with its expectations.
"We expect CIMA to report better earnings in the following quarters given
expectations of higher demand to follow through once the Ninth Malaysia Plan
(9MP) projects are implemented and the increase in production capacity by about
150,000 tons per annum from July 2007 to cater to expected stronger demand,'' it
said, noting that the current capacity is 3.4 mln tons
"The upgrade of its two cement plants in Perlis and Negri Sembilan will improve
production efficiency and reduce costs. Furthermore, as volume sales improve, we
expect the increase in pricing to flow through to the group's bottomline,'' S&P
said in a note to clients.
The research house said the risks to its recommendation and target price
''include slower demand arising from a longer-than-expected rollout of 9MP
projects, higher-than-expected raw material and energy costs, and an unexpected
round of cement price war.''
At 3.00 pm, CIMA was flat at 5.55 rgt.
Source: OSK wirenews
21/05/2007 15:11:00
KUALA LUMPUR (XFN-ASIA) - Standard & Poor's Equities Research said it has kept
its ''strong buy'' call on Cement Industries Of Malaysia (CIMA) with a target
price of 7.50 rgt on expectations of improved earnings ahead after the company's
first quarter results were ''in line'' with its expectations.
"We expect CIMA to report better earnings in the following quarters given
expectations of higher demand to follow through once the Ninth Malaysia Plan
(9MP) projects are implemented and the increase in production capacity by about
150,000 tons per annum from July 2007 to cater to expected stronger demand,'' it
said, noting that the current capacity is 3.4 mln tons
"The upgrade of its two cement plants in Perlis and Negri Sembilan will improve
production efficiency and reduce costs. Furthermore, as volume sales improve, we
expect the increase in pricing to flow through to the group's bottomline,'' S&P
said in a note to clients.
The research house said the risks to its recommendation and target price
''include slower demand arising from a longer-than-expected rollout of 9MP
projects, higher-than-expected raw material and energy costs, and an unexpected
round of cement price war.''
At 3.00 pm, CIMA was flat at 5.55 rgt.
Source: OSK wirenews
Why StemLife shoot up?
Malaysia's StemLife Q1 net profit 2.042 mln rgt vs 405,000
21/05/2007 18:25:00
KUALA LUMPUR (XFN-ASIA) - Cell bank operator StemLife Bhd first quarter to
March results:
Sales - 5.03 mln rgt vs 2.59 mln
Pretax profit - 2.045 mln rgt vs 405,000
Net profit - 2.042 mln rgt vs 405,000
EPS - 1.24 sen vs 0.58 sen
Source: osk wirenews
21/05/2007 18:25:00
KUALA LUMPUR (XFN-ASIA) - Cell bank operator StemLife Bhd first quarter to
March results:
Sales - 5.03 mln rgt vs 2.59 mln
Pretax profit - 2.045 mln rgt vs 405,000
Net profit - 2.042 mln rgt vs 405,000
EPS - 1.24 sen vs 0.58 sen
Source: osk wirenews
Sunday, May 20, 2007
大选跫音近政府大派糖果,百万公务员调薪7.5至35%
大选跫音近政府大派糖果
百万公务员调薪7.5至35%
07年5月21日 下午1:14
即时新闻 政府今日为全国逾百万名公务员捎来佳音，正式宣布调高公务员薪金，幅度介于7.5%至35%之间，而公务员生活津贴（Cola）也获得调高100%。
根据《马新社》报道，首相阿都拉今日是在布城宣布，公务员的调薪将从7月1日起生效。
Source: http://www.malaysiakini.com/news/67495
百万公务员调薪7.5至35%
07年5月21日 下午1:14
即时新闻 政府今日为全国逾百万名公务员捎来佳音，正式宣布调高公务员薪金，幅度介于7.5%至35%之间，而公务员生活津贴（Cola）也获得调高100%。
根据《马新社》报道，首相阿都拉今日是在布城宣布，公务员的调薪将从7月1日起生效。
Source: http://www.malaysiakini.com/news/67495
分析师提醒投资者 对股市采谨慎态度
分析师提醒投资者 对股市采谨慎态度
● 徐伏钢
依据历史的经验，正当全民踊跃炒股，相信“钱太好赚”的季节，大约也是到了该强调“股市有风险，入场要谨慎”的时候了。
中国央行上周五宣布，同时上调存贷款基准利率及存款准备金率，并扩大人民币兑美元波幅。分析师普遍表示，中国同时出台上述三项政策，主要意图在于遏制愈演愈烈的资金流动性泛滥，并缓解目前的通货膨胀压力。受此影响，股市在短线内会出现明显震荡。
业内人士认为，上述举措尚难以扭转目前市场资金过剩的局面，央行在未来较长一段时间内仍将频繁出台货币紧缩政策，以保持资金面的平稳。虽然这些政策并不是直接针对股市而来的，但相信其中一个目的，也是要为股市降温。如果中国股市继续上涨，当局可能还会出台直接针对股市的更严厉的措施。因此，预计短期内牛市将暂告一个段落，进入盘整期。
中国股市若大幅回调,短期必冲击本地市场,人们相信，一旦中国股市出现大幅回调，短期内势必会对本地股市带来一定冲击。
海峡时报指数上周两度重新站上3500点，最高达到3531.85点，周五以3512.40点作收，一周收涨65.48点，或1.9％。大华自动报价指数收报217.89点，上扬0.9％。
多数分析师提醒投资者对股市采取谨慎态度。德意志摩根建富证券高级交易董事叶忠英说，中国沪深两市随时可能面临调整，眼下投资者不应频繁进出市场，以免因中国股市出现突然调整而措手不及。
麦格理证券一名分析师甚至表示，股民应该对新加坡等东南亚股市采取谨慎态度，把资金转而投资在日本和韩国等近期表现比较滞后的股市。
Source:http://www.zaobao.com/cj/cj070521_519.html
● 徐伏钢
依据历史的经验，正当全民踊跃炒股，相信“钱太好赚”的季节，大约也是到了该强调“股市有风险，入场要谨慎”的时候了。
中国央行上周五宣布，同时上调存贷款基准利率及存款准备金率，并扩大人民币兑美元波幅。分析师普遍表示，中国同时出台上述三项政策，主要意图在于遏制愈演愈烈的资金流动性泛滥，并缓解目前的通货膨胀压力。受此影响，股市在短线内会出现明显震荡。
业内人士认为，上述举措尚难以扭转目前市场资金过剩的局面，央行在未来较长一段时间内仍将频繁出台货币紧缩政策，以保持资金面的平稳。虽然这些政策并不是直接针对股市而来的，但相信其中一个目的，也是要为股市降温。如果中国股市继续上涨，当局可能还会出台直接针对股市的更严厉的措施。因此，预计短期内牛市将暂告一个段落，进入盘整期。
中国股市若大幅回调,短期必冲击本地市场,人们相信，一旦中国股市出现大幅回调，短期内势必会对本地股市带来一定冲击。
海峡时报指数上周两度重新站上3500点，最高达到3531.85点，周五以3512.40点作收，一周收涨65.48点，或1.9％。大华自动报价指数收报217.89点，上扬0.9％。
多数分析师提醒投资者对股市采取谨慎态度。德意志摩根建富证券高级交易董事叶忠英说，中国沪深两市随时可能面临调整，眼下投资者不应频繁进出市场，以免因中国股市出现突然调整而措手不及。
麦格理证券一名分析师甚至表示，股民应该对新加坡等东南亚股市采取谨慎态度，把资金转而投资在日本和韩国等近期表现比较滞后的股市。
Source:http://www.zaobao.com/cj/cj070521_519.html
担心股市随时崩盘 中国典当行压低股票当价
担心股市随时崩盘 中国典当行压低股票当价
（北京、上海综合讯）中国股市持续暴涨，也掀起股票典当市场热潮，一些股民将手上的股票，按照市值的一定比例，典当换取现金，由于目前大盘指数过高，典当行很担心股市随时崩盘，开始通过降低典当比例、提高费率来控制风险，还派人在股市大厅监控驻守。
一些中国股民现在来到典当行，打算把手上的股票典当换取资金，再投入股市，不过现在股民却发现，典当的额度不但明显降低，而且规定也更严格。
典当行表示，目前这样也是不得已的，因为今年典当股票就比去年同期增加20％，而股票正处在历史高位，他们担心股市随时有崩盘的可能。
北京银达典当公司经理陈涛：“我们这边在股票交易大厅，有专门的监控。”由于典当股票的生意暴增，因此当舖也把原先的费率提高，同时股票典当的比例也大幅缩水，兑现最低还降到市值的30％。
另外，为了规避风险，如果典当户的股票市值跌到典当金额的1.4倍，典当行这时还可以通过证券公司进行强行平仓。
降低典当比例
根据新华网报道，随着上证综指站上4000点，大盘“畏高”情绪渐浓，一度火热的股票典当也开始降温，典当行通过降低典当比例、提高费率来控制风险。
去年下半年启动的“牛市”行情，催热了原本冷清的典当市场，一些市民把房产、汽车、股票拿去典当，换取现金入市。随着股市高位运行，风险也越来越大，江苏的不少典当行对股票典当的态度开始从“热推”转向“严控”。
南京金瑞典当有限公司的负责人告诉记者，从4月中旬开始，他们就将股票典当的费率从每月1.8％提高到了2.4％，典当比例也从股票市值的100％调低至50％。
另一家锺山典当的工作人员也表示：“前段时间股票的典当金额可以达到市值的七成到八成，现在我顶多给你五成。而且我们现在控制得很严，最近都没有做股票典当。”
Source: http://www.zaobao.com/cj/cj070521_502.html
（北京、上海综合讯）中国股市持续暴涨，也掀起股票典当市场热潮，一些股民将手上的股票，按照市值的一定比例，典当换取现金，由于目前大盘指数过高，典当行很担心股市随时崩盘，开始通过降低典当比例、提高费率来控制风险，还派人在股市大厅监控驻守。
一些中国股民现在来到典当行，打算把手上的股票典当换取资金，再投入股市，不过现在股民却发现，典当的额度不但明显降低，而且规定也更严格。
典当行表示，目前这样也是不得已的，因为今年典当股票就比去年同期增加20％，而股票正处在历史高位，他们担心股市随时有崩盘的可能。
北京银达典当公司经理陈涛：“我们这边在股票交易大厅，有专门的监控。”由于典当股票的生意暴增，因此当舖也把原先的费率提高，同时股票典当的比例也大幅缩水，兑现最低还降到市值的30％。
另外，为了规避风险，如果典当户的股票市值跌到典当金额的1.4倍，典当行这时还可以通过证券公司进行强行平仓。
降低典当比例
根据新华网报道，随着上证综指站上4000点，大盘“畏高”情绪渐浓，一度火热的股票典当也开始降温，典当行通过降低典当比例、提高费率来控制风险。
去年下半年启动的“牛市”行情，催热了原本冷清的典当市场，一些市民把房产、汽车、股票拿去典当，换取现金入市。随着股市高位运行，风险也越来越大，江苏的不少典当行对股票典当的态度开始从“热推”转向“严控”。
南京金瑞典当有限公司的负责人告诉记者，从4月中旬开始，他们就将股票典当的费率从每月1.8％提高到了2.4％，典当比例也从股票市值的100％调低至50％。
另一家锺山典当的工作人员也表示：“前段时间股票的典当金额可以达到市值的七成到八成，现在我顶多给你五成。而且我们现在控制得很严，最近都没有做股票典当。”
Source: http://www.zaobao.com/cj/cj070521_502.html
Ringgit, peso at multi-year highs
21-05-2007: Ringgit, peso at multi-year highs
Email us your feedback at fd@bizedge.com
The ringgit and the Philippine peso hit multi-year highs on May 21 to lead Asian currencies higher after China widened the yuan's trading band against the dollar and lifted interest rates.
The yuan will now be permitted to rise or fall by 0.5% each day versus the dollar, rather than 0.3%. The central bank raised its one-year lending rate by 0.18 percentage point and its one-year deposit rate by 0.27 percentage point.
This is seen paving the way for faster appreciation of the yuan, dragging Asian currencies higher too. The ringgit and Singapore dollar, trading proxies for the yuan, are expected to benefit the most.
The ringgit strengthened to 3.3910 per dollar, its highest in just over nine years, making a decisive push through the 3.4 level that had proved a tough chart barrier for more than a week.
"It is primarily because of the Chinese rate move as well as the widening of the band," said a trader in Kuala Lumpur. "So the first reaction is to sell dollar/ringgit."
But he added that the move through 3.4 per dollar had also triggered profit taking, with the central bank likely to step in to the market and buy dollars in the 3.39 area.
The Philippine peso extended recent gains to 46.39 per dollar, its strongest level since early 2001, while the Indonesian rupiah rose almost half a percent to about 8,775 per dollar.
The South Korean won firmed to about 931 per dollar, up about 0.4% from May 18's six-week lows.
Alvin Cheng, a trader at Fortis Bank in Hong Kong, said Asian currencies were also benefiting from a pick up in demand for yield that has been seen in the past few weeks.
"With slightly weaker Asian currencies in the last two sessions, it seems attractive for traders to re-enter the long Asian trades," he said.
Elsewhere, the Singapore dollar gained about a fifth of a percent to 1.5226 to the US dollar, supported by data showing Singapore's economy grew at a stronger-than-expected annualised rate of 7.6% in the first quarter.
Analysts at ABN AMRO said the data together with the Chinese yuan band widening should support the Singapore dollar, which it estimated was trading just eight basis points above the mid-point of its secret trade-weighted band.
The Singapore dollar came under pressure last week amid weak economic data and a sharp fall in local interest rates.
"We remain upbeat on a stronger Singapore dollar, especially in a general weaker dollar-Asia trend, with our year-end forecast at 1.4700," ABN AMRO analyst Shiang Hue Lye said in a note.
Asian currencies showed little immediate reaction to a weekend meeting of Group of Eight finance ministers. The G8 communique made no mention of currencies and ministers said there was no discussion on foreign exchange. - Reuters
Sourse:http://www.theedgedaily.com/cms/content.jsp?id=com.tms.cms.article.Article_acbba43b-cb73c03a-a1aa8500-4ed25594
Email us your feedback at fd@bizedge.com
The ringgit and the Philippine peso hit multi-year highs on May 21 to lead Asian currencies higher after China widened the yuan's trading band against the dollar and lifted interest rates.
The yuan will now be permitted to rise or fall by 0.5% each day versus the dollar, rather than 0.3%. The central bank raised its one-year lending rate by 0.18 percentage point and its one-year deposit rate by 0.27 percentage point.
This is seen paving the way for faster appreciation of the yuan, dragging Asian currencies higher too. The ringgit and Singapore dollar, trading proxies for the yuan, are expected to benefit the most.
The ringgit strengthened to 3.3910 per dollar, its highest in just over nine years, making a decisive push through the 3.4 level that had proved a tough chart barrier for more than a week.
"It is primarily because of the Chinese rate move as well as the widening of the band," said a trader in Kuala Lumpur. "So the first reaction is to sell dollar/ringgit."
But he added that the move through 3.4 per dollar had also triggered profit taking, with the central bank likely to step in to the market and buy dollars in the 3.39 area.
The Philippine peso extended recent gains to 46.39 per dollar, its strongest level since early 2001, while the Indonesian rupiah rose almost half a percent to about 8,775 per dollar.
The South Korean won firmed to about 931 per dollar, up about 0.4% from May 18's six-week lows.
Alvin Cheng, a trader at Fortis Bank in Hong Kong, said Asian currencies were also benefiting from a pick up in demand for yield that has been seen in the past few weeks.
"With slightly weaker Asian currencies in the last two sessions, it seems attractive for traders to re-enter the long Asian trades," he said.
Elsewhere, the Singapore dollar gained about a fifth of a percent to 1.5226 to the US dollar, supported by data showing Singapore's economy grew at a stronger-than-expected annualised rate of 7.6% in the first quarter.
Analysts at ABN AMRO said the data together with the Chinese yuan band widening should support the Singapore dollar, which it estimated was trading just eight basis points above the mid-point of its secret trade-weighted band.
The Singapore dollar came under pressure last week amid weak economic data and a sharp fall in local interest rates.
"We remain upbeat on a stronger Singapore dollar, especially in a general weaker dollar-Asia trend, with our year-end forecast at 1.4700," ABN AMRO analyst Shiang Hue Lye said in a note.
Asian currencies showed little immediate reaction to a weekend meeting of Group of Eight finance ministers. The G8 communique made no mention of currencies and ministers said there was no discussion on foreign exchange. - Reuters
Sourse:http://www.theedgedaily.com/cms/content.jsp?id=com.tms.cms.article.Article_acbba43b-cb73c03a-a1aa8500-4ed25594
Saturday, May 19, 2007
股市经典
股市经典1： ＂连分析师也感到无奈时，就是买进的好时机＂
-Peter Lynch
股市经典2： ＂退潮后，你才知道谁是裸泳者＂
-Warrent Buffett
股市经典3： ＂一家公司的股票，今天，明天，下周或明年售价多少，并不重要，重要的是有关公司５年或１０年内的业绩表现＂
-Warrent Buffett
股市经典４： ＂当优质公司被不寻常的环境所困，使它的股票价值被曲解，就是最大投资机会＂
-Warrent Buffett
股市经典５： ＂只有一小撮投资者作出好的决定，理由是大部分的思考，被过去的经验所操纵＂
-Paul F.Miller Jr.
-Peter Lynch
股市经典2： ＂退潮后，你才知道谁是裸泳者＂
-Warrent Buffett
股市经典3： ＂一家公司的股票，今天，明天，下周或明年售价多少，并不重要，重要的是有关公司５年或１０年内的业绩表现＂
-Warrent Buffett
股市经典４： ＂当优质公司被不寻常的环境所困，使它的股票价值被曲解，就是最大投资机会＂
-Warrent Buffett
股市经典５： ＂只有一小撮投资者作出好的决定，理由是大部分的思考，被过去的经验所操纵＂
-Paul F.Miller Jr.
中國猛樂冷卻股市,China widens yuan
罕見同步調高利率匯率
中國猛樂冷卻股市 推薦給朋友 列印
updated:2007-05-19 17:58:42 MYT
（北京訊）中國人民銀行週五宣布，同步調整利率和匯率政策，調高存貸款基準利率和存款準備率、並擴大人民幣兌美元交易價的浮動幅度，主要是要冷切過熱的股市和經濟活動，防止一發不可收拾的股市崩盤事件發生。
近期中國全民“股瘋”，已經令市場非常擔心，一旦“熱過度”的股泡沫爆破，不但中國經濟和上億股民受傷，全球的股市也為之“震動”而遭殃；今年2月的全球股災，元凶就是中國股市無預警的調整造成的。
中國行這次下猛葯，三管齊下（調升貨款、存款和匯率），就是防患未然的做法。這是近十年來，中國首次同步調高存貸基準利率和存款準備率，升息主要目的是在替過熱的中國股市降溫。
擴大人民幣浮動幅度
至於人民幣兌美元交易價浮動幅度下周一起也擴大，由0.3%擴大至0.5%，向國際宣示允許人民幣升值幅度加快。
中國罕見地同步推出3項重要雙率政策，主要是加強宏觀調控力度，遏止今年第1季以來快速增加的經濟成長率。
中國自前年7月匯率改革以來，人民幣浮動幅度一直維持在每日0.3%。下週一起，擴大人民幣浮動幅度，可能將加快人民幣升值，有助平衡中國持續擴大的貿易盈餘。
中國中行宣佈今天起，調高金融機構人民幣存貸款基準利率，引導利率上升。6月5日起，調高人民幣存款準備率0.5%至11.5%。
其中，金融機構一年期存款基準利率上調0.279%，調整後為3.06%；一年期貸款基準利率上調0.18%，由6.39%提高至6.57%，為逾8年最高。其他各天期存貸款基準利率也隨之調整。
這是中國中行自2004年以來第5次升息。至於調高存款準備率，則是2006年以來第8次調整。 （星洲日報‧2007.05.19）
Source:http://www.sinchew.com.my/content.phtml?sec=&artid=200705191693
=================================================
18-05-2007: China widens yuan leeway, ups rates before US talks
By Eadie Chen & Zhou Xin
Email us your feedback at fd@bizedge.com
China's yuan will be allowed to trade more freely, the central bank announced on May 18 as it also raised interest rates just days ahead of a key meeting with the United States to discuss trade tensions.
The steps, which prompted the yen to jump sharply against the euro and dollar, are likely to be interpreted as both an olive branch to Washington and as a signal that China is serious about keeping the world's fourth-largest economy in check.
The US Treasury welcomed the policy moves but said it would continue to press for greater appreciation of the yuan.
"The Treasury view is that this is a useful step towards greater currency flexibility," US Special Envoy for China Alan Holmer told a news briefing.
The yuan will now be permitted to rise or fall by 0.5% each day, up from a 0.3% margin. The central bank raised its one-year lending rate by 0.18 percentage point and the one-year deposit rate by 0.27.
"The band widening announcement is a gift to the Americans," said Mei Xinyu, researcher with a think-tank under the Ministry of Commerce in Beijing.
"Everybody knew that the band would be widened sooner or later, and announcing it right ahead of the talks is not bad timing. China can maybe ask something back from the US side."
US Treasury Secretary Henry Paulson will play host to a Chinese delegation led by Vice Premier Wu Yi from May 22-23 in Washington to discuss sticking points in trade relations, including the value of the yuan, as part of a "strategic economic dialogue" set up last year.
Paulson, under pressure from Congress, said on May 17 he would keep trying to persuade China to let markets set the value of the yuan.
"They are showing they are willing to show more flexibility but we have to see how the currency will behave," said Marios Maratheftis, currency strategist at Standard Chartered in London, of China's moves. "We still think it will be a gradual appreciation with the new band not being fully used either."
Chairing a meeting of G8 finance ministers near the eastern German city of Potsdam, German Finance Minister Peer Streinbrueck also backed the move. "There has been strong agreement in the G7 circle ... that exchange rates should develop on the basis of the market and that we are not interested in abrupt changes," he said.
The widening of the yuan's band will take effect on May 21, when it will be permitted to rise or fall by 0.5% each day from a mid-point set each morning.
On most days, the yuan ranges less than 0.15% from its dollar midpoint. The biggest move was a 0.28% fall on Aug 15, 2006.
"This is favourable for further promoting the development of the foreign exchange market and will increase the flexibility of the yuan's exchange rate," the central bank said in a statement.
The United States has been pressing China to let the yuan, which critics say is artificially undervalued, to strengthen more quickly as a way of helping to narrow its large trade deficit with China, which hit US$233 billion (RM792.44 billion) last year.
But the central bank reaffirmed its official line that it would keep the yuan basically stable, saying the band widening did not mean that the currency would appreciate significantly.
The currency closed on May 18 at its highest level since it was revalued by 2.1% and untethered from a dollar peg in July 2005. It has appreciated by nearly 5.8% since then.
The central bank also said it would raise both deposit and lending rates, as well as the proportion of deposits that banks must hold in reserve -- a rare parallel step.
The rate changes will take effect on May 19 and will bring the one-year deposit rate to 3.06 from 2.79% and the one-year benchmark lending rate to 6.57% from 6.39.
Markets responded strongly to the news.
The yen, often seen as a proxy for the closely-managed yuan, bounced decisively away from record lows against the euro struck earlier this week.
Early in the New York session, the dollar had slid 0.2% on the day to 120.93 yen, while the euro fell 0.4% to 163.08.
Increasing deposit rates by more than lending rates would help ease the current situation of negative real deposit rates, which has prompted individuals to flock in droves into the country's red-hot stock markets, causing concerns over a bubble.
Trimming the differential between deposit and lending rates would also help discourage banks from giving out loans, thus helping to rein in an investment frenzy, analysts said.
"I think the government just wants to send the market a very clear-cut signal that it is very committed to steering the economy towards safe waters," said Zhu Jianfang, chief economist with China Securities in Beijing.
Banks' reserve requirement ratio would be increased by 0.5 percentage point, effective June 5, the central bank said. That takes the ratio for big banks to 11.5%.
China has now raised interest rates four times since April 27, 2006, and reserve requirements eight times since June 2006. -- Reuters
Source: http://www.theedgedaily.com/cms/content.jsp?id=com.tms.cms.article.Article_9fae16ca-cb73c03a-186f3b30-c2cff848
中國猛樂冷卻股市 推薦給朋友 列印
updated:2007-05-19 17:58:42 MYT
（北京訊）中國人民銀行週五宣布，同步調整利率和匯率政策，調高存貸款基準利率和存款準備率、並擴大人民幣兌美元交易價的浮動幅度，主要是要冷切過熱的股市和經濟活動，防止一發不可收拾的股市崩盤事件發生。
近期中國全民“股瘋”，已經令市場非常擔心，一旦“熱過度”的股泡沫爆破，不但中國經濟和上億股民受傷，全球的股市也為之“震動”而遭殃；今年2月的全球股災，元凶就是中國股市無預警的調整造成的。
中國行這次下猛葯，三管齊下（調升貨款、存款和匯率），就是防患未然的做法。這是近十年來，中國首次同步調高存貸基準利率和存款準備率，升息主要目的是在替過熱的中國股市降溫。
擴大人民幣浮動幅度
至於人民幣兌美元交易價浮動幅度下周一起也擴大，由0.3%擴大至0.5%，向國際宣示允許人民幣升值幅度加快。
中國罕見地同步推出3項重要雙率政策，主要是加強宏觀調控力度，遏止今年第1季以來快速增加的經濟成長率。
中國自前年7月匯率改革以來，人民幣浮動幅度一直維持在每日0.3%。下週一起，擴大人民幣浮動幅度，可能將加快人民幣升值，有助平衡中國持續擴大的貿易盈餘。
中國中行宣佈今天起，調高金融機構人民幣存貸款基準利率，引導利率上升。6月5日起，調高人民幣存款準備率0.5%至11.5%。
其中，金融機構一年期存款基準利率上調0.279%，調整後為3.06%；一年期貸款基準利率上調0.18%，由6.39%提高至6.57%，為逾8年最高。其他各天期存貸款基準利率也隨之調整。
這是中國中行自2004年以來第5次升息。至於調高存款準備率，則是2006年以來第8次調整。 （星洲日報‧2007.05.19）
Source:http://www.sinchew.com.my/content.phtml?sec=&artid=200705191693
=================================================
18-05-2007: China widens yuan leeway, ups rates before US talks
By Eadie Chen & Zhou Xin
Email us your feedback at fd@bizedge.com
China's yuan will be allowed to trade more freely, the central bank announced on May 18 as it also raised interest rates just days ahead of a key meeting with the United States to discuss trade tensions.
The steps, which prompted the yen to jump sharply against the euro and dollar, are likely to be interpreted as both an olive branch to Washington and as a signal that China is serious about keeping the world's fourth-largest economy in check.
The US Treasury welcomed the policy moves but said it would continue to press for greater appreciation of the yuan.
"The Treasury view is that this is a useful step towards greater currency flexibility," US Special Envoy for China Alan Holmer told a news briefing.
The yuan will now be permitted to rise or fall by 0.5% each day, up from a 0.3% margin. The central bank raised its one-year lending rate by 0.18 percentage point and the one-year deposit rate by 0.27.
"The band widening announcement is a gift to the Americans," said Mei Xinyu, researcher with a think-tank under the Ministry of Commerce in Beijing.
"Everybody knew that the band would be widened sooner or later, and announcing it right ahead of the talks is not bad timing. China can maybe ask something back from the US side."
US Treasury Secretary Henry Paulson will play host to a Chinese delegation led by Vice Premier Wu Yi from May 22-23 in Washington to discuss sticking points in trade relations, including the value of the yuan, as part of a "strategic economic dialogue" set up last year.
Paulson, under pressure from Congress, said on May 17 he would keep trying to persuade China to let markets set the value of the yuan.
"They are showing they are willing to show more flexibility but we have to see how the currency will behave," said Marios Maratheftis, currency strategist at Standard Chartered in London, of China's moves. "We still think it will be a gradual appreciation with the new band not being fully used either."
Chairing a meeting of G8 finance ministers near the eastern German city of Potsdam, German Finance Minister Peer Streinbrueck also backed the move. "There has been strong agreement in the G7 circle ... that exchange rates should develop on the basis of the market and that we are not interested in abrupt changes," he said.
The widening of the yuan's band will take effect on May 21, when it will be permitted to rise or fall by 0.5% each day from a mid-point set each morning.
On most days, the yuan ranges less than 0.15% from its dollar midpoint. The biggest move was a 0.28% fall on Aug 15, 2006.
"This is favourable for further promoting the development of the foreign exchange market and will increase the flexibility of the yuan's exchange rate," the central bank said in a statement.
The United States has been pressing China to let the yuan, which critics say is artificially undervalued, to strengthen more quickly as a way of helping to narrow its large trade deficit with China, which hit US$233 billion (RM792.44 billion) last year.
But the central bank reaffirmed its official line that it would keep the yuan basically stable, saying the band widening did not mean that the currency would appreciate significantly.
The currency closed on May 18 at its highest level since it was revalued by 2.1% and untethered from a dollar peg in July 2005. It has appreciated by nearly 5.8% since then.
The central bank also said it would raise both deposit and lending rates, as well as the proportion of deposits that banks must hold in reserve -- a rare parallel step.
The rate changes will take effect on May 19 and will bring the one-year deposit rate to 3.06 from 2.79% and the one-year benchmark lending rate to 6.57% from 6.39.
Markets responded strongly to the news.
The yen, often seen as a proxy for the closely-managed yuan, bounced decisively away from record lows against the euro struck earlier this week.
Early in the New York session, the dollar had slid 0.2% on the day to 120.93 yen, while the euro fell 0.4% to 163.08.
Increasing deposit rates by more than lending rates would help ease the current situation of negative real deposit rates, which has prompted individuals to flock in droves into the country's red-hot stock markets, causing concerns over a bubble.
Trimming the differential between deposit and lending rates would also help discourage banks from giving out loans, thus helping to rein in an investment frenzy, analysts said.
"I think the government just wants to send the market a very clear-cut signal that it is very committed to steering the economy towards safe waters," said Zhu Jianfang, chief economist with China Securities in Beijing.
Banks' reserve requirement ratio would be increased by 0.5 percentage point, effective June 5, the central bank said. That takes the ratio for big banks to 11.5%.
China has now raised interest rates four times since April 27, 2006, and reserve requirements eight times since June 2006. -- Reuters
Source: http://www.theedgedaily.com/cms/content.jsp?id=com.tms.cms.article.Article_9fae16ca-cb73c03a-186f3b30-c2cff848
Friday, May 18, 2007
How to calculate Dividend?
Dividend Calculation:
Dividend can be annouced in % or SEN
In SEN =
PBBANK annouced give 20sen = Rm200
Maybulk annouced give 30sen = Rm300
DLady annouced give 40sen = Rm400
In % =
PAR VALUE = Rm1
PBBANK annouced give 10% = 1000unit x 10% x Rm1 = Rm100 Dividend
PAR VALUE = Rm0.10
Maxis annouced give 100% = 1000unit x 100% x Rm0.10 = Rm100 Dividend
Maxis annouced give 50% = 1000unit x 50% x Rm0.10 = Rm50 Dividend
PAR VALUE = Rm0.50
X-share annouced give 100% = 1000unit x 100% x Rm0.50 = Rm50 Dividend
Dividend can be annouced in % or SEN
In SEN =
PBBANK annouced give 20sen = Rm200
Maybulk annouced give 30sen = Rm300
DLady annouced give 40sen = Rm400
In % =
PAR VALUE = Rm1
PBBANK annouced give 10% = 1000unit x 10% x Rm1 = Rm100 Dividend
PAR VALUE = Rm0.10
Maxis annouced give 100% = 1000unit x 100% x Rm0.10 = Rm100 Dividend
Maxis annouced give 50% = 1000unit x 50% x Rm0.10 = Rm50 Dividend
PAR VALUE = Rm0.50
X-share annouced give 100% = 1000unit x 100% x Rm0.50 = Rm50 Dividend
What is "SHORTSELL" & Way To Cope It. 卖空与对策
What is "SHORTSELL" & Way To Cope It. 卖空与对策
SHORTSELL = 卖空
CDS got 5000share
SELL 5000share at morning, SELL again 5000share at noon. (double sell)
SHORTSELL 5000share (owe to Bursa)
发现有很多人不明白什么是＂股票＂， 和基本工就冒冒然进场。
BIDS ＝ 价位
(what is bid = http://www.bursamalaysia.com/website/bm/trading/equities/minimum_bids.html )
RM０。０１ 到 RM０。９９５ ＝ １ BIDS ＝ ０。００５
RM１。００ 到 RM１。９９ ＝ １ BIDS ＝ ０。０１
SHORTSELL ＝ 卖空
DEALER／REMISER 是不可能记得CLIENTS 全部的股票。 他们不是电脑。
要CHECK CLIENT 什么有多少股票 是得去 OPERATION BACK OFFICE CDS PC 查看的（你们慢了，时间脱久了，股票掉了， 亏更多。所以奉劝CLIENT 好好记得自己的票，UNIT）
＝＝＝＝＝＝＝＝＝＝＝＝＝＝＝＝＝＝＝＝＝＝＝＝＝＝＝
CASE：
１８。５。２００７ 卖多了。
１８。５。２００７ ４。５５PM 发现快点买回。
SELL ２０，０００ X ０。０４ ＝ RM８００
BUY ２０，０００ X ０。０４ ＝ RM８００
＞＞亏水钱
SELL ２０，０００ X ０。０４５ ＝ RM９００
BUY ２０，０００ X ０。０４ ＝ RM８００
＞＞赚少少
SELL ２０，０００ X ０。０３ ＝ RM６００
BUY ２０，０００ X ０。０４ ＝ RM８００
＞＞亏水钱 ＋ (-RM２００)
==========================================================
CASE：
１８。５。２００７ 卖多了。
１８。５。２００７ 5。30PM发现
TELL and ask the remiser/dealer help u find who got the share. do some "amendment". Clever remiser and dealer will know how to help you. If within their capability.
＝＝＝＝＝＝＝＝＝＝＝＝＝＝＝＝＝＝＝＝＝＝＝＝＝＝＝＝＝
CASE：
１８。５。２００７ 卖多了。
１９。５。２００７ 发现。迟了。
BURSA REPORT 会出现你的名字 SHORTSELL
＞＞ BURSA 会在 ２０。５。２００７帮你以 １０BIDS HIGHER挂上 ＂BUY IN＂ （BUY BACK） BASE ON １９。５。２００７ CLOSING PRICE。
人们（REMISER＋CLIENT） 就在８。２９AM KAP 着。强着卖给你。（你就买回补给BURSA）
（人人想卖１０BIDS HIGHER，因为稳赚， 卖了后， ９AM 再在OPEN MARKET 买回， 放回CDS）
EXAMPLE：
MONDAY RM１ SHORTSELL １０，０００SHARE
TUESDAY ＞＞ SHORTSELL REPORT OUT。 CLOSING RM０。９０
WED BUY－IN RM０。９５ ＞＞ 赚 RM０。０５ X １０，０００ ＝ RM５００
EXAMPLE：
MONDAY RM１ SHORTSELL １０，０００SHARE
TUESDAY ＞＞ SHORTSELL REPORT OUT。 CLOSING RM０。８０
WED BUY－IN RM０。８５ ＞＞ 赚 RM０。１５ X １０，０００ ＝ RM１５００
EXAMPLE：
MONDAY RM１ SHORTSELL １０，０００SHARE
TUESDAY ＞＞ SHORTSELL REPORT OUT。 股价冲着上 RM1。10
WED BUY－IN RM１。２０ ＞＞ 亏 RM０。２０ X １０，０００ ＝ RM２０００
＝＝＝＝＝＝＝＝＝＝＝＝＝＝＝＝＝＝＝＝＝＝＝＝＝＝＝＝＝
ALTERNATIVE 解决方案：
A１＝ HEDGING （防止股价向上冲） BUY １０，０００UNITS
可以帮补，帮补亏损
>>BUT not efficient and effective way. sometime u lost MORE.
A２＝ 你SHORTSELL。 好朋友有你SHORTSELL 的股 （X股）， 叫他卖给你（在BUY－IN里面）。 他赚１０BIDS， 再拿回出来给你。
HE GAIN RM１０００。 GIVE U BACK RM１０００。 （包个红包给他） 哈哈。。。
＞＞但，不是那么容易。 要８AM 到OFFICE，开SERVER， LOADING。 等。。。。抢线卖您朋友的股票给你。 还要REMISER ／ DEALER 肯７AM 起身， ８AM 到OFFICE 哦。。。
哈哈。。。
如是非常大的SHORTSELL。又或者买１０００SHARE。１００SHARE，１００SHARE，１００SHARE，１００SHARE，１００SHARE， SHOOT 下去。 哈哈
如果买１０００SHARE RM１。
如果股价冲上RM１。０６
SELL １００SHARE RM１。０6
再SELL １００SHARE RM１。０7
再SELL １００SHARE RM１。０4
再SELL １００SHARE RM１。０6
再SELL １００SHARE RM１。０5
再SELL １００SHARE RM１。０4
再SELL １００SHARE RM１。０6
再SELL １００SHARE RM１。０7
再SELL １００SHARE RM１。０4
再SELL １００SHARE RM１。０5
DEALER/REMISER 的COMPUTER 简称BFE ，会 AUTO AVERAGE 您的１０次SELLING PRICE。 （我们主要目的是压低那股价， 但如果买盘很强）
你的１０００SHARE， 又如何抵挡 １０，０００，０００ BUYING POWER？哈哈。。。
所以。。。。慢慢学吧朋友们
REMARK＝
REMEMBER CANCEL ＂PREVIOUS＂ BUY OR SELL ORDER YOU PUT。 THEY FOLLOW INSTRUCTION OF CLIENT。。。。THANKS
SHORTSELL = 卖空
CDS got 5000share
SELL 5000share at morning, SELL again 5000share at noon. (double sell)
SHORTSELL 5000share (owe to Bursa)
发现有很多人不明白什么是＂股票＂， 和基本工就冒冒然进场。
BIDS ＝ 价位
(what is bid = http://www.bursamalaysia.com/website/bm/trading/equities/minimum_bids.html )
RM０。０１ 到 RM０。９９５ ＝ １ BIDS ＝ ０。００５
RM１。００ 到 RM１。９９ ＝ １ BIDS ＝ ０。０１
SHORTSELL ＝ 卖空
DEALER／REMISER 是不可能记得CLIENTS 全部的股票。 他们不是电脑。
要CHECK CLIENT 什么有多少股票 是得去 OPERATION BACK OFFICE CDS PC 查看的（你们慢了，时间脱久了，股票掉了， 亏更多。所以奉劝CLIENT 好好记得自己的票，UNIT）
＝＝＝＝＝＝＝＝＝＝＝＝＝＝＝＝＝＝＝＝＝＝＝＝＝＝＝
CASE：
１８。５。２００７ 卖多了。
１８。５。２００７ ４。５５PM 发现快点买回。
SELL ２０，０００ X ０。０４ ＝ RM８００
BUY ２０，０００ X ０。０４ ＝ RM８００
＞＞亏水钱
SELL ２０，０００ X ０。０４５ ＝ RM９００
BUY ２０，０００ X ０。０４ ＝ RM８００
＞＞赚少少
SELL ２０，０００ X ０。０３ ＝ RM６００
BUY ２０，０００ X ０。０４ ＝ RM８００
＞＞亏水钱 ＋ (-RM２００)
==========================================================
CASE：
１８。５。２００７ 卖多了。
１８。５。２００７ 5。30PM发现
TELL and ask the remiser/dealer help u find who got the share. do some "amendment". Clever remiser and dealer will know how to help you. If within their capability.
＝＝＝＝＝＝＝＝＝＝＝＝＝＝＝＝＝＝＝＝＝＝＝＝＝＝＝＝＝
CASE：
１８。５。２００７ 卖多了。
１９。５。２００７ 发现。迟了。
BURSA REPORT 会出现你的名字 SHORTSELL
＞＞ BURSA 会在 ２０。５。２００７帮你以 １０BIDS HIGHER挂上 ＂BUY IN＂ （BUY BACK） BASE ON １９。５。２００７ CLOSING PRICE。
人们（REMISER＋CLIENT） 就在８。２９AM KAP 着。强着卖给你。（你就买回补给BURSA）
（人人想卖１０BIDS HIGHER，因为稳赚， 卖了后， ９AM 再在OPEN MARKET 买回， 放回CDS）
EXAMPLE：
MONDAY RM１ SHORTSELL １０，０００SHARE
TUESDAY ＞＞ SHORTSELL REPORT OUT。 CLOSING RM０。９０
WED BUY－IN RM０。９５ ＞＞ 赚 RM０。０５ X １０，０００ ＝ RM５００
EXAMPLE：
MONDAY RM１ SHORTSELL １０，０００SHARE
TUESDAY ＞＞ SHORTSELL REPORT OUT。 CLOSING RM０。８０
WED BUY－IN RM０。８５ ＞＞ 赚 RM０。１５ X １０，０００ ＝ RM１５００
EXAMPLE：
MONDAY RM１ SHORTSELL １０，０００SHARE
TUESDAY ＞＞ SHORTSELL REPORT OUT。 股价冲着上 RM1。10
WED BUY－IN RM１。２０ ＞＞ 亏 RM０。２０ X １０，０００ ＝ RM２０００
＝＝＝＝＝＝＝＝＝＝＝＝＝＝＝＝＝＝＝＝＝＝＝＝＝＝＝＝＝
ALTERNATIVE 解决方案：
A１＝ HEDGING （防止股价向上冲） BUY １０，０００UNITS
可以帮补，帮补亏损
>>BUT not efficient and effective way. sometime u lost MORE.
A２＝ 你SHORTSELL。 好朋友有你SHORTSELL 的股 （X股）， 叫他卖给你（在BUY－IN里面）。 他赚１０BIDS， 再拿回出来给你。
HE GAIN RM１０００。 GIVE U BACK RM１０００。 （包个红包给他） 哈哈。。。
＞＞但，不是那么容易。 要８AM 到OFFICE，开SERVER， LOADING。 等。。。。抢线卖您朋友的股票给你。 还要REMISER ／ DEALER 肯７AM 起身， ８AM 到OFFICE 哦。。。
哈哈。。。
如是非常大的SHORTSELL。又或者买１０００SHARE。１００SHARE，１００SHARE，１００SHARE，１００SHARE，１００SHARE， SHOOT 下去。 哈哈
如果买１０００SHARE RM１。
如果股价冲上RM１。０６
SELL １００SHARE RM１。０6
再SELL １００SHARE RM１。０7
再SELL １００SHARE RM１。０4
再SELL １００SHARE RM１。０6
再SELL １００SHARE RM１。０5
再SELL １００SHARE RM１。０4
再SELL １００SHARE RM１。０6
再SELL １００SHARE RM１。０7
再SELL １００SHARE RM１。０4
再SELL １００SHARE RM１。０5
DEALER/REMISER 的COMPUTER 简称BFE ，会 AUTO AVERAGE 您的１０次SELLING PRICE。 （我们主要目的是压低那股价， 但如果买盘很强）
你的１０００SHARE， 又如何抵挡 １０，０００，０００ BUYING POWER？哈哈。。。
所以。。。。慢慢学吧朋友们
REMARK＝
REMEMBER CANCEL ＂PREVIOUS＂ BUY OR SELL ORDER YOU PUT。 THEY FOLLOW INSTRUCTION OF CLIENT。。。。THANKS
Thursday, May 17, 2007
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