Daily Archives: March 1, 2016


Bursa Malaysia : Petronas demands RM46.7mil from MClean for pipeline damage


  • Petroliam Nasional Bhd (Petronas) and its subsidiary Petronas Gas Bhd have sent a letter of demand for RM46.75mil to MClean Technologies Bhd’s subsidiaries for damage caused by effluent discharge and unlawful entry.
  • The precision cleaning and washing solutions provider told Bursa Malaysia that its subsidiaries DWZ Industries Sdn Bhd and DWZ Industries (Johor) Sdn Bhd had received the letter from Petronas’ lawyers alleging the group had unlawfully constructed and/or installed a 50-metre piping structure under the lands which was connected to DWZ Industries Sdn Bhd’s premises in Ulu Tiram.
  • The discharge of “certain noxious and toxic effluents” from DWZ’s piping structure and its premises onto the lands is said to have substantially damaged Petronas Gas’ pipeline.
  • “Due to the above, Petronas has demanded for a sum of RM46.75mil from the company and/or its subsidiaries, failing which Petronas will commence legal proceedings against the company and/or its subsidiaries to recover all sums due and additionally liable for interest and costs,” MClean said.

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Malaysia : KLCI climbs nearly 8 points as Maybank and Sime lead


  • Blue chips  advanced early Tuesday with Maybank and Sime Darby taking the lead and sending the FBM KLCI up nearly eight points but the broader  market was  more cautious after the resumption in foreign selling.
  • At 9.37am, the KLCI was up 7.96 points or 0.48% to 1,662.71. Turnover was 237.22 million shares valued at RM104.29mil. There were 171 gainers, 238 losers and 194 counters unchanged.
  • However, most investors’ concerns would be whether there would be follow-through buying support due to the uncertainties, especially with the latest batch of data from China.
  • Foreign funds turned net sellers on Monday at RM137.6mil after last week’s net buying, according to BIMB Securities Research data. The corporate results were also mostly uninspiring especially from the oil and gas and plantations.

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KLSE : Ringgit opens higher against US$ Tuesday, lower VS yen and pound


  • The ringgit opened higher against the US dollar Tuesday on continued buying momentum, dealers said.
  • At 9.05 am(0105GMT), the local unit stood at 4.1870/1930 from 4.2000/2100 in extending the improvement against the US dollar from Monday.
  • The ringgit traded mixed against other emerging currencies.
  • It traded better against the Singapore dollar at 2.9773/9822 from 2.9883/9975 on Monday and rose against the euro to 4.5534/5611 from 4.5860/5986.
  • However, it depreciated against the British pound to 5.8308/8408 from 5.8246/8397 and weakened against the yen to 3.7234/7304 from 3.7231/7333.

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Comex Trading Signals and Market News – 01 March 2016


  • Brent crude futures edged higher on Monday, adding to strong gains last week, on rising hopes the market has bottomed out though analysts warned it would still take a long time to clear a huge global glut. ,Brent futures (LCOc1) were trading at $35.28 per barrel at 1042 GMT (05:42 EST), up 18 cents from their previous close., Since Feb. 11, the last time Brent was below $30, the crude benchmark has risen some 17 percent, although prices are still a fraction of the $115 per barrel seen only 20 months ago.
  • Gold futures pushed higher in European trade on Monday, as sharp declines on China’s stock market drove investors to seek shelter in the safe-haven asset.The Shanghai Composite Index tumbled by more than 4% in early trading to hit levels not seen since late 2014, as China’s central bank guided the yuan to its weakest level in three weeks.
  • Silver futures fell during evening trade in the domestic market on Monday as investors and speculators exited positions in the precious metal after upbeat US economic data signaled strength in the world’s biggest economy despite global headwinds raising the case for the US Federal Reserve to hike interest rates this year after December’s initial lift-off dimming the lure for the bullion as a store of value.


  • The People’s Bank of China eased monetary policy on Monday by cutting the amount of cash that banks must hold as reservesIt was the fifth time since February 2015 that the PBOC cut the Reserve Rate Requirement as it seeks to revive a stumbling economyCutting the RRR will guarantee “ample liquidity” in the financial sector and encourage “appropriate growth” in the credit market the PBOC said.A lower RRR will give Chinese banks the leeway to lower borrowing costs and to make more money available to borrowers.
  • India needs to lower its debt to GDP ratio and materially lower its fiscal deficit for a ratings upgrade, Kyran Curry, S&P director, sovereign ratings in Asia, told Reuters after the federal budget was announced earlier on Monday.The country’s debt to GDP ratio falling to below 60 percent would bring a “clear upside” to the sovereign ratings, Curry said. It currently stands at 67 percent.”We are just seeing continuing a very, very slow pace in its (government’s) consolidation path. And that if anything, delays a ratings rise,” Curry added.
  • Expectations among people in Britain for inflation over the coming year rose to their highest level in five months in    January, according to a survey which followed a pick-up in official inflation data from below zero. The monthly YouGov/Citi survey, published on Monday, found year-ahead inflation expectations rose to 1.5 percent from 1.3 percent in December. Expectations for inflation over the next five to 10 years also rose to 2.9 percent from 2.7 percent, hitting their highest level since October 2014.


  • BUY GOLD ABOVE 1235 TARGET 1240 1246 SL 1229
  • SELL GOLD BELOW 1225 TARGET 1220 1214 SL 1231

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IForex Market Trading Signals and News – 01 March 2016


  • Forex -Dollar sharply lower against yen as China stocks sink
  • Forex – Aussie holds steady, kiwi declines after disapppointing data
  • Forex – Dollar edges up to fresh 3-week highs vs. rivals

The euro fell to the day’s lows against the dollar and the yen on Monday after data showing that the euro area fell back into deflation in February for the first time in five months cemented expectations for more central bank stimulus. EUR/USD touched lows of 1.0896, the weakest since February 2 down from around 1.0915 earlier. The drop in the euro came after Eurostat said the consumer price index fell 0.2% on a year-over-year basis after rising 0.3% in January. It was the first negative inflation figure since September, when consumer prices fell 0.1%, and is well below the European Central Bank’s target of close to but just below 2.0%. Economists had expected the annual rate of inflation to tick down to 0.1%. The fall was due in large part to falling energy costs, which were 8% lower in the year to February compared to the previous month’s 5.4% drop. Core inflation, which strips out energy costs, fell to 0.7% from 1.0% in January.

The GBP/USD is flat today with no domestic data but Brexit possibilities grow. The pound is trading at 1.3963. The UK currency remained below $1.40 against the US dollar following a torrid week. The slump in sterling has been fueled by fears the UK could vote to leave the EU, dubbed ‘Brexit’, on June 23. Jack Row, global fixed income investment manager at NN Investment Partners, said the pound had already weakened 4-7 per cent due to the risk of Brexit and warned it could fall further.He said: “It is not easy to assess how much the weakness of GBP is due to Brexit risk. Correlations with the US dollar and the euro have destabilized and it is not straight-forward how cyclical developments, such as disappointing UK economic data and a more dovish stance by the Bank of England, can be disentangled from Brexit risk. But it seems fair to say that GBP is around 4-7 per cent weaker because of it.”


  • BUY GBP/USD ABOVE 1.4020 TARGET 1.4040 1.4070 SL 1.3990
  • SELL GBP/USD BELOW 1.3860 TARGET 1.3840 1.3710 SL 1.3890

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Financial Klse Malaysia Stock Market Trading Picks And News – 01 March 2016


  • The FBM KLCI index lost 8.69 points or 0.52% on Monday. The Finance Index fell 0.07% to 14018.62 points, the Properties Index dropped 0.24% to 1124.54 points and the Plantation Index down 0.59% to 7791.11 points. The market traded within a range of 12.56 points between an intra-day high of 1664.11 and a low of 1651.55 during the session.
  • Actively traded stocks include AIRASIA, AAX, VIVOCOM, BORNOIL, SKH, WINTONI, AAX-WA, BJCORP, MI- NETEC and HSI-HQ. Trading volume increased to 1688.47 mil shares worth RM2305.96 mil as compared to Friday’s 1687.52 mil shares worth RM1946.53 mil.
  • Leading Movers were WPRTS (+15 sen to RM4.03), ASTRO (+7 sen to RM2.73), AXIATA (+12 sen to RM5.92), UMW (+10 sen to RM7.08) and CIMB (+5 sen to RM4.52). Lagging Movers were AMMB (-17 sen to RM4.33), SIME (-24 sen to RM7.47), SKPETRO (-5 sen to RM1.90), MAXIS (-11 sen to RM6.12) and PETDAG (-44 sen to RM24.70). Market breadth was negative with 306 gainers as compared to 599 losers.
  • The KLCI closed lower at 1654.75 points amid last Friday’s mixed performance in US market. Market remained subdued as lack of positive fresh lead. The performance of our local bourse was bogged down by selling interests in heavy weight counters such as AmBank, Sime Darby, and SapuraKencana Petroleum.


  • BUY KPSCB ABOVE 0.600 TARGET 0.630 0.660 SL 0.560

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