Daily Archives: March 2, 2016


KLSE : Hap Seng sells commercial vehicle business for RM750mil


  • Hap Seng Consolidated Bhd has proposed two corporate exercises involving the disposal of the company’s commercial-vehicle business for RM750mil and the acquisition of tile maker Malaysian Mosaics Sdn Bhd (MMSB) for RM380mil.
  • In filings with Bursa Malaysia, the company said it planned to sell a 51% stake in Hap Seng Commercial Vehicle Sdn Bhd (HSCV) to Lei Shing Hong Commercial Vehicles Ltd (LSHCV) for RM382.5mil cash, or RM3 per share.
  • HSCV distributes Mercedes-Benz commercial vehicles and vans as well as Mitsubishi Fuso trucks in Malaysia.
  • LSHCV is an indirect unit of Hong Kong-based Lei Shing Hong Ltd (LSH), a distributor of premium automobile brands such as Mercedes-Benz in China, South Korea, Vietnam, Cambodia, Taiwan, Australia and Germany.
  • It has also proposed to dispose the balance of 49% of HSCV for a cash consideration of up to RM367.5mil, or RM3 per share pursuant to a put option exercise. Tan Sri Panglima Lau Cho Kun has a 37.68% stake in LSH and has a 56% stake in Gek Poh (Holdings) Sdn Bhd, the parent of Hap Seng.

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KLSE : Asian shares rally to two-month highs on Wednesday


  • Asian shares rallied to two-month highs on Wednesday as overnight gains in oil prices and a swath of positive economic data from Australia to the United States calmed fears of a global economic slowdown.
  • Stock markets across the region were in the black, led by Japan and Hong Kong, with announcements from China this week of a cut in bank reserve requirements and structural reforms helping underpin sentiment.
  • The Nikkei <.N225> was up 4 percent and Hong Kong’s Hang Seng Index <.HSI> by 2.6 percent.

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Comex Trading Signals and Market News – 02 March 2016


  • Natural gas futures tumbled by more than 1 per cent during noon trade in the domestic market on Tuesday as investors and speculators exited positions in the energy commodity as fears mounted that demand for the heating fuel may wane with the winter season in the US the world’s biggest fuel consumer fast drawing to a close.
  • Gold futures rose in European trade on Tuesday, with prices re-approaching the highest level in a year amid mounting expectations for further stimulus measures from central banks in Asia and Europe.Weak Chinese manufacturing activity data released earlier underlined concerns over the health of the world’s second largest economy and raised hopes of additional stimulus measures in the near-term to support growth.
  • Oil prices edged higher on Tuesday as falling U.S. and OPEC production tightened an oversupplied market.U.S. government data on Monday showed crude output fell in December for a third straight month.Supply from OPEC has also declined, fallinby 280,000 barrels per day in February to 32.37 million.But weak economic data out of China and the prospect of slowing oil demand growth continued to weigh on prices.


  • Australia’s deputy prime minister on Tuesday urged the country’s A$1.8 trillion ($1.3 trillion) pension fund industry to boost its investment in agriculture as the sector gears up to meet strong demand from Asia.While foreign interest in Australian agriculture has soared, Deputy Prime Minister and Agriculture Minister Barnaby Joyce said it was baffling that local pension funds had just 0.3 percent of their total investment portfolio in the growing sector.
  • Japan’s finance ministry may need to undertake “sporadic intervention” in the currency market to limit the yen’s gains, a senior economic adviser to Prime Minister Shinzo Abe said on Tuesday.Koichi Hamada, an emeritus professor of economics at Yale University, said in an opinion piece for the Japan Times that the yen exchange rate was determined by monetary policy in recent years, and had not been manipulated by intervention.
  • India’s 2016/17 budget unveiled by Finance Minister Arun Jaitley on Monday is “pragmatic” and “balanced,” and its focus on the rural economy and job creation will bring long-term benefits, Reserve Bank of India Deputy Governor S.S. Mundra said.Mundra’s reaction, during an interaction with reporters on Tuesday, marks the first public comment from a senior RBI official on the budget.”It is a pragmatic budget, particularly if you look at the fiscal consolidation road map,” Mundra told reporters on the sidelines of a conference.


  • BUY GOLD ABOVE 1245 TARGET 1250 1256 SL 1239
  • SELL GOLD BELOW 1240 TARGET 1235 1229 SL 1245

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IForex Market Trading Signals and News – 02 March 2016


  • Forex -Yen in favour as China stimulus underwhelms, euro pressured
  • Forex -Yen gains on G20 disappointment, dollar climbs against euro
  • Forex – Sterling pares gains after weak UK manufacturing PMI

The Euro looks poised to continue higher against the US Dollar after prices took out the top of a Triangle consolidation pattern. The breakout suggests the upside correction launched in mid-March has more room to develop beforethe larger multi-year down trend resumes.Near-term resistance is now at 1.1432, the 38.2% Fibonacci expansion, with a break above that on a daily closing basis opening the door for a chal-lenge of the 50% level at 1.1539. Alternatively, a move below resistance-turned-support at 1.1265 clears the way for a descent to the 1.1028-86 area, marked by the September 3 low and a rising trend line.

Sterling pared gains after weak activity in the U.K. manufacturing sector that neared three-year lows, according to industry data released on Tuesday.In a report, market research group Markit said that its U.K. manufacturing PMI fell to a seasonally adjusted 50.8 last month from a reading of 52.9 in January. Analysts had expected the index to inch down to 52.2 in February. The reading was its lowest level since April 2013. The pound pared earlier gains after the report, but still managed to trade higher against other Forex majors. At 9:42AM GMT or 4:42AM ET, GBP/USD traded up 0.12% at 1.3932, ith regard to cable, investors will keep an eye U.S. manufacturing data with the Institute of Supply Management scheduled to report activity in the sector at 15:00GMT or 10:00AM ET.


  • BUY GBP/USD ABOVE 1.3990 TARGET 1.4010 1.4040 SL 1.3960
  • SELL GBP/USD BELOW 1.3930 TARGET 1.3910 1.3880 SL 1.3960

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Financial Klse Malaysia Stock Market Trading Picks And News – 02 March 2016


  • The FBM KLCI index gained 16.07 points or 0.97% on Tuesday. The Finance Index increased 0.87% to 14140.12 points, the Properties Index up 0.99% to 1135.7 points and the Plantation Index rose 0.39% to 7821.5 points. The market traded within a range of 15.35 points between an intra-day high of 1670.82 and a low of 1655.47 during the session.
  • Actively traded stocks include AAX, HUBLINE, BORNOIL, AIRASIA, VIVOCOM, HSI-HQ, APFT, EKA, HSI- C17 and TIGER. Trading volume decreased to 1673.90 mil shares worth RM1648.28 mil as compared to Monday’s 1688.47 mil shares worth RM2305.96 mil.
  • Leading Movers were GENM (+18 sen to RM4.31), GENTING (+34 sen to RM8.22), SKPETRO (+7 sen to RM1.97), AMMB (+14 sen to RM4.47) and SIME (+23 sen to RM7.70). Lagging Movers were YTL (- 2 sen to RM1.55), WPRTS (-3 sen to RM4.00), UMW (-3 sen to RM7.05), ASTRO (-1 sen to RM2.72) and HLBANK (-4 sen to RM13.10). Market breadth was positive with 476 gainers as compared to 405 losers.
  • The KLCI closed higher at 1670.82 points despite overnight losses in US Market. The performance of our local bourse was in line with most of our regional peers after a rebound on China’s benchmark Shanghai Composite Index.


  • BUY GESHEN ABOVE 1.920 TARGET 1.960 2.040 SL 1.860

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