Daily Archives: March 24, 2016

24Mar
MYR2

KLSE : Ringgit likely to maintain rally – Johari

KUALA LUMPUR :

  • The ringgit, which hit 3.99 versus the US dollar on Wednesday, is expected to stay at the current level for a long term and maintain its upward momentum, backed by Malaysia’s continued economic initiatives, said the Deputy Finance Minister Datuk Johari Abdul Ghani.
  • He said the initiatives included strengthening the country’s fundamentals and building more confidence among the foreign investors.
  • “The 3.99-level is a very good sign for the local currency after having faced difficult challenges that caused it to be traded at 4.40 against the US dollar.
  • “Within a short period, it managed to rebound, therefore we hope it will stay for a long term,” he told reporters after attending the Global Islamic Finance Awards luncheon in Kuala Lumpur on Tuesday.
  • With all the initiatives put in place, the ringgit should be back to its original level, he said.
  • It was reported that the local currency is headed for its biggest monthly rally since 1998 on speculation investors are turning less bearish on the currency as global oil prices stabilise.
  • The ringgit strengthened 0.4% to 3.9940 versus the greenback at lunch break on Tuesday.
  • It has appreciated 5.2% this month and is Asia’s best performer in 2016 with a 7.5% gain.
  • The ringgit improved to above 4.0 per US dollar for the first time since August on Wednesday and climbed to a high of 3.9597 today.

For more information about KLSE stock market please feel free to visit EPIC RESEARCH MALAYSIA.

24Mar
PalmOil

Bursa Malaysia : Oil giant PetroChina pumps lowest profit since 1999

SHANGHAI :

  • Chinese oil giant PetroChina has posted its lowest profit since 1999 with the company citing a struggling global economy and slump in international oil prices last year.
  • State-owned PetroChina’s net profit tumbled 66.7% year-on-year to 35.65 billion yuan (US$5.50 billion) in 2015, the company said in a statement filed with the Shanghai stock exchange late Wednesday. The profit figure was the weakest since 1999, according to Bloomberg News.
  • Annual revenue dropped 24.4% on the year to 1.73 trillion yuan, the statement said, as benchmark crude oil prices slumped by nearly half.
  • “In 2015, the global economic recovery slowed down, the downward pressure on China’s economy continuously intensified, the overall supply in the oil and gas market was sufficient and the international oil prices kept dropping,” the statement said.
  • China’s economy, the world’s second largest, grew an annual 6.9% last year – the lowest in a quarter of a century – which dragged on the global recovery.
  • PetroChina’s Shanghai-listed stock was down 1.41% on Thursday afternoon.

For more information about KLSE stock market please feel free to visit EPIC RESEARCH MALAYSIA.

24Mar
klse

Financial Klse Malaysia Stock Market Trading Picks And News – 24 March 2016

MARKET UPDATES :

  • The FBM KLCI index lost 0.20 points or 0.01% on Wednesday. The Finance Index fell 0.18% to 14670.9 points, the Properties Index dropped 0.37% to 1188.45 points and the Plantation Index down 0.84% to 7992.79 points. The market traded within a range of 10.12 points between an intra-day high of 1726.55 and a low of 1716.43 during the session.
  • Actively traded stocks include SGB-PR, EKA, AAX-WA, ANZO, BORNOIL, MMCCORP- C1, MYEG-CW, AIRASIA, SANICHI and AAX. Trading volume decreased to 1931.70 mil shares worth RM2443.84 mil as compared to Tuesday’s 2422.08 mil shares worth RM2876.26 mil.
  • Leading Movers were GENTING (+37 sen to RM9.90), WPRTS (+7 sen to RM4.09), HLFG (+20 sen to RM15.40), PPB (+18 sen to RM16.86) and KLCC (+7 sen to RM7.17). Lagging Movers were SKPETRO (-10 sen to RM2.00), IOICORP (-15 sen to RM4.81), RHBCAP (-8 sen to RM5.80), ASTRO (-3 sen to RM2.97) and PBBANK (-18 sen to RM18.80). Market breadth was negative with 361 gainers as compared to 476 losers.
  • The KLCI halted its winning streak and closed flat at 1724.55 points amid overnight subdued performance in US market. The performance of our local bourse was in tandem with most of our regional peers as lack of fresh lead.

STOCK RECOMMENDATION :

  • BUY AIR ASIA ABOVE 1.860 TARGET 1.900 1.950 SL 1.775

For more information about KLSE stock market please feel free to visit EPIC RESEARCH MALAYSIA.

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