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Forex 1d ago

Ringgit hits lowest in nearly a year, undervalued among Asian peers

KUALA LUMPUR: The ringgit fell to the lowest in almost a year early Friday after Malaysia cut its economic growth target and scrapped plans to balance the state budget by 2020.

The ringgit is among Asian FX that are undervalued, which helps to explain why it’s been more resilient amid the sell-off in regional currencies, according to a Bank of America Merrill Lynch note.
Property 6h ago

Beaten-down property stocks at bargain levels

JUST over seven years ago, the KL Property Index (KLPI) was trading at the exact level where it is trading today.

Corporate News 23h ago

Datasonic says no payment made to Ahmad Zahid

KUALA LUMPUR: Datasonic Group Bhd has refuted a news report alleging that it had issued payment to Datuk Seri Ahmad Zahid Hamidi over the supply of 12.5 million chips for the Malaysian passport.

Corporate News 6h ago

Rubber glove maker Supermax sees future in lenses

AT a time when the rubber glove industry is expanding with demand still outstripping supply, Supermax Corp Bhd’s move to diversify into another unrelated industry to manufacture contact lenses appears to be quite unconventional.

Construction 6h ago

Construction settles down on commencement of major projects

THE construction sector, which has been volatile over the last few weeks, has now calmed down after the government announced that it is proceeding with the light rail transit 3 (LRT3) project and the Klang Valley Mass Rapid Transit (MRT2), but at a reduced cost.

Corporate News 2h ago

Fed's Kaplan sees two-three more rate hikes to hit 'neutral' level

NEW YORK: Another two to three interest rate increases from the Federal Reserve will likely put U.S. borrowing costs in "neutral" territory where it is neither stimulating nor restricting economic growth, Dallas Federal Reserve President Robert Kaplan said on Friday.

Kaplan said he has not decided yet whether the Fed would need to raise rates above this neutral level.
Banking 17h ago

CIMB appoints Nasir to succeed Nazir as chairman

KUALA LUMPUR: CIMB Group Holdings Bhd said it has received approval from Bank Negara to appoint Datuk Mohd Nasir Ahmad as new chairman effective Saturday.

Markets 1d ago

MyEG, Datasonic face furious selldown; telcos lead KLCI lower

KUALA LUMPUR: MyEG Services Bhd and Datasonic Group Bhd saw a steep selloff in late-morning trade on news that the companies had been implicated in graft charges against former deputy prime minister Datuk Seri Ahmad Zahid Hamidi.

Corporate News 2h ago

Ringgit seen to trade lower against US$ next week

KUALA LUMPUR: The ringgit is likely to trend lower against the US dollar next week, mainly weighed by prospects of higher US interest rates.

FXTM Research Analyst Lukman Otunuga said with the US dollar heavily supported by the interest rate hikes expectations, the ringgit had the scope to trade towards the 4.17 level against the greenback in the near term.  "Other than that, external factors in the form of trade war worries and global growth concerns also present downside risks to the ringgit," he said.