Malaysia-Market factors to watch Thursday Dec 29


  • Business
  • Thursday, 29 Dec 2011

KUALA LUMPUR: Following is a list of events in Malaysia as well as news stories and press reports which may influence financial markets.

WHAT IS HAPPENING IN MALAYSIA, TIMES LOCAL FOLLOWED BY GMT:

> Signing of Memorandum of Understanding between Multimodal Freight Sdn Bhd and Transport Workers Union at Kuala Lumpur Railway Station at 8.30 a.m. (0030)

MARKET SNAPSHOT:

* Malaysia's stock market finished 0.2 percent higher on Wednesday, with gains in leisure conglomerate GENTING BHD, banking group and telecommunications firm Axiata

* U.S. stocks fell more than 1 percent on Wednesday after a hefty year-end rally and the S&P 500 erased gains for the year on renewed concerns about the euro zone's financial health.

* The euro weakened about 1 percent against the dollar and the yen on Wednesday, one day before an important auction of long-dated Italian debt, while U.S. stocks slid more than 1 percent on concerns about the economy in early 2012.

* Malaysian crude palm oil futures climbed to a near five-week high on Wednesday as dry weather in South America sparked concerns about lower soybean yields, potentially tightening soyoil supplies.

IN THE NEWS REUTERS MALAYSIA

> Giant Vale ship gets China port OK

> Asia Rubber-China sells cargo from warehouse * Most Southeast Asian stock markets drifted lower on Wednesday in light trading as market players took profits on recent gainers such as telecom shares.

Palm futures buoyed soyoil supply concerns

KUALA LUMPUR: The following factors are likely to influence Malaysian palm oil futures and other vegetable oil markets on Thursday.

FUNDAMENTALS

* Malaysian crude palm oil futures climbed to a near five-week high onWednesday as dry weather in South America sparked concerns about lower soybeanyields, potentially tightening soyoil supplies.

* U.S. corn rose more than 1 percent on Wednesday, notching gains for the eighthstraight trading session and hitting a six-week high, as dry weather trimmed crop prospects in Argentina, the world's No. 2 corn exporter after the United States.

* Oil prices fell on Wednesday, snapping a string of six straight sessions of gains as part of a broad sell-off across commodities and equities.

MARKET NEWS

* The euro weakened about 1 percent against the dollar and the yen on Wednesday, one day before an important auction of long-dated Italian debt, while U.S. stocks slid more than 1 percent on concerns about the economy in early 2012.

* Oil closed lower on Wednesday, snapping a six-day run-up,and gold prices fell too, hitting three-month lows, as a rally in the dollar pressured commodities denominated in the U.S. currency.

RELATED NEWS

> Taiwan's BSPA passes in 60,000 T soybean tender

> ADVISORY-Astra Agro suspends palm oil auction on Dec 30, Jan 2

DIARY - Malaysia 29 December

ALL TIMES ARE PROVISIONAL AND IN LOCAL TIME FOLLOWED BY GMT (IN BRACKETS )

THURSDAY, DEC 29

* KUALA LUMPUR - Signing memorandum of understanding (MoU) between Multimodal Freight Sdn Bhd and Transport Workers Union (TWU) at Kuala Lumpur Railway Station at 0830am (0030).

* KUALA LUMPUR - Defence Minister Ahmad Zahid Hamidi launches Malaysia Islamic Propagation Foundation (Yadim) Customers' Day at Dataran Lanai Coliseum, Jalan Tuanku Abdul Rahman, Kuala Lumpur at 0900am (0100).

FRIDAY, DEC 30

KUALA LUMPUR - Release of Nov 2011 Money Supply data.

SHAH ALAM - Kelington Group Bhd holds EGM at No. 3, Jalan Astaka U8/83, Jelutong Industrial Park, Sha Alam at 1000am (0200).

2012 MONDAY, JAN 2

KUALA LUMPUR - Market and Public Holiday - New Year. - Reuters

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