Kenanga Research believes that the semiconductor industry will stay resilient with the global sales continuing to show healthy momentum.
Energy
Brent crude was 0.07% lower to US$56.08 per barrel at 3.41pm.
Forex
Ringgit down 0.10% to 4.2385 versus the US dollar at 3.47pm.
Top foreign stories
August global chip sales hit record US$35b: Global sales of semiconductors surged 23.9% in August 2017 to a record US$35bil (RM148.4bil) from a year ago, with the Americas taking the lead, says the US-based Semiconductor Industy Association (SIA). It said the sales were also up 4% from July’s US$33.6bil, data from the World Semiconductor Trade Statiscs showed. — StarBiz
Australia keeps rates on hold, sounds dollar warning: Australia’s central bank left interest rates at a record low 1.50% on Tuesday with the board upbeat about the economy, while sounding a warning about the strength of the local dollar. — AFP
Moody’s: Benefits of sales tax hike in Japan outweigh negatives: The benefits of raising Japan’s sales tax again outweigh the negatives, even if Prime Minister Shinzo Abe diverts some of the additional revenue to education and welfare, an official at ratings agency Moody’s Investors Service said on Tuesday. — Reuters
Struggling hedge funds take bigger FX gambles: Struggling to make money in a world of ultra-low volatility, hedge funds are taking bigger - and riskier - gambles in foreign exchange markets. Futures market positioning data from the Chicago Mercantile Exchange show that speculators have amassed their biggest bets on a weaker dollar in nearly five years, and the biggest bet on a higher pound in almost two. — Reuters
Top local stories
AirAsia Philippines seeking US$250mil IPO: The Philippines unit of AirAsia Bhd is seeking to raise up to US$250 million via an initial public offering (IPO) in mid-2018 to fund its expansion programme, chief executive Dexter Comendador said on Tuesday. “We are working on the IPO, hopefully in the middle part of next year,” Comendador said. — Reuters
Banks’ deposit growth crosses 5% after languishing for 21 months: Some positive trends are emerging in the banking sector, one of which is that bank deposits surpassed the 4% growth mark after languishing for more than 21 months. Deposits growth stood at 4.3% year-on-year in July and rose furtehr to 5.0% in August. — StarBiz
Tanco acquires new corporate office for RM8m: Tanco Holdings Bhd is acquiring a four-storey building in Puchong for RM8mil from Wawasan Indera Sdn Bhd, which would serve as its new corporate office following the disposal of Duta Vista Executive Suites for RM50mil in July this year. — StarBiz
mTouch signs MoU for O2O education hub: mTouche Technology Bhd is collaborating with A Conceptech Sdn Bhd to develop and promote the Online-to-Offline International Educational Hub and its programmes for higher learning and e-learning research activities. — StarBiz
More Islamic capital products needed, says Sultan Nazrin: There is a tremendous need to grow Islamic capital products to reduce dependence on the banking system and have greater financial stability, said Perak’s Sultan Nazrin Shah. Islamic banking assets today account for about 80% of the global Islamic financial system, while Islamic capital products make up the balance 20%, he said. — Bernama
Financial education crucial to plan for the future, says Bank Negara deputy governor: Financial education is crucial to encourage consumers to better manage their finances, plan for the future and manage risks associated to financial matters, says Bank Negara deputy governor Abdul Rasheed Ghaffour. — StarBiz
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