7-week highs - (10 Mar 2010)

LONDON: European shares closed at seven week highs yesterday as equities shook off two straight sessions of losses, with banks rallying and oil majors supported by firmer crude prices. The pan-European FTSEurofirst 300 index of top shares provisionally closed up 0.6 per cent at 1,058.38 points. Banks were higher, with HSBC, Societe Generale, BNP Paribas, UBS and Deutsche Bank up 0.4 to 2.3 per cent. London's FTSE 100 index rose 0.68 per cent to 5,640.57 points, the Paris CAC 40 index gained 0.86 per cent and the Frankfurt Dax ended 0.86 per cent up. "European markets were largely subdued on Wednesday with many investors sitting on the sidelines and waiting for macroeconomic news to help dictate their next moves," City Index analyst Joshua Raymond said. - Agencies

Misstated quarterly reports may see DIS Tech loss widen - Business Times - Malaysia - (10 Mar 2010)

Misstated quarterly reports may see DIS Tech loss widen Business Times - Malaysia "There is no effect for the financial year ended December 31 2008," DIST said in response to a Bursa Malaysia query yesterday. ...

Double-digit expansion in Malaysia industrial output seen - (10 Mar 2010)

MALAYSIA'S industrial production is expected to return to double-digit growth in January after almost five years, in line with the sharp growth in exports, say economists. A Business Times poll of 17 economists expects a 11 per cent year-on-year growth for January. The Statistics Department is expected to release the details today. Standard Chartered Bank economist Alvin Liew said the industrial production index (IPI) for January may post its first double-digit growth since October 2004. "The good reading is due to favourable base effects, the revival of external demand and the Chinese New Year effect as the festive holidays fell in January in 2009," he added. Citi said the expansion phase will continue from December's numbers, reflecting favourable base effects and a more defined manufacturing/exports recovery. "We are expecting a continued strong year-on-year growth in manufacturing IP from December's 12.9 per cent on continued inventory re-stocking, possible reversal to positive year-on-year growth for mining from -0.2 in December and consistently robust growth in electricity IP (from December's 14.1 per cent)." OCBC economist Selena Ling said Malaysian economic indicators have been playing catch-up of late to the global recovery story, with Bank Negara Malaysia kick-starting the interest rate-hike cycle in Asia. "The IP data should continue to improve as global purchasing managers' indices (indicators for the health of manufacturing sector) remain robust, aided by the low base last year," she said.

Emery Oleochemicals to ramp up capacity - (10 Mar 2010)

EMERY Oleochemicals, the world's largest firm in the sector, plans to ramp up capacity in Malaysia by 300,000 tonnes over the next two years to feed growing demand in the consumer products industry. Malaysia, the world's No. 2 supplier of palm oil, has a large oleochemicals industry whose top players include plantation firms such as IOI Corp and Kuala Lumpur Kepong. Emery, a joint venture between Sime Darby and Thai PTT Chemical Public Co Ltd, manages 1 million tonnes of plant processing capacity that is evenly split across Europe, North America and Asia. Chief executive Kongkrapan Intarajang said Emery was also building a plastic additives processing plant with a capacity of 25,000-30,000 tonnes, due to launch in the first quarter of 2011. "Demand for oleochemicals is on the rise and plastic additives demand has a slow but steady recovery," Intarajang said on the sidelines of an industry meet in the Malaysian capital yesterday. He was referring to additives used by the auto industry, which has recently been propped up by the US and European governments to stabilise car sales and stave off collapse. Emery supplies oleochemicals to the growing consumer products industry, driven by rising populations in Asian giants India and China and dominated by firms such as Procter and Gamble and Unilever. "This year we are committed to work on our five-year plan and focus on growth areas like oleochemicals as well as speciality chemicals and plastics," Intarajang said. "Asia is a big part of the plan. And Malaysia will be a good base to start from." But he declined to give investment figures for the plants. Both new plants will be in Selangor, near Sime Darby's plantations, which provide raw materials to Emery, cutting logistics costs and cushioning margins as palm oil prices trend higher in 2010. "Also palm oil is only used in our Asian operations, so the threat of volatile feedstocks is not great," Intarajang said. Foreign firms like Oleon, a unit of French oilseeds group Sofiproteol, have also set up oleochemical plants in Malaysia. - Reuters

Services sector a major contributor to growth - (10 Mar 2010)

THE services sector's contribution to the Malaysian economy is expected to surpass 60 per cent this year, says the country's investment promotion agency. The services sector contributed 57.4 per cent to the gross domestic product (GDP) in 2009, from 54 per cent in 2008. Malaysian Industrial Development Authority (Mida) director-general Datuk Jalilah Baba said the sector has increasingly become a major contributor to the country's GDP growth over the years, despite the global economic slowdown. "Given the growing importance of services and its expectation to account for a substantial percentage of consumer spending, we foresee that the sector can cross the 60 per cent contribution mark," she said. Jalilah was speaking to reporters after opening a three-day national seminar on "Statistics of International Trade in Services" in Kuala Lumpur yesterday. Jalilah said the figure could be much higher as some foreign direct investments were not reported or "shared" by the relevant ministries, departments and agencies. For instance, some joint ventures and equity acquisitions by foreign companies were not included into the major data compilation as they "stayed with certain agencies". In this regard, Mida, together with the Commonwealth Secretariat and the World Trade Organisation (WTO), have organised a national seminar, the first to be held among developing nations of the Commonwealth grouping, so that the method of compilation and producing statistics comform to the international standards. Jalilah said the WTO and the Commonwealth Secretariat were called in to assist so that Malaysia would be in line with the method of compilation and producing statistics of international standards. "With the assistance of the international consultants, we foresee that we would be able to meet the international standards of producing and compiling statistics in two years," she added. This seminar, the first phase of the Commonwealth Secretariat's technical assistance, has a two-year term to help Malaysia work out a framework to improve the quality of compiled services statistics and help fill an important gap in the development of services competitiveness in the country.

Reject efforts to limit growth of estates in Malaysia: Analysts - (10 Mar 2010)

RESPECTED vegetable oil analysts Thomas Mielke and Dorab Mistry have rejected calls by green activists like Greenpeace for a moratorium on oil palm planting in Indonesia and Malaysia. They urged the 1,800 participants at the two-day Palm and Lauric Oils Conference and Exhibition (POC) not to be misled by the lobbying of green activists for a limit on the expansion of oil palm plantations. The conference, which ended yesterday, traditionally focused on price forecasts for palm and coconut oils. It has now taken a more holistic approach. "Don't be lulled by the lobby for a moratorium on oil palm planting. Contrary to what Greenpeace is saying, global vegetable oil stocks are tight," Mielke said. He added that the world's burgeoning population would need more food and fuel in the years ahead. "If there is a limit on expansion of oil palm planting, vegetable oil prices will soar to such unreasonable levels that more poor people will go hungry." Mistry, meanwhile, hinted that Greenpeace's selective lobby against palm oil could actually turn out to be trade barriers disguised as environmental concerns. "The moratorium talk on oil palm plantings within the Roundtable on Sustainable Palm Oil can have dangerous consequences. The industry is not yet ready ... the world is not able to expand soyabean areas and, therefore, needs more palm oil," Mistry said. - By Ooi Tee Ching

Not all bullish on CPO price trend - (10 Mar 2010)

TWO palm oil industry gurus have issued forecasts that are generally less bullish on crude palm oil (CPO) prices this year, predicting them to hover between RM2,400 and RM2,900 a tonne. "Current palm oil prices are already reflecting the fundamentals. I think prices may be close to their highs if there are no additional bullish factors like further yield damage from the prolonged dry weather. I don't expect prices to surpass RM3,000 per tonne, though," Oil World editor Thomas Mielke said at the annual Palm and Lauric Oils Conference and Exhibition (POC) in Kuala Lumpur yesterday. "When I say we may not be far away from the peak, I don't mean to be bearish. Prices can shoot up on speculative demand. Prices could trade between RM2,400 and RM2,900 per tonne, averaging at RM2,550," he added. On the chances of palm oil trading at a premium over soyaoil, Mielke said: "I don't expect it to, but it is possible. If it does, it won't last." LMC International chairman Dr James Fry also believes that palm oil prices are "already somewhat too high". "I fear we face a double dip recession in Europe. Many governments are cutting budget to reduce deficit borrowings. This will drive up interest rates, which will magnify a recessionary impact," he said. Fry reiterated his long-held view that palm oil prices would continue to be highly influenced by petroleum prices. "High crude oil prices have encouraged exploration - lifting supply and slowing demand. Palm oil is expected to hover around RM2,600 per tonne, settling to RM2,400 per tonne towards the latter part of the year," he said. Mielke and Fry's forecasts are in contrast to their counterpart, Godrej Group director Dorab Mistry, who on Tuesday gave bullish comments that palm oil prices could scale new heights in the range of RM2,800 to RM3,200 a tonne after July on the prevailing El Nino conditions, Malaysian government's ongoing replanting scheme and tree stress. Meanwhile, the Malaysian Palm Oil Board's latest statistics showed the CPO output in the first two months of the year was 2.48 million tonnes, about 40,000 tonnes less than a year ago. However, monthly palm oil exports have been relatively strong at more than RM4.3 billion compared with last year's average of RM4.1 billion.

Chamber targets US$2b investments from China - (10 Mar 2010)

THE Associated Chinese Chambers of Commerce and Industry of Malaysia (ACCCIM) is targeting to attract US$2 billion (RM6.64 billion) in foreign direct investments (FDIs) from China this year. ACCCIM president Tan Sri William Cheng said the chamber has set the target to help Malaysia achieve its goal of becoming a high-income nation. Separately, ACCCIM has set up a special committee to help non-Chinese upgrade their living standards and to assist small and medium-sized enterprises (SMEs). "We are planning to provide courses for businessmen of other races to learn how to start direct sales and bird nest businesses. "We also promote various Malaysian products through Parkson retail chains in China and Vietnam," Cheng said at the ACCCIM's Chinese New Year grand dinner in Kuala Lumpur last night. Prime Minister Datuk Seri Najib Razak and his wife Datin Seri Rosmah Mansor graced the dinner. Addressing over 3,000 guests, Cheng outlined several ACCCIM proposals to increase the country's earnings. He suggested that the government open mining land for development by big enterprises to arrest the 3-4 per cent annual drop in mining revenue as well as allocate more agricultural land for farmers to reduce the food import bill. He also proposed that more plantation land be allocated to people of all races to increase oil palm yield. "At present, the national average yield of crude palm oil is 4 tonnes per hectare. If the yield can achieve 6 tonnes per hectare, Malaysia will enjoy an additional RM30 billion in export earnings," he said. Cheng suggested that special rewards be given to inventors of new equipment to upgrade production operations such as speeding up oil palm harvesting and rubber tapping. "This will reduce the dependence on foreign labour," he said. ACCCIM proposed that statistics on imports and exports be made available and accessible on the Customs website because the information from Statistics Department is delayed for two to three months.

Tabung Haji board defends investments - (10 Mar 2010)

THE Board of Tabung Haji (TH) has not sidetracked from its original founding objectives, said its chairman Tan Sri Abi Musa Asa'ari Mohamed Nor. In its efforts to diversify its business activities, TH has not brushed aside the interest and welfare of its depositors who have deposited in the organisation to have sufficient funds to carry out their haj pilgrimage, he said. He said this in a statement in response to several questions raised about the board and a recent news report. "The world of business is no longer like it used to be. TH needs to diversify its business activities to ensure that it remains solid as an Islamic financial institution intended to strengthen the community's economy," he said. This is also in line with TH's mission to achieve economic success while managing in the best way the facilitation of haj performance, and to date TH has played its role successfully due to its good investment and management policies, he said. A newspaper report recently quoted former chairman of TH, Tan Sri Hanafiah Ahmad, as urging TH to appoint an independent professional accounting firm to investigate in detail all its investment activities as well as that of its subsidiary companies. Hanafiah had also requested that the investigation be carried out soon, saying that depositors had raised questions on many of TH's investment activities. In his responding statement, Abi Musa also explained that all business and investment decisions of TH are made through proper process and in line with the set corporate governance principles. No investments are made without detailed scrutiny, he said. He said TH also took Hanafiah's input positively and would take appropriate measures to further strengthen the organisation, which is an important organisation in the country taking care of its depositors specifically and the community's economic well-being in general. Abi Musa said TH was also constantly undergoing transformation in keeping with the times and business conditions that are easily influenced by the global economic climate. For 2009, TH recorded an income of RM1.7 billion, an increase by 12 per cent from RM1.5 billion made in 2008. The number of depositors also went up to 5.1 million last year compared with 4.7 million in 2008 with total funds increasing to RM23.6 billion against RM20.6 billion previously. Last year, TH also declared a bonus payment at a competitive rate of five per cent to its more than five million depositors. This rate was better than that offered by Islamic banks in Malaysia, Abi Musa added. - Bernama

Memorable evening awaits corporate captains - (10 Mar 2010)

THE 2009 Malaysia's CEO of the Year award night tomorrow promises to be a memorable evening as the heads of leading corporate entities gather to witness one of their own being honoured by the Prime Minister himself. Organised jointly by Business Times and Maybank, the issuer of the American Express charge and credit cards, the award seeks to recognise excellence among the top corporate figures of the country. "The award has come a long way and now stands as one of the most prominent recognitions in corporate Malaysia," said The New Straits Times Press (Malaysia) Bhd chief executive officer Datuk Anthony Bujang. He added that the award carried a strong heritage with an impressive lineup of past winners who include Datuk Seri Tony Fernandes, Tan Sri Jeffrey Cheah, and Datuk Dr Abdul Halim Harun among others. This year's winner has impressed a panel of six judges to come out ahead of 117 other nominees in 16 different industries. The award night will honour and showcase the achievements and practices of this deserving corporate leader. The winner will take home the trophy, a platinum card from American Express with a special bonus of one million membership rewards points, a framed Business Times front page mock-up, an Epos watch by WooHing and a bouquet of Patchi chocolates. Guests will be hosted by entertainer Soo Kui Jien with performances by singer Syafinaz Selamat.

Risda plans to develop 990,000ha in Sarawak - (10 Mar 2010)

THE Rubber Industry Smallholder Development Authority (Risda) plans to develop some 990,000ha in Sarawak for rubber and oil palm cultivation. This is in line with the authority's move to expand its activities, particularly to Sabah and Sarawak, having given the nod by their state governments to enter the states since last year. "Previously, we (Risda) have not been able to expand our activities to improve the livelihood of smallholders in these two states as there was unwarranted fear that Risda would seize the opportunities derived from the rubber and oil palm industry in these two states," its chairman Tan Sri Rahim Tamby Chik said. "But when we explained to them our real intention in helping the smallholders to eradicate poverty in these states, they began to accept and welcome our presence," he added. Rahim was speaking to reporters after witnessing the signing of a memorandum of understanding (MOU) between Risda and Universiti Putra Malaysia (UPM) in Kuala Lumpur on Tuesday. Rahim said initially, the Sarawak state government had identified some 150,000ha for Risda to develop into rubber and oil palm plantations. "Based on our survey, there are more than 900,000ha of land, including those owned by the locals, that is idle and which has the potential to be turned into plantations. "We are currently identifying potential areas in Sabah so that Risda will be able to carry out its activities in the state and develop it further," he said. In Sabah, Risda has identified five locations to set up its offices, namely Kota Kinabalu, Keningau, Tawau, Semporna and Lahad Datu. On the MOU, Rahim said Risda will benefit in terms of expertise from UPM to change the mindset of the rubber smallholders. "We hope to be able to develop and improve the livelihood of the smallholders, while UPM would be able to use the information gathered through the implementation and feedback from the MOU. "Our (Risda) vision is to serve as the lead development agency for smallholders. Thus, to be the leader, Risda needs to adopt the findings from research and development, and kept abreast with the latest technologies in the rubber and oil palm industries. "In line with this, Risda, through its Kolej Risda signed the MOU with UPM to offer diploma courses in Agricultural Studies, Business Management and Computer Science," he said. Apart from UPM, Risda also signed a similar MOU with Universiti Teknologi Mara to offer diploma courses such as plantation industry management, and with other foreign colleges such as Institut Pertanian Bogor in Indonesia to offer Bachelor in Agriculture and Land Management.

CGC, CIMB link up in green tech scheme - (10 Mar 2010)

CREDIT Guarantee Corp Malaysia Bhd (CGC), a leading credit guarantee provider, has partnered CIMB Bank Bhd to promote and offer its green technology financing scheme (GTFS) to companies that supply and utilise green technology. CGC, one of the two implementation agencies, is spearheading the marketing and promotion of GTFS. CIMB Bank, the country's second biggest lender based on asset, will provide up to RM150 million in financing under the scheme. In a statement issued yesterday, CGC said it is committed to a three-day turnaround time to process GTFS applications received from CIMB Bank. "We are confident that this three-day turnaround commitment will help to further expedite the approval and disbursement of the funds to borrowers, a special arrangement that we have made with CIMB Bank in view of their participation in supporting the GTFS. The bank is the first to do so in Malaysia," said CGC managing director Datuk Wan Azhar Wan Ahmad. CGC has been mandated to provide 60 per cent guarantee to borrowers of GTFS, effectively covering RM900 million out of the total RM1.5 billion established by the government to improve the supply and utilisation of green technology. The remaining 40 per cent financing risk will be borne by the participating financial institutions. Response to the GTFS has been encouraging, with more than 470 companies having registered with the National Green Technology Centre and enquired about loans under the scheme. The scheme, launched by Prime Minister Datuk Seri Najib Razak on January 26 this year, is expected to provide benefits to more than 140 companies within the next two to three years.

Rehda opposes proposal on broadband facilities - (10 Mar 2010)

PROPERTY developers have opposed the government's proposed move to make the provision of broadband facilities compulsory for all new commercial and residential areas, saying it would lead to increased costs. Real Estate and Housing Developers' Association of Malaysia (Rehda) president Datuk Ng Seing Liong said making it mandatory for developers to install the broadband facilities will involve a "huge amount of capital as they will have to come out with an agreement with the Internet service providers (ISPs). "Rehda is of the view that compulsory provision of the facility is punitive to developers. While the ISPs will reap profits via the subscription, developers will have to fork out extra cost to provide the facility," he said in a statement yesterday. Deputy Prime Minister Tan Sri Muhyiddin Yassin had recently said efforts were being made to amend the existing Uniform Building By-Law 1984, to make the broadband infrastructure compulsory in all new commercial and residential areas. Ng said Rehda is of the opinion that not all house buyers are going to subscribe to the broadband service, especially in rural areas and small towns. "There could be some other alternative measures or rewards to encourage house buyers to subscribe to the broadband service instead of pushing the task to developers," he added. The association feels that the responsibility should fall on the ISPs who "have the proper facilities". "Rehda hopes that the government will understand the industry's predicament as the compulsory provision means extra cost to developers who are already burdened with other utility contributions to be paid," Ng said. He suggested that the government undertake a thorough cost benefit analysis study on the system before it is made mandatory on a broader basis and find a win-win solution.

MTD not selling stake in Luzon highway firm - (10 Mar 2010)

MTD Capital Bhd (9032), the country's second-largest toll road builder, is not selling its 80 per cent stake in Philippines South Luzon Expressway Corp (SLTC), said its president and chief executive officer Datuk Azmil Khalili Khalid. SLTC is a venture with state-led Philippine National Construction Corp (PNCC), which has a 30-year toll concession agreement over the South Luzon Expressway. The MTD-led venture had won a US$200 million (RM668 million) highway construction and rehabilitation job in 2006. The highway upgrade involves the widening of the existing 28.5km eight-lane expressway from Alabang to Calamba, Laguna. It also includes the construction of a 7.6km extension connecting Laguna to Santo Tomas, Batangas, linking South Luzon Expressway to the Southern Tagalog Arterial Road. "We are now at the tail end of the construction phase and we will complete it by the end of the first half 2010. MTD Group is putting its undivided attention to complete the South Luzon Expressway," Azmil told Business Times yesterday. He was responding to speculation that MTD could exit from the project, and use proceeds from the sale to issue a special dividend. Early this week, PNCC, which has a 20 per cent stake in SLTC, has been reported to have received an offer from Metro Pacific Investments Corp for the stake. PNCC's exit from the venture should bode well for MTD, as both parties were at the centre of a dispute to gain control of the South Luzon Expressway. The dispute eventually led to the PNCC stripped of its power to directly operate the South Luzon Expressway, and SLTC, which upgraded the toll highway, being given a toll operation certificate on November 27 2009. The PNCC is the original holder of the concession for the North and South Luzon expressways, but its congressional franchise expired in 2007.

Outlook for biodiesel less than shiny - (10 Mar 2010)

THE outlook for biodiesel this year is choppy given the high prices of its feedstock crude palm oil (CPO) and waning interest, Frost and Sullivan Asian director Chris de Lavigne said. De Lavigne said that in the current world situation, interest in petroleum-based ethanol was down 70 per cent from its highest point in 2008; and in vegetable oil-based biodiesel, down nearly 80 per cent since it was highly realised in 2005. Interest in biodiesel peaked in 2007 and dropped 70 per cent by the end of last year. Its outlook was choppy, de Lavigne said in his working paper, "The future of biodiesel in uncertain markets". He was sharing his views with conference delegates at the annual Palm and Lauric Oils Conference and Exhibition (POC) in Kuala Lumpur yesterday. De Lavigne said that history would repeat itself as palm oil prices were expected to rise, especially in the next two years, which would result in the commodity being too expensive to be used as biodiesel. He said the price uptrend would be caused by several things happening at the same time. However, he added that biodiesel was here to stay as numerous research and development activities were going on to make the renewable energy source attractive again in the future. He also said that the biodiesel sector needed the support of consistent and coordinated government policies, low raw material but high energy prices, improved feedstocks and advances in technology.

Misstated quarterly reports may see DIS Tech loss widen - (10 Mar 2010)

DIS Technology Holdings Bhd (DIST) (0063), listed on Bursa Malaysia's ACE Market, could see net loss widen to RM82.6 million from RM555,000 due to misstatements arising from an alleged sales fraud. It said the estimated higher net loss for the financial year ended December 31 2009 was largely due to the balance owed by a major customer in Hong Kong, Starlight Marketing Ltd, totalling some RM82.1 million. Its shareholder funds would also turn negative, from RM26.7 million to -RM55.4 million. However, its consolidated gross profit would remain unchanged as there was no adjustment on sales and cost of sales. "There is no effect for the financial year ended December 31 2008," DIST said in response to a Bursa Malaysia query yesterday. On Monday, DIST voiced concern that its quarterly reports for last financial year might be misstated due to an alleged fraud reported by Starlight Marketing involving one of their employees. "The misstatement of financial results for DIST and its subsidiaries is expected to have a material impact on the financial effects of DIST Group," it had said. DIST develops, trades and supplies information technology products and Internet online and offline business in addition to providing management and consultancy services.

Perodua budgets nearly RM4b to buy local parts - (10 Mar 2010)

PERUSAHAAN Otomobil Kedua Sdn Bhd (Perodua), the country's largest car company by sales volume, will be spending nearly RM4 billion to buy local parts this year. "Our purchase of local parts this year is expected to reach RM3.8 billion. In the past two years, we bought some RM3 billion per year of local parts and components," its managing director Aminar Rashid Salleh said yesterday. The bigger budget was triggered by the higher localisation of its models and projected sales of 176,000 units this year, up from 166,700 last year. The higher spending is meant for its Myvi and Viva compact cars as well as Alza multi-purpose vehicle. The models have between 80 per cent and 90 per cent local content, Aminar Rashid told reporters after Deputy International Trade and Industry Minister Datuk Mukhriz Mahathir officiated at the line-off ceremony for the 200,000th Viva in Serendah, Selangor. Perodua chairman Tan Sri Asmat Kamaludin said the increase in production and local content would benefit more than 130 vendors and suppliers. The company has been promoting local vendors through its vendor development and improvement programmes, he added. It has invested RM97 million in facilities alone for its research and development (RandD) and more than RM1.5 billion in model development in the past 13 years. Perodua is also considering increasing exports of its vehicles and parts like crankshafts and cylinder heads, particularly in Southeast Asia. At present, it exports some 2,000 units a year to countries like the UK, Singapore, Nepal, Sri Lanka, Mauritius, Fiji and Brunei. The company exported RM27.3 million worth of parts to Japan, Indonesia and Pakistan last year. Total export value since 2003 is RM85 million. Aminar Rashid also said that orders for the Alza had reached 23,000 units since its launch last November. It has delivered about 10,000 units to date. Perodua plans to increase production of the Alza to more than 5,000 units from this month to cut the waiting time to less than two months, from two to three months currently.

Volume on Bursa Suq Al-Sila may quadruple - (10 Mar 2010)

Stock exchange regulator Bursa Malaysia Bhd expects trading volume on its commodity Murabahah exchange to possibly quadruple this year, as it admits more Islamic banks from the Middle East as members. The exchange, known as Bursa Suq Al-Sila, is a global trading platform that enables banks to buy and sell commodities to facilitate Islamic finance. It commenced business last August and is open only to members. Crude palm oil (CPO) now trades on the exchange, but this will expand to include non-precious metals later this year, Bursa's global head of Islamic markets Raja Teh Maimunah Raja Abdul Aziz said. "I hope to triple, quadruple (the volume of trades) ... that's the whole idea once we get the Gulf Cooperation Council (GCC) markets by this year," she told reporters after her presentation on the use of CPO in Islamic finance at the Palm Oil Outlook Conference 2010 in Kuala Lumpur yesterday. The volume of trades on Bursa Suq Al-Sila in January 2010 alone has already exceeded that of the entire 2009, she said, adding that the volume further improved in February. Raja Teh, however, declined to give specific numbers, except to say that the exchange is benefitting from a rebound in the financial markets. Cross-border trades are already taking place and the exchange's next move is to admit Islamic banks in the GCC as members, she said. "We have signed a memorandum with Bahrain, specifically with a view of bringing this now to the GCC," Raja Teh said. Some 90 per cent of local banks are trading through the exchange. Suppliers of the CPO are currently from Malaysia, but Indonesian palm oil producers are expected to come on board sometime this year too, she said. To provide financing using the exchange, an Islamic bank first has to buy CPO from the spot market and then sell it to the borrower. The borrower then sells the CPO to a third party in the spot market for cash, using the bank as its agent, thus securing the financing. All transactions are based on the syariah principles of Murabahah, Tawarruq and Musawwammah.

Mixed as early gains trimmed - (10 Mar 2010)

HONG KONG: Asian markets ended mixed yesterday with most major indices almost unchanged despite strong Chinese exports figures as dealers took profits on early gains ahead of key inflation data from Beijing. China said exports in February rose at their fastest pace for three years, while its trade surplus also soared. However, dealers were looking to the release of consumer prices figures today, which could indicate Beijing's next monetary policy moves.Shares in Shanghai fell 0.66 per cent, or 20.21 points, to end at 3,048.93. "Some investors may still prefer to stay on sidelines as more focus seems to be on inflation data due tomorrow (Thursday)," Ci Weixiang, an analyst from Guotai Junan Securities, told Dow Jones Newswires. Tokyo stocks edged down 3.73 points to 10,563.92. Dealers were unmoved by data showing Japanese core private-sector machinery orders, a key indicator of capital spending, fell 3.7 per cent in January from the previous month, reversing a 20.1 per cent rise in December. The news was in line with market expectations and still showed a general improvement, Yumi Nishimura of Daiwa Securities Capital Markets said. Sydney nudged 0.10 points lower to 4,820, ending an eight-day winning streak. The index was hit by weakness in the resources sector, with base metals prices dropping. And poorer-than-expected housing data showed a 7.9 per cent fall in home loan approvals, instead of a consensus gain of 2 per cent. In other markets: * Seoul ended flat, with the Kospi adding 1.41 points to end at 1,662.24.* Seoul ended flat, with the Kospi adding 1.41 points to end at 1,662.24. * Taipei rose 0.11 per cent, or 8.49 points, to 7,779.08.* Taipei rose 0.11 per cent, or 8.49 points, to 7,779.08. * Manila closed 0.40 per cent, or 12.28 points, higher at 3,119.63, a three-month high.* Manila closed 0.40 per cent, or 12.28 points, higher at 3,119.63, a three-month high. Figures earlier showed January exports soared 42.5 percent year on year due to a pick-up in world trade. * Jakarta added 0.49 per cent, or 13.05 points to 2,670.22.* Jakarta added 0.49 per cent, or 13.05 points to 2,670.22. * Bangkok edged up 0.29 per cent, or 2.07 points, to close at 720.84.* Bangkok edged up 0.29 per cent, or 2.07 points, to close at 720.84. * Mumbai closed 0.27, or 45.79 points, higher at 17,098.33. - AFP* Mumbai closed 0.27, or 45.79 points, higher at 17,098.33. - AFP

Flat, cautious - (10 Mar 2010)

SHARES ended flat yesterday, barely in positive territory after three straight sessions of gains and as investors took a breather after recent strength. The benchmark Hang Seng Index rose 0.74 points to end at 21,208.29. "The market turned very cautious as the China market slipped on concern over a tighter monetary policy ahead of some economic data," said William Lo, an analyst at Ample Finance Group. - Agencies

FBM KLCI hits 2-year high - (10 Mar 2010)

The FTSE Bursa Malaysia Kuala Lumpur Composite Index (FBM KLCI) closed 10.28 points higher at 1,328.22, the highest since March 2008, after opening 0.9 point up at 1,318.84. The index touched an intra-day high of 1,330.28. On Monday, the benchmark index reached 1,324.22, up 24.44 points. A dealer said the benchmark index's gain was prompted by plantation stocks like Sime Darby, KL Kepong, IOI Corp and Batu Kawan on expectations that the palm oil industry will remain strong. Jupiter Securities Sdn Bhd's head of research, Pong Teng Siew, said the plantation index weightage was about 20 per cent of the FBM KLCI. "Plantation stocks are likely to rise further as the outlook for the palm oil industry remains strong," said Pong. Crude palm oil futures prices are trading above RM2,500 per tonne currently. During the two-day Palm and Lauric Oils Conference which ended yesterday, an analyst said CPO futures were likely to trade between RM2,800 and RM3,200 per tonne in the second half of this year and the first half of 2011. The Finance Index surged 64.37 points to 11,854.58, Industrial Index advanced 28.04 points to 2,663.88 and the Plantation Index soared 119.35 points to 6,520.24. The FBM Emas Index jumped 60.71 points to 8,911.34, FBM70 added 30.80 points to 8,674.31 and the FBM ACE Index declined 15.05 points to 4,262.26. Gainers led losers 451 to 292 while 270 counters were unchanged, 330 untraded and 28 others suspended. Turnover stood at 934.478 million shares worth RM1.619 billion from Tuesday's 797.812 million shares worth RM1.453 billion. Turnover on the Main Market increased to 746.690 million shares valued at RM1.563 billion from 669.064 million shares worth RM1.421 billion on Tuesday. Among top gainers, Kuala Lumpur Kepong Bhd rose 2.3 per cent to RM17.02. IOI corp gained 1.5 per cent to RM5.54 and Sime Darby Bhd also added 1.5 per cent to RM8.82. Sumatec Resources Bhd, an engineering group, jumped 6.9 percent to 31 sen, the largest gains since February 19. Malayan Banking Bhd added 0.9 per cent to RM7.48, Hong Leong Bank Bhd climbed 0.9 per cent to RM8.80 and CIMB Group Holdings rose 1 per cent to RM14.28, a record close. - Bernama, Bloomberg

Highest in almost 7 weeks - (10 Mar 2010)

SHARES rose to their highest level in almost seven weeks yesterday after upbeat economic forecasts. The Straits Times Index gained 0.8 per cent or 22.75 points to 2,862.29, its highest since January 21. A central bank survey showed the economy was expected to grow 6.5 per cent in 2010. - Agencies

Integrating eCars into power grid - (10 Mar 2010)

SIEMENS is hard at work on technologies for integrating electric cars into the public power grid. The development of methods to rapidly recharge the cars is just one of the company's contributions to Denmark's Edison project, which is the first to plug a pool of vehicles into the grid. Practical testing will begin in 2011 on the island of Bornholm. Siemens is also researching components for the electric cars themselves. The company presented three additional demonstration cars at the Conference on Climate Change in Copenhagen: the eRUF Stormster based on the chassis of the Porsche Cayenne. The vehicles built by Siemens and carmaker RUF are being used as shuttles. The 340 horsepower (250 kilowatt) Stormster has a maximum range of 180km on a full battery charge, accelerates to 100km per hour in nine seconds and reaches 150km per hour. Denmark is driving the development of electric cars particularly hard because the cars' batteries are to be used as intermediate storage for the fluctuating supply of electricity from wind power. Part of the research being conducted by an international consortium for the Edison project is therefore focused on how to optimise the bi-directional flow of electricity between the car and the grid. For instance, Siemens Energy is developing rapid charging functions for the cars' batteries. Instead of the usual 220 volts, the batteries will be charged in an initial step with 400 volts and 63 amps. The long-term goal is to achieve up to 300 kilowatts of charging capacity so that a car can be completely recharged in roughly six minutes. The development engineers are also investigating how the constant switching on and off of the batteries affects the power grid. The harmonics this generates could knock the grid out of sync. Here Siemens Energy is working directly on the Ris ø research campus of the Technical University of Denmark, a partner in the Edison consortium. Siemens Corporate Technology is currently developing the components for the new Greenster II electric car, which will go into small-series production in late 2010. A central innovation are the two rear wheels, each which is powered by its own electric motor. This allows the individual wheels to be optimally powered in every driving situation. The differential, which provides this function in central drive systems, is eliminated, making the car substantially lighter. In the future, each of the four wheels of an electric car is to have its own little drive system. The axle shaft, cardan shaft, and central motor will be eliminated, and the car gains installation space while saving weight.

'Look for other incentives for hybrid car firms' - (10 Mar 2010)

WHILE there is still no decision on whether or not to extend the incentives for fully-imported hybrid cars, other ways to incentivise their promoters can be explored, Deputy International Trade and Industry Minister Datuk Mukhriz Mahathir said. Fully-imported hybrid cars are exempted from import duty and enjoy a 50 per cent discount on excise duty. The exemptions, introduced under the 2009 Budget, will end on December 31 this year. Without an extension, prices of fully-imported hybrid cars sold here are expected to skyrocket again. This means that the Honda Civic 1.3 hybrid, currently sold at about RM129,980, may revert to its pre-exemption price of more than RM150,000. The Toyota Prius 1.8, the world's most popular hybrid car, may cost over RM200,000, well off its current price of about RM175,000. Mukhriz reaffirmed the government's commitment to encourage assembly and manufacturing of green vehicles in the country. It has already offered several incentives to attract investments in this direction, he told a press conference after visiting Perusahaan Otomobil Kedua Sdn Bhd's (Perodua) headquarters and factory in Serendah, Selangor, yesterday. Mukhriz later officiated at the rollout ceremony of Perodua's 200,000th Viva. The car was launched in May 2007 and now averages monthly sales of 6,000 units. He refuted the notion that Perodua was nothing like Proton Holdings Bhd and merely rebadged other carmakers' products. "I don't get the impression of any car here being a rebadge of others. There is a large amount of research and development being done internally," he said. "Yes, there are some parts of a model being shared with other models. But it is substantially done here, as reflected in its high local content of about 90 per cent." On the perceived lack of consistent long-term policies that have hindered foreign investments, Mukhriz said the issue would be addressed under the new economic model (NEM) being formulated. Although a long-term road map, the NEM can be tweaked to current needs or changes. Mukhriz also said that domestic industries needed to push for greater automation to boost the country's competitiveness and help it attain a high-income economy, as targeted under the NEM.

RM5.2b solar glass plant to start ops 2012 - (10 Mar 2010)

Malaysia's first solar glass manufacturing plant in Kota Kinabalu, Sabah, which will cost its promoters RM5.2 billion to build, is expected to be operational in the first quarter of 2012. Solar glasses are a vital part of solar panels used in the photovoltaic or solar industry. They serve to "collect" sunlight to generate solar energy. The project by Hong Kong's Sun Bear Solar Sdn Bhd will consist of two phases, which will each take between 18 and 24 months to complete. The first phase will involve the purchase of fixed assets such as equipment, construction of the plant and the setting up of two lines: the float line and the pattern line solar glasses. It will cost Sun Solar Bear RM2.2 billion to complete this phase. The remaining RM3 billion is earmarked for expansion of the plant, which is to house larger lines and eventually accommodate a 120ha site. "There are no big boys (backing the company). Sun Bear Solar is the initiative of global investors who have been in the solar energy industry for many years," Sun Bear Solar chairman Lee Holt Judd said in response to a question on the investors behind the company. The new solar glass plant will have the potential to create spin-off benefits to the economy, through the introduction of new and advanced solar technologies and the creation of potential downstream industries such as lighting, green building, home applications and solar heating. The plant is expected to create about 1,200 job opportunities in the country. About 90 per cent of its employees will be sourced locally. According to Malaysian Industrial Development Authority director-general Datuk Jalilah Baba, the solar industry has been targeted as Malaysia's top priority project to generate clean energy and new growth areas in high-value-added manufacturing. Under the 10th Malaysia Plan, the counry targets generating 215 megawatts peak from solar, which will increase its solar contribution to 1.5 per cent from 0.0013 per cent. As a high technology-driven industry, solar manufacturing has the potential to contribute up to 4 per cent of the country's gross domestic product this year. On new foreign direct investment this year, Jalilah said Mida was in talks with potential investors from India, Japan and China.

Ringgit highest since Aug 2008 - (10 Mar 2010)

RINGGIT THE ringgit closed at a new high against the US dollar yesterday, supported by active buying in the local currency, dealers said. RHB Bank's forex dealer Badeeudin Mohd Abu Bakar said the last time this level was seen was in August 2008. At 5pm, the local unit appreciated against the greenback to 3.3180/3230 from 3.3410/3440 on Tuesday. RHB Bank's dealer Nur Adeline Baharin said the ringgit was higher against the US dollar as investors retreated from buying the greenback in global markets after the release of key economic data from eurozone and China yesterday. The euro and sterling were under pressure after renewed concerns about Europe's fiscal problems yesterday. Meanwhile, commodity-linked currencies also rose after the release of the Chinese economic report which showed the country's exports and imports surged by 46 per cent in February. The ringgit appreciated against the Singapore dollar to 2.3712/3782 from 2.3832/3904 on Tuesday and rose against the yen to 3.6781/6861 from 3.7176/7230 previously. It strengthened against the pound sterling to 4.9528/9612 from 5.0055/5110 on Tuesday and increased against the euro to 4.5019/5096 from 4.5421/5468 previously. INTERBANK RATES SHORT-TERM interbank rates closed steady yesterday as Bank Negara Malaysia intervened in issuing several money market tenders to check excess liquidity in the system, dealers said. The overnight rate was quoted at 2.21 per cent, while the one-week, two-week and three-week rates, hovered around 2.25 and 2.28 per cent. Bank Negara this morning also carried out five conventional tenders, four Al-Wadiah tenders and two repo tenders to offset the liquidity surplus. As a result, the excess in the conventional system was reduced to RM12.60 billion from the RM24.17 billion estimated earlier, while the surplus in the Islamic system eased to RM5.09 billion from RM8.93 billion. In late trading yesterday, the central bank also called for tenders to borrow RM11.0 billion from the conventional operations and another RM5.0 billion from Islamic funds, both of one-day money. KLIBOR THE three-month Kuala Lumpur Interbank Offered Rate (KLIBOR) futures on Bursa Malaysia Derivatives ended higher yesterday with activities dominated by strip trades, dealers said. Strip trades of 100 lots each were recorded for March 2010, June 2010, September 2010 and December 2014 March 2010 contract rose two ticks to settle at 97.55, June decreased two tick at 97.33, September 2010 rose two tick at 97.13 and December 2014 declined two ticks at 96.98. A total of 400 lots were transacted while open interest at 38,359 contracts. On the cash market, the underlying three-month KLIBOR remained at 2.43 per cent. The five-year Malaysian Government Securities futures were untraded. - Bernama

CPO futures mostly higher - (10 Mar 2010)

CPO FUTURES CRUDE palm oil (CPO) futures on Bursa Malaysia Derivatives ended mostly higher yesterday on anticipation the strong CPO prices will continue, dealers said. A dealer said the CPO was above RM2,500 per tonne currently backed by surge in demand and supply uncertainties. "It is a good sign for the industry if the market accepts the current price level," he said. At the close, March 2010 and April 2010 rose RM49 each to RM2,729 per tonne and RM2,709 per tonne respectively. May 2010 and June 2010 increased RM35 each to RM2,685 per tonne and RM2,670 per tonne respectively. Total volume rose to 11,722 lots from 10,742 lots yesterday while open interest increased to 82,217 contracts from 81,504 contracts previously. On the physical market, March 2010 increased to RM2,720 per tonne from RM2,700 per tonne yesterday. RUBBER THE Malaysian rubber market ended lower yesterday, extending Tuesday's sluggish trend, as weak sentiment kept traders at bay. Dealers said prices took the cue from the easier Tokyo rubber futures market which was pressured by lower crude oil prices. "Synthetic rubber is gaining from weaker crude oil prices than natural rubber," said one dealer. At noon, the Malaysia Rubber Board official physical price for tyre-grade SMR 20 finished 1.5 sen lower at 1,054.5 sen per kg while latex-in-bulk declined 0.5 sen to 747.0 sen per kg. Similarly, the unofficial closing price for SMR 20 was quoted at 1,053.5 sen per kg, down 2.0 sen and latex-in-bulk decreased 1.5 sen to 746.0 sen per kg. TIN THE Kuala Lumpur Tin Market (KLTM) increased by US$230 (US$1.00 = RM3.34) to close at US$17,480 per tonne yesterday, dealers said. The increase was in line with the uptrend in the metal price on the London Metal Exchange (LME) and steady overseas demand, the dealers added. The tin price on the LME, which normally influences global prices, improved by US$295 to settle at US$17,600 per tonne. A dealer said the gain in the LME metal price sparked buying interest on the local market. On the local front, the yeterday turnover was higher at 95 tonnes compared to 40 tonnes at Tuesday's closing with good participation from European, Japanese and local traders. At the opening bell, buyers made bids for 180 tonnes while sellers offered 40 tonnes. The price differential between the KLTM and the LME narrowed to US$235 per tonne from Tuesday's US$300 per tonne. - Bernama

Malaysian assets in demand - (10 Mar 2010)

CapitaMalls Asia eyes Malaysia for expansion - (10 Mar 2010)

Gamuda in 2nd Vietnam property venture - (10 Mar 2010)

Gamuda, WCT remain outperformers - (10 Mar 2010)

BCB entering Klang Valley property market - (10 Mar 2010)

Bursa Malaysia plans to trade metal on Bursa Suq Al-Sila’ (The Malaysian Insider) - (10 Mar 2010)

KUALA LUMPUR, March 10 — Bursa Malaysia plans to trade metal and add new specifications for crude palm oil (CPO) on Bursa Suq Al-Sila’ this year, as volume was expected to see a huge growth on local and foreign interests. Raja Teh Maimunah Raja Abdul Aziz, Bursa Malaysia’s global head of Islamic Markets, did not discount the possibility the daily trading volume of Bursa Suq Al-Sila’ would triple ...

Bursa Malaysia Plans To Trade Metal On Bursa Suq Al-Sila' - Bernama - (10 Mar 2010)

Bursa Malaysia Plans To Trade Metal On Bursa Suq Al-Sila' Bernama KUALA LUMPUR, March 10 (Bernama) -- Bursa Malaysia plans to trade metal and add new specifications for crude palm oil (CPO) on Bursa Suq Al-Sila' this year, ... and more »

BURSA MALAYSIA PLANS TO TRADE METAL ON BURSA SUQ AL-SILA' (Bernama via Yahoo! Malaysia News) - (10 Mar 2010)

KUALA LUMPUR, March 10 (Bernama) -- Bursa Malaysia plans to trade metal and add new specifications for crude palm oil (CPO) on Bursa Suq Al-Sila' this year, as volume was expected to see a huge growth on local and foreign interests.

CPO futures mostly higher - Business Times - Malaysia - (10 Mar 2010)

The Malaysian Insider

CPO futures mostly higher Business Times - Malaysia CRUDE palm oil (CPO) futures on Bursa Malaysia Derivatives ended mostly higher yesterday on anticipation the strong CPO prices will continue, dealers said. ... El Nino may lift CPO futures prices Malaysia Star Palm oil price set for boost from El Nino The Malaysian Insider Palm Oil Players Prefer Malaysia For Trading Bernama The Edge Malaysia  - BusinessWeek  - Emii.com all 99 news articles »

KLIBOR Futures Close On Firm Note - Bernama - (10 Mar 2010)

KLIBOR Futures Close On Firm Note Bernama KUALA LUMPUR, March 10 (Bernama) -- The three-month Kuala Lumpur Interbank Offered Rate (KLIBOR) futures on Bursa Malaysia Derivatives ended higher on ... KLIBOR Futures, MGS Untraded In Early Session Bernama all 2 news articles »

BURSA MALAYSIA: Shares Close At Two-Year High Fuelled By Positive Market Sentiments (Bernama) - (10 Mar 2010)

KUALA LUMPUR, March 10 (Bernama) -- Share prices on Bursa Malaysia closed higher Wednesday, with the FBM KLCI touching a two-year high, fuelled by positive market sentiments, boosting investor confidence, said dealers.

BURSA MALAYSIA: Shares Close At Two-Year High Fuelled By Positive Market ... - Bernama - (10 Mar 2010)

Malaysia Star

BURSA MALAYSIA: Shares Close At Two-Year High Fuelled By Positive Market ... Bernama KUALA LUMPUR, March 10 (Bernama) -- Share prices on Bursa Malaysia closed higher Wednesday, with the FBM KLCI touching a two-year high, fuelled by positive ... Malaysian assets in demand The Edge Malaysia Malaysia: KLCI closes at 2-year high Business Times (subscription) Plantations stocks prop up FBM KLCI Malaysia Star Bernama  - Bernama  - Bernama all 67 news articles »

Bursa Malaysia Derivatives Selects Patsystems To Provide OMS For Derivatives ... - Exchange News Direct - (10 Mar 2010)

Bursa Malaysia Derivatives Selects Patsystems To Provide OMS For Derivatives ... Exchange News Direct Bursa Malaysia Derivatives will offer white labeled versions of Patsystems J-Trader and Pro-Mark front-ends as options to the trading community who wish to ... and more »

BURSA MALAYSIA UPDATE: 3.00 P.M. (Bernama via Yahoo! Malaysia News) - (10 Mar 2010)

KUALA LUMPUR, MARCH 10 (Bernama) -- At 3.00 p.m. today, there were 382 gainers, 261 losers and 270 counters traded unchanged on the Bursa Malaysia.

BURSA MALAYSIA: KL Shares End Morning Session On Two-year High (Bernama) - (9 Mar 2010)

KUALA LUMPUR, March 10 (Bernama) -- Share prices on Bursa Malaysia ended the morning trade on a two-year high led by gains in plantation counters, with sentiment further supported by overnight gains on Wall Street, dealers said.

BURSA MALAYSIA UPDATE: 10.30 A.M. (Bernama via Yahoo! Malaysia News) - (9 Mar 2010)

KUALA LUMPUR, MARCH 10 (Bernama) -- At 10.30 a.m. today, there were 345 gainers, 160 losers and 210 counters traded unchanged on the Bursa Malaysia.

BURSA MALAYSIA : Shares Open Mixed In Early Trading (Bernama) - (9 Mar 2010)

KUALA LUMPUR, March 10 (Bernama) -- Share prices on Bursa Malaysia opened mixed in early trading Wednesday, but the benchmark index was staged on positive territory led by mild gains on the Wall Street overnight, said dealers.

Small-cap stocks in focus - The Edge Malaysia - (9 Mar 2010)

Malaysia Star

Small-cap stocks in focus The Edge Malaysia In a note, CIMB Investment Bank Bhd analyst Nigel Foo said the research firm was maintaining its overweight stance on small-cap stocks on Bursa Malaysia ... CIMB Bank unveils four call warrants Malaysia Star Malaysia bank valuation 'compelling' Business Times - Malaysia PRESS DIGEST - Malaysia - March10 Reuters Malaysia Star  - Business Times - Malaysia all 18 news articles »

BURSA MALAYSIA: Share Prices Close Lower On Profit-Taking (Bernama) - (9 Mar 2010)

KUALA LUMPUR, March 9 (Bernama) -- Share prices on Bursa Malaysia closed lower on Tuesday as investors booked in profit after the sharp gains yesterday, dealers said.

Malaysian Merchant Marine now PN17 company - The Edge Malaysia - (9 Mar 2010)

Malaysian Merchant Marine now PN17 company The Edge Malaysia Bursa Malaysia Securities Bhd said on Tuesday, March 9 that MMM had triggered the criteria under Practice Note No. 17 (PN17) of the Main Market Listing ... AE Multi: No reason for stock surge Malaysia Star Malaysian Merchant a PN17 company Business Times - Malaysia Flash Bursa Securities queries AE Multi The Edge Malaysia The Edge Malaysia  - The Edge Malaysia all 6 news articles »

BURSA MALAYSIA: KL Shares Lower At Mid-day (Bernama) - (8 Mar 2010)

KUALA LUMPUR, March 9 (Bernama) -- Shares prices on Bursa Malaysia extended the downtrend at mid-day Tuesday led by a decline in selected blue chips,dealers said.

Bursa Malaysia Expects Second Year of Profit Growth - BusinessWeek - (8 Mar 2010)

Bursa Malaysia Expects Second Year of Profit Growth BusinessWeek March 8 (Bloomberg) -- Bursa Malaysia Bhd., the country's stock exchange manager, expects profit to increase for a second ... Fundamentals in M'sia strong Straits Times Bursa expects second year of profit growth Malaysia Star Malaysia Stocks Rally to Two-Year High as Ringgit Strengthens BusinessWeek all 11 news articles »

Bursa Malaysia Expects Second Year of Profit Growth (Update1) (Bloomberg) - (8 Mar 2010)

March 8 (Bloomberg) -- Bursa Malaysia Bhd. , the country’s stock exchange manager, expects profit to increase for a second year as the economy recovers and the government further opens the market to foreigners. The stock rose the most in 10 months.

BURSA MALAYSIA: Share Prices Close Sharply Higher - Bernama - (5 Mar 2010)

Malaysia Star

BURSA MALAYSIA: Share Prices Close Sharply Higher Bernama KUALA LUMPUR, March 5 (Bernama) -- Share prices on Bursa Malaysia closed sharply higher on Friday with the benchmark FTSE Bursa Malaysia Kuala Lumpur ... Scoreboard positive for the first time in 7 days Malaysia Star Bursa sees strong palm futures trade The Edge Malaysia BURSA MALAYSIA: Share Prices Open Higher In Early Trading Bernama Bernama  - Bernama  - Bernama all 28 news articles »

MIDF Amanah acquires Asia Unit Trusts - (3 Mar 2010)

BlackRock prefers copper, iron ore, gold - (3 Mar 2010)

TA Investment declares 3 sen distribution for TA Dana OptiMix - (3 Mar 2010)

#Video* Personal Money with Joanne Kam - (3 Mar 2010)

DSC Solutions makes impressive debut on Bursa - (21 Feb 2010)

DSC's offer price was 50 sen per 10 sen share. Subsequently, it undertook a one-for-one bonus issue after the public issue. "If you look now, our price is actually doubled as well as our market capitalisation, which reflects the positive sentiment of our business going forward," said DSC's founder and managing director Seah Liang Chiang. Speaking to reporters after the company's listing, Seah said the company was planning to widen its product line with the latest offerings from its new partner VIPColor Technologies in Malaysia, Singapore and Indonesia. He said with its additional role as distributor and reseller for VIPColor, the company will be able to offer the latest colour-on-demand label printer. Seah said over 75 per cent of the company's annual turnover was derived from multinational corporations and regional companies. DSC provides automatic identification and data collection (AIDC) tracking solutions and has about 700 installation sites across Malaysia, Singapore, China and Southeast Asia. "The company is using its strong presence in Malaysia and Singapore to tap the rising demand in Asia for its products that use the latest advances in AIDC scanning and computer processes to capture quick information," Seah said. Going forward, the company intends to focus on developing new modules based on its experiences in the AIDC sector and also improve existing services, he said. DSC, which raised RM6.289 million via its initial public offering, will use a major portion of the proceeds to fund its research and development efforts to develop new products and enhance existing ones, Seah said. For its nine-month financial period ended June 30 2009, DSC posted a net profit of RM1.792 million on revenue of RM11.218 million. - Bernama

Yoong Onn eyes RM22m from IPO to fund expansion - (21 Feb 2010)

The group, which makes bed sheets, comforters and towels among others, will also use the money to settle some debt and fund working capital. Managing director and group chief executive officer Roland Chew Hon Foong said the group exports to 10 countries including Australia, Vietnam, Singapore and Japan. Overseas markets make up a fifth of its total annual revenue. "We hope to export to more countries after the listing. Although it is too early to say when we can achieve this, I hope to see a 50 per cent contribution from overseas market in time to come," said Chew. He also hopes to sustain a 17 per cent revenue growth this year as he is confident Yoong Onn products will grow in tandem with the rising population. "More people are buying houses as the population grows and they are among our target market who will purchase our products," Chew said in Kuala Lumpur. The group posted a net profit of RM13.9 million for its financial year ended June 30 2009 on the back of RM130 million revenue. Its IPO comprises a public issue of 25.17 million new shares and an offer of sale for 25.23 million existing shares at an IPO price of 88 sen a share. It aims to float its shares by the end of December. Locally, the group holds 22 per cent of the local home linen market. Its 3.72ha factory in Nilai, which is currently running at 70 per cent of its capacity, has room to meet growing demand. Yoong Onn provides a range of products in three categories namely home linen like bed linen, bath linen and curtains, bedding accessories like pillow, quilts, comforters, cushions and homeware, which includes floormats, rugs and carpets. It has 14 brands like Jean Perry, Novelle, Genova and Cotonsoft. Its products are distributed through its 13 fully-owned retail outlets under the name Home Harmony and Home Warehouse, which is a one-stop centre for home linen and bedding accessories and 70 third-party retail outlets like Jusco and Metrojaya. The company yesterday signed an underwriting agreement with its adviser, managing underwriter, underwriter and sole placement agent Public Investment Bank Bhd and co-underwriters JF Apex Securities Bhd and Mercury Securities Sdn Bhd.

Xidelang posts 9pc gain in debut - (21 Feb 2010)

CHINESE sportswear maker Xidelang Holdings Ltd, which became the third foreign company to list on Bursa Malaysia, ended the first day of trading with a 9 per cent gain yesterday. The stock jumped 29 per cent to 75 sen at the opening, but retreated to close at 63 sen in an overall weaker market which saw the local benchmark FTSE Bursa Malaysia KLCI falling 0.3 per cent to 1,270.15. The issue price was 58 sen. Some 111 million Xidelang shares were traded, making it the most active stock on the bourse yesterday. The listing of Xidelang has come after the poor performances of the first two foreign listings from China - shoemaker Xingquan International Sports Holdings Ltd and Multi Sports Holdings Ltd, a maker of shoe soles. Its own showing is likely to be closely watched by bankers and potential issuers alike and may have a bearing on Bursa Malaysia's future efforts to attract more overseas companies to float shares here. Based in the southeast coastal province of Fujian in China, Xidelang makes shoes, apparel, accessories and sporting equipment under the house brand. It has raised RM58 million from the shares sale, partly to finance the construction of a new plant, which will double its annual capacity of 4.8 million pairs of sport shoes when the first phase is completed next year. The second phase, when completed by mid-2011, will raise production of sports apparel by up to five million pieces a year. The company made a net profit of RM48.4 million on revenue of RM275.4 million last year. Despite the global recession this year, its net profit jumped 89 per cent to RM38.2 million in the first six months to June 2009, while revenue soared 70 per cent to RM197 million.

JCY may cut public offering size on weak pricing - (19 Feb 2010)

The cut comes after the company priced the institutional tranche of the offering at RM1.60 a share in a bookbuilding. Based on the offer price, the IPO values the company at 9 times 2010 earnings and is within the 8-10 times valuation of local and listed competitors in Singapore and Taiwan. "Books are covered slightly over one time at the low end of the range at RM1.60," said one source. James Wong, JCY's director of finance, declined to comment on the final pricing when contacted. Sources, who could not be named because they were not authorised to speak to the media, said the company plans to cut the offer size because the strike price has fallen short of expectations. "The allocation for institutional portion will be slashed to about 300 million shares from 470 million. The offer for sale is now less than the original size of 530 million shares," said one source familiar with the deal terms. A second source confirmed the cutting of the offer size, saying that the new offer size will now be 470 million shares, including both the institutional as well as the retail tranche. In its prospectus issued earlier this month, JCY said it will sell 470 million shares to institutional investors and 59.9 million shares to retail investors who will buy the shares at a 5 per cent discount to the institutional price. At RM1.60 and selling just 470 million shares, JCY will raise only RM750 million, compared to its target of raising up to US$350 million (RM1.2 billion) to make the sale the largest tech IPO in Southeast Asia since 2000. Proceeds from JCY's offer will go directly to its selling shareholder YKY Investments Ltd, whose sole director is 54-year-old Yong Yoon Kiong, founder of JCY. UBS and CIMB are joint managing underwriters and bookrunners for the IPO. JCY made a net profit of RM207.3 million in fiscal 2009, and is forecasting 73 per cent more profit in the current financial year. More than 80 per cent of its revenue are from Western Digital Corp, the world's second-largest maker of hard-disk drives, and the balance from Seagate Technology. The company is currently in the pre-qualifying stage of producing base plates for Japan's Hitachi and South Korea's Samsung Electronics and expects to start supplying them by mid-2010. - Reuters

Credit card alternatives on the rise - (12 Feb 2010)