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From the Dev Team:
New fund company- Alliance Trust Management Berhad added into our list of tracked funds.
This is the 13th fund company to be tracked by the Danavest Fund Management Software.
To see the full list, click here.
More to come!
Market Outlook:
LONDON : World oil prices dropped close to 111 dollars on Tuesday, dragged down by worries that weaker US oil demand could spread to Europe and Japan, analysts said.
London’s Brent North Sea crude for October delivery dipped 92 cents to 111.02 dollars a barrel in electronic deals.
New York’s main contract, light sweet crude for September delivery, fell 88 cents to 111.99.
Crude futures sank Monday as Tropical Storm Fay looked set to spare energy facilities in the Gulf of Mexico and as the key Baku-Tbilisi-Ceyhan oil pipeline appeared ready to reopen soon.
“There’s a fear in the oil market right now about some of the pretty dramatic news we’ve seen coming out of the United States spreading into Europe and Japan,” said Dave Ernsberger, Asia director of global energy information provider Platts, in Singapore.
Prices have fallen heavily since hitting record highs above 147 dollars per barrel on July 11, but remain well above levels of a year ago. Oil broke through 100 dollars for the first time at the start of 2008.
- AFP
KUALA LUMPUR: The ringgit extended its loss to the US dollar yesterday to its lowest in eight months amid rising concerns of higher inflation and heightened risks to growth, which continue to plague the global and local economic environment.
The ringgit’s fall has been in tandem with the overall appreciation of the greenback against major currencies. The local currency was traded at a low of 3.3276 to the US dollar and closed at 3.316 as at 5pm, down 0.45% from last Friday’s close.
The ringgit was traded at the year’s high of 3.132 against the dollar on April 23. An analyst from a local brokerage firm said the weakening ringgit was likely due to the lower inflationary pressure with the drop in global oil prices and the recovery of the dollar against major currencies.
The analyst said the ringgit would likely to be traded at a narrow range following the lack of fresh leads from the market and the likelihood of Bank Negara Malaysia (BNM) maintaining interest rates as the inflationary pressure tapered off.
PETALING JAYA: Amidst the gloom and doom, consumer stocks continued to live up to their billing as among those with the best returns — either via cash payouts or dividends — as two companies in the sector rewarded their shareholders yesterday.
In separate announcements, DiGi.Com Bhd declared an interim single-tier tax-exempt dividend of 57 sen per share for the financial year ending Dec 31, 2008 while JT International Bhd (JTI) is proposing a capital repayment of 75 sen per share to be implemented via a capital reduction exercise.
Following the capital repayment, JTI, whose mainstay is the manufacturing of cigarettes, is looking to reduce the par value of its shares from RM1 to 25 sen each. JTI will have to fork out RM196.1 million, to be sourced from internally generated funds, for the exercise. It is the highest payout from the cigarette manufacturer in recent years.
As for DiGi, the latest dividend is lower than the 68.5 sen per share, less tax, given out for the corresponding period last year. The interim dividend will be paid on Aug 28.
BURSA Malaysia Bhd is investigating claims of unauthorised short-selling activities and said it would take appropriate actions if rules were broken.
Bursa was responding to a report by an English financial daily that there was an unusual and massive short selling in the stock market at the end of last week.
Investors involved in the initial heavy selling last Thursday were trapped in their short positions by the quick recovery of the market and could not deliver the shares that they did not possess.
Bursa Malaysia chief regulatory officer Selvarany Rasiah said the failure of delivery of shares last week involved a single client of a participating organisation.
“As a result of this delivery failure, the buying-in mechanism instituted by the Bursa Malaysia Clearing House was effected promptly, ensuring the delivery of the securities to the buyer on time and caused no impact to the market,” she said in a statement issued last night.
Short selling, which was re-introduced last year after a 10-year ban, involves selling borrowed shares and buying it back at lower prices. Investors pocket the difference as profit.
KUALA LUMPUR: Certain investors are believed to have engaged in an unusually massive short selling on Bursa Malaysia at the end of last week in anticipation of a heavy selldown in the market following the opposition’s move to file a no-confidence motion against the prime minister.
However, despite the initial heavy selling , the investors appeared to have been trapped in their short positions by the quick and relative recovery of the market and could not deliver the shares that they did not possess, market players said yesterday.
This resulted in an unusually large-scale buy-in exercise initiated by Bursa Malaysia Securities Bhd yesterday involving more than eight million shares of close to 60 companies.
When contacted by The Edge Financial Daily, Bursa Malaysia could not comment on the matter yet, but is expected to issue a statement today.
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