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MACRO RESEARCH
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Economics Research
by
Suhaimi Ilias
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Down in USD, Up
in Ringgit
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External reserves on 30 June 2016 fell –USD0.2b to
USD97.2b from USD97.4b on 15 June 2016, and equal to 8.1 months
retained imports and 1.2 times short-term external debt. However, the
Ringgit value of external reserves jumped +MYR7.2b to MYR390.4b from MYR383.2b
over the same period, reflecting quarterly foreign exchange
revaluation gain as Ringgit weakened against USD to 4.03 at end-June
2016 3.90 at end-Mar 2016.
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Suhaimi Ilias
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Zamros
Dzulkafli
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Technical Research
by Lee
Cheng Hooi
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Firmer and
stable tone to come
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The FBMKLCI fell by 4.13 points to close at 1,650.71
on Tuesday, while the FBMEMAS and the FBM100 lost 16.71 points and
16.69 points respectively. In terms of market breadth, the
gainer-to-loser ratio was 300-to-304, while 319 counters were
unchanged. A total of 0.64b shares were traded valued at MYR0.71b.
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NEWS
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Outside Malaysia:
U.S: Fewest Americans since mid-April file for
unemployment benefits, signaling labor market stability amid a shaky
global economy. Jobless claims dropped by 16,000 to 254,000 in the week
ended July 2, a Labor Department report showed. Filings can be volatile
around holidays, and applications were estimated for five states and
Puerto Rico for the period before Independence Day. (Source: Bloomberg)
E.U: ECB foresaw unpredictable economic spillovers before
Brexit vote. European Central Bank policy makers estimated in June that
the recovery in the 19-nation euro area would proceed at a “moderate but
steady pace,” though subject to “difficult to anticipate” risks from the
U.K.’s vote on leaving the European Union. Policy makers were in “general
agreement” that the referendum “was an important source of uncertainty as
regards the economic outlook,” and in the event that the U.K. voted to
quit the political bloc there could be significant “negative spillovers
to the euro area via a number of channels, including trade and the
financial markets,” according to an account of the June 2 Governing
Council meeting published. (Source: Bloomberg)
U.K: Consumer sentiment dives most since 1994 on Brexit
effect. U.K. consumer confidence plunged the most in 21 years, the latest
sign that Britons’ vote to leave the European Union is harming the
nation’s outlook. Gfk’s core index slid to minus 9 in a special post-
referendum survey conducted from June 30 to July 5, from minus 1 earlier
in June. That’s the biggest slide since December 1994 when increases in
tax, interest rates and job insecurity weighed on spending. While
confidence among respondents who said they voted to remain in the EU
dropped to minus 13, the decline was tempered by a lesser slide of minus
5 among those who said they opted to leave. (Source: Bloomberg)
Crude Oil: Trades near USD 45/bbl after tumbling to lowest
in nearly 2 months. Crude supplies fell 2.22 million barrels in the week
ended July 1, Energy Information Administration data showed. Analysts
surveyed by Bloomberg had forecast the EIA would report a 2.5 million
decline, while the industry-funded American Petroleum Institute said in
its report that crude inventories dropped by 6.7 million barrels. Futures
traded between USD 45/bbl and USD 51/bbl in June after almost doubling
from a 12-year low in February amid supply disruptions and falling U.S.
output. The recovery has prompted U.S. producers to begin returning
drilling rigs to service. (Source: Bloomberg)
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Other News:
DRB-Hicom: DRB-Hicom explains disposal of assets worth
MYR818m to Pos Malaysia. The company proposed to dispose of the entire
issued and paid-up capital of its wholly owned subsidiary, KL Airport
Services Sdn Bhd (KLAS), for MYR749.35m and its indirect wholly owned
subsidiary, Hicom Indungan Sdn Bhd, as part of a freehold industrial land
situated in Section 28, Shah Alam, Selangor for MYR69m. The proposed KLAS
acquisition will allow Pos Malaysia and its subsidiaries to expand their
services, while the proposed land acquisition is to be developed into a
warehouse as part of the future integrated logistics value chain of Pos
Malaysia. The land is strategically located, being in close proximity to
Port Klang and major highways. (Source: The Star)
PIE Industrial: To leverage on rising demand for security,
PCBA products. Orders for PCBA products and industrial and security
box-built products in the second half are expected to improve by a fifth
over the first half, riding on orders from customers in the US and Europe,
which are focussed on the critical telecommunications sector. The group
has also recently set up a new metal stamping division at one of its
plant in Seberang Jaya which will be operational in the second half of
the year. (Source: The Star)
Bertam Alliance: Expects net gain of MYR80m from land
sale. Expects to record a one-off net gain of MYR79.84m for the disposal
of two parcels of land at Batu 9, Cheras, measuring a total of 4.8ha to
Guocoland (M) Bhd for MYR128m. The board believes that the proposed
disposal will enable the company to unlock and realise the value and
capital appreciation of the Cheras parcels of land. (Source: The Star)
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