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MACRO RESEARCH
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Economics Research
by
Suhaimi Ilias
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The reason for
MAS recent easing…?
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Both exports and imports fell in Mar 2016 by -14.1%
YoY and -8.6% YoY. On quarterly basis, exports and imports also
slumped by -11.4% YoY and -7.2%, resulting GDP-subtracting narrower
trade surplus of SGD13.7b. The data, together with continued subdued
global economy, may well be the reason behind MAS’s surprise decision
to ease its SGD NEER policy to “neutral” from “modest and gradual
appreciation” on 14 Apr 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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MYR and FBMKLCI
look weak
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The FBMKLCI fell 10.31 points to close at 1,717.68
yesterday, while the FBMEMAS and FBM100 tumbled 74.70 and 74.44
points respectively. In terms of market breadth, the gainer-to-loser
ratio was 251-to-559, while 357 counters were unchanged. A total of
1.73b shares were traded valued at MYR1.69b.
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NEWS
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Outside Malaysia:
U.S: Confidence among homebuilders little changed in
April, indicating the housing market lacked momentum as the spring
selling season got under way. The National Association of Home
Builders/Wells Fargo builder sentiment gauge held at 58 this month, where
it’s been since February, figures from the Washington-based group showed.
Readings greater than 50 mean more respondents report good market
conditions. Better buyer traffic and growing optimism about the outlook
for the next six months made up for a drop in current sales of
single-family homes, the report showed, underscoring that demand is
lackluster even as hiring strengthens and borrowing costs remain low.
(Source: Bloomberg)
China: Home price gains accelerated last month as the
nation’s economic hubs such as Beijing, Shanghai and Shenzhen continued
to lead the way amid surging liquidity that underpinned demand. New-home
prices excluding government-subsidized housing climbed in 62 cities,
compared with 47 in February, among the 70 cities tracked by the government,
the National Bureau of Statistics said. They dropped in eight cities,
compared with 15 a month earlier. The government moved away from a
one-size-fits-all property stimulus last month to allow more tailored
approaches at the local level, after loosening measures sparked frenzied
buying in top hubs. (Source: Bloomberg)
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Other news:
Automotive: March car sales 28% lower from a year ago. It
fell to 48,000 units in March 2016 from 67,387 units in March 2015,
according to Malaysian Automotive Association (MAA). The higher TIV in
March 2015 was due to consumers buying forward prior to the
implementation of GST. Month on month, sales volume was 29% higher due to
a longer working month and rush for deliveries by companies with
financial years ending Mar 31, 2016. (Source: The Sun Daily)
Industrials: Loss-making Megasteel cuts workforce by half.
Hit hard by low prices and dumping by foreign producers, it has since in
January laid off 487 workers (including 99 foreigners) and retrenched 102
from its total workforce of 1,148. Megasteel its production is currently
nil versus its output in 2015 which was 613,000 tonnes. To recall that in
2011, production volume was 1.32m tonnes. (Source: The Edge Financial
Daily)
Puncak Niaga: To acquire TRIplc’s businesses. It is
looking to acquire the businesses of construction and property firm
TRIplc Bhd following the closure of its main oil and gas services
subsidiary GOM Resources Sdn Bhd early this year. Both parties have
agreed to a period of four months for TRIplc to provide information to
Puncak Niaga to evaluate the proposed transaction. (Source: The Sun
Daily)
MMHE: Shifts focus to marine business, amid a slowdown in
the offshore oil and gas sector. It is targeting revenue of MYR640m from
the marine segment in FY16, up 37% from the MYR467m recorded in FY15.
MMHE is currently assessing the economic feasibility of building a third
dry dock. It was reported that it plans to spend MYR500m in capex for its
third dry dock over the next few years. (Source: The Edge Financial
Daily)
Spring Gallery: Bags MYR176m job for development in Johor.
It has signed a managing contract agreement with Prinsip Nusantara Sdn
Bhd. It will provide professional project management facilities for the
development of a piece of land in Perling, Johor, sited by the Johor
State Tennis Academy. The land (6.02 acres) will be developed into a new
state tennis academy and a mixed development and will have a gross
development value of MYR260m. (Source: The Edge Financial Daily)
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