Rare Investments

29/05/2024

28/05/2024

KUALA LUMPUR, May 28 ― Malaysia plans to implement government-to-government (G2G) facilitation leveraging on Islamic trade finance for economic cooperation among the Organisation of Islamic Cooperation (OIC) countries.

Prime Minister Datuk Seri Anwar Ibrahim said this initiative will help turbo-charge the growth of the Islamic economy.

“Considering that the global size of the Islamic trade finance today represents only less than five per cent of the approximate total trade finance activities by OIC member countries, I call on OIC leaders to ‘up the ante’ and facilitate cross-border access to beef up innovation, trade and investments,” he said when launching the Global Forum on Islamic Economics and Finance here today.

Also present were Finance Minister II Datuk Seri Amir Hamzah Azizan, Bank Negara Malaysia (BNM) governor Datuk Abdul Rasheed Ghaffour, Securities Commission Malaysia executive chairman Datuk Seri Dr Awang Adek Hussin and Malaysia International Islamic Financial Centre (MIFC) chairman Tan Sri Azman Mokhtar.

Anwar, who is also finance minister, said Malaysia will also spearhead the development of a global programme for Islamic economist in collaboration with its implementation partners.

Prime minister said the programme aims to cultivate a cadre of dynamic and highly skilled economists equipped with the right knowledge and expertise in Islamic economics to ideate solutions that address contemporary global challenges.

23/05/2024

Malaysia’s multifaceted approach to enhancing its capital markets, encouraging IPOs, and attracting family offices demonstrates its commitment to economic growth and competitiveness. The success of these initiatives, however, hinges on effective policy implementation, infrastructure development, and the ability to navigate competitive challenges

20/05/2024

Nevertheless, it said investors await the US Federal Reserve officials’ speeches and unemployment claims data this week to understand the overall interest rate direction going forward.

“Overall, the local market is still on a bullish tone as the economy continued to grow in the first quarter of 2024 (1Q 2024),” it said.

The Malaysian economy expanded at a higher rate of 4.2 per cent in 1Q 2024 from 2.9 per cent in 4Q 2023, driven by stronger private expenditure and the positive turnaround in exports.

“Also, we expect the US imposed higher tariff on China products will benefit Malaysia companies potentially due to higher trade diversions going forward,” it said.

The brokerage believed that the technology and metal-related sectors will gain momentum in the near to mid-term.

“Also, we think there could be further trading potential in the construction, building materials and property sectors with the potential revival of mega infrastructure projects like Kuala Lumpur-Singapore high-speed rail (HSR) as well as optimism over the ex*****on of the National Energy Transition Roadmap and the New Industrial Master Plan 2030,” it said.

Among the heavyweights, Maybank, Public Bank and CIMB added one sen to RM9.93, RM4.20 and RM6.82 respectively, Tenaga Nasional rose 10 sen to RM12.70 and CelcomDigi gained five sen to RM4.11.

As for the actives, Ingenieur Gudang increased one sen to 10.5 sen, AHB Holdings recovered half-a-sen to 16.5 sen, while Malayan United, EA Holdings and Iconic Worldwide were unchanged at six sen, half-a-sen and 10.5 sen respectively.

On the index board, the FBM Emas Index advanced 52.77 points to 12,360.95, the FBMT 100 Index rose 49.45 points to 11,955.46 and the FBM Emas Shariah Index improved 69.63 points to 12,591.84.

The FBM ACE Index gained 13.76 points to 5,364.98 and the FBM 70 Index jumped 103.78 points to 17,744.85.

Sector-wise, the Financial Services Index went up 35.92 points to 17,681.53, the Industrial Products and Services Index firmed 1.26 points to 196.08, the Plantation Index expanded by 24.92 points to 7,411.70, but the Energy Index shed 0.87 of-a-point to 985.08. — Bernama

16/05/2024

According to the Malaysian Automotive Association, auto sales increased 5% in the first quarter from a year earlier to 202,245 vehicles. This followed an 11% increase in 2023 to a record 799,731 vehicles.

The jump was reportedly a result of sales tax exemptions for domestically produced vehicles, part of the government's economic stimulus package, resulting in increasing sales of national car brands Perodua and Proton, which held about 60% of the market share.

Meanwhile, sales in Thailand have been in a slump, with a significant drop of 25% in the first quarter from a year earlier.

13/05/2024

KUALA LUMPUR (May 13): Rakuten Trade said REDtone Digital Bhd (KL:REDTONE) may trend higher after breaking out from its downward channel pattern a few sessions ago.

In a technical view note on Monday, the research house said that in view of the stock pulling further away from all the exponential moving averages (EMAs) coupled with the positive cross of its 20-day EMA above the 50-day EMA, this bullish crossover has enhanced the near-term positive momentum.

“We expect the rising momentum to steer the stock higher and test the next level of resistance of RM1.10 (R1), followed by RM1.15 (R2).

“On the downside, stop-loss is set at 89 sen, below April 30’s low,” it said.