"SET edges higher, Philippine shares lead SE Asian peers" BANGKOK, January 24 -- Thai shares were slightly higher on Thursday, while the Philippine market led the pack as investors expect the country's central bank to ease monetary policies after data showed the economy grew slower than expected in the fourth quarter of 2018. The Stock Exchange of Thailand index gained 3.15 points or 0.19% to 1,620.53, in turnover worth 60 billion baht. CPALL Plc, PTT Plc and Airports of Thailand Plc topped the most active stocks. CPALL added 1.50% to 77 baht, while PTT and AoT dropped 1.01% to 49 baht and 1.44% to 68.25 baht, respectively. The Philippine economy grew 6.1% in the fourth quarter from a year earlier, slightly faster than the previous quarter's 6.0%, but below the 6.2% seen in a Reuters poll. That brought full-year growth of 6.2%, below the government's downwardly revised target of 6.5-6.9% and 2017's pace of 6.7%. Some economists say if growth slows more, the central bank, which hiked rates five times in 2018 by 175 basis points in total to battle high inflation, could loosen policy this year. "We can see the BSP (Bangko Sentral ng Pilipinas) slashing RRR (reverse repo rate) further in the first quarter followed by a possible policy rate cut in the second quarter to help bolster growth for the second half of the year," Nicholas Mapa, a senior economist with ING, said in a note. The benchmark Philippine stock index rose 0.9% to its highest close in over 10 months, buoyed by financials and industrials. Index heavyweights Universal Robina Corp and Bank of the Philippine Islands gained 3.5% and 2.1%, respectively. Malaysian stocks rose 0.3% after data showed lower-than-expected December inflation and the central bank held rates. The consumer price index rose 0.2% in December from a year earlier, below the 0.4% forecast in a Reuters poll. The central bank kept its key interest rate at 3.25% as widely expected and said the economy was expected to remain on a steady growth path in 2019. Materials and financials were among the top gainers with Malayan Banking Bhd rose 0.8%, while Petronas Chemicals Group Bhd firmed 1.2%. Meanwhile, a trading mishap in Singapore's Jardine Matheson Holdings Ltd sent the benchmark stock index down as much as 0.6% before it recovered. Shares of Jardine Matheson briefly tanked 83.5%, losing nearly US$41 billion in market value, before recovering in what traders said was likely a "fat finger" error when 167,500 shares changed hands at $10.99 compared to Wednesday's close of $66.47. Jardine Matheson closed 0.5% higher.
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"Thai stocks lead SE Asian peers on election announcement" BANGKOK, January 23 -- The SET index rises after a royal decree calling for the election was announced on Wednesday. The Stock Exchange of Thailand index climbed almost 1% after a royal decree for a general election was issued on Wednesday. The SET index added 15.61 points or 0.97% to end the day at 1,617.38, in trade of 67.87 billion baht. Stock heavyweights PTT Plc, Kasikornbank Plc, Airports of Thailand Plc and Siam Commercial Bank Plc were among the most active stocks. The index jumped soon after His Majesty the King issued the royal decree for the election, which took immediate effect, followed by the poll date of March 24 set by the Election Commission hours later. The Thai shares were also buoyed by financials and telecoms. Meanwhile, the Bank of Thailand said the baht's strength is in line with regional currencies, as the dollar has weakened. The baht, Asia's best performing currency, has appreciated about 2.6% against the dollar this year, hovering around its highest in more than eight months hit last week. "Expectations of foreign inflows into Thai assets also weigh on the pair (USD-THB). This is in contrast to yesterday where foreign investors sold $39.1 million and $46.8 million in equities and debt," Maybank said in a note. Malaysian shares snapped three straight sessions of gains and closed 0.8% lower, weighed down by the material and financial sectors. The Malaysian market dropped ahead of a central bank meeting. Shares of Press Metal Aluminium Holdings Bhd dropped 6.1%, while those of CIMB group Holdings Bhd fell 1.9%. Bank Negara Malaysia will likely keep its benchmark overnight interest rate unchanged at 3.25% at its policy review on Thursday, a Reuters poll showed, with the last move a year ago, when it raised the rate by 25 basis points. The consumer price index likely rose 0.4% in December from a year earlier, a Reuters poll showed, slightly faster than the previous month. Among other losers, Singapore dropped 0.7% after data showed inflation rose more than expected in December. The headline consumer price index rose 0.5% in December from a year earlier, higher than the 0.4% rise expected by economists in a Reuters poll and the 0.3% increase in November. Financials and industrials were among the top losers with DBS Group Holdings Ltd shedding 1.6% and Hutchison Port Holdings Trust dipping 2%. Philippine shares erased most of earlier losses to close slightly lower ahead of fourth-quarter GDP data. A Reuters poll of 12 economists predicts the gross domestic product for the December quarter to have expanded by 6.2% from a year earlier, marginally up from July-September's 6.1%, a three-year low. Financial and consumer discretionary stocks were among the top losers with Jollibee Foods Corp declining 2.5% and Bank of the Philippine Islands shedding 2.1%. "SET rises on trade surplus but BDMS, BA shares slump" BANGKOK, January 21 -- A trade surplus and a surge in oil prices drove the Stock Exchange of Thailand index. While Bangkok Dusit Medical Services Plc (BDMS) and Bangkok Airways Plc (BA) shares plunged on Monday after the resignation of billionaire founder Prasert Prasarttong-Osoth. The rose 4.61 points or 0.29% to 1,588.38, in turnover of 45 billion baht, after data showed higher exports for 2018 and due to a surge in oil prices. While in December, an 8.15% decline in imports resulted in a trade surplus of $1.06 billion, compared to expectations of $1.1 billion deficit. Meanwhile, crude prices rose to their highest in 2019 after data showed refinery processing in China climbed to a record last year despite a slowing economy. Energy stocks PTT Plc and PTT Exploration and Production Plc were among the top boosts. PTT rose 50 satang or 1.04% to 48.75 baht and PTTEP gained 2 baht or 1.60% to 127 baht. Shares of BDMS plunged 2 baht or 8.47% to 21.60 baht, while BA slid 90 satang or 7.14% to 11.70 baht, after Dr Prasert resigned as chief executive officer of BDMS and BA. The move came after the Securities and Exchange Commission on Friday of BA stock manipulation. Ms Poramaporn, chief operating officer at BDMS, and Ms Narumon, executive secretary to the CEO of BA, also on Monday. Other Southeast Asian stock markets ended mixed on expectations of further stimulus from China after data showed the slowest rate of annual economic growth in 28 years, while positive remarks regarding US-China trade relations boosted investor sentiment. China's economic growth cooled slightly to 6.4% in the fourth quarter from a year earlier, weighed down by weak investment, faltering consumer confidence and the trade war with the United States, leaving 2018 growth at 6.6%, the weakest since 1990. Chinese policymakers have pledged more support to the economy this year with the government expected to unveil more fiscal stimulus measures during the annual parliament meeting in March. "Markets had expected the slowing economic growth, I think focus is shifted to stimulus measures that China has announced over the past few weeks," said Joel Ng, an analyst with KGI Securities. Meanwhile, US President Donald Trump said on Saturday there had been progress toward a trade deal with China, but denied that he was considering lifting tariffs. Broader Asian markets edged higher with MSCI's broadest index of Asia-Pacific shares outside Japan up 0.2%. Vietnam stocks led gains in Southeast Asia with a rise of 1%. Financial and real estate stocks were among the top contributors with both CMC Corp and Ninh Van Bay Travel Real Estate JSC rising 7%. Singapore stocks closed marginally lower ahead of December inflation data expected on Wednesday. The city-state's consumer price index probably rose 0.4% last month from a year earlier, according to a Reuters poll. Philippine shares snapped two straight sessions of gains as investors booked profits after the benchmark stock index posted a nine-and-a-half-month closing high on Friday Malaysian markets were closed for a holiday "SET ends higher, Philippine shares lead SE Asian peers" BANGKOK, January 17 -- The SET index added 2.89 points or 0.18% to 1,580.30, in turnover worth 41.84 baht. A bounce-back in real estate stocks helped the benchmark Philippine index snap two straight sessions of declines and close 0.8% higher. SM Prime Holdings Inc rose 3.5%, following the previous session's sharp fall on a report that one of its reclamation projects may be shelved. The company when contacted said it had a good case to get the project, said Rachelle C Cruz, an analyst with AP Securities. She said SM Prime added it had been compliant with government regulations and had received a provisional notice to proceed with its plan. "Whenever property companies as well as banks of these conglomerates (holding companies) do well, the parent companies also do well. Since they have sizable weight on the index, they essentially guide the movement of the index. So whenever they recover, the index also recovers," she said. Meanwhile, foreign investors have invested a sizeable amount in Indonesia and the Philippines, helping these markets start the new year on a firm note. "When the US dollar weakens, they (foreign investors) tend to shift to emerging markets, also to take advantage of the differential of interest rates," she said. "In terms of GDP forecast for 2019, we expect to maintain a strong growth especially for Vietnam, Indonesia and the Philippines. That's why their indices tend to get more inflows in the region." Malaysian shares rose 0.6%, boosted by consumer cyclicals. Genting Bhd added 6.2%, while Petronas Chemicals Group Bhd gained 1.5%. Indonesian shares closed marginally higher after the central bank held interest rates and said the current level was "near its peak". Meanwhile, Singapore shares closed 0.5% lower following an unexpected fall in December exports. The city-state's exports recorded the worst decline in more than two years in December, falling 8.5% compared to an expectation of a 1.5% rise in a Reuters poll. "SET index slightly gains, Philippine shares slump" BANGKOK, January 16 -- The Stock Exchange of Thailand index slightly increased, while Philippine shares fell the most in 10 weeks on Wednesday, dragged by real estate stocks. The SET index ended the day at 1,577.41, up 0.41 points or 0.03%, in turnover of 50 billion baht. The key Philippine stock index closed 1.9% lower, with losses concentrated in the real estate sector as SM Prime Holdings Inc, the country's biggest property firm by market capitalisation, slumped on a report that one of its reclamation projects may be shelved. The secretary of the Department of Interior and Local Government said the reclamation projects in the Manila Bay should be scrapped for the area's rehabilitation, GMA Network reported. In 2013, the group signed a 54.5 billion pesos (US$1.04 billion) joint venture agreement with the Pasay City government to reclaim 300 hectares of land in the Manila Bay area. The project comprised a majority of the group's expected reclamation and is the reason behind the stock's plunge, said Charles William Ang, an analyst with COL Financial Inc. Shares of SM Prime fell 6.9% to a two-week closing low in heavy trade. Over 45.5 million shares changed hands, 3.3 times the 30-day average. Ayala Corp, another index heavyweight, sank 5.3% to a two-week closing low after Mitsubishi sold 13 million shares of the company at a 7.3% discount to Tuesday's close. "I think the drop in the index is because of them. So, it is more company-specific than anything in the economy," Charles added. Meanwhile, China's central bank injected a record $83 billion into the country's financial system, seeking to avoid a cash crunch that would put further pressure on the weakening economy. With rising uncertainty over the ailing economy, most stock markets in the region remained rangebound as investors adopted a wait-and-watch approach. Malaysian shares fell 0.4%, weighed down by financial and utility stocks. Public Bank Bhd shed 1.1%, while Tenaga Nasional Bhd dropped 1.9%. Singapore shares closed higher for an eighth session in nine, helped by financial and consumer non-cyclical stocks. Thai Beverage Plc gained 2.1%, while DBS Group Holdings Ltd firmed 0.6%. TOKYO, January 10 -- A Japanese university student on Wednesday rejected an apology by a magazine over a report on how easy it was to coax female undergraduates into having sex after her online petition objecting to the article went viral. The weekly tabloid magazine, Spa!, caused outrage with an article in late December ranking five Japanese universities on how easy it was to persuade female students to have sex at drinking parties. Kazuna Yamamoto, an international relations student at the International Christian University in Tokyo, posted an online petition protesting about the article that received over 40,000 signatures in six days. The magazine apologised in the Japanese media over its "sensational language" but Yamamoto, 21, said she did not accept the gesture and wanted the article to be retracted. "They are missing the point," Yamamoto told the Thomson Reuters Foundation by phone from Tokyo. "They are saying sorry for using misleading words but they are not apologising for the main idea itself ... how they are treating women and objectifying women," she said. "In Japan objectifying and sexualising women is still so normal that people don't really understand why it is a problem." Yamamoto said she has now joined forces with five others to press for fair portrayal of women in Japanese media. The magazine, which has a weekly circulation of about 108,000, said it was trying to highlight a trend where men pay female students to take part in drinking parties. A representative from publisher Fusosha Publishing, owned by Fuji Media Holdings, said the magazine has "expressed apology" and was ready to meet with Yamamoto. The latest controversy underscores Japan's record on gender equality, which it lags well behind other developed nations, ranking 110 out of 149 countries in the World Economic Forum's 2018 Global Gender Gap report. An investigation last year found a leading medical school in Japan cut women's entrance test scores to keep them out and boost the number of male doctors, sparking protests. "Healthcare stocks drag SET index, Philippine shares jump" BANGKOK, January 10 -- The Stock Exchange of Thailand index ended marginally lower on Wednesday, snapping three straight sessions of gains, dragged by healthcare stocks.
Other Southeast Asian stock markets closed mixed, with Philippines rising nearly 3%, on rising optimism that talks between China and the United States could end a months-long trade war between the world's top two economies. Chinese and US teams ended trade talks in Beijing on Wednesday that lasted longer than expected, with China's Foreign Ministry spokesman Lu Kang saying that the longer-than-expected negotiations suggested the countries were serious in talks. "Sentiment across the region is improving due to the current talks between US and China, as investors are already buying back their positions in the market in expectation of positive results," said Rachelle Cruz, an analyst with AP Securities. The SET index ended 1,590.50 at the close, easing 3.50 points or 0.22%, in turnover worth 46 billion baht. Bangkok Dusit Medical Services Plc slumped two baht or 8.10% to close at 22.70, Bumrungrad Hospital Plc lost 16.50 baht or 8.57% to end at 176 baht, and Bangkok Chain Hospital Plc dropped 60 satang or 3.66% to 15.80 baht. Healthcare stocks dropped after the government added medicine, medical supplies and medical services to its price control lists. Philippine shares closed 2.8% higher, posting their sharpest gain since Sept 21, 2018 and their highest close in nine months, supported by industrials. Conglomerates SM Investments Corp and JG Summit Holdings Inc advanced 6.1% and 5.9%, respectively. "Foreign investors are coming back to the Philippine markets since the macro concerns have partly improved and the currency has strengthened against the dollar," said Cruz. Foreign investors have invested a net US$75.53 million in equities so far this year after offloading $1.08 billion last year. Last week, government data showed that inflation cooled more than expected in December. The market now awaits trade data for November due this week for further clues about the economy. Singapore stocks climbed 1.1%, extending gains into a fourth session. Jardine Matheson Holdings Ltd, the index's largest company by market value, rose 1.9%, while DBS Group Holdings Ltd gained 1.4%. Vietnam shares advanced over 1%, boosted by financial and real estate stocks. Joint Stock Commercial Bank for Investment and Development of Vietnam rose 3.1%, while Vincom Retail JSC gained 5.3%. BANGKOK, January 9 -- The Stock Exchange of Thailand index ended marginally lower on Wednesday, snapping three straight sessions of gains, dragged by healthcare stocks. Other Southeast Asian stock markets closed mixed, with Philippines rising nearly 3%, on rising optimism that talks between China and the United States could end a months-long trade war between the world's top two economies. Chinese and US teams ended trade talks in Beijing on Wednesday that lasted longer than expected, with China's Foreign Ministry spokesman Lu Kang saying that the longer-than-expected negotiations suggested the countries were serious in talks. "Sentiment across the region is improving due to the current talks between US and China, as investors are already buying back their positions in the market in expectation of positive results," said Rachelle Cruz, an analyst with AP Securities. The SET index ended 1,590.50 at the close, easing 3.50 points or 0.22%, in turnover worth 46 billion baht. Bangkok Dusit Medical Services Plc slumped two baht or 8.10% to close at 22.70, Bumrungrad Hospital Plc lost 16.50 baht or 8.57% to end at 176 baht, and Bangkok Chain Hospital Plc dropped 60 satang or 3.66% to 15.80 baht. Philippine shares closed 2.8% higher, posting their sharpest gain since Sept 21, 2018 and their highest close in nine months, supported by industrials. Conglomerates SM Investments Corp and JG Summit Holdings Inc advanced 6.1% and 5.9%, respectively. "Foreign investors are coming back to the Philippine markets since the macro concerns have partly improved and the currency has strengthened against the dollar," said Cruz. Foreign investors have invested a net US$75.53 million in equities so far this year after offloading $1.08 billion last year. Last week, government data showed that inflation cooled more than expected in December. The market now awaits trade data for November due this week for further clues about the economy. Singapore stocks climbed 1.1%, extending gains into a fourth session. Jardine Matheson Holdings Ltd, the index's largest company by market value, rose 1.9%, while DBS Group Holdings Ltd gained 1.4%. Vietnam shares advanced over 1%, boosted by financial and real estate stocks. Joint Stock Commercial Bank for Investment and Development of Vietnam rose 3.1%, while Vincom Retail JSC gained 5.3%. BANGKOK, January 7 -- Southeast Asian stock markets rose on Monday, with Singapore marking a three-week closing high, as the start of Sino-US trade talks raised hopes that a deal would alleviate concerns about slowing global economic growth. US officials are meeting their Chinese counterparts in Beijing for trade negotiations starting later on Monday. This comes a day after US President Donald Trump said that trade talks with China were going very well and that weakness in the Chinese economy gave Beijing a reason to work toward a deal. "Any development when it comes to the trade talks will be a positive factor for overall markets, especially for markets which have been directly affected by the trade war," said Miguel Ong, a research analyst with AP Securities. However, news of a US navy ship sailing in the disputed South China Sea earlier in the day marred signs of easing relations between the world's top two economies. Meanwhile, US Federal Reserve Chairman Jerome Powell on Friday took a more accommodative stance and said the Fed was aware of the risks to the US economy and would be patient and flexible in policy decisions, boosting market sentiment across the globe. The Stock Exchange of Thailand index advanced 17.59 points or 1.12% to 1,592.72, in trade worth almost 45 billion baht. The Thai index was buoyed by energy companies PTT Plc and PTT Exploration and Production Plc, rising 2.67% and 2.11% respectively. Optimism in the market stayed afloat even as Deputy Prime Minister Somkid Jatusripitak said the economy faced uncertainty ahead of elections scheduled for next month, adding that the economy grew at least 4.0-4.2% last year. After a weaker-than-expected third quarter, the Bank of Thailand in December cut its 2018 growth forecast to 4.2% from 4.4%, and raised its key policy rate for the first time in more than seven years. The best performance was Singapore shares. The Singapore stock market climbed 1.4%, rising for a second straight session and leading the gains in the region. Financials were the top gainers with DBS Group Holdings Ltd and Oversea-Chinese Banking Corp Ltd rising 2% and 1.8%, respectively. Philippine stocks pared earlier gains to close 0.3% higher with the consumer sector seeing significant gains. This came after data released on Friday showed the smallest rise in the consumer price index in seven months in December. Universal Robina Corp rose 1.6%, while fast-food franchise Jollibee Foods Corp climbed 4.5%, making it the best performer on the index. Indonesian stocks hit a more than eight-month closing high, while Vietnam shares ended 1% higher. "Philippine shares top gainer, Vietnam stocks sink" BANGKOK, January 3 -- Philippine shares rallied on Thursday on expectations of positive inflation data, while stocks in technology export reliant Vietnam sank to an over one-year low after iPhone maker Apple Inc cut its sales forecast. Apple's move to cut its quarterly sales forecast blaming slowing iPhone sales in China sent US stock futures and Asian shares tumbling, with MSCI's broadest gauge of Asia-Pacific shares outside Japan falling 0.6%. Vietnam's index was the top loser in the region, plunging 1.5% to an over one year closing low. "Vietnam is tightly caught up in the tech story. We are becoming a very large tech hub for a lot of the outflow from tech companies based in China," said Fiachra Mac Cana, head of research at Ho Chi Minh Securities. Vietnam is the largest smartphone production base for South Korean mobile phone giant Samsung Electronics, while the country's largest earner from exports are smartphones. "For us, it's like if demand for iPhones are weak, will demand for Samsung phones also be weak then? Yes, very easily. All of that makes the Vietnamese market a complete risk off environment right now," he added. Singapore's benchmark index also tumbled, with electronic equipment maker Venture Corp among top percentage losers, shedding 1.8%. The Stock Exchange of Thailand index dropped 5.91 points or 0.38% to 1,560.03, in trade worth 39 billion baht. The country's energy-heavy index see-sawed throughout the session to end lower, with energy stocks slumping in tandem with falling oil prices amid worries over lower fuel demand in 2019 and surging crude supplies. However, defying the broader Asian downturn was Philippine's index, which soared 2.6% to close at a near one-month high, ahead of inflation data due on Friday. A Reuters poll shows that the country's inflation is expected to cool to a six-month low in December. "Investors were mainly concerned about inflation during 2018... so now we're seeing some buying in the index stocks as there's better expectation on earnings growth," said Rachelle C Cruz, an analyst at AP Securities. Benchmark heavyweight SM Investments Corp's stock rose 4.6%, while that of conglomerate Aboitiz Equity Ventures Inc added 6.2%. Malaysia's index also rose, with shares of palm oil producer Sime Darby Plantation Bhd rising 3.5% and those of lender Hong Leong Financial Group Bhd firming 3.2%. Indonesia's benchmark edged up with household products maker Unilever Indonesia Tbk's counter notching a 2.4% gain, while animal feed producer Charoen Pokphand Indonesia Tbk rose 4%. BANGKOK, January 3 -- Residents of a village close to the sea in Songkhla’s Singkanakorn district have moved their belongings to higher ground in preparation for tropical storm Pabuk. The tropical storm is expected to land in the Southern region on Friday. Some rainfall and high waves have already hit the area of Hat Kaew village, forcing villagers to speed up preparations for possible evacuation. Pabuk is the first storm of the year and the weather department forecast it to be strong enough to cause possible damage on Friday. Noppadon Mongkondee, 27, said that his house is close to the sea so he and his wife started moving their belongings to higher ground as the house is at risk of being swept away by high waves.
“Every year, my house is attacked by high waves caused by storms. This year, we are warned that Pabuk will be a strong storm, so we moved our things to high places in advance,” he said. Other villagers docked their vessels and moved them onto land. They are closely watching news and monitoring the situation so they can evacuate in time. "SET index, Philippine stocks cling to meager gains" BANGKOK, January 2 -- The Stock Exchange of Thailand index and Philippine shares ended slightly higher, while other Southeast Asian markets ended in the red on Wednesday with Malaysia losing the most. Disappointing Chinese economic data and a barrage of other dismal economic indicators stoked fears of a slowdown. In China -- the region's largest trading partner -- the Caixin/Markit PMI slipped into contraction territory for the first time in 19 months in December, broadly tracking an official survey released on Monday. With the fresh data, together with a fall in industrial profits, and softer retail sales growth in November, "we can confirm that the economy is weakening," Iris Pang, an economist on Greater China at ING said in a note to clients. China's weakness spilled over to other Asian economies, with Malaysia's manufacturing activity in December shrinking to its weakest pace of expansion since it launched the survey in 2012. Adding to the worries, official economic data out of export-reliant Singapore showed its gross domestic product grew more slowly than forecast in the fourth quarter as its manufacturing sector contracted on a quarterly basis. The SET index gained 2.06 points or 0.13% to 1,565.94, in trade worth 31 billion baht. The index edged up, with financials and energy stocks underpinning gains. The Philippine stock market rose as strong gains in real-estate stocks offset losses in most other sectors. Driving the benchmark was heavyweight Ayala Land Inc's counter, which bounced back after falling for two consecutive weeks. Shares of property developer SM Prime Holdings Inc along with Ayala Land were among top boosts to the index, up 3.4% and 1.7%, respectively. The Malaysian benchmark index was the worst performer in the region, shedding 1.3%, with shares of Sime Darby Plantation Berhad falling 4.4%, while those of oil and gas services provider Dialog Group Berhad ending 3.5% lower. Singapore's index followed suit, tumbling nearly 1%. Shares of industrial conglomerate Jardine Matheson Holdings Ltd and lender UOL Group Ltd lost 2.4% and 1.9%, respectively. The Indonesian index also edged lower on the back of material and telecom stocks. Meanwhile, Indonesia's December annual inflation rate eased, but the pace was quicker than expected, data from the statistics bureau showed on Wednesday. KUALA LUMPUR, December 28 -- The president of the United Sabah Islamic Organisation also warned that any Muslim (except for children under the age of 12) “found guilty of taking part in a beauty contest or modelling” is liable to be fined and possibly even incarcerated. Islamic government authorities in the Malaysian state of Sabah took a dim view of the recent proposal to allow Muslim women to participate in the annual Unduk Ngadau beauty pageant, which is held during the Kaamatan harvest festival. Datuk Haji Sairin Karno, chief of the United Sabah Islamic Organisation, warned that allowing Muslim women to take part in the beauty pageant could cause controversy. He also warned that under the existing Malaysian laws, any Muslim (except for children under the age of 12) “found guilty of taking part in a beauty contest or modelling” is liable to be fined up to RM1,000 (about $240) and faces incarceration for up to 3 months, the newspaper points out. Sairin delivered his statement in response to Joanna Datuk Kitingan, chairwoman of the State Level Unduk Ngadau Kaamatan Organising Committee, vowing to continue to help Muslim women to get permission to partake in the pageant. She claimed that it is important to practice inclusivity during the event as it helps "promote Kadazandusun culture."
SINGAPORE, December 21 -- Larry Low Hock Peng, the father of Jho Low, has ceased to be a substantial shareholder of Frencken Group. The elder Low’s deemed holdings in Frencken was cut to 4.74%, from 8.14% previously, after the disposal of his shares in Meng Tak Corporation, the Low family company named after his father Low Meng Tak. The Malaysian government last Friday filed criminal charges against both Jho and Larry Low over the 1Malaysia Development Bhd (1MDB) case. According to court documents sighted by The Edge, Jho Low was slapped with eight charges under Section 4(1)(a) of the Anti-Money Laundering and Anti-Terrorism Financing Act, 2001 (Act 613). Three of the charges were for receiving money and the remaining five were for transferring the cash. His father faces one charge of transferring US$56 million to his son. Jho Low, whose real name is Low Taek Jho, is wanted in Malaysia for money laundering and has been described in US court filings as the man who orchestrated the theft of more than US$4 billion ($5.5 billion) from 1MDB. The elder Low is a co-founder of Frencken and was the second-largest shareholder in the contract manufacturer. He stepped down from the board amid the 1MDB scandal. As at 12.10pm, shares in Frencken are trading at 39 cents, down 28% since the start of the year. Source: The Edge Singapore "Malaysia shares lead Asean peers on window dressing" BANGKOK, December 21 -- Most Southeast Asian stock markets pared some losses but ended lower on Friday with Philippines losing most. But Malaysia bounced back as fund managers rushed to prop up their portfolio towards year end. Earlier in the session, all regions slipped as a cocktail of negative leads ranging from the prospect of a US government shutdown to US chastising China for economic espionage weighed on sentiment. Despite a marginal recovery, the sentiment remained subdued with most regions ending lower on economic worries, while Malaysia and Indonesia reversed course to notch gains. The Stock Exchange of Thailand index ended 1,595.33 at close, down 0.77 points or 0.05%, in turnover worth almost 47 billion baht. Malaysia's benchmark reversed course to end at a more than one-week high. It was the sole country in the region which notched a weekly gain, ending higher by about 0.5%. Shares of electric utilities provider Tenaga Nasional Berhad jumped 5.2% and those of palm oil producer Sime Darby Plantation Berhad tacked on nearly 10%. The gain on the index was likely due to a technical rebound following recent price weakness and also year-end "window dressing activities," said Syed Muhammed Kifni, chief strategist at MIDF. Window dressing is a strategy used by portfolio managers near the year or quarter end to improve appearance of a fund's performance before presenting it to clients, purchasing high-flying stocks and selling losing ones. He also noted that the benchmark had similarly jumped about 50 points during the last six trading days in 2017. Indonesian's benchmark also rose at close but failed to offset losses earlier in the week, notching a weekly loss that snapped three straight weeks of gains. Earlier in the day, the national carrier Garuda's chief executive officer said it expects to end 2018 in profit and is targeting a net profit of 1 trillion rupiah ($69.03 million) for 2019, sending shares up 0.9% at close. On the other hand, Philippine's index fell most, losing 0.6% during the week to snap five consecutive weeks of gains. Losses were largely underpinned by real-estate stocks, with property developer SM Prime Holdings Inc dropping 2.5% while Ayala Land Inc shed 1.8%. Vietnam's index posted its seventh straight session of loss, and second consecutive weekly loss. The index also recorded a weekly loss of 4.2%, its worst performance since the week ending Oct 26. Real-estate stocks were main laggards, with Vinhomes JSC's counter shedding 4.5% and that of Vincom Retail JSC off 2.7%. Singapore's index edged lower to post its third consecutive weekly loss. |
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