TODAY

After a hard week in the stock market, the weekend is a time to do something fun and exciting. So, I just make sure my cats are fed, and then I hit the malls. Finding great deals makes my weekend. Sort of.

Ah, the 80s – PET SHOP BOYS – SHOPPING. 😀 Enjoy!

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NEW YORK (Reuters) – Oil prices eased on Friday on renewed concern over the U.S.-China trade war, but futures still posted weekly gains, with Brent marking its biggest weekly increase since January, after an attack on Saudi Arabia’s energy industry last weekend. Brent crude LCOc1 futures fell 12 cents to settle at $64.28 a barrel, while U.S. West Texas Intermediate (WTI) crude CLc1 futures ended 4 cents lower at $58.09 a barrel.

Can investors expect a ‘Black Monday’, 23 September?

Ashraaf Salam A. Azlan, better known as Salam. He is a singer songwriter from Malaysia, famous as the leader of Salam Musik.

Salam, Altimet, you’re so talented!

YAHOO FINANCE – US Market: Stocks ended lower Friday after Chinese trade officials canceled a visit to the U.S. Farm Belt, which had initially been scheduled to take place after trade meetings in Washington, D.C., this week.

The Montana Farm Bureau Federation and Nebraska Department of Agriculture confirmed to Yahoo Finance that Chinese officials would no longer be meeting with farms in the state next week. No reasoning was provided for the change in scheduling. Reuters first reported news of the Chinese delegation’s shift in plans….

It will take just a simple realization to cause a big change!

BLOOMBERG: Rogue Oil Trader Causes $320 Million Loss at Mitsubishi Corp. Unit

Mitsubishi Corp. said a rogue oil trader at its Singapore unit lost $320 million on unauthorized transactions disguised as legitimate hedges for customers.

The employee, a Chinese national working at Petro-Diamond Singapore Pte, has been fired and reported to police, Mitsubishi said in a statement, declining to name him. The trader, hired in November 2018 to handle oil business with China, “repeatedly” engaged in the unauthorized deals since January, disguising them to “look like hedge transactions,” the parent company said.

A person familiar with the matter identified the trader as Wang Xingchen, also known as Jack Wang. Calls to Wang’s mobile phone wouldn’t connect, while a person who answered the phone at Petro-Diamond’s Singapore office said he has left the company. No other current contact details were available…

You can keep as quiet as you like, but one of these days somebody is going to find you.

BLOOMBERG: UEM Sunrise may buy Eco World in share swap

KUALA LUMPUR (Sept 20): Malaysian property developer UEM Sunrise Bhd may acquire rival Eco World Development Group Bhd in a share swap deal, New Straits Times reports, citing unidentified sources.

  • Deal could reduce sovereign wealth fund Khazanah Nasional Bhd’s 66% indirect interest in UEM Sunrise while Eco World’s substantial shareholder Liew Kee Sin will end up with a 15%-20% stake
  • Deal is among several proposals by bankers and combined entity will have total land bank of 7,284 hectares.

An investor to his advisor:
“Is all my money gone?”
“No, of course not. It’s just with somebody else!”

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WSJ – Sept. 19, 2019 10:49 am ET: U.S. stocks advanced Thursday as investors assessed the Federal Reserve’s latest outlook on future interest-rate cuts. The Dow Jones Industrial Average added 100 points, or 0.4%. The S&P 500 rose 0.4%, led by gains in shares of technology companies. The Nasdaq Composite climbed 0.7%. The blue chips and S&P 500 both sit within 0.5% of their records…

YAHOO FINANCE: Stocks rose Thursday as investors considered positive new U.S. economic data and digested global monetary policy decisions after the Federal Reserve’s rate cut Wednesday. Gains in shares of Microsoft (MSFT) helped lead advances, after the software giant announced a $40 billion buyback program and quarterly dividend increase after market close Wednesday…

EDGE – PUTRAJAYA: The Ministry of Human Resources has urged employers to implement flexible work policies during the ongoing haze period and allow employees to work from home. The Ministry said the matter was raised at a Cabinet meeting yesterday as it is the responsibility of employers to ensure the safety and health of their workers.

At any one time, though, there are a number of relationships that may be said to be in a constitutional haze.

Angie by Tori Amos. I like her. Tori Amos is able to re-interpret songs by other artists and deliver them in such a way that makes them her own. Angie, Angie When will those dark clouds all disappear Angie, Angie Where will it lead us from here With no loving in our souls And no money in our coats You can’t say we’re satisfied Angie, Angie……

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MARKETWATCH: U.S. stocks edge lower ahead of Fed interest-rate decision…U.S. stock-index futures Wednesday morning edged lower ahead of a Federal Reserve decision that could help guide investor sentiment, amid liquidity issues in money markets and uncertainties surrounding Middle East politics and international trade relationships.

WSJ: U.S. Stocks Open Lower Ahead of Fed Decision
Oil prices slide after days of major swings; bond yields tick down…U.S. stocks opened lower ahead of an interest-rate decision from the Federal Reserve, amid political tensions and a volatile week for oil prices.

CBS – 9:09 AM : Oil prices drop on hope for recovery of Saudi output…Benchmark U.S. crude was down 42 cents to $58.92 per barrel in electronic trading Wednesday. The contract fell $3.56 on Tuesday. Brent crude, the international benchmark, fell 27 cents to $64.28 per barrel in London, having dropped $4.47 the previous session.

KUALA LUMPUR – STAR: The overall household debt level remained elevated at 82.2% of GDP in the first half of 2019, with loans for the purchase of residential properties continuing to be the key driver of debt growth, according to Bank Negara Malaysia…

Arctic Monkeys frontman Alex Turner DO I WANNA KNOW. Enjoy!

KUALA LUMPUR – EDGE: The proposed merger between Mercury Securities Sdn Bhd and JP Apex Securities Bhd, a unit of Apex Equity Holdings Bhd, has hit another stumbling block. The High Court today invalidated the resolutions relating to the merger that had been passed by Apex Equity’s shareholders at an extraordinary general meeting (EGM), after allowing a counterclaim by Pinerains Sdn Bhd. Pinerains owned a 4.17% stake in Apex Equity as at March 29. Apex Equity had received the nod from 54.8% of its shareholders at the EGM held on June 19…


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*MALAYSIAN LISTED O&G COMPANIES8 – 🇲🇾

*Upstream*

/Hibiscs /reach /sapnrg /velesto


*O&G Midstream and downstream*


Engineering support

/scomi /deleum /carimin /barakah /alam /serbadk /armada /perdana /dayang /handal /uzma /eatech

Offshore shipping

/mhb /misc /yinson

Refinery and retailing

/hengyuan /petronm /petdag /dialog /petgas /gasmsia 🇲🇾 /naturalgasprice

Pipeline

/waseong /pantech

Petrochemical

/pchem /lctitan

Other services

/frontkn

EDGE: PublicInvest Research has maintained its “Overweight” rating on the oil and gas sector and said exacerbating the impact of the lower supply, the cold war between the US and Iran has also amplified the threat of military action.

“Therefore, we believe bullish sentiment in the market is likely to persist in the near term, providing trading opportunities especially to the pure oil and gas player like Hibiscus,” it said.

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FOXBUSINESS: Stocks were under pressure Monday morning after a weekend drone attack on a Saudi Arabian oil field knocked half of the kingdom’s production offline and sent the price of oil surging by more than 9 percent.

U.S. crude oil was at $60, up $5.15, or 9.4 percent. Meanwhile, Brent crude, the international benchmark, was at $66.31, up $6.09, or 10.1 percent.

The attack on the Saudi Aramco facility halted production of 5.7 million barrels of crude a day, more than half of Saudi Arabia’s global daily exports. It is also more than 5 percent of the world’s daily crude oil production.

The attack of flu left me feeling very groggy.

~~~~~

MALAYSIA: Monday, it’s public holiday again. Oh no. What am I supposed to do? Shopping? Catch up on my reading? Enjoy a movie or dinner out? How boring. I hate long weekends. I just end up feeling guilty about not doing anything. Then I get depressed for feeling guilty. And also, when you go bursa to trade, the week seems longer even though it is shorter. Why is that? All I can say is that I hate long weekends.

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FocusM: The case for raising the retirement age….

There is just one reason to raise the retirement age – more and more people actually need to have the opportunity to earn money to support them- selves in old age. Yes, people are living longer and longer, but they can still be useful, productive contributors to the nation and thereby avoid becoming a burden to society.

It is a disappointment that Prime Minister Tun Dr Mahathir Mohamad, who at 94, ironically 34 years above the official retirement age now, flatly turned down the proposal by the Malaysian Trades Union Congress (MTUC) to increase the retirement age to 65 from 60.

Instead, he supported the young Youth and Sports Minister Syed Saddiq Syed Abdul Rahman (incidentally being cabinet minister is his first job, indicating that even inexperienced youth have no problems getting high-paying jobs if they have the right connections) who wrongly alleged this would reduce employment opportunities for youth. – P Gunasegaram

I totally agree with you, Guna!

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Hong Leong Group has officially announced its US$1.2 billion (RM5.01 billion) acquisition of Columbia Asia Hospitals in South East Asia, confirming a report by The Edge Financial Daily yesterday.

On Sept 9, FMT wrote “As Opcom shares rise, so do whispers about cronyism and ‘New Malaysia’” Eyebrows were raised about the spike in share price of the company in which PM’s son, Mukhriz Mahathir is a substantial shareholder. Guys, have you ever heard the phrase “buy the rumour, sell the fact”? Most people who have been involved with the stock markets for any length of time have heard that saying. As you can guess, the price of OPCOM shot straight up on the rumour. Go ask the day traders.

EDGE: Possible for bottom fishing in Ho Hup, says PublicInvest Research. Possible for upside in Pos Malaysia, says PublicInvest Research. I’m probably always going to be made mostly of love and bruises. Plan accordingly.

Peak Wedding Season. OMG! It seems like I have a wedding to go to every weekend. Old friends want you there because of their past, new friends want you there because of their future. Phew! And dear hubby, they’re eating into my ‘cuti’ days from ‘bursa’ for sure .

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At its meeting today, the Monetary Policy Committee (MPC) of Bank Negara Malaysia decided to maintain the Overnight Policy Rate (OPR) at 3.00 percent.

07:19 *(CN) TRUMP TO DELAY TARIFFS ON $250B OF CHINA GOODS TO OCT 15TH (PRIOR OCT 1)

EDGE: Former Malaysian Merchant Marine Bhd (MMM) executive deputy chairman Datuk Ramesh Rajaratnam 55 was found guilty of insider trading by the Sessions Court yesterday and sentenced to five years in jail and fined RM9 million, following a full trial with 24 witnesses testifying, said the Securities Commission Malaysia (SC) in a statement. MMM, a shipping and logistics company, fell into PN17 status in March 2010, and was delisted from Bursa Malaysia in March 2011. A minority shareholder like me owns less than half of MMM. You think it’s funny, Ramesh. A boomerang returns back to the person who throws it. But first, while moving in a circle, it hits its target. So does gossip.

FMT: Reports of a proposed takeover of highway operator PLUS Malaysia Bhd have been met with concern by its majority shareholder Khazanah Malaysia, a source in the government investment arm said. The source said the sovereign wealth fund was not directly engaged by those interested in taking over the company. “In any business transaction, a buyer should approach the seller and make a proper offer. This should be no different,” said the source who wished to remain anonymous. Look PH, that’s why there’s rules, understand? So that you think before you break them.

BERNAMA: Putrajaya is looking at organising a Home Ownership Campaign (HOC) either in China or Hong Kong, to attract Chinese buyers to come and invest in the local property market, which is cheaper by comparison, said Housing and Local Government Minister Zuraida Kamaruddin. Please remember rules are put in place to provide order and consequence for actions.

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11:24 am ET MARKETWATCH: Dow’s nearly 75-point jump highlighted by gains for Apple Inc., Walgreens Boots shares. WSJ: U.S. stocks inched higher Wednesday, putting the Dow Jones Industrial Average on track to post its sixth straight session of gains.

At 5pm, the KLCI was up 6.45 points or 0.4% to 1,602.30. Turnover was 2.33 billion shares valued at RM1.78bil. There were 424 gainers, 359 losers and 438 counters unchanged.

EDGE: Hibiscus Petroleum may rebound further, says RHB Retail Research. Inari Amertron may rise higher, says RHB Retail Research. Hartalega may trend higher, says RHB Retail Research. Just my luck, if I believed in luck. I only believe in the opposite of luck, whatever that is.

I suppose I could let bygones be bygones, forgive and forget, yadda yadda. But where’s the fun in that?

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