Singapore is exploring plans to expand its gold storage capacity as it seeks to position itself as a major global bullion trading hub , targeting central bank reserves and institutional flows. Strategic Push Into Bullion Market Authorities are evaluating potential sites — including areas near Changi Airport — to enhance vaulting infrastructure for gold storage , according to sources familiar with the discussions. The Monetary Authority of Singapore confirmed it is considering the use of existing facilities for gold vaulting , though it stopped short of confirming expansion plans. The move aligns with Singapore’s broader ambition to strengthen its role in precious metals trading and financial services . Targeting Central Banks and Institutional Demand A key objective is to attract central banks , which collectively hold around 39,000 tonnes of gold , accounting for roughly 18% of global supply , according to the World Gold...
KUALA
LUMPUR (May 7): The FBM KLCI closed 6.57 points or 0.4% higher today,
led by share gains in Axiata Group Bhd and Digi.Com Bhd. Financial
services providers' shares fell while the ringgit weakened after Bank
Negara Malaysia (BNM) cut the overnight policy rate (OPR) to 3% from
3.25%.
At 5pm, the KLCI closed at 1,639.37. Axiata ended 60 sen or 14.85% higher at RM4.64 while Digi.Com rose 28 sen or 6.2% to RM4.80 to become the top and second-largest percentage gainers respectively among the 30 KLCI stocks.
Axiata and Digi.Com shares rose following news on the proposed merger of Axiata and Telenor Group's Asian operations within their Asean and South Asian markets. Telenor is Digi.Com's major shareholder.
Malacca Securities Sdn Bhd senior analyst Kenneth Leong told theedgemarkets.com "the boost (in the KLCI) followed news on the proposed merger between Axiata and Norway-based Telenor."
"BNM's interest rate cut also was a positive sentiment,” Leong said.
Across Bursa Malaysia today, 3.02 billion shares were traded for RM2.25 billion as investors evaluated the impact of the OPR cut on the ringgit and Malaysian shares.
Bursa Malaysia's financial services index closed down 180.79 points or 1.07% as the OPR cut is perceived to be negative for banks' profits. Public Bank Bhd closed down eight sen or 0.35% at RM22.48 while Alliance Bank Malaysia Bhd fell six sen or 1.5% to RM3.94.
In currency markets, the ringgit depreciated to its weakest point today against the US dollar at 4.1497 on expectation that lower interest rates in Malaysia will lead to capital outflow.
FXTM market analyst Han Tan wrote in a note today that the US dollar/ringgit (USDMYR) exchange rate showed little initial reaction to the interest rate cut given that markets had largely priced in today’s monetary policy decision.
"Major moves in the ringgit’s performance of late still demonstrate that MYR remains primarily swayed by external factors, including the uncertain outcome over US-China trade negotiations. Should there be a deterioration in trade ties between the world’s two largest economies, that will significantly curtail risk appetite and may in turn weaken Asian and emerging market currencies. Such an event may also see USDMYR breaking above its 4.15 ceiling, with potential gains for the ringgit harder to come by given the expected resilience of the greenback," Tan said.
Source: The Edge
At 5pm, the KLCI closed at 1,639.37. Axiata ended 60 sen or 14.85% higher at RM4.64 while Digi.Com rose 28 sen or 6.2% to RM4.80 to become the top and second-largest percentage gainers respectively among the 30 KLCI stocks.
Axiata and Digi.Com shares rose following news on the proposed merger of Axiata and Telenor Group's Asian operations within their Asean and South Asian markets. Telenor is Digi.Com's major shareholder.
Malacca Securities Sdn Bhd senior analyst Kenneth Leong told theedgemarkets.com "the boost (in the KLCI) followed news on the proposed merger between Axiata and Norway-based Telenor."
"BNM's interest rate cut also was a positive sentiment,” Leong said.
Across Bursa Malaysia today, 3.02 billion shares were traded for RM2.25 billion as investors evaluated the impact of the OPR cut on the ringgit and Malaysian shares.
Bursa Malaysia's financial services index closed down 180.79 points or 1.07% as the OPR cut is perceived to be negative for banks' profits. Public Bank Bhd closed down eight sen or 0.35% at RM22.48 while Alliance Bank Malaysia Bhd fell six sen or 1.5% to RM3.94.
In currency markets, the ringgit depreciated to its weakest point today against the US dollar at 4.1497 on expectation that lower interest rates in Malaysia will lead to capital outflow.
FXTM market analyst Han Tan wrote in a note today that the US dollar/ringgit (USDMYR) exchange rate showed little initial reaction to the interest rate cut given that markets had largely priced in today’s monetary policy decision.
"Major moves in the ringgit’s performance of late still demonstrate that MYR remains primarily swayed by external factors, including the uncertain outcome over US-China trade negotiations. Should there be a deterioration in trade ties between the world’s two largest economies, that will significantly curtail risk appetite and may in turn weaken Asian and emerging market currencies. Such an event may also see USDMYR breaking above its 4.15 ceiling, with potential gains for the ringgit harder to come by given the expected resilience of the greenback," Tan said.
Source: The Edge
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