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Market Daily Report: Bursa Malaysia Gives Up Earlier Gains To End Mixed

KUALA LUMPUR, Nov 19 (Bernama) -- Bursa Malaysia gave up earlier gains to end mixed today, amid a higher regional market showing, as property, construction, and healthcare counters attracted buying interests, while plantation, banking, and telecommunication stocks saw some profit-taking, an analyst said. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) eased 1.70 points to close at 1,602.34 from yesterday’s close of 1,604.04. The benchmark index, which opened 0.86 of-a-point lower at 1,603.18, moved between 1,601.02 and 1,608.88 during the trading session. However, the broader market was mixed to higher, with gainers leading decliners by 565 to 438 while 502 counters remained unchanged, 961 untraded, and 14 suspended. Turnover narrowed to 2.83 billion units valued at RM2.08 billion versus 2.96 billion units valued at RM2.23 billion yesterday. Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said the benchmark index remained range-bound and it required a dec
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TSMC and Samsung Consider Building Major Chip Factories in UAE

Two of the world’s largest chipmakers, TSMC and Samsung Electronics , are in discussions to build large-scale semiconductor projects in the United Arab Emirates (UAE) , potentially worth over US$100 billion (RM421.1 billion) , according to a report by the Wall Street Journal (WSJ) . Top executives from TSMC have recently visited the UAE, exploring the possibility of constructing a plant complex similar to some of the company’s largest and most advanced facilities in Taiwan. Meanwhile, Samsung Electronics is also considering establishing significant chip-making operations in the UAE in the coming years, according to the report. While TSMC told Reuters it has no new investment plans to announce at this time, the company remains open to discussions that could promote the development of the semiconductor industry . Samsung declined to comment on the report. Under initial discussions, the projects would be funded by the UAE , with Abu Dhabi-based sovereign development vehicle Mubada
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Malaysia Weekly Highlights

THE FLIP-FLOP STORIES ON FOREIGN WORKERS This is becoming a habit as Malaysia's Deputy Prime Minister suddenly announced a suspension on the recruitment of migrant workers from all countries, including Bangladesh.  1.5 million Bangladeshi? As of now, hiring is freeze on all foreign workers Deputy Prime Minister, Ahmad Zahid was reportedly saying, "The government has made the decision to freeze the intake of all foreign workers, including those from Bangladesh. And we appeal to all employers to hire locals." The government's announcement was a rather strange one given that it was not long after the news that 1.5 million Bangladeshi workers would be recruited and brought into the country. The sudden change of plan is a strange one indeed but not something new. At best, the flip-flop is likely due to politicians bowing to public pressures. At worst, it shows that our policymakers did not know what they were doing.  Human Resource Minister Datuk Seri Richard R
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WSJ: U.S. Examines Goldman Sachs [NEWS]

The Wall Street Journal (WSJ) reported yesterday that the FBI and Justice Department gather information about bank’s role in transactions at Malaysia fund.  The inquiries are at the information-gathering stage, and there is no suggestion of wrongdoing by the bank, the people said. Investigators “have yet to determine if the matter will become a focus of any investigations into the 1MDB scandal,” a spokeswoman for the FBI said. The widening scandal—investigators in five countries are now looking into 1MDB—highlights the sometimes risky path that Goldman has cut in emerging markets in search of faster growth. 1MDB is now entangled in accusations of billions of dollars of missing money, putting it at the center of a political crisis for Malaysian Prime Minister Najib Razak, who oversees the fund. Malaysian government investigators earlier this year traced $700 million into Mr. Najib’s alleged bank accounts through agencies, banks and companies linked to 1MDB, The Wall Stree
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