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Alliance Bank unit buys 51pc stake in HDBSV

KUALA LUMPUR: Alliance Investment Bank Bhd (AIBB) has signed a conditional share sale and purchase agreement with Hwang-DBS (M) Bhd (HDBS) for the acquisition of its 51 per cent equity interest in HwangDBS Vickers Research Sdn Bhd (HDBSV) for RM393,945.
AIBB is a wholly-owned unit of Alliance Bank Malaysia Bhd (ABMB), which in turn is a wholly-owned subsidiary of Alliance Financial Group Bhd (AFG).
AFG said the acquisition would enhance the group's research capabilities and its institutional broking business by leveraging on DBS Vickers Securities Holdings Pte Ltd's network of overseas clients to execute their trades on Bursa Malaysia via AIBB, in order to further expand the group's investment banking
business, especially the stockbroking institutional business.
"In addition to providing coverage on Malaysian equities, the group will be able to leverage on the capabilities of HDBSV to provide coverage on the regional equities for its institutional clients," AFG said in a filing to Bursa Malaysia today.
AFG said the acquisition was expected to be completed in the second quarter of this year.
"Upon completion of the acquisition, the entire business and operations of Alliance Research Sdn Bhd, a wholly-owned unit of AIBB, will be transferred to and integrated into HDBSV.
"The equities research business of the group will be operated under HDBSV on a 51:49 joint-venture basis with DBS Vickers, to be renamed AllianceDBS Research Sdn Bhd," it said.
The acquisition was not expected to have any material effect on the net assets per share, earnings per share and gearing of AFG for the financial year
ending March 31, 2015, it said.
The principal activity of HDBSV is to carry out research and stock analysis for and on behalf of the shareholders and its related parties.

KL shares close to new high

Last-minute buying, mostly seen in the Finance counters, has pushed up the FTSE Bursa Malaysia KLCI (FBM KLCI) to a new high for this year, dealers said.

At 5pm, the benchmark index stood at 1,855.63, up 3.63 points, beating the previous new high of 1,852.95 on January 2.

The index hovered between 1,847.81 and 1,855.83 throughout today's trading.

When the market closed, Public Bank and Allianz Malaysia finance stocks emerged among the top gainers, adding 52 sen and 36 sen each to RM20 and

RM10.70, respectively.

Public Bank, one of the heavyweight counters, contributed 2.32 points to the key benchmark index, followed by Petronas Gas, with 1.64 points, rising 46 sen

to RM24.88.

Affin Investment Bank vice-president Dr Nazri Khan Adam Khan said today's selling on the local bourse was well-absorbed by the investors.

"Investors are parking sell-order at the 1,850 level. The next immediate resistance level maybe at 1,880," added Nazri Khan, who is also the bank's head

of retail research, told Bernama.

Gainers outpaced losers 420 to 415, while 336 counters were unchanged, 437 untraded and 14 others suspended.

Turnover fell to 2.12 billion shares worth RM2.81 billion from 2.35 billion shares valued at RM2.64 billion on Wednesday.

On the scoreboard, the Industrial Index increased 10.26 points to 3,209.39, the Finance Index surged 111.76 points to 16,817.3 and the Plantation Index

improved 24.15 points to 8,951.57.

The FBM Emas Index gained 22.46 points to 12,856.4, the FBMT100 Index rose 21.46 points to 12,503.99, the FBM 70 jumped 12.45 points to 14,03.36, but the

FBM Ace fell 5.87 points to 6,770.35.

Among actives, Ingenuity Consolidated lost one sen to 8.5 sen, Xidelang shed two sen to 25 sen, but Asian Pac rose two sen to 23.5 sen and Insas earned one

sen to RM1.32.

As for heavyweights, Maybank added one sen to RM9.68, CIMB was four sen higher at RM7.25, but Tenaga Nasional lost 44 sen to RM11.30 and Axiata slipped

two sen to RM6.71.

Main market volume narrowed to 1.58 billion units worth RM2.66 billion from 1.69 billion units valued at RM2.49 billion yesterday.

Turnover on the ACE market fell to 500.4 million shares worth RM136 million from yesterday's 610.62 million shares valued at RM137.58 million.

Warrants advanced to 38.67 million units valued at RM9.29 million from 37.81 million units worth RM8.34 million on Wednesday.

Consumer products accounted for 246.76 million shares traded on the Main Market, industrial products 233.68 million, construction 83.67 million, trade and services 441.24 million, technology 77.21 million, infrastructure 11.25 million, SPAC 63.51 million, finance 104.86 million, hotels 473,000, properties

296.99 million, plantations 15.78 million, mining 58,100, REITs 6.63 million and closed/fund 94,700

Malaysia interest rate swaps reach 2-year high

Malaysia's one-year interest-rate swaps reached the highest level since 2011, signaling the central bank may increase borrowing costs at least twice in 12 months as inflation accelerates.

Consumer-price gains quickened to a 32-month high of 3.5 per cent in February, after the government raised fuel and power tariffs to rein in the fiscal deficit. Prime Minister Datuk Seri Najib Razak will introduce a consumption tax in 2015 and targets a 15.6 per cent reduction in subsidies to RM39.4 billion (US$12 billion) in 2014 for items such as sugar and cooking oil, according to a Finance Ministry report released in October.

"Inflation is rising fast due to administrative measures and the forthcoming goods and services tax," said Wee-Khoon Chong, Singapore-based head of rates strategy for Asia ex-Japan at Nomura Holdings Inc. "We expect Bank Negara Malaysia to hike twice this year to 3.50 per cent from three per cent."
One-year swaps held at 3.50 per cent as of 5:05pm in Kuala Lumpur, after rising two basis points to that level late yesterday, according to data compiled by Bloomberg. That's the highest since July 2011. The contracts advanced 11 basis points this year.
The yield on the 3.172 per cent government bonds maturing in July 2016 was steady at 3.34 per cent. The ringgit dropped 0.4 per cent, a second day of declines, to 3.2839 per dollar.
Bank Negara Malaysia has kept it benchmark interest rate at three per cent since May 2011 even as inflation accelerated. It next meets to review policy on May 8.
"Given the nature of factors behind the increase in inflation, monetary policy is not the best policy tool to manage the situation," the central bank said in its annual report in March. "Nevertheless, higher cost-push inflation could lead to inflation expectations becoming unanchored and could, in turn, lead to wage growth that is not consistent with productivity growth."
Southeast Asia's third-largest economy may grow 4.5 per cent to 5.5 per cent in 2014, after expanding 4.7 per cent last year, the central bank said in the March 19 report.
Three-year Malaysian sovereign debt offers a real yield of minus 0.12 per cent, after accounting for inflation, according to data compiled by Bloomberg.
"The real interest rate has been negative, and Bank Negara won't tolerate that for long," said Kumar Rachapudi, a Singapore-based strategist at Australia & New Zealand Banking Group Ltd, who predicts the central bank will tighten policy by 50 basis points in the second half.
Bank of America Merrill Lynch has moved to receive two-year Malaysian swaps from the five-year tenor, and still wants to position for a less hawkish stance by Bank Negara than what's been priced in, Hong Kong-based strategist Albert Leung wrote in a research note yesterday.
One-month implied volatility in the ringgit, a measure of expected moves in the exchange rate used to price options, rose four basis points, or 0.04 percentage point, to 6.68 per cent

Rubber prices close lower

KUALA LUMPUR: Malaysian rubber prices closed lower today following a statement by the Thai Agriculture Minister Yukol Limlaemthong that the Thai Government is planning to sell its 200,000 tonnes of rubber stockpile, a dealer said.

He said the downtrend was also in sync with the Tokyo Commodity Exchange (TOCOM).

At noon, the Malaysian Rubber Board's official physical price for tyre-grade SMR20 declined 15.5 sen to 601 sen a kg while latex-in-bulk eased 2.5 sen to 495.5 sen a kg.

The unofficial closing price for tyre-grade SMR20 was down by 10 sen to 598.5 sen a kg and latex-in-bulk was two sen lower at 495 sen a kg.--

Brent at 5-month low below US$105

LONDON: Brent crude eased further under US$105 on Thursday - to its lowest since November - as oil dealers anticipated a rise in Libyan supply after the government neared a deal with rebels to reopen oil ports.

Brent has dropped more than US$3 this week, narrowing its gap with the US oil benchmark - a closely watched and heavily traded spread - to the slimmest since September.

Brent crude slipped 12 cents to US$104.67 a barrel by 0955 GMT. US crude, or West Texas Intermediate (WTI), fell 36 cents to US$99.26 a barrel.

Hopes were lifted for an end to an eight-month standoff that dried up oil exports and revenue in Libya as a government spokesman said an agreement with rebels to reopen key oil ports could be finalised in two to three days.

The restart of Libya's eastern oil ports could release about 600,000 barrels per day (bpd) of crude, although some analysts remained cautious.

"I won't rule out the possibility that it might be another empty promise but it definitely has an impact on market sentiment," Phillips Futures analyst Tan Chee Tat said.

Libya's crude output has fallen to around 150,000 bpd from 1.4 million bpd in July when a wave of protests started across the north African country, whose proximity to Europe just across the Mediterranean makes it a strategic energy supplier.

In the short term, demand for Libyan oil is likely to be limited due to reliability issues, while shipping and insurance costs are expected to rise in light of the recent hostilities.

US crude losses were checked by a surprise drop in inventories last week and as stockpiles at WTI's delivery point in Cushing, Oklahoma, fell for the ninth week, Energy Information Administration data showed.

Brent's premium to WTI stood at US$5.42, off US$4.81 reached on Wednesday, its narrowest in more than six months.

Oil may draw support from data showing US companies stepped up hiring in March, offering fresh evidence the economy was regaining momentum after a weather-driven lull over the winter.

Short-term rates close steady

KUALA LUMPUR: Short-term interbank rates closed steady today following Bank Negara Malaysia's (BNM) intervention to absorb surplus liquidity from the financial system.
The liquidity surplus in the conventional system fell to RM21.283 billion from RM33.968 billion estimated in the morning, while in the Islamic system, the excess declined to RM3.102 billion from RM9.671 billion earlier in the day.
In the morning, BNM called for one range maturity auction, one Islamic range maturity auction and one Commodity Murabahah Programme.
BNM also conducted a conventional money market tender for RM20.1 billion and a RM3.1 billion Al-Wadiah money market tender, both for one-day money.
The overnight rate stood at 2.94 per cent while the one-, two- and three-week rates stood at 3.02 per cent, 3.06 per cent and 3.08 per cent, respectively.-