Day: January 17, 2023

KUALA LUMPUR, The gold futures contract on Bursa Malaysia Derivatives closed easier tonight with 17 lots traded, valued at RM1.3 million.

Phillip Capital Sdn Bhd dealer Jenn Yuan said COMEX gold fell for a second session as the US dollar ticked up while investors were still seeking direction on the US Federal Reserve’s (Fed) rate hike path.

“In the near term, the likely further rate increases by the Fed remain a headwind for gold, but any indication by the US Federal Open Market Committee (FOMC) officials on a slower rate hike path or an end of the hike cycle have the potential to support prices,” he told Bernama.

He noted that markets are increasingly expecting a smaller 25-basis-point increase after data showed headline US consumer prices fell in December for the first time in two and a half years.

At the close, Bursa Malaysia’s gold futures contract for the spot month of January 2023 contract rose to US$1,910.50 per troy ounce while February 2023 climbed to US$1,917.10 per troy ounce.

The March 2023 note stood at US$1,933.10 per troy ounce, April 2023 settled at US$1,942.20 per troy ounce, June 2023 finished at US$1,942.20 per troy ounce and August 2023 was recorded at US$1,942.20 per troy ounce.

Volume stood at 17 lots while open interest registered at 30 contracts.

The price of physical gold stood at US$1,917.00 per troy ounce as published by LBMA PM Fix on Jan 16, 2022.

Source: BERNAMA News Agency

KUALA LUMPUR, The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives (BMD) closed lower today on weak demand, dealers said.

Mumbai-based Sunvin Group commodity research head Anilkumar Bagani said the CPO futures contracts traded range-bound for most of the day but ended lower in the absence of a fresh catalyst ahead of the Chinese New Year break.

“The lack of major fresh buying from destination markets is also slowing down the CPO price movement,” he told Bernama.

Palm oil trader David Ng said a news report that India may impose an export duty on palm oil would make the commodity less attractive, affecting overall demand for CPO.

“We locate support at RM3,500 and resistance at RM4,000 per tonne,” he added.

At the close, the February 2023 contract fell RM56 to RM3,790 per tonne, March 2023 was RM62 lower at RM3,788 per tonne and April 2023 slipped RM57 to RM3,795 per tonne.

The May 2023 note lost RM59 to RM3,800 per tonne, June 2023 weakened RM54 to RM3,803 per tonne while July 2023 dropped RM57 to RM3,798 per tonne.

Total volume climbed to 52,046 lots from 34,812 lots on Monday, while open interest eased to 188,433 contracts from 190,241 contracts previously.

The physical CPO price for January South fell RM50 to settle at RM3,850 per tonne.

Source: BERNAMA News Agency

KUALA LUMPUR, The Malaysian Technology Development Corporation (MTDC) and Pembangunan Ekuiti Sdn Bhd (PESB) today inked agreements with Biogenes Technologies Sdn Bhd for the commercialisation of aptamer technology.

MTDC chief executive officer (CEO) Mohammad Hazani Hassan said Biogenes also became the first startup to complete the NTIS Sandbox Fund 1, which was created in 2020.

“Due to its success, it will continue to be funded under the NTIS Sandbox Fund 3, which enabled the company to test its healthcare diagnostic solutions using real samples,” he told the media after the signing ceremony here today.

Biogenes will continue its journey to commercialise its healthcare diagnostic in Southeast Asia through its agreement with PESB, he said.

According to Hazani, NTIS is a key initiative under the Short-Term Economic Recovery Plan (Penjana) to accelerate and transform Malaysia into a high-tech and high-income nation.

The purpose of NTIS is to facilitate companies to validate their technologies and market in a safe environment before they commercialise it, he said.

“It is open to all individuals, entrepreneurs, or researchers developing local technology, and it must be a Malaysian company.

“To date, 24 companies have completed their NTIS programme, and 21 other companies have the ability to go to the next level,” he said, adding that MTDC has approved funding to 98 companies, with a total of 166 applications since 2020.

Meanwhile, Biogenes CEO Tang Kok Mun said the company exchanged a memorandum of agreement with PESB to secure RM25 million in Series A investment.

Biogenes will invest in a medical-grade manufacturing facility, advancing its technology portfolio and expanding its sales outreach in the Southeast Asia region and other parts of the world.

Tang said the company targets to have the capacity to produce 10 million test kits per year to usher in the new age of aptamer-based diagnostic solutions.

He said Biogenes is the first in the world to design aptamers using computers and bring them all the way to clinical trials in collaboration with Hospital Pengajar Universiti Putra Malaysia, Hospital Canselor Tuanku Muhriz Universiti Kebangsaan Malaysia and Hospital Universiti Sains Malaysia.

“We have done this without using animals in production and using a sustainable method that is repeatable and scalable,” he added.

Source: BERNAMA News Agency

KUALA LUMPUR, Fraser & Neave Holdings Bhd (F&N) expects the business environment in 2023 to be as challenging as last year, with increasing prices of raw materials, potential instability in global supply chains, and the risk of a recession that will have repercussions across the entire commodity landscape.

Chief executive officer Lim Yew Hoe said the group would continue to strengthen its cost management measures amid expected inflation for commodity goods and raw materials, as well as lingering effects from the COVID-19 pandemic, such as supply chain disruptions and heightened freight costs.

Nevertheless, he highlighted that this would not remove the focus on business building, especially in capitalising on the synergies that Cocoaland Holdings Bhd and Ladang Permai Damai Sdn Bhd’s businesses bring into the group.

Lim said F&N successfully navigated 2022 to remain resilient and had good reason to look forward to a reinvigorated financial year 2023 (FY2023).

“Our overall performance in FY2022, especially in the fourth quarter (4Q), had given us ample reasons for optimism.

“In 4Q, we began to see improved margins, attributable to the effective strategies we have put in place in response to the challenging marketplace,” he said in a statement issued following the company’s 61st annual general meeting (AGM) today.

Lim said F&N is also beginning to see the results of the group’s unwavering focus on its long-term strategies for growth and efficiency.

“We had been able to follow through by completing our acquisition and capital expenditure (capex) plans in 2022.

“The investments we made in recent years are bearing fruit today,” he added.

Citing an example, Lim said the completion of several capex projects, such as the integrated warehouse and solar photovoltaic system, had contributed to savings and cost efficiencies in FY2022.

F&N chairman Tengku Syed Badarudin Jamalullail said the group is also entering a new and exciting era as it expands into new sectors such as dairy farming, confectionery and halal food products.

“Having weathered the storms of the last few years, our team is more united and cohesive than ever.

“I am proud of our people, who have shown so much resilience in the face of multiple global and domestic challenges,” he added.

Meanwhile, shareholders at the AGM approved the payment of a final single-tier dividend of 33 sen per share, bringing the total dividend to 60 sen per share for FY2022, payable on Feb 10, 2023.

The entitlement date of the dividend is on Jan 20, 2023.

Source: BERNAMA News Agency

KUALA LUMPUR, Event management firm My Events International has set an RM11.4 million sales target for a four-day Hari Raya bazaar this year against last year’s RM8.7 million.

Known as the Absolut Bazaar X Festival Gaya Raya 2023 (ABXGR23), My Events International chief executive officer Hema Kandy said the four-day April 14-17 event will be held at the Malaysia International Trade and Exhibition Centre (MITEC).

“We will have a 66-hour non-stop event and we expect to attract more than 2 million visitors compared to last year’s 1.2 million,” Hema told the media after a pre-launch event today.

Dining space will be expanded and there will be various activities to attract more visitors, she said.

A total of 500 indoor and outdoor exhibitors will participate in the bazaar. The event will bring together local traders from various industries such as clothing, cosmetics, food and beverages.

She said the goal of this initiative is to stimulate the nation’s economy and support local entrepreneurs and small and medium-sized enterprises with 70 per cent of the stores embracing a cashless payment concept.

There will be events featuring an A-list of celebrities and influencers to promote their products and to add fizz and glamour to various stage performances and contests such as the money chamber sessions and raffles. There will also be Happy Hour specials, limited-time discounts and great prizes to be won.

The second edition of ABXGR23 is a collaboration between Coca-Cola Far East Ltd., So Chantique, KKMY Group Sdn Bhd and the Malaysia Furniture Council in collaboration with MITEC.

Source: BERNAMA News Agency