Money & Finance

Bursa Malaysia ended Wednesday's trading session higher, with the FBM KLCI index gaining 3.08 points to close at 1,491.35. The Malaysian ringgit weakened to a 24-year low against the US dollar, trading at 4.5028. Market activity saw 2.36 billion shares traded, with losers outpacing gainers 477 to 348.

Sarawak is set to experience significantly better internet connectivity with the launch of the Batam Sarawak Internet cable system (Basics) and a new data center. Developed by PP Telecommunication, these infrastructures aim to address latency issues and improve digital access, especially in rural areas.

OPEC and allied oil producers, including Russia, slightly reduced oil output for October, rolling back a small September increase. Growing economic concerns have driven down crude prices from June's $120 per barrel peak, benefiting consumers with lower gasoline costs while impacting oil-producing nations' revenues.

SK Hynix will invest 15 trillion won ($10.9 billion) to build a new chip manufacturing facility called M15X in Cheongju, South Korea. Construction begins in October 2024, with completion expected in early 2025. The investment highlights the company's continued expansion in the memory chip market.

Malaysia's palm oil stocks climbed 14.5% to 2.03 million tonnes in end-August, the highest in over two years. Production rose 8% to 1.7 million tonnes, driven by favorable rainfall and soil conditions. Experts predict September's production growth may slow down as crop yields stabilize.

Maybank Investment Bank has been added as a user and supplier under the Islamic Securities Selling and Buying — Negotiated Transaction (ISSBNT) framework. The bank will facilitate Shariah-compliant securities trading while supporting risk management activities for market participants.

Indonesia has implemented a significant 30% fuel price increase, marking the first hike in eight years. The government's decision affects subsidized Pertalite gasoline and diesel, raising prices from 51 to 67 cents per liter and 35 to 46 cents per liter, respectively. Long lines at gas stations reflect public concern about the cost surge.

EcoWorld and Public Bank have signed an MoU to provide special end-financing packages for green-certified properties. The Green 5Home and Green Swift Plans offer preferential pricing and fast approval for environmentally sustainable residential and commercial projects.

Asian stock markets show mixed performance ahead of crucial US employment data, with investors analyzing potential implications for Federal Reserve's interest rate strategy amid high inflation concerns.

Standard Chartered Malaysia launches SmartStocks, a revolutionary online trading platform allowing Malaysian investors to access 12 exchanges across seven markets from a single account. Clients can now trade on global stock exchanges like NYSE, NASDAQ, and Hong Kong Stock Exchange with competitive, potentially zero-percent brokerage rates.