You are on page 1of 33

Najib's lawyer seeks to blame 1MDB predecessor's ex-CEO for

RM5b bond, but prosecution reminds witness testified of Najib's


instructions. – The Malay Mail, Thursday, 17 Mar 2022 02:53 PM MYT
KUALA LUMPUR, March 17 — Former prime minister Datuk Seri
Najib Razak’s lawyer today tried to suggest that Datuk Shahrol Azral
Ibrahim Halmi — the former CEO of 1Malaysia Development Berhad
(1MDB) and its predecessor Terengganu Investment Authority (TIA)
had committed wrongdoing in signing documents to enable TIA’s
issuance of RM5 billion worth of bonds in May 2009.

Najib’s lawyer Datuk Hariharan Tara Singh suggested this while


cross-examining the 13th prosecution witness and former director of
both TIA and 1MDB, Tan Sri Ismee Ismail.

In this trial, Najib is facing charges of power abuse and money


laundering in relation to the misappropriation of more than RM2 billion
from 1MDB.

TIA was established on February 27, 2009 and its ownership had
transferred from Terengganu state government via its Mentri Besar
Incorporated to the Finance Ministry-owned Ministry of Finance
Incorporated in August 2009. TIA was then renamed to be 1MDB on
September 25, 2009.
Najib's lawyer seeks to blame 1MDB predecessor's ex-CEO for
RM5b bond, but prosecution reminds witness testified of Najib's
instructions. – The Malay Mail, Thursday, 17 Mar 2022 02:53 PM MYT
While cross-examining Ismee today, Hariharan repeatedly sought to
pin wrongdoing on the ninth prosecution witness Shahrol Azral in
relation to the issuance of RM5 billion bonds by TIA in May 2009 or
which was before TIA became 1MDB.

Shahrol had actually already completed his testimony over a course


of around 40 days from September 23, 2019 to September 3, 2020,
but Hariharan repeatedly asked Ismee about what Shahrol had or
may have done.
Najib's lawyer seeks to blame 1MDB predecessor's ex-CEO for
RM5b bond, but prosecution reminds witness testified of Najib's
instructions. – The Malay Mail, Thursday, 17 Mar 2022 02:53 PM MYT
Today, Hariharan highlighted that the TIA board had on May 22, 2009
signed a resolution to suspend the issuance of the RM5 billion bonds
or Islamic Medium Term Notes (IMTN) and to suspend Shahrol’s
powers as then TIA CEO in relation to the bonds issuance.

Hariharan then presented several documents which Shahrol had later


signed days later to enable the RM5 billion bonds to be issued,
including a May 25, 2009 subscription agreement and a May 26, 2009
“akad” agreement that also had AmIslamic bank’s compliance
department’s rubberstamp on parts of the agreement.
Najib's lawyer seeks to blame 1MDB predecessor's ex-CEO for
RM5b bond, but prosecution reminds witness testified of Najib's
instructions. – The Malay Mail, Thursday, 17 Mar 2022 02:53 PM MYT
When asked by Hariharan based on just these documents, Ismee
agreed that the agreements signed by Shahrol was contrary to the TIA
board’s instructions just days earlier not to issue the bond and also
agreed that TIA had no powers to execute the agreements following
the TIA board’s suspension of the RM5 billion bonds.

Hariharan then suggested Shahrol had withheld the TIA board’s May
22, 2009 resolution — that suspended the RM5 billion bonds issuance
— from AmIslamic, suggesting that the bank’s compliance would not
have placed its rubberstamp on the May 26, 2009 agreement.
Najib's lawyer seeks to blame 1MDB predecessor's ex-CEO for
RM5b bond, but prosecution reminds witness testified of Najib's
instructions. – The Malay Mail, Thursday, 17 Mar 2022 02:53 PM MYT
Ismee however suggested that there could have been other
documents shown to AmIslamic bank.

“Yup, but I would believe that normally banks would have to see some
documents before they enter into agreements such as this, so that’s
why I believe that’s why there’s Ambank’s rubberstamp at those
clauses you mentioned. From my understanding, they may have
viewed certain documents represented by Datuk Shahrol to the bank,”
he said, noting that documents would also have to be shown for
something as simple as opening a bank account.
Najib's lawyer seeks to blame 1MDB predecessor's ex-CEO for
RM5b bond, but prosecution reminds witness testified of Najib's
instructions. – The Malay Mail, Thursday, 17 Mar 2022 02:53 PM MYT
“So I’m not sure, there could be other documents that Datuk Shahrol
would have presented to the bank,” Ismee said.

Hariharan then suggested there could be two possibilities of Shahrol


having either allegedly fabricated another resolution that said to go
ahead with the RM5 billion bonds issuance or withheld the May 22
resolution that suspended the bonds issuance, but deputy public
prosecutor Mohamad Mustaffa P. Kunyalam then stood up to object.

High Court judge Datuk Collin Lawrence Sequerah also pointed out
that Shahrol had already
Najib's lawyer seeks to blame 1MDB predecessor's ex-CEO for
RM5b bond, but prosecution reminds witness testified of Najib's
instructions. – The Malay Mail, Thursday, 17 Mar 2022 02:53 PM MYT
“been confronted” when he testified as a prosecution witness in this
trial, and also indicated that questions to Ismee as a former board
member should be those that are within his knowledge.

Hariharan then sought to explain that he wanted to ask former board


members about the events that took place and the documents signed
by Shahrol.

Mustaffa however highlighted that Hariharan should have also


presented the other parts of the court testimony to Ismee, such as
Shahrol’s previous testimony that Najib had given him the go ahead to
proceed with the RM5 billion bonds.

“If that is the case, counsel must be fair in addressing the witness,
because Shahrol did say he received instructions from the accused to
proceed with the IMTN. That should be put to the witness,” Mustaffa
said.

The judge then allowed the questions to be asked and suggested that
the prosecution could raise these points to Ismee later.
Najib's lawyer seeks to blame 1MDB predecessor's ex-CEO for
RM5b bond, but prosecution reminds witness testified of Najib's
instructions. – The Malay Mail, Thursday, 17 Mar 2022 02:53 PM MYT
Hariharan then continued to suggest that there was “disobeyance” from
Shahrol in signing the documents to enable the RM5 billion bonds
issuance, but Ismee said he was not aware of this and also highlighted
his own testimony.

“If you read my witness statement, after meeting with Tuanku, Datuk
Shahrol informed or told me that this IMTN cannot be suspended,
because we had pushed the button,” Ismee said.

What the court previously heard

Previously in September 2019, Shahrol told the 1MDB trial that


Terengganu ruler Sultan Mizan Zainal Abidin had on May 22, 2009 had
ordered him and Ismee to sign a resolution to suspend the RM5 billion
bonds issuance.

Shahrol said he had later informed Low Taek Jho of this and that he had
then on the same day went to Najib’s house as Low instructed.

Shahrol had also testified that Najib had asked for an explanation of
what transpired earlier that day at the Istana Terengganu in Kuala
Najib's lawyer seeks to blame 1MDB predecessor's ex-CEO for
RM5b bond, but prosecution reminds witness testified of Najib's
instructions. – The Malay Mail, Thursday, 17 Mar 2022 02:53 PM MYT
Lumpur, noting that Najib had asked him to “go ahead” and proceed
with the RM5 billion fund-raising by saying: “You go ahead, I will talk to
Tuanku”.

“I took this as an instruction and mandate from the Prime Minister who
is also the Finance Minister to continue the IMTN because he is the
minister responsible for giving that government guarantee,” Shahrol had
at that time testified.

In November 2021, Ismee had told the 1MDB trial that Shahrol had ----
after signing the May 22, 2009 TIA board resolution to suspend the
bonds issuance ---- told him that the bonds issuance could not be
postponed as instructions had already been given to the bond’s lead
arranger AmBank.

“Datuk Shahrol told me, ‘we have already pushed the button’,” Ismee
had said then.

Najib’s lawyer asks about Shahrol and Jho Low

Earlier, Hariharan had also asked Ismee whether he had observed how
Najib's lawyer seeks to blame 1MDB predecessor's ex-CEO for
RM5b bond, but prosecution reminds witness testified of Najib's
instructions. – The Malay Mail, Thursday, 17 Mar 2022 02:53 PM MYT
close Shahrol was with Low during TIA meetings.

However the judge pointed out that such questions would have already
been asked to Shahrol when he was testifying as a witness.

“This relationship between Shahrol and Jho Low, I think would have
been explored during Shahrol’s time on the stand, isn’t it?” the judge
asked. Hariharan said he wanted to establish this as there would be
issues on Shahrol’s alleged wrongdoing on the RM5 billion bonds
issuance, but the judge pointed out Shahrol had already been
Najib's lawyer seeks to blame 1MDB predecessor's ex-CEO for
RM5b bond, but prosecution reminds witness testified of Najib's
instructions. – The Malay Mail, Thursday, 17 Mar 2022 02:53 PM MYT
confronted on all these issues and said Ismee may not be in a position
to answer all these questions.

Hariharan continued to justify that he wanted to show through TIA


directors what Shahrol had done in contrast to Shahrol showing he was
acting for the company’s best interests, and then repeated his question
to Ismee. Hariharan: Did you observe, when you were in the board
together with Shahrol and during meetings with Jho Low, as to how they
interacted, how close were they as opposed to Jho Low’s closeness to
you?

Ismee: I didn’t notice.

The trial resumes this afternoon.


Najib's lawyer seeks to blame 1MDB predecessor's ex-CEO for RM5b
bond, but prosecution reminds witness testified of Najib's
instructions. – The Malay Mail, Thursday, 17 Mar 2022 02:53 PM MYT
Ketua Polis Balai hadapi 5 tuduhan rasuah. Berita Harian, Mac 17, 2022 @
12:21pm, bhnews@bh.com.my
MELAKA: Seorang Ketua Polis Balai (KPB) dihadapkan ke
Mahkamah Khas Rasuah dekat Ayer Keroh di sini hari ini, atas
lima pertuduhan, meminta dan menerima rasuah,
membabitkan nilai keseluruhan RM21,800 dalam kejadian kira-
kira dua tahun lalu.

Bagaimanapun Sub Inspektor Abdul Halim Alias, 59, mengaku


tidak bersalah sejurus semua pertuduhan itu dikemuakan
terhadapnya di hadapan Hakim, Elesabet Paya Wan.

Bagi pertuduhan pertama, tertuduh yang bertugas di Balai


Polis Tengkera, didakwa secara rasuah bersetuju menerima
suapan RM6,000 daripada pemilik Restoran The Stage Music
Lounge Plt, Hang Kah Joon, sebagai dorongan tidak
mengambil tindakan kerana melanggar Perintah Kawalan
Pergerakan Pemulihan (PKPP).

Dia didakwa melakukan kesalahan itu di restoran berkenaan


yang terletak di Kota Shahbandar Melaka, kira-kira jam 10
malam pada 4 Ogos 2020.
Ketua Polis Balai hadapi 5 tuduhan rasuah. Berita Harian, Mac 17, 2022 @
12:21pm, bhnews@bh.com.my
Bagi tuduhan kedua dan ketiga, Abdul Halim didakwa secara
rasuah bersetuju menerima RM800 secara bayaran bulanan
dan memperoleh bagi diri sendiri suapan RM6,000 daripada
individu sama bagi dorongan sama.

Kedua-dua kesalahan itu didakwa dilakukan tertuduh dalam


bilik pejabatnya di Balai Polis Tengkera, di antara jam 5 hingga
5.15 petang pada 11 Ogos 2020.

Bagi pertuduhan pertama hingga ketiga itu, tertuduh didakwa


mengikut Seksyen 17(a) Akta Suruhanjaya Pencegahan
Rasuah Malaysia (SPRM) 2009 dan boleh dihukum mengikut
Seksyen 24 akta sama, yang jika sabit boleh dipenjara
sehingga 20 tahun dan denda minimum lima kali nilai suapan
atau RM10,000, mengikut mana yang lebih tinggi.

Sementara itu, bagi pertuduhan keempat dan kelima pula,


Abdul Halim didakwa meminta suapan berjumlah RM8,000
dan secara bulanan sebanyak RM1,000 daripada individu
sama untuk dorongan sama.
Ketua Polis Balai hadapi 5 tuduhan rasuah. Berita Harian, Mac 17, 2022 @
12:21pm, bhnews@bh.com.my
Dia dituduh melakukan kedua-dua kesalahan itu di restoran
berkenaan, kira-kira jam 10 malam pada 4 Ogos 2020 dan
didakwa mengikut Seksyen 16(a) Akta SPRM 2009 dan boleh
dihukum mengikut Seksyen 24 Akta sama.

Susulan pengakuan tidak bersalah oleh tertuduh, Timbalan


Pendakwa Raya SPRM, Irwan Shah Abdul Samat,
menawarkan ikat jamin RM5,000 kerana membabitkan lima
pertuduhan keseluruhan berjumlah RM21,800 dan kadar itu
tidak dibantah peguam bela tertuduh, Azrul Zulkifli Stork.

Irwan Shah turut memohon syarat tambahan dikenakan


dengan tertuduh perlu menyerahkan pasport kepada
mahkamah selain melaporkan diri ke pejabat SPRM Melaka
setiap bulan.

Mahkamah membenarkan permohonan pihak pendakwaan


dan menetapkan kes disebut semula pada 20 April depan.
Ex-1MDB director says believed Najib wanted TIA to proceed with
RM5b bond, but agrees may have assumed wrongly. - The Malay Mail,
Thursday, 17 Mar 2022 06:48 PM MYT
KUALA LUMPUR, March 17 — Tan Sri Ismee Ismail today
confirmed he had believed that Datuk Seri Najib Razak had
wanted 1Malaysia Development Berhad’s (1MDB)
predecessor Terengganu Investment Authority (TIA) to
push through with issuing a RM5 billion bond in 2009, even
after the Terengganu sultan and TIA’s board had decided to
suspend the bond issuance.

But Ismee also acknowledged it was possible that his belief


was mistaken, based on the outcome of Najib’s meeting
with the Terengganu Sultan several days later after the TIA
board’s decision to suspend the bond issuance.

Ismee is a former director of both the Terengganu


government-owned TIA and 1MDB which was renamed
from TIA and which later came under the Finance Ministry’s
ownership.
Ex-1MDB director says believed Najib wanted TIA to proceed with
RM5b bond, but agrees may have assumed wrongly. - The Malay Mail,
Thursday, 17 Mar 2022 06:48 PM MYT
Ismee said this while testifying as the 13th prosecution
witness against former prime minister Najib in the latter’s
trial involving the misappropriation of more than RM2 billion
of 1MDB funds.

Although the 1MDB trial involves 25 corruption and money-


laundering charges against Najib in relation to 1MDB
transactions and deals, Najib’s lawyer Datuk Hariharan
Tara Singh devoted the entire day of hearing today to
examining events that took place before TIA became
1MDB.

Hariharan today focused on a RM5 billion bond issuance,


which Terengganu ruler Sultan Mizan Zainal Abidin had on
May 22, 2009 asked to be suspended. The RM5 billion
bond would result in TIA taking on the debt in order to raise
funds.

Ismee had previously testified that the Terengganu ruler


had on May 22, 2009 afternoon told him and then TIA
Ex-1MDB director says believed Najib wanted TIA to proceed with
RM5b bond, but agrees may have assumed wrongly. - The Malay Mail,
Thursday, 17 Mar 2022 06:48 PM MYT
director Datuk Shahrol Azral Ibrahim Halmi of the ruler’s
wishes for TIA to not go ahead with plans to issue the RM5
billion bond.

Ismee said he and Shahrol had then on May 22, 2009


signed a TIA board resolution for the company to suspend
and not go on to issue the RM5 billion bond via Islamic
medium-term notes (IMTN).

Ismee had said he was then asked to be at Najib’s house at


night on the same day and that Shahrol was also present in
the meeting, and that the first thing Najib had asked was
why the two of them had signed the board resolution and
why they had not asked the Terengganu ruler for time to
think.

“What I can say to Datuk Seri Najib is that this is Tuanku’s


decree so what can we do. I assumed by Datuk Seri Najib’s
reaction and intonation that he wanted the IMTN bond
issuance to go on,” Ismee had said when previously
Ex-1MDB director says believed Najib wanted TIA to proceed with
RM5b bond, but agrees may have assumed wrongly. - The Malay Mail,
Thursday, 17 Mar 2022 06:48 PM MYT
testifying in this trial.

Ismee had previously testified that this matter was beyond


his jurisdiction as he had met both the Terengganu sultan
and the prime minister and left the matter to them to
resolve, and said he was of the impression that Najib would
raise the matter to the Terengganu sultan on the coming
Wednesday.

These events had taken place on May 22, 2009 which was
a Friday, while May 27, 2009 would be Wednesday on the
next week. The Terengganu sultan was then also the Yang
di-Pertuan Agong, and it is customary for the prime minister
— who was then Najib — to meet the Yang di-Pertuan
Agong on Wednesday before the weekly Cabinet meetings
on the same day.

Today, Hariharan zeroed in on a May 28, 2009 letter that he


said the palace via the king’s private secretary had written
to Najib, which had referred to Najib having had an
Ex-1MDB director says believed Najib wanted TIA to proceed with
RM5b bond, but agrees may have assumed wrongly. - The Malay Mail,
Thursday, 17 Mar 2022 06:48 PM MYT
audience with the king.

“Paragraph 2 (of the letter), in line with YAB Datuk Seri’s


agreement to suspend the bond to enable a re-evaluation
Do you agree with me, Datuk Seri Najib, based on this
letter from the palace written by the private secretary of His
Royal Highness, that Datuk Seri Najib himself has agreed
to withhold the bond issuance?” Hariharan asked.

“It appears that Datuk Seri Najib is not pushing for the
IMTN programme, do you agree with me?” Hariharan
asked, to which Ismee then replied “Yes.”

Hariharan: Would it be correct that—I believe both you and


Shahrol would have some kind of opinion that Datuk Seri
Najib wants to proceed, in light of the letter I showed to you
just now, do you agree that you perceive or maybe what
Datuk Shahrol perceive could be wrong?

Ismee: Like you mentioned, ‘anggapan’, so in this case,


Ex-1MDB director says believed Najib wanted TIA to proceed with
RM5b bond, but agrees may have assumed wrongly. - The Malay Mail,
Thursday, 17 Mar 2022 06:48 PM MYT
Ismee: Like you mentioned, ‘anggapan’, so in this case,
maybe ‘anggapan saya salah’ (maybe my assumption was
wrong).

Previously, Shahrol as the ninth prosecution witness in this


trial had also testified that Najib had on May 22, 2009
asked him to “go ahead” and proceed with the RM5 billion
fund-raising by saying: “You go ahead, I will talk to Tuanku”.

Shahrol had said he took Najib’s words to be an “instruction


and mandate from the prime minister who is also the
finance minister” to continue the RM5 billion bond issuance,
as he was the minister responsible for giving a government
guarantee on the RM5 billion bond.
Ex-1MDB director says believed Najib wanted TIA to proceed with
RM5b bond, but agrees may have assumed wrongly. - The Malay Mail,
Thursday, 17 Mar 2022 06:48 PM MYT
About the RM5b bond and Najib’s role

Hariharan today sought to downplay Najib’s role in the May 22,


2009 meeting at night with Ismee and Shahrol, after the latter
two had heard the Terengganu sultan’s wishes for TIA to not
proceed with the RM5 billion bonds issuance.

Ismee agreed with Hariharan’s suggestion that the meeting


with Najib was only due to the federal government’s guarantee
for the RM5 billion bond, with Ismee saying: “Yeah, and
probably because due to that thing, the federal government
may have some interest on the issuance of the IMTN, by virtue
of the federal government is giving guarantee for the
issuance.”

Hariharan then suggested that Najib was not the


representative of TIA’s shareholder at that time and he was
“not in a position to decide whether” the RM5 billion bond
issuance could proceed, with Ismee then agreeing.

In response to Hariharan’s questions, Ismee today agreed


Ex-1MDB director says believed Najib wanted TIA to proceed with
RM5b bond, but agrees may have assumed wrongly. - The Malay Mail,
Thursday, 17 Mar 2022 06:48 PM MYT
“with hindsight” that TIA’s 30-year RM5 billion bond had a quite
unusually long duration for a government bond, and agreed
that there was no urgency for TIA to raise funds by issuing the
bond with a huge discount.

However, Ismee said he believed that TIA had complied with


the procedures to issue the RM5 billion bond, as it involved a
government guarantee that would only be issued if all was in
order.

Recalling his experience while working with Pengurusan


Danaharta Nasional Berhad in the past where he was very
much involved in the issuing of Danaharta bonds to acquire
non-performing loans of banks, Ismee said he knew how
difficult it is to get a government guarantee for bonds.

“So I know the process. We had discussion with the AG’s


office, the Treasury, they will want to know the details of the
paper. So I believe at that time and probably you can ask
Shahrol, that all these processes will take place, otherwise the
government won’t issue guarantees. I will be relying on the
Ex-1MDB director says believed Najib wanted TIA to proceed with
RM5b bond, but agrees may have assumed wrongly. - The Malay Mail,
Thursday, 17 Mar 2022 06:48 PM MYT
government system to issue government guarantee properly, I
believe all the papers will be in order,” he said.

Among other things, Hariharan had repeatedly attempted to


suggest that Shahrol was the one who had committed
wrongdoing by signing documents that enabled the RM5 billion
bond to be issued, including by reading out multiple parts of
parliamentary watchdog Public Accounts Committee’s (PAC)
2016 report on 1MDB and asking if Ismee agreed with the PAC
report’s contents.

At one point after Hariharan had read out several paragraphs


of the PAC’s report to Ismee, deputy public prosecutor
Mohamad Mustaffa P. Kunyalam objected: “I’m objecting to the
line of questioning, this is a matter which is already stated in
the report. It can be raised in submissions, no reason to raise it
to the witness.”

The judge also noted that the PAC report is already marked as
a document that is part of the trial and that Najib’s lawyers
could submit their arguments on the matter.
Ex-1MDB director says believed Najib wanted TIA to proceed with
RM5b bond, but agrees may have assumed wrongly. - The Malay Mail,
Thursday, 17 Mar 2022 06:48 PM MYT
Wanita didakwa perdaya ahli perniagaan tawaran gelaran 'Datuk Seri’
- Berita Harian, Mac 17, 2022 @ 7:13pm
KUALA LUMPUR: Seorang wanita mengaku tidak bersalah di
Mahkamah Majistret di sini, hari ini, atas pertuduhan
memperdaya seorang ahli perniagaan untuk menyerahkan
wang tunai berjumlah RM94,850 berhubung tawaran gelaran
'Datuk Seri'.

Ong Li Shi, 39, membuat pengakuan itu selepas pertuduhan


terhadapnya dibacakan di hadapan Majistret Wong Chai Sia.

Tertuduh didakwa memperdayakan mangsa untuk


menyerahkan wang itu secara berperingkat ke dalam akaun
bank milik tertuduh, iaitu mangsa tidak akan menyerahkan
wang berkenaan sekiranya tidak diperdayakan.

Kesalahan itu didakwa dilakukan di sebuah restoran di Jalan


Bukit Bintang, di sini, pada 9 Disember 2021.

Tertuduh didakwa mengikut Seksyen 420 Kanun Keseksaan


yang membawa hukuman penjara tidak kurang setahun dan
tidak lebih 10 tahun dan sebat serta denda, jika sabit
kesalahan.
Wanita didakwa perdaya ahli perniagaan tawaran gelaran 'Datuk Seri’
- Berita Harian, Mac 17, 2022 @ 7:13pm
Sementara itu di hadapan Majistret Atiqah Mohamed @
Mohamad Saim pula, rakan Li Shi, Chin Kah Fook, 33,
mengaku tidak bersalah atas pertuduhan menolong
menyembunyikan wang berjumlah RM75,150 kepunyaan
mangsa sama, dan tertuduh mengetahui wang terbabit bukan
miliknya.

Kah Fook yang juga jurulatih seni mempertahankan diri,


didakwa melakukan perbuatan itu di tempat sama pada 14
Januari lalu.Dia dituduh mengikut Seksyen 424 Kanun
Keseksaan yang membawa hukuman penjara maksimum lima
tahun atau denda atau kedua-duanya, jika sabit kesalahan.

Pendakwaan dikendalikan Timbalan Pendakwa Raya, Amalina


Johar dan Nadia Eleena Jamaluddin Akbal, manakala peguam
Muhammad Syafiq Salleh mewakili Li Shi.

Mahkamah kemudian membenarkan Li Shi serta Kah Fook


masing-masing diikat jamin RM6,000 dan RM1,500 dengan
seorang penjamin, serta menetapkan 26 April dan 1 Jun depan
untuk sebutan semula kes. – BERNAMA
Ringgit flat versus US dollar in early
trade. - The Edge Market, March 18, 2022 10:08 am +08
KUALA LUMPUR (March 18): The ringgit opened flat versus the US
dollar on Friday (March 18) despite oil prices surging amidst
Russian supply concerns.

At 9.20am, the local currency was unchanged at 4.1945/1980


versus the greenback from Thursday’s close.

Bank Islam Malaysia Bhd chief economist Mohd Afzanizam Abdul


Rashid said the ringgit is likely to trade within in a narrow range on
Friday as the rise in global interest rates indicate that economic
recovery is ongoing, while the Russia-Ukraine military conflict could
pose a great challenge on the macroeconomic environment.

The monetary tightening campaign has continued with the Bank of


England (BoE) joining its United States counterpart, raising its
benchmark interest rate by another 25 basis points to 0.75%.

“This is the third rate hike since last December, supporting the view
that the global economy is firming up despite concerns over the war
in Ukraine," he told Bernama.
Ringgit flat versus US dollar in early
trade. - The Edge Market, March 18, 2022 10:08 am +08
Meanwhile, Brent crude price trended higher at US$107
(RM449.45) per barrel as prospects of peace talks looks dim.

At the opening, the ringgit was traded mostly lower against a basket
of major currencies, except versus the Japanese yen where it rose
to 3.5343/5375 from 3.5364/5396 at Thursday's close.

The local unit weakened against the Singapore dollar to


3.0990/1018 from 3.0931/0959 on Thursday, declined against the
British pound at 5.5216/5262 from 5.5212/5258, and was lower
against the euro at 4.6559/6598 from 4.6311/6350 previously.
Bursa Malaysia opens marginally higher on market volatility
Bernama. The Edge Market, March 18, 2022 09:42 am +08
KUALA LUMPUR (March 18): Bursa Malaysia opened
marginally higher as markets turned volatile following the US
Federal Reserve's aggressive interest rate stance, and the
surge in oil prices due to supply shortage concerns arising from
the Russia-Ukraine conflict, analysts said.

At 9.05am, the benchmark FTSE Bursa Malaysia KLCI (FBM


KLCI) was 0.34 of-a-point higher at 1,591.22 from 1,590.88 at
Thursday’s close.

The market bellwether opened 2.8 points better at 1.593.68.

On the broader market, gainers inched past losers 174 to 124,


while 190 counters were unchanged, 2,321 untraded, and 45
others suspended.

Total turnover stood at 98.32 million worth RM10.2 million.


Rakuten Trade Sdn Bhd vice president of equity research
Thong Pak Leng expects the index to hover within the 1,580-
1,600 range on Friday (March 18) due to the prevailing market
volatility.
Bursa Malaysia opens marginally higher on market volatility
Bernama. The Edge Market, March 18, 2022 09:42 am +08
“Meanwhile, profit-taking activities saw crude palm oil price
declining to around RM6,500 per tonne, while oil benchmark
Brent crude closed past the US$106 per barrel as fears on the
supply side escalate,” Thong told Bernama.

Among the heavyweights, Malayan Banking Bhd added three


sen to RM9.01, Petronas Chemicals Group Bhd improved three
sen to RM9.45, IHH Healthcare Bhd was up 13 sen to RM6.52
and Tenaga Nasional Bhd gained three sen to RM9.11, while
Public Bank Bhd fell two sen to RM4.61 and CIMB Group
Holdings Bhd eased seven sen to RM5.41.

Of the actives, Dagang NeXchange Bhd bagged half-a-sen to


99.5 sen, Hibiscus Petroleum Bhd rose four sen to RM1.14 and
Bumi Armada Bhd added one sen to 42.5 sen.

On the index board, FBM Emas Index was 5.88 points stronger
at 11,280.56, FBM Emas Shariah Index ticked up 24.91 points
to 11,843.28, FBM 70 reduced 1.1 points to 13,356.99, FBMT
100 Index increased 1.64 points to 10,992.27, and FBM ACE
climbed 14.06 points to 5,377.88.
Bursa Malaysia opens marginally higher on market volatility
Bernama. The Edge Market, March 18, 2022 09:42 am +08
Sector-wise, the Industrial Products and Services Index inched
up 0.87 of-a-point to 203.85 and the Plantation Index recovered
25.14 points to 7,852.56, while the Financial Services Index fell
31.1 points to 16,764.48.

You might also like