Malaysia Airlines Market News Update : Epic Research Malaysia

Pro-Russian militiamen in Ukraine loaded almost 200 bodies from downed flight MH17 into refrigerated train wagons on Sunday as an outraged United States pointed the finger of blame directly at Moscow and demanded it ensure full access to the crash site for international investigators.

In what is the most unequivocal statement incriminating Russia, US Secretary of State John Kerry said the missile system used to shoot down the Malaysia Airlines jet was "transferred from Russia in the hands of separatists".

European leaders warned Moscow of further sanctions over the crash while Kiev piled on the pressure by releasing fresh recordings of what it says are intercepted conversations between rebels organising to hide the flight's black boxes from international monitors Malaysia Airlines flight MH17 was blown out of the sky on Thursday by what is believed to be a surface-to-air missile, killing 298 passengers and crew and dramatically raising the stakes in Ukraine's bloody three-month conflict.

Insurgents said they had in hand material resembling black boxes but promised to give them to "international investigators if they arrive".

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Malaysia Airlines Market News Update : Epic Research Malaysia

President Barack Obama said on Friday the downing of a Malaysian jetliner in a Ukrainian region controlled by Russian-backed separatists should be a "wake-up call" for the West in its drive to hold Russia accountable for a crisis that appears to be at a turning point.

While stopping short of blaming Moscow for Thursday's crash of Malaysia Airlines Flight 17, in which 298 people died, Obama accused Russia of failing to stop the violence that made it possible to shoot down the plane. The United States has said the jetliner was hit by a surface-to-air missile fired from rebel territory. "This certainly will be a wake-up call for Europe and the world that there are consequences to an escalating conflict in eastern Ukraine; that it is not going to be localized, it is not going to be contained," Obama told reporters.

Increasing international demands for an investigation into the crash present Obama with the opportunity, at least temporarily, to counter the perception that his presidency's global influence is eroding and to exert leadership at a time when his domestic and foreign policy initiatives appear to be faltering.

Television broadcasts of pro-Russian rebels sifting through the remains of the Boeing 777-200 divert attention from a crisis in the United States involving child migrants on the southern US border and crises abroad including Israel's ground assault in Gaza and Islamist gains in Iraq.

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Malaysia Airlines Market News Update : Epic Research Malaysia

A Malaysian disaster response team including two air accident investigators was due in Kiev on Saturday, after the country's leader appealed to Russian President Vladimir Putin to help them gain access to the MH17 crash site.

Malaysian Prime Minister Najib Razak told reporters late Friday that he spoke to Putin by phone to stress the need for an objective, unfettered probe into the crash that killed 298 people, amid concerns the site was vulnerable to tampering.

"I also told Putin that the site should not be tampered (with) before the team begins its investigation," he was quoted saying by Malaysian national news agency Bernama.

The Malaysia Airlines Boeing 777 came down in cornfields in a separatist-held region, with the United States claiming it was shot down in a missile attack, a possible casualty of Ukraine's battle with pro-Russian rebels.

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Malaysia Airlines Market News Update : Epic Research Malaysia

Shares in Malaysia Airlines tumbled almost 18 per cent on Friday after one of its passenger jets crashed in violence-wracked Ukraine, just months after the carrier was hit by the loss of a plane over the Indian Ocean.

The firm fell 17.8 per cent to 0.185 ringgit at one point in morning trade on the Kuala Lumpur stock exchange, before paring some of those losses to sit 13 per cent lower.

Malaysian Airlines flight MH17 was carrying 298 people from Amsterdam to Kuala Lumpur when it came down late Thursday over eastern Ukraine, with US officials said it was shot down by a surface-to-air missile.

Ukrainian government forces are engaged in a fierce battle to quell a rebellion in the country's east by pro-Russian insurgents.

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Malaysia Airlines Market News Update : Epic Research Malaysia

Malaysia's premier expressed "shock" at reports a Malaysia Airlines flight may have been shot down over troubled eastern Ukraine as his nation reeled from another wrenching air tragedy just months after MH370 disappeared.

Tearful relatives began gathering at Kuala Lumpur's international airport in the early hours of Friday morning, many beside themselves with grief as they endured an agonising wait.

One woman, Akmar Mohd Noor, said her 67-year-old sister was among the 298 people on board Flight MH17, adding that she rushed to the airport as soon as she saw the news on television.

"She was coming back from Geneva to celebrate Hari Raya (Eid al-Fitr) with us for the first time in 30 years. Her son was supposed to come with her but he refused to come with her," she said between sobs.

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KLSE Malaysia News Update : Epic Research Malaysia

Malaysia's consumer price index in June rose 3.3 per cent from a year earlier, marginally above expectations and the level a month earlier, data from the Statistics Department showed on Wednesday.

The index rose 3.2 per cent in May.

A Reuters poll of 12 economists forecast the annual inflation rate in June to hold steady at 3.2 per cent.

Last week, Malaysia's central bank raised the key interest rate for the first time in more than three years to curb inflation and a burgeoning household debt. It hiked the rate 25 basis points to 3.25 per cent.

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KLSE Malaysia News Update : Epic Research Malaysia

Ratings agency Fitch warned on Monday that a merger plan by Malaysia's second largest bank CIMB Group with RHB Capital and Malaysia Building Society to create the country's biggest lender was fraught with risk.

"The proposed merger of CIMB, RHB and Malaysia Building Society (MBSB) is ambitious, and will bring inherent challenges and risks for the new banking group amid a complex integration process," Fitch Ratings said in a statement.

Last week, CIMB, RHB Capital, which is Malaysia's fourth largest bank, and MBSB said they had entered into a 90-day exclusivity agreement to negotiate the proposed merger of the three entities and "the creation of a mega Islamic bank".

Malaysia, Southeast Asia's third-largest economy after Indonesia and Thailand, hopes to become an important gateway into booming regional markets, while in Islamic finance it is determined to position itself as the leading international centre.

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KLSE Malaysia News Update : Epic Research Malaysia

Malaysia's industrial production in May rose 6.0 per cent from a year earlier, its best growth since a 6.7 per cent rise in February, data from the Statistics Department showed on Thursday, and was above expectations.

A Reuters poll of 12 economists had forecast factory output would grow 4.4 per cent, buoyed by improved exports and a halt to water rationing that had affected production.

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KLSE Malaysia News Update : Epic Research Malaysia

Malaysia's central bank is expected to raise its policy interest rate for the first time in more than three years to rein in spending that has ratcheted up consumer debt and inflation.

Economists expect Bank Negara to favour tighter policy at its rate review on Thursday as growth has been strong and exports are improving. "Strong growth would help mitigate the impact of an interest rate hike on slower private consumption," said Michael Wan, a Credit Suisse economist. "Higher interest rates would serve as a deterrent to new borrowers and moderate household debt," Wan added.

A majority of economists in a Reuters poll forecast a 25-basis-point increase to 3.25 per cent. The central bank has held rates steady since mid-2011.

At its meeting in May, Bank Negara signalled that key rates"may need to be adjusted" to tackle "financial imbalances".

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KLSE Malaysia News Update : Epic Research Malaysia

 Malaysian stationary maker Pelikan International Corporation Bhd plans to list some of its units and assets in Germany in a move that will raise at least 491.3 million ringgit (US$154.98 million), it said on Tuesday.

The proposed listing - to be done via private placements and offers for sale - will include an asset injection into the company and its 96.45 per cent-owned Switzerland unit Pelikan Holding AG into Herlitz AG for 1.19 billion ringgit.
In return, Pelikan will receive 266 million new shares in Frankfurt listed Herlitz, of which Pelikan now holds a 70.92 per cent stake, according to a stock exchange filing on Tuesday.


The deals will allow Pelikan to unlock the value of its various stationary businesses and provide funds for growth, the company said.

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KLSE IForex Recommendations : Epic Research Malaysia

TRADING TIPS :

GBP/USD hit 1.7131 during U.S. morning trade, the session low; the pair subsequently consolidated at 1.7150, dipping 0.03%. Cable was likely to find support at 1.7096, the low of July 1 and resistance at 1.7180, the session high and the most since October 2008. Sterling has strengthened broadly since the start of this year.

INTRADAY OUTLOOK

Support: 1.7120

Resistance: 1.7170

RECOMMENDATION:

1. Buy GBP/USD Above 1.7170- TG: 1.7200/ 1.7230 SL 1.7130

2. Sell GBP/USD Below 1.7120- TG: 1.7090/ 1.7050 SL 1.7150

INTRADAY OUTLOOK

Immediate Support: 1.3580

Immediate Resistance: 1.3620

RECOMMENDATION:

1. Buy EUR/USD Above 1.3620- TG: 1.3650/1.3680 SL 1.3590

2. Sell EUR/USD Below 1.3580- TG: 1.3550/1.3520 SL 1.3610

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