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A screen in Hana Bank's trading room in central Seoul shows the Kospi closing at 2,592.34 points on Thursday, down 33.64 points, or 1.28 percent, from the previous trading day. [YONHAP] Shares dropped by more than 1 percent to snap a two-day winning streak, as investor appetite for risky assets fell amid fears about high-flying inflation that sparked a massive sell-off on Wall Street. The won fell against the dollar. The Kospi retreated 33.64 points, or 1.28 percent, to close at 2,592.34 points. Trading volume was moderate at about 663 million shares worth some 9.7 trillion won ($7.6 billion), with losers outnumbering gainers 767 to 124. Institutions sold a net 483.4 billion won, and foreigners offloaded 97.9 billion won, while retail investors bought 520.2 billion won. The key stock index faltered below the 2,600-point mark at the opening bell, tracking an overnight plunge on Wall Street. The S&P 500 sank 4.04 percent Thursday, the sharpest drop since June 2020, as … [Read more...] about Stocks drop more than 1 percent after Wall Street plunge

- A + A BENGALURU (May 19): The Philippine peso firmed on Thursday after its central bank raised rates for the first time in more than three years, while Asian shares tumbled on concerns around surging inflation, its impact on retail demand, and the threat of a recession. Stocks in Manila fell 1%, while the Philippine peso edged up 0.2%. The Philippine central bank raised its benchmark interest rate by 25 basis points, as expected, to address rising inflationary pressures. "With the recovery in hand and price pressures surging, Bangko Sentral ng Pilipinas (BSP) finally decided to join the rate-hike club... The bigger development was the quick walk-back of pandemic support with BSP closing the provisional advance and tweaking the bond purchase window," said Nicholas Antonio Mapa, senior economist at ING. Equities in the region also tracked weakness on Wall Street overnight as retail giant Target Corp warning of a bigger margin hit due to rising fuel and freight … [Read more...] about Philippine peso firms after rate hike, Asian stocks fall on growth fears

- A + A LONDON (May 19): Heavy falls in European and Asian stock markets followed Wall Street's worst day since mid-2020 on Thursday, as stark warnings from some of the world's biggest retailers underscored just how hard inflation is biting. Bond markets rallied in the dive for safety and on bets that interest rate rises may get recalibrated, but it was the gloom striking down equities after Wednesday's US$25 billion wipeout in US retailer Target's shares that dominated the action. Europe opened down 1.8%, led by a 2.2% fall in its retail sector, while scarlet red US futures and some sharp overnight drops in China tech firms put 1½-year lows back in focus for MSCI all-country world. "Target and Walmart coming out with disappointing numbers has really, really spooked people," said Close Brothers Asset Management's Chief Investment Officer Robert Alster. "We are going to see a raft of downgrades to US GDP (forecasts) now... it really looks like we are running into … [Read more...] about Shares slump as retailer warnings fuel stagflation fears

- A + A KUALA LUMPUR (May 19): MIDF Research has maintained its 'buy' call on Cahaya Mata Sarawak Bhd (CMSB) with an unchanged target price of RM1.62, following its better core earnings in the first quarter ended March 31, 2022 (1QFY22). CMSB's core earnings grew 65.6% year-on-year (yoy) to RM73.9 million, driven mainly by improved performances of its cement and road maintenance divisions, while the group’s share of results from its associates gave it an extra boost. In a note on Thursday (May 19), the research firm said CMSB's results came in above its expectation at 36% of FY22 earnings estimate. "The relaxation of the country’s Covid-19 restrictions allowed activities across various sectors to pick up pace, leading to improved demand for cement which is CMSB’s main revenue generator. "The division saw an improvement of 6.6% yoy for the quarter to RM136.6 million, while its profit before tax came in at RM29.2 million, a growth of 34.1%  yoy," it said. Hence, … [Read more...] about MIDF Research maintains ‘buy’ call on Cahya Mata on positive construction sector

A super slide for stocks, bonds, and cryptocurrencies rolled all the way into last week, right up until Friday, when the Nasdaq posted its strongest one-day gain since November of 2020. Despite Friday's gains, the major averages posted losses for the week, with the Dow closing down more than 2% and posting its first seven-week losing streak since 2001. The S&P 500 fell 2.5% and hit its longest weekly losing streak since 2011, while the Nasdaq fell 2.8%. It's been a rough, rough year across capital markets. A full $35 trillion in global market value has been erased since the beginning of the year. That's 14% of all global wealth, including a trillion dollars of losses in cryptocurrencies. To put those losses in perspective, 2008 saw a 19% decline in global market value, and that doesn't include non-financial assets such as housing. Still, perspective is everything, especially for investors who have been invested in the U.S. stock market for at least five years. Believe it or not, … [Read more...] about Keeping it Real with Real Vision’s Raoul Pal

- A + A KUALA LUMPUR (May 19): In a rare update, Top Glove Corp Bhd said the world’s largest rubber glove maker’s foreign shareholding has been stable at around 35%, after Bursa Malaysia indicated that foreign investors were net sellers of Top Glove shares in April 2022, following net purchases in the preceding two months. "Our foreign shareholding has been stable at around the 35% range,”  Top Glove said in a statement on Thursday (May 19) in response to theedgemarkets.com's enquiries. On Tuesday (May 17), Bursa’s research arm Bursa Digital Research said in a note that Top Glove topped the list of net sell stocks by foreign investors in terms of value on Bursa in April 2022. "Foreign investors net disposed of -RM63 mil (worth of Top Glove shares) in April (2022), after increasing its position for the past two months. "Meanwhile, local institutions turned net buyers after selling for the past three months. Local retailer (retail investors) added +RM37 mil to its … [Read more...] about In rare update, Top Glove says foreign shareholding ‘stable’ at around 35%

Examples of Art Deco architecture in Mumbai include the Chhatrapati Shivaji Terminus, Eros Cinema, the Bombay High Court, the Gateway of India and at least 35 buildings along Marine Drive. (Image: Md Mahdi via Unsplash) Mumbai is a city of dreams and shocking realities. And in-between Bollywood bling and bumper-to-bumper traffic are oodles of art, heritage, culture, mystery and sumptuous food. The best way to get to know Mumbai is to get out and explore. Luckily, we have some experts who can shine a light and show us the city as we have never seen it before. Here some of the best offbeat tours of Mumbai: Grisly Girgaon walk by Khaki Tours Dare to venture into the haunted lanes of Mumbai and become a ghost buster? Then join this walking tour around Girgaon in south Mumbai. Organised by Khaki Tours, the 2-hour walk takes participants on a exploration of the old buildings and graveyards which come alive through the stories associated with them. “My maternal side of the … [Read more...] about India heritage tours | Unusual things to do in Mumbai

- A + A KUALA LUMPUR (May 19): Bursa Malaysia snapped a three-day winning streak to end in the red on Thursday (May 19), dragged by selling in selected heavyweights led by Press Metal Aluminium Holdings Bhd and Public Bank Bhd. Press Metal gave up 20 sen to RM5.08 and Public Bank fell four sen to RM4.57, with both stocks contributing a combined 4.203 points to the loss in the composite index. At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) dropped 5.5 points or 0.35% to 1,549.41 from Wednesday's close of 1,554.91. The benchmark index, which opened 4.67 points easier at 1,550.24, moved between 1,545.02 and 1,554.53 throughout the day. Market breadth was negative with decliners outnumbering advancers 692 to 272, while 380 counters were unchanged, 925 untraded, and 22 others suspended. Total turnover dwindled to 2.69 billion units worth RM2.23 billion from 3.74 billion units worth RM2.25 billion on Wednesday. Rakuten Trade Sdn Bhd vice president of equity … [Read more...] about Bursa Malaysia snaps three-day winning streak to end lower

Share to Twitter Share to Linkedin (Photo by Jessica Rinaldi/The Boston Globe via Getty Images) Billionaire casino magnate Steve Wynn resigned from his eponymous company, Wynn Resorts, on Tuesday evening amid a swirl of sexual misconduct allegations. The decision to distance himself from the company comes after dozens of people who have worked for him in the last several decades have come forward with claims of inappropriate behavior. "In the last couple of weeks, I have found myself the focus of an avalanche of negative publicity," said Wynn, 76, in a statement. "As I have reflected upon the environment this has created — one in which a rush to judgment takes precedence over everything else, including the facts — I have reached the conclusion I cannot continue to be effective in my current roles." Wynn, who is behind many of Las Vegas' most iconic properties such as The Mirage, Treasure Island and Bellagio, has denied the allegations and … [Read more...] about Billionaire Steve Wynn Resigns As CEO Amid Sexual Misconduct Allegations

It's become an obsession for many. Filters and retouching apps have such an all-encompassing presence on social networks that we don't know what stars, influencers, and virtual friends actually look like. Slim down figures, give the rear end a lift, erase cellulite, wrinkles, acne, and stretch marks, and even more, to attain a fantasy beauty ideal, which is not exactly in line with the body positivity movement that advocates self-acceptance. In 2019, Chinese influencer "Your Highness Qiao Biluo" became the laughing stock of the web as the filter she used for her videos was disabled on the social network Douyu. The web celebrity, who pretended to be a young woman in her 20s, was found out to be a woman of 58 years old – which in itself isn't a problem – and her physique was completely unlike that of her fresh-faced, glamorous virtual twin. Filters and photo editing apps, which continue to proliferate like wildfire, have the ability to completely transform a person, from head to … [Read more...] about Would you be recognisable in real life based on your glamorous beauty snaps?