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KL shares open lower Posted: 19 Aug 2013 07:02 PM PDT Bursa Malaysia opened lower Tuesday, weighed by weaker sentiment in regional equity markets. At 9.11am, the FTSE Bursa Malaysia KLCI (FBM KLCI) was 14.7 points lower at 1,763.66, after opening 4.51 points easier at 1,773.85. Japan's Nikkei 225 was 0.65 per cent lower at 13,668.06 and Hong Kong's Hang Seng Index fell 0.24 per cent to 22,463.70. Nearer to home, Singapore's Straits Times Index shed 0.49 per cent to 3,157.75. Facing external headwinds, Malaysian equities are set to come under renewed selling pressures today, said HwangDBS Vickers Research in a note today. It said the FBM KLCI may pull back further from the support-turned-resistance level of 1,785 with the next support line currently seen at 1,750. "In particular, sentiment will likely be hit by an overnight drop on Wall Street," added HwangDBS. Key US bellwethers slid between 0.4 per cent and 0.6 per cent last night amid continuous concerns of a monetary stimulus tapering .by the Federal Reserve anytime soon. Index-linked stocks, Maybank and CIMB which contributed 4.3 per cent to the index, lost 16 sen to RM10.28 and 13 sen to RM7.77. On the scoreboard, the Finance Index erased 151.89 points to 16,763.96, the Plantation index fell 52.64 points to 8,236.72 and the Industrial Index eased 24.22 points to 2,980.39. The FBM Emas Index fell 82.41 points to 12,327.76, the FBM100 Index gave up 82.59 points to 12,050.32 and the FBM 70 Index shed 23.88 points to 14,225.46. Losers outpaced gainers 212 to 67, with 158 counters unchanged, 1,148 untraded and 11 others were suspended. Turnover totalled 167.208 million shares worth RM116.258 million. Among actives, Daya Materials edged up half-a-sen to 36 sen, Luster Industries, China Stationery and Flonic Hi-Tec were flat at 10 sen, 25.5 sen and 20 sen, respectively. Malaysian Airline slipped half-a-sen to 35.5 sen, Maxis was flat at RM7.20 but Axiata slipped five sen to RM6.85, Sime Darby declined three sen to RM9.46 and Petronas Chemicals eased two sen to RM6.60.-- Bernama

Ringgit opens lower against US dollar Posted: 19 Aug 2013 07:04 PM PDT The ringgit opened lower against the US dollar in early trading today, in line with emerging currencies, a dealer said. The ringgit fell against the US dollar to 3.2950/2980 from 3.2845/2875 yesterday. The dealer said the strengthening of the greenback, boosted by high US Treasury yields, shifted investors appetite towards the US dollar. "US benchmark bond yields hit a two-year high of nearly three per cent yesterday," he added. The local currency was traded mostly lower against other major currencies. It rose against the Singapore dollar to 2.5754/5782 from 2.5763/5798 yesterday but fell against the yen to 3.3729/3763 from 3.3629/3663 on Monday. The ringgit was lower against the British pound at 5.1550/1610 from 5.1386/1440 yesterday and eased against the euro to 4.3939/3985 from 4.3769/3816 on Monday.-- Bernama

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Egypt's ex-president Mubarak may be freed soon - USA TODAY Posted: 19 Aug 2013 08:22 AM PDT Hosni Mubarak, the former Egyptian president who was ousted from power in February 2011, could soon be released from detention after being cleared of corruption charges, according to his lawyer and judicial officials. ."All we have left is a simple administrative procedure that should take no more than 48 hours. He should be freed by the end of the week," Mubarak's lawyer Fareed El-Deeb told Reuters. Judicial officials, speaking to the Associated Press on condition of anonymity because they were not authorized to talk to the media, said there were no longer any grounds to hold the 85-year-old former autocrat because of the expiration of a two-year legal limit for holding an individual in custody pending a final verdict. Mubarak, 85, was cleared of corruption charges related to alleged embezzled funds for the presidential palace, but he is still to face a retrial over conspiracy to kill protesters during the violence that rampaged through Egypt in 2011. Separately, The New York Times, citing state media, reported via Twitter that judicial authorities and security officials in the nation have ordered Mubarak's release. The moves comes as clashes between Egypt's anti-military protesters and security forces, killing hundreds, have raged since Wednesday. At least 25 policemen were killed Monday when assailants ambushed two minibuses carrying security personnel in Egypt's north Sinai Peninsula. EGYPT: Militants kill 25 Egyptian policemen On July 3, Mohammed Morsi, the Muslim Brotherhood leader who was elected to replace Mubarak, was himself ousted from Egypt's presidency.

US faces dilemma over aid to Egypt amid deadly violence - CBS News Posted: 18 Aug 2013 08:13 PM PDT (CBS News) WASHINGTON - The violence is taking place in Egypt. The aid debate is taking place at home. And on Sunday, there were new calls to reassess the American relationship with an increasingly fragile nation. With nearly 900 killed in five days of clashes with the Egyptian military, the calls to end the flow of U.S. money are getting louder. South Carolina Sen. Lindsey Graham believes Egypt is looking more and more like a failed state. South Carolina Sen. Lindsey Graham is among those calling for the suspension of American aid to Egypt following deadly clashes in that country. / CBS News "We're gonna have to suspend our aid, because we can't support the reaction of the military," he said on CBS' "Face the Nation" Sunday. Historically the U.S. has been a major sponsor of the Egyptian military. Of the $1.5 billion in aid the U.S. sends Egypt yearly, $1.3 billion is for the country's security forces. It was the military that ousted the elected president, Mohammed Morsi, and is shooting the president's supporters. Middle East analyst Mohsin Khan said even if U.S. aid is suspended it will have little effect. "Egypt needs something close to $15-$20 billion to get by," he said. "$1.3 billion is not that much. They are going to get a lot more from the Arab countries." For decades, the U.S. has relied on Egypt's military to stabilize the Middle East. But the White House faces a dilemma -- preserving the relationship, but at what cost? Of the $1.5 billion that goes from the U.S. to Egypt, $1.3 billion goes to the country's security forces. It was the military the ousted President Morsi. / CBS News "We deplore violence against civilians," said President Obama on Thursday. He cancelled joint military exercises with Egypt and vowed more punitive action if the violence continues. Egypt's military leaders dig in despite deaths Graham: Egypt is turning protesters into martyrs Egypt security raids Muslim Brotherhood homes It is an approach Democratic Sen. Richard Blumenthal said he supports. "Looking forward, I think that the approach has to be to condition our future aid on specific steps toward the rule of law and return to democracy," Blumenthal said. But critics of the administration's strategy believe the White House's options are limited. Arizona Sen. John McCain said the Obama administration has lost credibility. "We have to comply with the law," said McCain. "And this administration did not do that after threatening to do so." Meanwhile, the president returns from his vacation Sunday evening. And increasingly there are concerns the lines of communication between Egypt's military leaders and U.S. officials are breaking down.

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