KLSE – Peter Pan qualities

Someone sent me an email on the Malaysian equity market which appears to be as infantile as it was the last time I had anything to do with it. The name Harvest Court Industries struck a chord and I had to dig around in my memory bank before realising it was a company close to home. A distant relative started it – the Ng family in KLang – and an early professional mentor – Mr SS Muker – was on the board of the company.

News about a Sabah based company proposed takeover of Harvest Court Industries caused the share price to surge. It took 2 seconds to guess the cause – a politician (in power) was linked to it. This time it was the second son of the sorry Malaysian Prime Minister, with the unfortunate name of Nazi-fuddin. Nazifuddin was on the board of the Sabah company and I guess it was expected he would be on the Board of Harvest Court Industries. This was enough to cause the share price to surge.

The mickey mouse behaviour of the Malaysian equity market is a bit like Peter Pan. It never grows up. Even when a leprous name like that of Najib Razak is associated with the company, there was positive price movement. Beggars belief.


ANZ Rewards Card

If you have an ANZ Rewards Card, make sure you don’t get slugged with the $42 annual rewards program fee. Check your statement and if they charged you, ring them up and get them to waive it. I did, but I was prepared to just cancel the card if they didn’t so I guess you have to be ready for that if they don’t budge.

I get annoyed with big corporations like that, who try to sneak in little bits of fees and see if they can get away with it. I don’t know if they deliberately target unsuspecting customers who don’t check up on details and blissfully pay unnecessary charges and fees. I am guilty of that sometimes – paying unnecessarily – but given the vulgarity of senior banking executive remuneration, paying banks fees which are totally unnecessary and unjustifiable has become a lot less unpalatable. Even revolting.

So if you are an ANZ Bank customer, and hold an ANZ Rewards Card, make sure you don’t get slugged unnecessarily. It’s only a 5 -10 minute phone call to get rid of this and save yourself $42.