Friday, July 28th, 2017


Alleged bitcoin fraud ‘mastermind’ sought by US held in Greek prison

ATHENS, July 28 ― A Russian national suspected of masterminding a money-laundering operation using bitcoin was transferred to prison in Greece on Friday, while the United States prepares documentation to back an extradition request for him….

Wall Street opens lower as Amazon weighs on tech stocks

WASHINGTON, July 28 ― US stock indexes opened lower today as Amazon’s profit miss spooked investors and dragged down shares of other technology companies. Amazon’s shares were down 4.21 per cent after it reported a 77 per cent drop in…

Consumers, businesses lift US economic growth in Q2

WASHINGTON, July 28 ― The US economy accelerated in the second quarter as consumers ramped up spending and businesses invested more on equipment, confirming that the sluggish performance early in the year was temporary. Gross domestic product…

Bursa Malaysia slips from three-week high on profit-taking

KUALA LUMPUR: Bursa Malaysia retreated from yesterday's three-week high and opened lower today as profit-taking set in to trim recent gains.

The FTSE Bursa Malaysia KLCI (FBM KLCI) opened 0.58 of-a-point weaker at 1,769.49 and retreated a further 1.69 points to 1,768.38 at 9.05am.

The index closed at 1,770.07 on Thursday.

However, market breadth was positive with losers outpacing gainers 84 to 80 with 142 counters remaining unchanged while 1,552 were untraded and 85 others, suspended.

Turnover stood at 42.58 million shares worth RM23.39 million.

AllianceDBS Research said, in a note, that market participants turned cautious in their buying game when the index was hovering around 1,771-points as the level was viewed as a hurdle.

“It is believed that market participants would still be unwilling to play a more aggressive buying game at this juncture in the absence of positive market leads. “As such, the FBM KLCI would likely to trade above the 1,772.03 points level today,” it said.

Meanwhile, Public Investment Bank Bhd said many investors remained on the sidelines after the overnight US dollar clawed back early losses against the euro as the markets continued to digest Wednesday's policy statement from the US Federal Reserve.

Of heavyweights, Tenaga fell 12 sen to RM14.12, CIMB lost 10 sen to RM6.58, Maybank amd Some Darby remained flat at RM9.64 and RM9.54, respectively, while Public Bank added sen to RM20.56.

Among active counters, MPay and Frontken eased half-a-sen each to 28 sen and 38 sen, respectively, MLab and UMWOG remained unchanged at 17 sen and 31 sen, respectively, while Ancom was 1.5 sen higher at 8.2 sen.

Of losers, NHFatt fell 33 sen to RM4.01, Tasek declined 18 sen to RM12.82, Panasonic Manufacturing erased 10 sen to RM37.00, TAHPS shed eight sen to RM7.32 and Fibon was seven sen lower at 65.5 sen.

The FBM Emas Index decreased 5.23 points to 12,599.93, the FBMT 100 Index slipped 4.74 points to 12,242.91, the FBM Emas Syariah Index gave up 10.76 points to 12,734.64 and the FBM Ace was 5.11 points lower at 6,666.47.

However, the FBM 70 jumped 20.39 points to 14,990.96.

Sector-wise, the Plantation Index added 3.15 points to 7,838.55, the Finance Index advanced 9.93 points to 16,840.72 and the Industrial Index gathered 0.81 of-a-point to 3,284.68.

The physical price of gold as at 9.30am stood at RM167.82 per gramme, down 28 sen from RM168.10 at 5pm yesterday. — Bernama

Sime Darby sees slew of management changes

KUALA LUMPUR (July 28): Shares in Sime Darby Bhd slipped 0.1% in the morning session today, ahead of a series of appointments to the group…

Berjaya unit purchases stake in 7-Eleven

KUALA LUMPUR, July 28 ― Berjaya Assets Bhd’s unit, Sublime Cartel Sdn Bhd, acquired 14.63 million shares, representing 1.32 per cent equity interest in 7-Eleven Malaysia Holdings Bhd, in the open market. In a filing to Bursa Malaysia today,…

Bursa Malaysia finishes week lower

KUALA LUMPUR: Bursa Malaysia finished the week lower today on lack of market-moving catalysts, dealers said.

At 5pm, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) ended at an intra-day low of 1,767.08, down 2.99 points, or 0.16%, from Thursday's close of 1,770.07.

After opening 0.58-of-a-point lower at 1,769.49, the market benchmark moved between 1,767.08 and 1,772.30 throughout the day.

On the broader market, losers trounced gainers by 495 to 335, with 363 counters unchanged, 665 untraded and 85 others suspended.

Volume, however, improved to 1.64 billion units worth RM2.20 billion from 1.58 billion units worth RM1.97 billion yesterday.  

Affin Hwang Investment Bank Vice-President/Head of Retail Research, Datuk Dr Nazri Khan Adam Khan, said the local stock market, like the regional peers, lacked market-moving catalysts.

The investors were still digesting the US Federal Reserve's decision on Wednesday to maintain the interest rate at between one and .25%, he said.

“However, the fall was only a temporary trend as the country's fundamentals remained strong, backed by the strengthened ringgit and better economic growth forecast,” he said.

He said the International Monetary Fund upgraded Malaysia's 2017 gross domestic product forecast to 4.8% on Monday, up  from 4.5% as projected earlier.

“The revised growth projection has lifted the ringgit to become the strongest appreciated currencies in the Association of South-East Asian Nations,” he told Bernama.

Of the heavyweights, Genting Malaysia erased 12 sen to RM5.99, Axiata was six sen lower at RM4.63, Tenaga declined eight sen to RM14.16 and HapSeng fell 14 sen to RM9.01.

Sime Darby fell four sen RM9.50.

Today, it announced new chairmen and senior leadership for each of the the group's three pure plays, namely, Sime Darby Plantation Bhd, Sime Darby Property Bhd and Sime Darby Bhd itself.

Among the actives, MLab was 1.5 sen weaker at 15.5 sen, AHB dropped 65 sen to 30 sen and Talam Transform eased half-a-sen to five sen.

AT Systematization remained flat at four sen. CIMB rose five sen to RM6.64.

United Plantations topped the list of the gainers by bagging 60 sen to RM27.80, while the top loser,NHFatt, gave up 40 sen to RM3.94.

The FBM Emas Index decreased by 13.53 points to 12,591.63, FBM Emas Shariah Index was 15.72 points lower at 12,729.68, FBMT 100 Index fell 15.04 points to 12,232.61 and the FBM Ace dipped 54.94 points to 6,616.64.

The FBM 70, however, advanced 2.89 points to 14,973.47.

Sector-wise, the Finance Index declined by 4.40 points to 16,826.38 and Industrial Index was 9.86 points softer at 3,274.01. The Plantation Index gained 4.39 points to 7,839.79.

The Technology Index ended 0.34 of-a-point higher at 37.82, buoyed by the announcement of five Malaysian companies being on the list of Forbes 2017 “Best Under A Billion”, as four out of the five companies on the list were technology-related firms.

The Main Market turnover advanced to 1.07 billion shares worth RM2.08 billion versus 1.01 billion shares worth RM1.84 billion on Thursday.

Warrants narrowed to 96.68 million valued at RM11.73 million from 122.30 million units valued at RM13.05 million yesterday.

Volume on the ACE Market increased to 462.87 million shares worth RM109.68 million against 449.48 millon shares worth RM114.91 million against 295.52 million shares valued at RM88.94 million previously.

Consumer products accounted for 43.13 million shares traded on the Main Market, industrial products (254.61 million), construction (61.34 million), trade and services (406.44 million), technology (47.90 million), infrastructure (5.45 million), SPAC (2.23 million), finance (101.26 million), hotels (6.58 million), properties (126.02 million), plantations (12.71 million), mining (23,200), REITs (7.39 million) and closed/fund (35,000).

The physical price of gold as at 5pm stood at RM167.57 per gramme, down 53 sen from RM168.10 at 5pm yesterday. — Bernama

Sime Darby reveals new leadership for pure plays

PETALING JAYA: Sime Darby Bhd has announced the new chairman and senior leadership for its three pure plays as well as a leaner and more focused direction for Sime Darby itself.

Tan Sri Dr Wan Abdul Aziz Wan Abdullah, who is currently the deputy chairman of Sime Darby, has been named the new chairman of Sime Darby, with Jeffri Salim Davidson as the president and group chief executive.

The two will be supported by Datuk Lawrence Lee Cheow Hock as managing director of Sime Darby Motors, Scott William Cameron as managing director of Sime Darby Industrial and Timothy Lee Chi Tim as managing director of Sime Darby Logistics.

Sime Darby’s current chairman Tan Sri Abdul Ghani Othman has been named the new chairman of Sime Darby Plantation Bhd while current president and group chief executive of Sime Darby Tan Sri Mohd Bakke Salleh will take on the role of executive deputy chairman and managing director of the plantation unit.

Datuk Franki Anthony Dass will be the chief advisor and value officer while Renaka Ramachandran is the CFO for Sime Darby Plantation.

The third pure play, Sime Darby Property Bhd will be led by Tan Sri Abdul Wahid Omar as chairman, Datuk Seri Amrin Awaluddin as managing director and Datuk Tong Poh Keow as executive director and CFO.

Sime Darby Plantation and Sime Darby Property are on course for listing at year-end.

“We are confident that all three pure plays have the right leadership to take the companies forward in these challenging times. Their task is to grow the businesses and their challenge is to achieve this while delivering consistent returns for all their stakeholders,” Abdul Ghani said in a statement today.

Bursa ends week lower on lack of catalysts

KUALA LUMPUR, July 28 ― Bursa Malaysia finished the week lower today on lack of market-moving catalysts, dealers said. At 5pm, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) ended at an intra-day low of 1,767.08, down 2.99 points, or 0.16…

Petronas to take a hit from Canada pullout, but sees long-term domestic gains

KUALA LUMPUR, July 28 ― Petronas may have to write off up to US$800 million (RM3.4 billion) for work already done at the US$29 billion Canadian liquefied natural gas (LNG) project, but scrapping the project brings long-term benefits, analysts…