Friday, August 25th, 2017
KUALA LUMPUR (Aug 25): Based on corporate announcements on Bursa Malaysia and news flow today, companies that will be in focus on Monday (Aug 28)…
WYOMING, Aug 25 ― Reforms put in place after the 2007 to 2009 crisis have strengthened the financial system without impeding economic growth, and any future changes should remain modest, Federal Reserve Chair Janet Yellen said today in her…
NEW YORK, Aug 25 ― US stocks opened higher today ahead of Federal Reserve Chair Janet Yellen’s speech, and as concerns on tax reforms faded on news that President Donald Trump will turn his attention to the long-awaited campaign promise next…
PETALING JAYA: Westports Holdings Bhd has received an approval-in-principle from the Malaysian government to expand its container terminal (CT) facilities in Port Klang from CT10 to CT19, which is an extension from the current CT1 to CT9 development.
Westports told Bursa Malaysia that the terms and conditions of the proposed expansion are subjected to further deliberations between its wholly owned subsidiary Westports Malaysia Sdn Bhd and the government.
With the approval-in-principle, the group will now commence and undertake the various studies required before finalising the terms and conditions with the government.
“Westports will provide quarterly updates on this proposed expansion to ensure fair disclosure to all our shareholders and stakeholders,” it said.
Its CEO Ruben Emir Gnanalingam said the proposed expansion could potentially increase the total handling capacity of Westports up to 30 million twenty-foot equivalent units (TEUs) per annum, and further strengthen Port Klang as the preeminent port for the nation's gateway trade as well as a transhipment hub in the region.
Its shares fell three sen to close at RM3.61 on Friday with some 580,100 shares traded, giving it a market capitalisation of RM12.31 billion.
KUALA LUMPUR: The ringgit closed at its highest level today against the US dollar on continued demand and in tandem with improved global oil prices and emerging-market currencies, dealers said.
At 6pm, the local unit was quoted at 4.2710/2740 against the greenback from Thursday's 4.2780/2810.
OANDA Senior Market Analyst Jeffrey Halley said the ringgit strengthened as investors were closely monitoring the annual ''Jackson Hole Economic Policy'' symposium in the United States today, and were particularly looking out for US Federal Reserve Chair Janet Yellen's speech.
“With the ringgit continuing its rally against the US dollar along with other emerging markets, we expect the greenback's weaknesses to linger into next week,” said Halley.
The benchmark Brent crude were trading at 0.63% higher at US$52.37 per barrel.
Meanwhile, the ringgit ended higher against other major currencies.
The ringgit rose against the yen to 3.8980/8011 from 3.9111/9142 on Thursday and strengthened versus the Singapore dollar to 3.1397/1426 from 3.1419/1453, yesterday.
The local unit improved against the euro to 5.0411/0455 from 5.0438/0482 on Thursday and appreciated against the British pound to 5.4801/4844 from yesterday's 5.4861/4904. — Bernama
PETALING JAYA: Icon Offshore Bhd swung to the red registering a net loss of RM6.56 million for the second quarter ended June 30, 2017 versus a net profit of RM617,000 in the previous corresponding period, dragged down by higher taxation.
It explained that the effective tax rate for the current quarter is higher than the statutory tax rate of 24%, mainly due to recognition of under provision of deferred taxation for its foreign operation subsidiary in Brunei.
Second-quarter revenue declined 6.8% from RM58.88 million to RM54.9 million, due to lower daily charter rates despite higher vessel utilisation.
Looking ahead, Icon Offshore said the group continues to focus on securing new contracts and maximising utilisation rates through competitive tendering for domestic and regional contracts, as well as leveraging on its expanded presence in Brunei.
“The upstream exploration and production activities in Malaysia is expected to continue to be volatile and underpin the demand for offshore support vessels. The group continues to work on conserving cash and reducing cost to improve its business liquidity and competitiveness,” it noted.
The group said it remains cautious on its financial results ending December 31, 2017.
For the first six months of the year, Icon Offshore's net loss widened from RM4.39 million to RM13.18 million, with revenue falling 13% from RM110.71 million to RM96.34 million.
The stock was down by half a sen to close at 21.5 sen on Friday, with some 1.36 million shares changing hands, bringing it a market capitalisation of RM253.1 million.
KUALA LUMPUR, Aug 25 ― Malaysia’s Sime Darby Bhd , the world’s largest oil palm planter by land size, today said it was on track to spin-off and list its plantations and property businesses by year-end, after restructuring that would create…
KUALA LUMPUR: Bursa Malaysia ended Friday on a weaker note on persistent selling in heavyweights, despite the uptrend on Asian bourses, a dealer said.
At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) shed 6.33 points to 1,769.17 after moving between 1,764.07 and 1,773.69 throughout the day.
The index opened 3.4 points lower at 1,772.10 from Thursday's close of 1,775.50.
Market breadth was negative, with losers outpacing gainers by 545 to 323, with 367 counters unchanged, 605 untraded and 37 others were suspended.
Volume fell to 2.0 billion units worth RM1.94 billion from 2.1 billion units worth RM1.98 billion recorded yesterday.
A dealer said despite the mostly higher Asian markets today, the local bourse's performance was weaker due to cautious trading, pending the outcome of the annual meeting of central bankers at Jackson Hole, Wyoming, in the US.
“The softer performance was in line with the Dow Jones Industrial Average, which fell 28.69 points, or 0.1 per cent, to 21,783.40, and Standard & Poor's 500 index, which fell 5.07 points, or 0.2 per cent, to 2,438.97,” the dealer said.
He added that the fall in the key index was also due to persistent selling ahead of the weekend, especially in trade/services-related stocks.
Heavyweights, Genting Malaysia fell 23 sen to RM5.82, IHH and Sime Darby dropped 10 sen each to RM5.91 and RM9.13, respectively, while construction stock IJM Corp gave up 11 sen to RM3.35.
These stocks collectively contributed 5.575 points to the fall in the Composite Index.
Among other heavyweights, Maybank fell one sen to RM9.56, Tenaga and Public Bank rose two sen each to RM14.30 and RM20.58, respectively, while Petronas Chemicals was flat at RM7.18.
Of the actives, Palette Multimedia rose 3.5 sen to 14.5 sen, Frontken added two sen to 36 sen and AirAsia X and Mlabs were both flat at 39 sen and 24 sen, respectively.
The FBM Emas Index declined 35.65 points to 12,608.00, FBM Emas Shariah Index decreased 42.49 points to 12,797.51 and the FBMT 100 Index erased 33.23 points to 12,266.19.
The FBM 70 inched down 0.92 of-a-point to 15,086.63 but the FBM Ace was 21.09 points higher at 6,666.57.
Sector-wise, the Plantation Index fell 14.83 points to 7,861.04, Finance eased 6.42 points to 16,693.20 and the Industrial Index was down by 14.93 points to 3,217.76.
Main Market volume fell to 1.10 billion shares worth RM1.76 billion from 1.23 billion shares worth RM1.77 billion.
Volume on the ACE Market rose to 717.91 million units valued at RM146.32 million from 680.36 million units valued at RM179.49 million.
Warrants increased to 180.87 million shares worth RM24.30 million from 172.02 million shares worth RM24.96 million.
Consumer products accounted for 53.34 million shares traded on the Main Market, industrial products (248.72 million), construction (67.81 million), trade and services (512.80 million), technology (45.42 million), infrastructure (5.82 million), SPAC (491,000), finance (54.81 million), hotels (389,500), properties (65.18 million), plantations (31.22 million), mining (199,100), REITs (6.87 million), and closed/fund (16,900).
The physical price of gold as at 5pm stood at RM170.99 per gramme, down 37 sen from RM171.36 at 5pm yesterday. — Bernama
PETALING JAYA: AWC Bhd's wholly-owned subsidiary Ambang Wira Sdn Bhd (AWSB) was awarded a contract worth RM31.74 million by the Public Works Department for the maintenance of buildings utilised in Putrajaya by the Ministry of Communications and Multimedia Malaysia (KKMM).
The tenure of the contract is for five years from Sept 1, 2017 until Aug 31, 2022 and covers all the blocks utilised and occupied and occupied by KKMM in Putrajaya. This award further enhances the facilities division and the group's overall existing order book and is expected to contribute positively to the group's earnings.
The group's facilities division has a concession from the federal government for the maintenance of federal government buildings and facilities located in the southern states of Peninsular Malaysia (Negeri Sembilan, Malacca and Johor) and the state of Sarawak. In addition, this division also provides building facilities maintenance works for the commercial and healthcare segments.
AWC managing director & group CEO Datuk Ahmad Kabeer said this contract is expected to contribute positively to its earnings going forward.
AWC closed 0.89% lower at RM1.12 on Friday with 97,000 shares traded.