Friday, February 9th, 2018


Wall Street bounces back 1pc in early trading

NEW YORK, Feb 9 — Wall Street’s three main indexes rose more than 1 per cent today, bouncing back from a steep selloff this week that pushed the Dow Jones Industrial Average and the S&P 500 into correction territory. Stocks had plunged 4 per…

Gibraltar moves ahead with world’s first initial coin offering rules

LONDON, Feb 9 — Gibraltar will introduce the world’s first regulations for initial coin offerings with dedicated rules for the cryptocurrency sector whose fast growth has triggered concern among central bankers. They are worried about…

MBSB CEO Ahmad Zaini now also Asian Finance Bank CEO

PETALING JAYA: Malaysia Building Society Bhd (MBSB) president and CEO Datuk Seri Ahmad Zaini Othman has been appointed as the CEO of Asian Finance Bank Bhd (AFB) following the merger between the two Islamic banks.

MBSB recently announced that the RM645 million takeover of AFB has been completed after the settlement of the balance cash consideration and the allotment of the consideration shares.

In a filing with Bursa Malaysia, MBSB said Tunku Alina Raja Muhd Alias, Lynette Yeow Su-Yin and Aw Hong Boo have been appointed as independent non-executive directors, while Sazaliza Zainuddin as non-independent non-executive director at AFB.

Meanwhile, the existing directors Datuk Johar Che Mat and Datuk Azrulnizam Abdul Aziz remain as independent non-executive directors of AFB.

MBSB shares closed down two sen or 1.68% to RM1.17 with 8.14 million shares done.

Bursa M’sia ends week in the red across-the-board

KUALA LUMPUR: Bursa Malaysia finished the week in the red across-the-board today, tracking the global stock sell-off following another day of overnight Wall Street losses, dealers said.

At 5.00 pm, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) stood at 1,819.82 points, down 1.06 %, or 19.62 points, from Thursday's close of 1,839.44.

The benchmark index moved between 1,806.25 and 1,824.23 throughout the trading session after opening 32.63 points weaker at 1,806.81.

Losers led gainers by 900 to 208, while 312 counters were unchanged, 438 untraded and 31 others suspended.

Turnover, however, rose to 2.45 billion shares worth RM2.67 billion from Thursday's 2.05 billion shares worth RM2.08 billion.

The Standard & Poor's 500 Index and Dow Jones Industrial Average, fell 3.75 % and 4.15 %, respectively, Japan's Nikkei 225 was 2.32 % lower, Hong Kong Hang Seng Index declined 3.10 % and the Singapore Straits Times Index eased 1.03 %.

Affin Hwang Investment Bank Vice-President/Head of Retail Research, Datuk Dr Nazri Khan Adam Khan, said the global-driven sell-offs were triggered amid fears of rising bond yields in the US as well as the higher and faster-than-expected interest rate increase.

“The correction on Wall Street is just on a medium term in which it is anticipated to happen,” he told Bernama.

Of the heavyweights, Maybank fell six sen to RM10.02, Tenaga eased eight sen to RM15.72, Public Bank lost 18 sen to RM21.80 and CIMB declined 24 sen to RM6.86.

Petronas Chemicals, however, added four sen to RM8.00.

Topping the losers' list were Petronas Gas, which fell 52 sen to RM17.48, Panasonic Manufacturing Malaysia, down 50 sen to RM34.00 and Carlsberg Brewery, 32 sen lower to RM16.28.

Of the most active counters, Naim Indah and AirAsia X eased one sen each to four sen and 39 sen, respectively, while Hibiscus Petroleum was 4.5 sen lower at 81 sen.

The FBM Emas Index erased 130.47 points to 12,975.06, FBMT 100 Index fell 122.22 points to 12,701.84 and the FBM 70 shed 103.66 points to 15,948.77.

The FBM Emas Shariah Index dipped 101.33 points to 13,277.64 and the FBM Ace contracted 115.51 points to 6,088.32.

Sector-wise, the Finance Index was 207.12 points lower at 17,456.47, the Industrial Index fell 49.00 points to 3,221.36 and the Plantation Index slid 22.50 points to 7,946.03.

The Main Market volume rose to 1.57 billion units worth RM2.50 billion from Thursday's 1.30 billion units worth RM1.92 billion.

Volume on the ACE Market decreased to 359.56 million shares valued at RM58.36 million from yesterday's 362.55 million shares valued at RM61.07 million.

Warrants volume increased to 511.18 million units worth RM106.12 million from the 385.49 million units worth RM92.16 million yesterday.

Consumer products accounted for 67.90 million shares traded on the Main Market, industrial products (286.77 million), construction (104.38 million), trade and services (832.23 million), technology (72.07 million), infrastructure (8.11 million), SPAC (2.73 million), finance (67.10 million), hotels (318,000), properties, (87.08 million), plantations (30.31 million), mining (206,600), REITs (16.33 million) and closed/fund (nil).

The physical price of gold as at 5.00pm stood at RM160.99/g, up RM1.02 from RM159.97 at 5.00pm yesterday. — Bernama

RHB Bank to buy remaining 51% stake in Vietnam Securities Corp for RM21.3m

PETALING JAYA: RHB Bank Bhd is planning to buy the remaining 51% equity interest in Vietnam Securities Corp (VSEC) for RM21.3 million (US$5.365 million) cash.

In Bursa Malaysia filing, RHB Bank said its wholly owned unit RHB Investment Bank has entered into a conditional share purchase agreement with Chu Thi Phuong Dung, Truong Lan Anh and Viet Quoc Insurance Broker Joint Stock Company for the proposed acquisition.

However, it said the proposed acquisition is subject to the approvals of Bank Negara Malaysia (BNM) and State Securities Commission of Vietnam (Vietnam SSC).

With the signing of the agreement, RHB Bank will submit an application to BNM and Vietnam SSC for the approval of the proposed acquisition and the conversion of the status of VSEC from a joint stock company into a single-member limited liability company.

Upon completion of the proposed acquisition, VSEC will become a wholly owned subsidiary of RHB Bank.

The proposed acquisition is expected to be completed by the second quarter of 2018.

RHB Bank's share price fell four sen or 0.77% to RM5.17 with 2.48 million shares traded.

Ringgit ends lower as global volatility continues

KUALA LUMPUR, Feb 9 — The ringgit fell extended its losses against the US dollar today as more investors shifted towards the ‘safe haven’ currencies due to growing concerns over the global economic volatility, dealers said. At 6pm, the…

FGV terminates agreement for Vitamin E plant

PETALING JAYA: Felda Global Ventures Holdings Bhd's (FGV) plan to develop a vitamin E plant in Kuantan, Pahang has been aborted.

The plantation giant told Bursa Malaysia that its wholly owned subsidiary Felda Global Ventures Downstream Sdn Bhd (FGVD) had terminated its joint venture and shareholders' agreement with Lipid Venture Sdn Bhd (LVSB) after four years.

The deal was inked on Nov 13, 2013 between the two parties to undertake the development, construction, fabrication and operation of a plant to be located in Kuantan, Pahang to produce tocotrienol (vitamin E) from refined bleached palm oil.

FGV, however, stressed that the termination will not have any financial impact on the group and its subsidiaries

Through the joint venture, FGVD and LVSB were to collaborate and leverage on each other's strength, where LVSB with its expertise in technology and know-how and FGVD access to raw materials for tocotrienol extraction.

This was initially envisaged to enable FGV to tap into the unrealised value in its refineries and create a new revenue stream for the shareholders as well as opening up the opportunity to tap into the vitamin E market in nutraceutical business.

FGV's share price was unchanged at RM1.87, with some 9.22 million shares changing hands.

US’ Barclays set to join cryptocurrency credit card ban

LONDON, Feb 9 — Barclays is likely to follow other major lenders in the United States in stopping customers from buying Bitcoin and other cryptocurrencies with its credit cards, according to an interview with a senior executive at its credit…

KLCI remains under pressure in afternoon trade


KUALA LUMPUR (Feb 9): The FBM KLCI remains under pressure in the first hour of the afternoon session. The benchmark index was down 18.63 points or 1.01% at 1,820.96 as at 3.38pm, with trading volume totalling 1.88 billion shares worth RM1.73 billion. Market breadth skewed heavily to the negative side, with 940 losers against 145 gainers, while 268 counters remained unchanged. Hang Seng Index-linked call warrant HIS-C1P was the biggest loser, down 86 sen or 49.71% to trade at 87 sen. Bloomberg reported that the sell-off in global stocks that brieflyRead More

Bursa ends week in the red across the board

KUALA LUMPUR, Feb 9 — Bursa Malaysia finished the week in the red across-the-board today, tracking the global stock sell-off following another day of overnight Wall Street losses, dealers said. At 5.00pm, the benchmark FTSE Bursa Malaysia KLCI…