Friday, July 20th, 2018

 

S&P flat as gains in Microsoft offset tariff fears

NEW YORK, July 20 — The S&P 500 was trading flat today as Microsoft’s robust results helped offset escalating tariff worries after President Donald Trump said he was ready to impose levies on US$500 billion (RM2 trillion) worth of goods from…


Australia, Britain ready to agree free trade deal, foreign minister says

LONDON, July 20 — Australia and Britain are ready to agree a free trade deal as soon as circumstances allow, Australian minister for foreign affairs Julie Bishop said today. British foreign minister Jeremy Hunt, hosting his first bilateral meeting…


IWCity: No fresh bid submitted for Bandar Malaysia

PETALING JAYA: Iskandar Waterfront City Bhd (IWCity) said there was no new bid for the Bandar Malaysia project amid the recent spike in shares of IWCity and Ekovest Bhd.

Clarifying on the unusual share price movement, IWCity said in a filing with the stock exchange that its parent company Iskandar Waterfront Holdings Sdn Bhd (IWH) has not submitted any renewed bid for the Bandar Malaysia project.

IWCity went on to say that it was unaware of any news that prompted its share price to soar 42.1% in the past two trading days. The stock closed 6.5 sen or 8.7% higher at 81 sen today on 145.43 million shares done, being the second most actively traded stock.

Meanwhile, Ekovest, which has risen 12.4% these two days, settled at 72.5 sen today, up half a sen or 0.7% with 49.81 million shares changing hands.

Both Ekovest and IWCity are controlled by tycoon Lim Kang Hoo.

Speculation is mounting over the renewed Bandar Malaysia talks after Damansara MP Tony Pua said in a parliament sitting yesterday that no firm has come forward to become the the master developer of the mega project despite open tender offers.


Report: Trump ready to put tariffs on US$500b of Chinese imports

WASHINGTON, July 20 — US President Donald Trump today said he was poised to impose tariffs on US$500 billion (RM2 trillion) of goods from China, threatening in an interview with CNBC to escalate the current trade clash with the Asian nation….


Khairul Kamarudin steps down as BIMB Holdings CEO

KUALA LUMPUR, July 20 — BIMB Holdings Bhd announced that its Chief Executive Officer (CEO) Khairul Kamarudin has resigned with immediate effect. In a statement today, the banking group said Khairul had also relinquished…


WZ Satu unit served with RM619,531 claims

PETALING JAYA: WZ Satu Bhd's wholly-owned subsidiary WZS Misi Setia Sdn Bhd has been served with writ of summons together with a statement of claim totaling RM619,531.96 by Danamin (M) Sdn Bhd.

In a filing with Bursa Malaysia, WZ Satu said it is seeking its legal opinion to defend the writ and statement of claim and will make further announcement on the developments in due course.

Besides the RM619,531.96, Danamin is claiming 1.5% interest per month on the sum of RM570,104.57 from May 1, 2018 to the date of full settlement. Alternatively, interest at the rate of 5% per annum on the sum of RM570,104.57 from the date of judgement until full settlement.

WZ Satu noted that the financial impact to the group is limited to the amount awarded by the Court in the event the defendant loses the case.

“There shall be no impact on the group's operations,” it added.

Its share price fell 6.25% or two sen to close at 30 sen with some 798,400 shares done.


Bursa M’sia snaps 9-day winning streak to end lower

KUALA LUMPUR: Bursa Malaysia snapped a nine-day winning streak to close easier today on technical correction, amid a recovery in the Chinese market and overnight Wall Street decline, said a dealer.

At 5 pm, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) finished at 1,754.67, down 4.57 points, from Thursday's close of 1,759.24.

The barometer index moved between 1,749.52 and 1,758.63 throughout the day.

Bank Islam Malaysia Bhd Chief Economist Dr. Mohd Afzanizam Abdul Rashid said the local bourse was undergoing a technical correction as the index had surpassed the 50-day simple moving average.

Additionally, he told Bernama the US market was also down following disappointing corporate earnings reports.

“Nevertheless, Malaysian consumers were feeling upbeat with the latest Consumer Sentiment Index surging to more than 130 points in the second quarter after remaining below 100 points for 15 consecutive quarters,” said Mohd Afzanizam.

He said Malaysia could expect consumer spending to hold up well especially when the inflation rate was expected to remain low for June-August 2018 period.

“Despite the selling today, consumer-related stocks are expected to do well going forward,” he added.

Regionally, Singapore's Straits Times rose 0.47 per cent to 3,292.86, Hong Kong's Hang Seng Index increased 0.76 per cent to 28,224.48, and China's SSE Composite Index improved 2.05 per cent to 2,829.27.

Back home, market breadth was negative with decliners outpacing gainers 481 to 411 with 430 counters unchanged, 613 untraded and 38 others suspended.

Volume decreased to 2.88 billion units valued at RM2.53 billion, from 3.49 billion units valued at RM3.02 billion recorded on Thursday.

PMB Technology's warrants led the gainers' list today, putting on 30 sen to RM1.29, while Heineken was the biggest decliner, giving up 64 sen to RM22.84.

Of the heavyweights, Maybank declined two sen to RM9.79, Tenaga decreased 10 sen to RM14.82, Petronas Chemicals trimmed six sen to RM8.74, CIMB fell five sen to RM5.81, while Public Bank rose four sen to RM23.94.

Among actives, MyEG improved 12 sen to RM1.24, Iskandar Waterfront City gained 6.5 sen to 81 sen, latest debutant on the ACE market, Nova Wellness, increased 21 sen to 76 sen, while MRCB was flat at 71 sen.

The FBM Emas Index fell 21.93 points to 12,420.31, the FBM70 declined 16.89 points to 15,233.24, the FBMT100 Index decreased 27.18 points to 12,209.08, the FBM Emas Shariah Index trimmed 26.65 points to 12,509.51, but the FTSE Bursa Malaysia Small Cap Index added 84.35 points to 14,559.59 and the FBM Ace Index improved 14.56 points to 5,403.27.

Sector-wise, the Finance Index shed 24.42 points to 17,326.35, the Industrial Index eased 5.81 points to 3,214.16, and the Plantation Index was 12.96 points lower at 7,480.23.

Main Market volume decreased to 1.75 billion shares valued at RM2.12 billion, from 2.31 billion shares valued at RM2.72 billion registered on Thursday.

Warrants turnover was lower at 690.2 million units valued at RM232.51 million, versus Thursday's 695.2 million units valued at RM166.36 million.

Volume on the ACE Market slipped to 439.08 million shares valued at RM171.61 million, from 479.42 million shares valued at RM136.09 million recorded yesterday.

Consumer products accounted for 74.94 million shares traded on the Main Market, industrial products (230.47 million), construction (283.68 million), trade and services (639.53 million), technology (118.4 million), infrastructure (22.09 million), SPAC (248,600), finance (54.46 million), hotels (1.47 million), properties (312.88 million), plantations (14.09 million), mining (21,500), REITs (4.22 million) and closed/fund (3,100).

The physical price of gold as at 5.00pm stood at RM154.39 per gramme, up 35 sen from RM154.04 at 5.00pm yesterday. — Bernama


Bursa snaps nine-day winning streak to end lower

KUALA LUMPUR, July 20 — Bursa Malaysia snapped a nine-day winning streak to close easier today on technical correction, amid a recovery in the Chinese market and overnight Wall Street decline, said a dealer. At 5pm, the benchmark FTSE Bursa…


BIMB CEO Khairul Kamarudin resigns

KUALA LUMPUR: BIMB Holdings Bhd CEO Khairul Kamarudin has resigned from his post and has concurrently relinquished his position as the CEO of the group's wholly-owned subsidiary Bank Islam Malaysia Bhd.

BIMB chairman Tan Sri Haji Ambrin Buang said in a statement that the boards of both entities have accepted his resignation and decided to set up a board executive committee to oversee the group's day-to-day operations.

He assured all shareholders, stakeholders, depositors, clients and customers that both BIMB and Bank Islam will not be affected by this development and it is business as usual for the banking group.

Meanwhile, Bank Islam CFO Mohd Muazzam Mohamed has been appointed as the acting CEO for the bank effective today.

A former partner of KPMG and executive director of KPMG's management consulting practice from 1997 to 2015, Mohd Muazzam has 22 years of experience in the field of audit, finance and consulting.

He has played a key role in the bank's strategic direction, capital and balance sheet management, corporate finance, credit, market positioning, financial planning & control and general administration. He is a member of various executive committees in Bank Islam and chairs several project steering committees.

He is also a director on the board of several companies within BIMB Group and Bank Islam.

BIMB's share price gained 1 sen or 0.3% to close at RM3.97 on 609,100 shares traded.


Cabnet secures RM12.21 million contract

PETALING JAYA: Cabnet Holdings Bhd has been appointed by Country Garden Pacificview Sdn Bhd as the contractor for extra low voltage works for a serviced apartment development in Forest City, Johor.

The company told the stock exchange that the contract already commenced on May 15, 2018 and is scheduled to be completed on April 3, 2019.

The job expected to contribute positively to its earnings and net assets per share from financial years ending December 31, 2018 to 2019.

The stock closed unchanged at 34 sen with 66,800 shares done.