Friday, August 17th, 2018
NEW YORK, Aug 17 — Wall Street stocks fell early today as the Turkish lira fell on the latest diplomatic frictions with the United States. About 20 minutes into trading, the Dow Jones Industrial Average was down 0.1 per cent to 25,537.26. The…
PETALING JAYA:>/b> See Hup Consolidated Bhd is acquiring an additional 32.9% stake in Kimsar Sdn Bhd for RM1.80 billion, raising its stake in the property developer from 14.47% to 47.37%.
The group told the stock exchange that it will be purchasing 31.41% equity interest, representing 1.14 million shares, from Seven Success Sdn Bhd for RM1.72 million cash and 1.49% equity interest representing 54,587 ordinary shares from LHG Holdings Sdn Bhd for RM81,880.50 cash.
The funds for the purchase will be sourced internally.
The group said the acquisition is part of its plan to diversify its revenue sources to reduce dependency on its existing core business of providing transportation and logistics services.
“The group believes that investing in Kimsar, which has access to a large land bank, will allow it to leverage on its business options to include property development, which has strong growth prospects, into its revenue base. This will be beneficial to the group’s future earnings,” said its board of directors.
Kimsar has 41.54% equity interest in Kim Ma Supertiles Sdn Bhd via its wholly owned subsidiary Iping United Development Sdn Bhd, which in turn owns 10 parcels of freehold vacant land in Seberang Perai Utara, Penang.
See Hup's shares were untraded on Friday.
IPOH, Aug 17 — Mobile Starhill (M) Sdn Bhd today signed an agreement with several players of automotive component industries at Ningbo, China to develop the Integrated Automotive Component Mega Hub in Tanjung Malim. Through this agreement,…
KUALA LUMPUR, Aug 17 — The Star Media Group Bhd’s saw an five-fold increase in its net profit to RM12.7 million for the first half of 2018, as compared to the previous year, when it took cost-saving measure and made improvements to its print and…
KUALA LUMPUR (Aug 17): Malaysian stocks closed higher today with the FBM KLCI up 6.2 points or 0.35% at 1,783.47 points, but underperforming its regional peers as investors here remained in profit-taking mode. “The big event to watch out for next week will be the prime minister’s official visit to China,” TA Securities senior technical analyst Stephen Soo told theedgemarkets.com. He opined that the market is likely to continue trading sideways as investors await signals from the visit, amid global economic concerns. “The momentum going forward may be softer, withRead More
KUALA LUMPUR, Aug 17 — RAM Ratings expects Malaysia’s overall growth in 2018 to remain resilient at 4.9 per cent, moderately lower than the initially forecasted 5.2 per cent, on the back of robust private consumption and slowing import…
KUALA LUMPUR, Aug 17 — Bursa Malaysia ended on a positive note today following continued buying momentum in selected heavyweights led by Public Bank, and lower liners, dealers said. At 5pm, the benchmark FTSE Bursa Malaysia KLCI (FBM…
KUALA LUMPUR: Bursa Malaysia ended on a positive note today following continued buying momentum in selected heavyweights led by Public Bank, and lower liners, dealers said.
At 5 pm, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) was 6.20 points or 0.35% firmer at 1,783.47 from Thursday's close of 1,777.27.
The index opened 3.37 points higher at 1,780.64 and moved between 1,780.26 and 1,785.03 throughout the trading session.
On the broader market, gainers outpaced losers 466 to 403 with 451 counters unchanged, 561 untraded and 30 others suspended.
Volume eased to 2.0 billion units valued at RM2.03 billion from 2.10 billion units worth RM1.91 billion on Thursday.
M&A Securities Sdn Bhd Chief Dealing Officer R Sundararajah said market sentiment was boosted by news on the revival of trade talks between the US and China later this month and stronger corporate earnings by some companies in the US equity market.
“Closer to home, markets have yet to react on Bank Negara Malaysia's (BNM) announcement on the second-quarter gross domestic product (GDP) growth, which grew at 4.5% compared with 5.8% in the same period last year,” he told Bernama today.
Meanwhile, BNM had revised downwards the country's full-year GDP growth for 2018 to five per cent from the 5.5-6.0% projected earlier, due to prolonged disruptions in oil and gas production, and low production in the agriculture sector.
On the local bourse, heavyweights, Public Bank rose two sen to RM24.50 and CIMB added one sen to RM5.89.
Maybank was down one sen to RM9.78, Tenaga eased four sen to RM15.70 and Petronas Chemicals lost 10 sen to RM9.14.
Of the actives, QES perked two sen to 26.5 sen, Inari gave up 12 sen to RM2.28 while Euro bagged 2.5 sen to 23.5 sen.
Among top gainers, BAT increased 56 sen o RM35.90, IQ Group advanced 43 sen to RM1.88 and MPI was 34 sen higher at RM12.14.
The FBM Emas Index improved 40.84 points to 12,619.57, the FBMT100 Index climbed 41.38 points to 12,389.40 and the FBM 70 put on 44.98 points to 15,383.45.
The FBM Emas Shariah Index gained 46.19 points to 12,781.04 and the FBM Ace was 29.36 points higher at 5,552.40.
Sector-wise, the Finance Index shed 0.42 of-a-point to 17,388.79 but the Plantation Index was up 55.55 points to 7,627.19 and the Industrial Index rose 8.65 points to 3,232.90.
Main Market volume slipped to 1.25 billion shares worth RM1.84 billion, from 1.39 billion shares valued at RM1.72 billion on Thursday.
Warrants turnover declined to 329.55 million units valued at RM80.25 million, against 372.13 million units valued at RM105.98 million recorded yesterday.
Volume on the ACE Market increased to 412.33 million shares valued at RM106.64 million, versus Thursday's 339.35 million shares valued at RM80.82 million.
Consumer products accounted for 125.38 million shares traded on the Main Market, industrial products (271.68 million), construction (111.78 million), trade and services (412.80 million), technology (151.27 million), infrastructure (13.94 million), SPAC (3.07 million), finance (44.38 million), hotels (292,300), properties (98.76 million), plantations (21.04 million), mining (10,600), REITs (2.44 million), and closed/fund (5,000). — Bernama