Friday, August 17th, 2018

 

US stocks fall on Turkey tensions; Tesla drops

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…


Pesona Metro JV bags RM218.22m contract

PETALING JAYA: Pesona Metro Holdings Bhd’s joint venture (JV) with Intrasegi Sdn Bhd has been awarded a contract worth RM218.22 million for the construction of an office in Kuala Lumpur.

In a filing with Bursa Malaysia, the group said the contract was awarded to Intrasegi Sdn Bhd-Pesona Metro Sdn Bhd JV by Pembinaan Kery Sdn Bhd, a wholly owned subsidiary of Melati Ehsan Holdings Bhd.

The contract is for the construction and completion of superstructure works, external works within boundary, associated works and ancillary buildings of the project located at Jalan Conlay.

The project is for a duration of 26 months commencing Sept 1, 2018 and ending on Oct 31, 2020.

The project, which will be funded via internal generated funds, is expected to contribute positively to the earnings and enhance the net assets of the group during the duration of the project.

Pesona Metro’s share price rose 5.17% or 1.5 sen to close at 30.5 sen on Friday with 16.04 million shares done, making it one of the top active stocks on the bourse.


Kossan’s Q2 earnings fall 2.48%

PETALING JAYA: Kossan Rubber Industries Bhd’s net profit for the second quarter ended June 30, 2018 fell 2.48% to RM44.70 million from RM45.84 million a year ago due to lower performance of its gloves division.

Revenue for the quarter rose 1.28% to RM496.79 million from RM490.51 million a year ago.

In a filing with Bursa Malaysia, the group said its gloves division’s revenue eased 2.36% to RM432.36 million during the quarter from RM442.83 million a year ago, with pre-tax profit easing by 11.94% to RM46.34 million from RM52.62 million a year ago.

The lower performance was attributed to the time-lag in cost-pass-through arising from the increase in raw material costs, natural gas prices and the less-than-favourable exchange rate.

However, demand for glove products continued to be strong with stable average selling prices and higher volume sold compared with a year ago.

Meanwhile, the technical rubber product (TRP) division’s revenue rose 32.07% to RM44.54 million from RM33.72 million a year ago while pre-tax profit soared 190.44% to RM8.11 million from RM2.79 million a year ago due to increased sales deliveries and sales of higher margin products.

The cleanroom division recorded revenue and pre-tax profit of RM19.3 million and RM1.13 million respectively compared with RM13.12 million and RM660,000 respectively a year ago.

For the six months ended June 30, 2018, net profit fell 3.33% to RM89.99 million from RM93.09 million a year ago while revenue fell marginally to RM980.97 million from RM990.49 million a year ago, due to lower contributions from the gloves division.

Moving forward, the group’s total installed capacity is expected to reach 32 billion pieces of gloves per year by financial year ending Dec 31, 2019, with the completion of three new plants.

It also plans to set up an integrated glove manufacturing facility in Bidor, Perak, where it has acquired 824 acres for RM82.4 million earlier in March.

The group is optimistic of the current financial year’s performance based on its expansion plans, continued strong demand for its gloves, ongoing transformation programme, improvements in operating efficiency and new plants coming onstream.

Kossan’s share price fell 0.45% or 2 sen to close at RM4.43 on Friday with 1.32 million shares traded.


See Hup raises stake in Kimsar

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.


Mobile Starhill and Chinese partner to develop mega automotive hub in Tanjung Malim

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,…


Star Media Group’s profit soars in H1 2018

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…


Malaysian stocks rebound as PM takes off for China

1

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


RAM Ratings expects Malaysia’s growth to hold up at 4.9pc

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…


Bursa ends higher on continued buying momentum

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…


Bursa M’sia ends higher on continued buying momentum

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