Friday, November 16th, 2018

 

Wall Street opens mixed as Nvidia earnings disappoint

NEW YORK Nov 16 — Wall Street opened mostly lower this morning, reversing some of yesterday’s gains as disappointing earnings weighed on the semiconductors industry and US officials offered discouraging comments on the trade war with China….


RAM Ratings expects Malaysia’s GDP to slow to 4.6pc in 2019

KUALA LUMPUR, Nov 16 — RAM Rating Services Bhd (RAM Ratings) expects Malaysia’s gross domestic product (GDP) growth to ease to 4.6 per cent next year from the 4.7 per cent projected for 2018, mostly due to uncertain external demand and the…


TM appoints Imri Mokhtar as interim CEO

KUALA LUMPUR, Nov 16 — Telekom Malaysia Bhd (TM) has appointed Imri Mokhtar as its new Acting Chief Executive Officer (CEO) following the resignation of Datuk Bazlan Osman from the position effective today. The…


Kossan Rubber earnings up 18.5% in Q3 on strong demand, higher selling prices

PETALING JAYA: Kossan Rubber Industries Bhd saw its net profit in the third quarter ended Sep 30, 2018 grow 18.5% to RM54.15 million from RM45.68 million in the previous corresponding quarter, thanks to strong demand for its glove products and higher average selling prices.

This was achieved despite the increase in natural gas and nitrile prices as well as the less favourable ringgit/US dollar exchange rates, it said in a filing with Bursa Malaysia.

The group’s revenue for the quarter also increased 17.3% to RM573.9 million, compared with RM489.18 million in the same period last year.

For the nine months period, Kossan's net profit was up 2.6% to RM141.27 million, from RM137.72 million a year ago, while revenue rose 5.1% to RM1.55 billion against RM1.48 billion previously.

On its outlook, the group said that the glove industry’s prospects remain strong with continued growth in the demand for its glove products.

It added that Plant 17 (P17), which is capable of producing up to 1.5 billion pieces of gloves per annum, has been fully commissioned in November 2018 and is expected to contribute positively to the group’s performance in the coming quarter.

For its technical rubber product (TRP) division, Kossan said it views this division as stable and is optimistic of the performance for the 2018 year.

“With the group’s expansion plans and new capacity coming on stream, coupled with the continued strong demand for our gloves, ongoing transformation program and improvements in operating efficiency, management is confident of achieving an improved performance in the final quarter of 2018,” it added.

The group's share price gained 2.38% or 10 sen to RM4.30 with some 358,300 shares traded.


Moody’s sees stable credit trends for infrastructure sector in Asia’s emerging markets

KUALA LUMPUR, Nov 16 — Credit trends remain broadly stable for infrastructure sectors in Asia's emerging markets (EMs), including China, India, Indonesia, Malaysia, the Philippines and Thailand in 2019, said Moody’s Investors Service. In its…


Bursa Malaysia ends week on high note

KUALA LUMPUR: Bursa Malaysia joined most of its Asian peers to end the week on a high note, supported by positive sentiment on regional markets and amid gains in the US dollar.

At the closing bell, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) was 12.17 points or 0.71% higher at 1,706.38 from Thursday's close of 1,694.21.

Rakuten Trade Sdn Bhd Head of Research Kenny Yee said judging from the recent gains on regional bourses, investors had realigned their portfolios.

“Foreign funds are positively returning to the Asian markets, including Bursa Malaysia.

“The stronger greenback against regional currencies, including the ringgit, has prompted more overseas investors to acquire local value stocks at more affordable prices,” he told Bernama.

The index opened 11.60 points stronger at 1,705.81 today and moved between 1,701.92 and 1,708.96 throughout the day.

Market breadth remained positive with gainers leading losers 450 to 345, with 390 counters unchanged, 696 untraded and 20 others suspended.

Volume, however, fell to 1.84 billion units worth RM1.88 billion from 1.98 billion units worth RM1.88 billion yesterday.

Asked if the slower third quarter (3Q) gross domestic product (GDP) growth had affected the local equity market, Yee did not see that, as market participants had expected slower economic growth for this year.

“Similarly, expectations of slower corporate earnings results in 3Q is also unlikely to have any implications on Bursa Malaysia, as investors have also anticipated this.

“They are more looking forward to growth for 2019,” he added.

Bank Negara Malaysia (BNM) today announced that Malaysia's GDP grew by 4.4% for 3Q 2018 compared with 6.2% in the same period last year, driven by strong private consumption following the zerorisation of the Goods and Services Tax (GST) during the quarter.

According to BNM Governor Datuk Nor Shamsiah Mohd Yunus, the country's GDP rose by 4.7% in the first three quarters, and was on track to register a 4.8% growth in 2018.

Among heavyweights, Maybank rose seven sen to RM9.45, Public Bank advanced 12 sen to RM24.62, Tenaga gained eight sen to RM14.90, CIMB increased six sen to RM5.65, while Petronas Chemicals was unchanged at RM9.40.

Of actives, Hibiscus advanced one sen to RM1.07, but Permaju, Sapura and MyEG lost half-a-sen each to 35 sen, 36 sen and RM1.13 respectively, while Prestariang was six sen easier at 62.5 sen.

Nestle was the top gainer in gaining RM2.60 to RM147.00, followed by Apex Healthcare which bagged 43 sen to RM8.53, F&N improving 40 sen to RM33.40, as Hong Leong Financial rose 38 sen to RM19.38 and Petron Malaysia was up 28 sen to RM7.41.

The FBM Emas Index climbed 93.23 points at 11,868.06, the FBMT 100 Index gained 95.21 points to 11,707.35 and the FBM 70 surged 158.98 points to 13,988.70.

The FBM Emas Syariah Index strengthened 87.52 points to 11,955.80 and the FBM Ace Index was 0.66 of-a-point better at 4,945.12.

Sector-wise, the Finance Index soared 100.15 points to 17,301.67, the Industrial Products and Services Index edged up 0.90 of-a-point to 174.01 and the Plantation Index was 21.02 points firmer at 7,256.64.

Main Market volume narrowed to 1.15 billion shares worth RM1.71 billion from 1.26 million shares worth RM1.68 billion on Thursday.

Warrants turnover slid to 381.46 million units valued at RM98.67 million versus 415.92 million units valued at RM111.73 million.

Volume on the ACE Market, however, widened to 309.81 million shares worth RM75.83 million compared with 305.68 million shares worth RM84.75 million.

Consumer products and services accounted for 203.51 million shares traded on the Main Market, industrial products and services (256.70 million), construction (38.81 million), technology (192.85 million), SPAC (365,800), financial services (52.73 million), property (66.17 million), plantations (26.12 million), REITs (5.91 million), closed/fund (nil), energy (202.59 million), healthcare (29.06 million), telecommunication and media (52.41 million), transportation and logistics (16.53 million) and utilities (13.20 million).

The physical price of gold as at 5pm stood at RM158.34 per gramme, up 11 sen from RM158.23 at 5pm yesterday. — Bernama


Ringgit ends flat as investors remain optimistic

KUALA LUMPUR, Nov 16 — The ringgit ended almost flat against the US dollar today, after rebounding slightly yesterday, as investors remained optimistic over the outlook of the US decision to hike its interest rates this year,…


Accept EU deal or face ‘economic disaster’, French minister warns Brexiters

PARIS, Nov 16 — French Economy Minister Bruno Le Maire said today that Brexit advocates must choose between accepting the deal negotiated by London and Brussels for leaving the EU or risk “economic disaster”. “The choice now faced by British…


TM names Imri Mokhtar as new acting CEO as Bazlan Osman resigns

PETALING JAYA: Telekom Malaysia Bhd (TM) has announced the resignation of its acting group CEO Datuk Bazlan Osman effective today and has appointed COO Imri Mokhtar as acting group CEO.

Bazlan has also given notice of his resignation as executive director, which will take effect on Feb 28, 2019.

TM chairman Tan Sri Sulaiman Mahbob expressed his gratitude to Bazlan for his dedication and contribution to the group during his 16-year tenure.

Commenting on the appointment of Imri as TM’s new acting group CEO, Sulaiman said Imri is a TM home-grown talent with a strong background in strategy and business operations, and is currently overseeing the business operations of TM group.

“Most importantly, he drives the critical initiatives under the Performance Improvement Programme (PIP) 2018 and beyond in order to deliver on our strategies to accelerate convergence and empower digital.”

Prior to that, Imri was the executive vice president of Unifi, responsible for the end-to-end management of the converged portfolio comprising phone, broadband, mobile, TV, wifi and value-added services for TM’s home and SME customers.

“Imri’s appointment as acting group CEO is a natural progression of the responsibilities he is presently carrying and his main role, together with the leadership bench, will be to effectively execute the strategic initiatives planned to assist TM in navigating through the current challenges and position us in a more resilient, competitive and sustainable footing,” said Sulaiman.


Mah Sing’s Q3 net profit drops to RM63m

KUALA LUMPUR, Nov 16 — Mah Sing Group Bhd’s net profit for the third quarter ended Sept 30, 2018 declined to RM63.67 million from RM91.62 million recorded in the same period last year. Revenue fell to RM504.25 million from RM704.26 million…