Monday, December 24th, 2018


TSR Capital wins RM79.8m road construction contract for Kwasa Damansara

PETALING JAYA: TSR Capital Bhd has secured a RM79.8 million road construction contract from Kwasa Land Sdn Bhd for Kwasa Damansara Township Development in Sungai Buloh, Selangor.

The group told Bursa Malaysia that the contract is for the proposed construction and completion of elevated roads crossing junction at Persiaran Atmosfera / Persiaran Jati, upgrading of four arms at grade junction at Kwasa Puteri / Persiaran Sg Buloh and ancillary works which include earthwork, drainage and infrastructure works along Jalan Sungai Buloh.

The project is for a duration of 24 months and is expected to be completed by January 2021.

TSR Capital is of the view that the project will contribute positively to its earnings for the financial years ending 2019 through 2021.

Its shares gained 6 sen or 20% to close at 36 sen on 15,600 shares done.

South Korea to fine BMW US$10m over engine fires response

SEOUL, Dec 24 — South Korea said today it will fine German automaker BMW 11.2 billion won (US$10 million or RM41.4 million) for allegedly dragging its feet in recalling cars with faulty engines linked to dozens of engine fires. BMW vehicles…

China stocks gain as Beijing vows support for economy, Hong Kong down

SHANGHAI, Dec 24 — China stocks started the week on a firm note today, as Beijing vowed to step up support for economy in 2019 amid trade war. China will ratchet up support for the economy in 2019 by cutting taxes and keeping liquidity ample, the…

Red Sena to wind up after it fails to secure QA

PETALING JAYA: Red Sena Bhd is in the process of being liquidated after it failed to complete its qualifying acquisition (QA) within the permitted timeframe.

The company, which is the first and the only food and beverage (F&B) special purpose acquisition company (SPAC), was listed on Bursa Securities on Dec 10, 2015. The last day of the permitted timeframe for the company to complete the QA was on Dec 10, 2018.

“The company will apply to Bursa Securities for approval to suspend the trading of Red Sena shares from 9am to 5pm on the date of the EGM to avoid any share transfer from being rendered void,” Red Sena said in its circular to shareholders in relation to the proposed members’ voluntary winding up and proposed appointment of liquidators.

The proposals are subject to the approval of its shareholders being obtained at the company’s forthcoming EGM on Jan 16, 2019.

Red Sena had attributed the failure to sign a sale and purchase agreement to factors such as uncertainties over deals and unrealistic valuation.

Red Sena raised RM400 million through the issuance of 800 million shares through its initial public offering in December 2015, of which RM368 million has been put into a cash trust account as required for SPACs.

At midday, Red Sena was unchanged at 49 sen with 7.35 million shares traded.

Statistics Dept: Malaysia’s economy likely to grow February-April 2019

KUALA LUMPUR, Dec 24 — Malaysia’s economy is likely to grow in February to April 2019, says the Department of Statistics Malaysia (DoSM). In the “Malaysian Economic Indicators: Leading, Coincident & Lagging Indexes for October 2018”…

Malaysia’s economy likely to grow in Feb to April 2019

PUTRAJAYA: Malaysia’s economy is likely to grow in February to April 2019, according to the performance of Malaysian Economic Indicators: Leading, Coincident & Lagging Indexes for October 2018 that was released today.

Chief statistician Malaysia Datuk Seri Dr Mohd Uzir Mahidin said the monthly change of Leading Index (LI) augmented in October 2018, registering a growth of 1.2% to attain 119.3 points from 117.9 points in the previous month, primarily due to the increase of real imports of other basic precious & other non-ferrous metals (0.4%).

“The annual change of LI showed an improvement from negative 1.7% in September 2018 to negative 0.7% in October 2018. The composite of LI is designed to monitor the economic performance direction in an average of four to six months ahead,” he said in a statement today.

On the same note, he stated that the Coincident Index (CI), which reflects the current economic activity, rose 1.0% in October 2018. Two components that contributed significantly to the increase were volume index of retail trade (0.5%) and real contributions to EPF (0.2%). At the same time, the annual change of CI grew further to 3.9% in October 2018 as against 3.4% in the previous month.

KL shares extend bearish tone at mid-morning

KUALA LUMPUR, Dec 24 — Bursa Malaysia continued its bearish tone at mid-morning, tracking the performance of regional stocks markets as investors in holiday mood stayed put. At 11.01am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) erased 1.11…

Yen, Swiss franc up on US political uncertainty, global growth woes

SINGAPORE, Dec 24 — The Japanese yen and the Swiss franc rose on safe-haven buying today as investors grappled with political instability in the United States and fears of a global economic slowdown. Trading volumes were thinning out with most…

Bursa Malaysia opens 0.4 pct lower on bearish market sentiment

KUALA LUMPUR: Bursa Malaysia opened lower on Monday after the fragile mood across global markets at the end of last week extended to the first trading day of this week.

Market sentiment was dominated by worries that the Federal Reserve would continue raising interest rates and running down its balance sheet despite mounting concerns about slowing global growth.

At 9.05 am, the key FTSE Bursa Malaysia KLCI (FBM KLCI) lost 6.8 points to 1,663.48 from Friday’s close of 1,670.28.

The index opened 0.29 point lower at 1,669.99.

Kenanga Investment Bank Bhd said in a note that stocks in Asia fell last Friday, taking the lead from Wall Street’s overnight losses, with investors concerned about global economic prospects.

“Bucking the trend, the FBMKLCI posted a rebound, gaining 19.72 points to close at 1,670.28, but despite the gain, the overall technical outlook remains bearish,” it said.

On the broader market on Bursa Malaysia, there were 116 losers and 67 gainers, with 101 counters unchanged, 1,604 untraded and 25 others suspended.

Volume stood at 64.69 million units valued at RM22.64 million.

Among heavyweights, Maybank eased five sen to RM9.24, Public Bank lost 12 sen to RM24.56, Tenaga lost 24 sen to RM13.24 but PChem added four sen to RM9.24.

Among actives, Hubline and SapNRG were both flat at four sen and 30 sen respectively, Armada and NovaMSC declined half-a-sen each to 15.5 sen and 10 sen while MyEG added 1.5 sen to 84 sen.

The FBM Emas Index decreased 38.98 points to 11,332.13, the FBMT 100 Index fell 40.77 points to 11,248.25, the FBM Emas Shariah Index lost 38.13 points to 11,280.54, the FBM Ace Index was 5.09 points lower at 4,253.52 and the FBM 70 shed 24.40 points to 12,801.98.

Sector-wise, the Industrial Products and Services Index was 0.27 point better at 165.74, the Financial Services Index dropped 47.57 points to 17,095.96 and the Plantation Index reduced 32.99 points to 6,777.27.

The local bourse and its subsidiaries will be closed tomorrow for Christmas.

Gold futures contracts on Bursa Malaysia Derivatives were untraded in the early session on lack of interest for the precious metal despite the weaker US dollar.

At 9.21 am, December 2018, January 2019, February 2019 and March 2019 were pegged at RM169.20, RM169.20, RM169.30 and RM169.40 per gramme respectively.

Volume was nil, while open interest amounted to 26 contracts.

At 9.30 am, the price of physical gold was up 44 sen at RM163.92 per gramme. — Bernama

Bears to the fore at Bursa opening

KUALA LUMPUR, Dec 24 — Bursa Malaysia opened lower today after the fragile mood across global markets at the end of last week extended to the first trading day of this week. Market sentiment was dominated by worries that the Federal Reserve would…