Thursday, July 4th, 2019
PETALING JAYA: UEM Edgenta Bhd’s 97.46%-owned subsidiary UEMS Solutions Pte Ltd has bagged contracts from the Ministry of Health of Singapore with an estimated value of RM429.96 million to RM540.06 million.
UEM Edgenta told Bursa Malaysia that UEMS Solutions had on July 4 accepted contracts for the provision of hospital support services, which include housekeeping and portering services to the ministry’s restructured hospitals.
The final value subject to actual manpower resources deployed. The duration of the contracts ranges from three to five years with options to extend for another two to five years.
“The effective dates of the contracts are between April 1, 2019 and August 1, 2019.”
UEM Edgenta expects the contracts to contribute positively to its future earnings and net assets per share.
BEIJING, July 4 — US tariffs against China must be lifted for the two sides to reach a deal to end the trade war, the Chinese commerce ministry said today. Trade teams from the world’s top two economies “have maintained communication”,…
KUALA LUMPUR: Persistent profit-taking amid an overbought key index saw Bursa Malaysia close lower today, while bucking the uptrend on most regional peers.
At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) finished 2.57 points or 0.15 per cent lower at 1,687.48 compared with Wednesday’s close of 1,690.05.
The index opened 1.40 points easier at 1,688.65 and moved between 1,685.64 and 1,690.81 throughout the day
Hong Leong Investment Bank Bhd’s head of retail research Loui Low Ley Yee said the profit-taking was due to recent gains seen on the local bourse, but it was mild and healthy.
Market breadth, however, stayed positive with gainers beating losers 466 to 348, while 407 counters were unchanged, 619 untraded and 22 others suspended.
Low told Bernama that the overbought conditions appeared last week, but profit taking activities which emerged yesterday, would be temporary.
“So far, the market has a good chance to break the 1,700-psychological level.But, before that, we expect to see a sideways consolidation at between 1,683 and 1,690 in the next few days. Buying momentum is still seen in selected stocks led by energy and construction-linked counters,“ he said.
Regionally, the Singapore Straits Times Index bagged 0.13 per cent to 3,372.25, Japan’s Nikkei was 0.30 per cent higher at 21,702.45 and South Korea’s Kospi advanced 0.61 per cent to 2,108.73.
Among heavyweights, CIMB lost six sen to RM5.30, Tenaga eased 10 sen to RM14.14, Petronas Gas was 18 sen weaker at RM17.36, while IHH and Sime Darby Plantation each fell four sen to RM5.83 and RM4.83 respectively.
Of the actives, Sumatec and Bumi Armada were unchanged at 3.5 sen and 21.5 sen, KNM and Pegasus Heights added half-a-sen each to 30 sen and one sen respectively, while Iris was half-a-sen easier at 14.5 sen.
CIMB structured warrant, FBMKLCI-H8C, topped the losers list, easing 21 sen to four sen, while top gainer, Dutch Lady bagged 50 sen to RM64.00.
The FBM 70 jumped 70.88 points to 14,938.40 and the FBM Ace increased 39.42 points to 4,623.06, but the FBMT 100 Index eased 0.37 of-a-point to 11,776.85.
The FBM Emas Index improved 3.85 points to 11,938.93 and the FBM Emas Syariah Index was 8.28 points firmer at 12,334.29.
Sector-wise, the Financial Services Index contracted 28.31 points to 16,782.65, as the Plantation Index slid 9.06 points to 6,943.47, while the Industrial Products & Services Index edged up 0.16 of-a-point to 162.44.
Main Market volume narrowed to 1.90 billion shares worth RM1.58 billion from 2.30 billion shares worth RM1.67 billion on Wednesday.
Warrants turnover, however, improved to 429.07 million units valued at RM106.52 million from 346.48 million units valued at RM72.34 million.
Volume on the ACE Market leapt to 500.72 million shares worth RM127.19 million versus 361.58 million shares worth RM74.08 million.
Consumer products and services accounted for 282.53 million shares traded on the Main Market, industrial products and services (202.30 million), construction (168.98 million), technology (124.06 million), SPAC (nil), financial services (33.21 million), property (159.37 million), plantation (12.81 million), REITs (14.25 million), closed/fund (2,700), energy (772.87 million), healthcare (23.92 million), telecommunications and media (63.77 million), transportation and logistics (37.70 million) and utilities (11.02 million).
The physical price of gold as at 5pm stood at RM181.71 per gramme, down RM1.63 from RM183.34 at 5pm yesterday. — Bernama
KUALA LUMPUR, July 4 — Indonesia-based online grocery platform, HappyFresh will enter the physical retail market segment in Malaysia following its partnership with an international supermarket brand, in a bid to expand and strengthen its foothold…
PETALING JAYA: KNM Group Bhd’s indirect wholly-owned subsidiary FBM Hudson Italiana S.p.A. has been awarded a EUR7.754 million (RM36.14 million) purchase order by Technip Italy S.p.A.
KNM told Bursa Malaysia that the order is for design and supply of air cooler heat exchangers that will be used in the expansion and modernisation projects for the Middle East Oil Refinery in Alexandria, Egypt managed by the Middle East Refining Ltd.
“The design and supply duration of the purchase order is for a period not exceeding 14 months from the June 28, 2019,” it said.
The award is expected to contribute positively to KNM’s earnings for the financial year ending December 31, 2019 and 2020.
HONG KONG, July 4 — Asian markets mostly rose today, tracking a record performance on Wall Street, as investors turned their focus to the upcoming release of US jobs data while hoping for a big Federal Reserve interest rate cut. US traders went on…
LONDON, July 4 — Sterling was stuck near two-week lows today after heavy falls in recent days on growing expectations that the Bank of England’s next policy move will be to cut interest rates. Investors have ramped up their expectations for…
PETALING JAYA: The Securities Commission Malaysia (SC) cautioned the public against any initial coin offerings (ICOs) as it has yet to authorise any such offering pending the finalisation of its guidelines.
The regulator said in a statement that there has been an uptick in the number of queries and complaints from members of the public regarding ICOs and digital asset exchanges (DAXs).
The SC stressed that any offering of digital assets as well as its associated activities such as marketing or inducing others to subscribe to an ICO will require authorisation from the SC after the Capital Markets and Services (Prescription of Securities) (Digital Currency and Digital Token) Order 2019 (Prescription Order) came into force on January 15, 2019.
The SC highlighted that unauthorised ICO schemes will put investors at risk of being exposed to fraud, money laundering and terrorism financing.
It said verifying the authenticity of the ICO issuers without a physical presence in Malaysia would be difficult and the recovery of the invested monies may be subject to foreign laws and regulations.
Furthermore, it said the ICO may be structured in such a way as to limit the legal protection and recourse for the investors against an ICO issuer.
There are also cyber-security risks including the hacking and stealing of online personal information.
The SC urged investors to be cautious when considering to buy or sell digital assets through trading platforms.
“Even though a platform may call itself an ‘exchange,’ it does not mean it has been authorised by the SC.”
Currently, only three recognised market operators have registered with the SC to establish and operate DAXs in Malaysia.
The three operators are Luno Malaysia Sdn Bhd, SINEGY Technologies (M) Sdn Bhd and Tokenize Technology (M) Sdn Bhd, which have been given nine months to fully comply with all regulatory requirements.
It stressed that no other online platforms are permitted to establish and operate a DAX in Malaysia, including those listed in SC’s initial transitional period list.
HONG KONG, July 4 — Hong Kong stocks finished slightly lower today as cautious traders ignored a record-breaking lead from Wall Street, with attention now on the release of US jobs data. The Hang Seng Index eased 0.21 per cent, or 59.37 points, to…
WASHINGTON: Top representatives of the United States and China are organizing a resumption of talks for next week to try to resolve a year-long trade war between the world’s two largest economies, Trump administration officials said on Wednesday.
“Those talks will continue in earnest this coming week,” White House Economic Adviser Larry Kudlow told reporters in a briefing.
An official from the Office of the U.S. Trade Representative said later that the two sides were in the process of scheduling a principal-level phone call with Chinese officials for next week.
The principal negotiators on the U.S. side are U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin, while China’s top negotiator is Vice Premier Liu He.
The two sides have been in communication by telephone since last weekend, when U.S. President Donald Trump and Chinese President Xi Jinping agreed to relaunch talks that had stalled in May.
Kudlow was unclear about the timeline for relaunching face-to-face talks, saying that these would begin “soon” and that an announcement would be forthcoming.
“I don’t know precisely when. They’re on the phone. They’re going to be on the phone this coming week and they’ll be scheduling face-to-face meetings,” he said.
Talks between the two sides broke down in May after U.S. officials accused China of pulling back from commitments it had made previously in the text of an agreement that negotiators said was nearly finished.
The United States accuses China of allowing intellectual property theft and forcing U.S. companies to share their technology with Chinese counterparts in order to do business in China. It wants China to change its laws on those and other issues.
China denies such practices and is reluctant to make sweeping legal changes.
Both countries have levied tariffs on the other, but Trump made two major concessions at the meeting with Xi to get talks started again: he agreed not to put tariffs on some $300 billion in additional Chinese imports and to loosen restrictions on Chinese technology company Huawei.
China welcomed the U.S. decision not to put new tariffs on Chinese goods, commerce ministry spokesman Gao Feng told a regular media briefing on Thursday, but added the removal of existing U.S. tariffs was essential for a trade deal.
“The U.S. move to unilaterally increase tariffs on Chinese imports started the Sino-U.S. economic and trade frictions. If both sides could reach a deal, those tariffs must be completely removed,” said Gao.
The United States has 25% tariffs on $250 billion of Chinese goods now ranging from semi-conductors to furniture.
“We’ve been accommodative. We will not lift tariffs during the talks,” Kudlow said. “We are hoping that China will toe its end of it by purchasing a good many of American imports.”
Gao said China hoped the United States would follow through on Trump’s promise to ease restrictions on telecommunications giant Huawei.
Trump surprised markets on Saturday with an announcement that U.S. companies would be allowed to sell products to Huawei, which was placed on a so-called Entity List in May over national security concerns.
But industry and government officials are uncertain what the new policy will be.
The U.S. Commerce Department is reviewing license requests from U.S. companies seeking to export products to Huawei “under the highest national security scrutiny”.