Poor China data caps turbulent week for FTSE 100 as investors rush for exits

LONDON, Dec 15 ― Weak economic data from China sent Britain's top stock index down yesterday as miners, consumer stocks and banks suffered from investors' mounting anxiety about the world's second-biggest economy. The FTSE 100 ended the day down…

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BUENOS AIRES, Dec 2 — US President Donald Trump and Chinese President Xi Jinping held high-stakes trade talks yesterday but ended their summit without any immediate word on whether they made progress toward defusing a damaging tariffs war between…

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BUENOS AIRES, Dec 2 — US President Donald Trump told Chinese President Xi Jinping yesterday he hoped they would achieve “something great” on trade for both countries as they opened a high-stakes summit aimed at defusing a damaging tariffs war…

IOI Properties net profit slips to RM111.96m in Q1

KUALA LUMPUR, Nov 23 — IOI Properties Group Bhd’s net profit declined to RM111.96 million for the first quarter ended Sept 30, 2018 (Q1) from RM245.10 million chalked up in the same period a year ago. Revenue also fell to RM560.06 million…

Sumatec lodges police report against former director

PETALING JAYA: Sumatec Resources Bhd has lodged a police report against one of its former directors for possible breach of trust and committing offences under the Company Act 2016 by conducting certain transactions without the approval of the board of directors .

The group told the stock exchange that Independent Director and Chairman of the Audit Committee of the Board, Datuk Khalid Ahmad had on November 20 lodged the report with the Commercial Crime Department.

The decision to lodge the police report was made in accordance with the advice and order of the Board of Directors with the recommendation from the managing director to safeguard the interests of the company, the shareholders, other stakeholders and the public.

The director who was a board member of the company from 2003 to 2017 was also a director and shareholder of Tekad Mulia Sdn Bhd during the period in which the alleged act being committed.

“The director, in acting without board authority, was acting in conflict of interest in relation to the transactions involving the divestment of Semua International Sdn Bhd (SISB) and Collateralized Loan Obligation (CLO) Debt settlement (since he was also a Director and shareholder of Tekad Mulia Sdn Bhd), a substantial shareholder of the Company during the period in which the alleged act being committed. The Director has made certain undertaking to the Purchaser and Trustee, Malaysian Trustee Bhd and Bondholders in the Settlement Agreement 2013,” said Sumatec board of directors in the filing.

Checks with Companies Commission of Malaysia (SSM’s) records list former director Chan Yok Peng as a director and shareholder in Tekad Mulia.

The former director also allegedly placed the company’s seal on an agreement without the resolution of the board for a settlement agreement for a CLO Debt for the company’s previous subsidiary SISB. This resulted in Sumatec acknowledging the undertaking to settle around RM80 million, even though the liability has been waived.

He was also found to have been allegedly negligent in handling his duties in relation to the financing of vessels under the Company’s subsidiaries, SISB and Semado Shipping Sdn Bhd, by failing to ensure the takeover of the Sumatec’s guarantees to Bank Pembangunan Malaysia Bhd and Malayan Banking Bhd to Hoe Leong Corp Ltd , a company incorporated and listed on the Singapore Stock Exchange.

As well as failed to procure the guarantee and to replace the company’s guarantee from the controlling shareholder of SISB, Hoe Leong Corporation Bhd as stipulated in the Settlement Agreement 2013 and the company’s Circular to Shareholders dated May 30 2013, which has caused the company to be summoned and face winding-up proceeding for liabilities estimated at about RM350 million.

The director had allegedly acted alone and without the permission of the board of directors in signing the Parental Company Guarantee Agreement” dated May 2, 2016 to the Continental Industrial Supply And Services Limited Liability Company Partnership (CISS.)

This was to secure the payment of the Kazakhstan based oil and gas company, CaspiOil Gas LLP (COG) contract, which resulted in the company paying for arbitration proceedings of about US$6 million.

RSPO’s update has no impact on Sime Darby, IOI Corp

KUALA LUMPUR: The Roundtable of Sustainable Palm Oil’s (RSPO) update on its Principles and Criteria (P&C) is not likely to impact three of four Moody’s Investors Service rated palm oil producers, which include Malaysia’s Sime Darby Plantation Bhd (Baa1 stable) and IOI Corporation Bhd (Baa2 stable). This is due to the fact that they have […]

RSPO’s update on principles and criteria has no impact on Sime Darby, IOI, says Moody’s

KUALA LUMPUR, Nov 20 — The Roundtable of Sustainable Palm Oil’s (RSPO) update on its Principles and Criteria (P&C) is not likely to impact three of four Moody’s Investors Service rated palm oil producers, which include Malaysia’s Sime…

Bursa Malaysia continues to trend lower at mid-afternoon

KUALA LUMPUR, Nov 19 ― Bursa Malaysia continued to trend lower at mid-afternoon today, dragged down mainly by selling in selected blue-chips, led by MAHB and TM. At 3pm, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) stood at 1,702.18, down…

FBM KLCI market found support

The market extended its bearish momentum early last week but rebounded as market confidence returned after strong rebounds in the regional market. However, the rebound was weakened by weaker ringgit and crude palm oil price falling to its lowest level in three years. The FBM KLCI fell 0.3 per cent in a week to close […]

Bursa Malaysia ends lower for second consecutive day

KUALA LUMPUR: Bursa Malaysia ended lower for the second consecutive day today, as global uncertainties such as the challenging US-China trade relations, faster US Federal Reserve's (Fed) interest rate increases and volatility in crude oil prices continued to cloud investor sentiment.

At 5pm, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) was 8.57 points, or 0.50%, weaker at 1,687.57 from Monday's close of 1,696.14.

The index opened 9.48 points lower at 1,686.66 and moved between 1,680.09 and 1,691.91 throughout the day.

Market breadth was negative, with losers outpacing gainers 484 to 323, while 353 counters were unchanged, 722 untraded and 20 others suspended.

Volume however improved to 2.03 billion units worth RM1.93 billion versus 1.63 billion units worth RM1.32 billion on Monday.

A dealer said although China's stock markets had rebounded from the earlier losses after news that China's top trade negotiator might visit the US ahead of a meeting between the two countries' leaders, the news did not cast a positive impact on other regional equity markets, including Bursa Malaysia.

“The news did ignite hopes for a de-escalation in the US-China trade war tensions, but anticipations for faster Fed rate hikes for this year and 2019 had further dampened the risk appetite among investors,” he said.

He added that the volatility in crude oil prices, with benchmark Brent crude oil falling below US$70 per barrel at 5pm today, also shooed investors away from the risk asset market.

However, the dealer believed major announcements, such as Malaysia's third quarter gross domestic product (GDP) data, scheduled to be released on Nov 16, the US Initial Jobless Claims data on Nov 15 and China's October Industrial Production data on Nov 14, would be able to provide further investment directions for investors.

At the closing bell, heavyweights IOI Corp suffered the biggest loss, declining 14 sen to RM4.35, while IHH Healthcare fell 13 sen to RM4.54, Axiata reduced seven sen to RM3.45, Digi shed eight sen to RM4.34 and Dialog was five sen easier at RM3.27.

Of actives, Ace Market debutant Securemetric rose 28.5 sen to 53.5 sen, Prestariang ticked up half-a-sen to 70.5 sen while Sapura Energy eased one sen to 37 sen, Hibiscus lost two sen to RM1.10 and MRCB inched down three sen to 74.5 sen.

Panasonic Manufacturing led the losers list by giving up 48 sen to RM37.78, while Heineken and Dutch Lady dropped 36 sen each to RM19.40 and RM63.60 respectively, Nestle erased 30 sen to RM143.60 and MPI shed 26 sen to RM12.14.

The FBM Emas Index skidded 56.95 points to 11,702.08, the FBMT 100 Index fell 57.37 points to 11,540.38 and the FBM Emas Syariah Index was 80.60 points weaker at 11,840.19.

The FBM 70 slipped 63.09 points to 13,642.64 and the FBM Ace Index was 41.43 points easier at 4,917.50.

Sector-wise, the Industrial Products and Services Index edged down 0.09 point to 172.89, the Plantation Index declined 60.59 points to 7,257.65 and the Finance Index went down 20.63 points to 17,050.33.

Main Market volume widened to 1.15 billion shares worth RM1.69 billion from 1.08 billion shares worth RM1.20 billion on Monday.

Warrants turnover increased to 411.38 million units valued at RM102.88 million versus 282.53 million units valued at RM65.22 million previously.

Volume on the ACE Market was higher at 470.52 million shares worth RM141.06 million against 261.24 million shares worth RM51.75 million previously.

Consumer products and services accounted for 154.29 million shares traded on the Main Market, industrial products and services (268.13 million), construction (41.79 million), technology (167.83 million), SPAC (94,000), financial services (34.33 million), property (116.88 million), plantations (14.52 million), REITs (7.50 million), closed/fund (5,000), energy (254.85 million), healthcare (25.06 million), telecommunication and media (30.25 million), transportation and logistics (21.22 million), and utilities (20.85 million).

The physical price of gold as at 5pm stood at RM156.62 per gramme, down 53 sen from RM157.15 at 5pm yesterday. — Bernama