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Lunch Break Review – 15th Nov 2018

 

BURSA MALAYSIA (THU, 15 NOV 2018)

MID-DAY LUNCH BREAK REVIEW

 

 

 

BRIEF MARKET REVIEW:

The FBM KLCI crossed the 1,690-threshold at midday break today, tracking gains at most regional markets, encouraged by positive news China has responded to U.S. trade demands.

Meanwhile, stocks in Asia were mixed in the afternoon despite an apparent improvement in market risk sentiment after British Prime Minister Theresa May said she had obtained enough support for her proposed Brexit deal to move forward.

Following her announcement, the British pound rebounded against the greenback. On Thursday afternoon during Asian hours, Sterling traded at $1.3008 after touching an earlier high of $1.3012.

U.S. Federal Reserve Chairman Jerome Powell on Wednesday expressed confidence in U.S. economic strength and said that markets will have to get used to the idea that the central bank could raise rates at any time starting in 2019.

 

STOCKS IN THE LIMELIGHT:

 

SCIENTEX (RM9.00, +3.81%)

Shares in Scientex rose as much as RM9.00 mid-day after it announced plans to acquire 139.06 million shares or a 42.41% stake in Daibochi Bhd for RM1.60 per share. Yesterday, Scientex and Daibochi announced that they had entered into heads of agreement to acquire the stake via a share swap, which would give Daibochi shareholders the option to swap 5.5 of their shares for one Scientex share. Scientex traded at a high volume of near to 300k shares at mid-day.

 

SP SETIA (RM1.97, -1.99%)

Shares in SP SETIA fall as low as RM1.93 mid-day after its net profit fell 81.32% in its 3QFY18 to RM65.19m from RM348.89m a year ago due to a lack of profit contribution from the completion of Phase 1 of the Battersea Power Station which was recorded in FY17’s corresponding quarter. SP Setia traded at a low volume of 800k shares at mid-day.

 

 

Prepared by:

Malacca Securities Quantitative Trading and Analytics Division

BO1-A-13A, Level 13A, Menara 2,

No.3, Jalan Bangsar, KL Eco City,

59200 Kuala Lumpur

TEL: 03-2201 2100 (General)