BURSA MALAYSIA (FRI, 16 NOV 2018)
MID-DAY LUNCH BREAK REVIEW
BRIEF MARKET REVIEW:
The FBM KLCI added 0.68% at midday break today to remain firmly above the 1,700-point level, although it pared some gains, tracking regional markets.
Asia markets traded cautiously on Friday morning on the back of fresh uncertainties emerging from the U.K. overnight after multiple important ministers resigned from Prime Minister Theresa May’s government, including Brexit Secretary Dominic Raab, who said he couldn’t accept the deal after the promises the ruling Conservative Party made to the country in an election manifesto last year. The British pound plunged to $1.2833 from about $1.2994 at around 9:00 a.m. London time on Thursday, following news of Raab’s resignation. The pound traded at about $1.2783 Friday morning during Asian hours.
The mainland Chinese markets, which have been closely watched amid the ongoing trade spat between Washington and Beijing, had a muted performance in early trade. The Shanghai composite was down 0.32 percent and the Shenzhen composite fell 0.28 percent.
STOCKS IN THE LIMELIGHT:
UNISEM (RM3.20, +3.9%)
Shares in UNISEM rose as much as RM3.21 mid-day after all the pre-conditions for the proposed conditional voluntary takeover offer of Unisem had been met. Yesterday, Unisem said its board will soon appoint an independent adviser to advise the directors and shareholders on the fairness and reasonableness of the offer. Unisem said it received notice from Maybank Investment Bank Bhd on behalf of the offerors that the pre-conditions including relevant approvals from overseas regulatory authorities had been obtained. UNISEM traded at a high volume of near to 8.9m shares at mid-day.
TUNE PROTECT GROUP (RM0.65, -10.96%)
Shares in TUNEPRO fall as low as RM0.65 mid-day after its net profit fell 28.3% to RM9.13m in the third quarter ended Sept 30, 2018 (3QFY18) from RM12.73m a year ago, on lower net earned premiums of RM9.2m, increased management expenses of RM7.6m mainly due to higher employee, marketing and other administrative costs, and a decrease in net claims incurred of RM10.1m. TUNEPRO traded at a high volume of 8.6m shares at mid-day.
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)