BURSA MALAYSIA (MON, 19 NOV 2018)
MID-DAY LUNCH BREAK REVIEW
BRIEF MARKET REVIEW:
Sentiment at the local market took a beating in tandem with the slide at regional markets and lost 1%. At 12.30pm, the FBM KLCI fell 17.12 points to 1,693.59. Asia markets were broadly lower on Wednesday afternoon amid shaky investor confidence after steep losses on Wall Street overnight. The moves in China came after the U.S. said on Tuesday that Beijing has failed to change its “unfair, unreasonable” practices at the core of the trade spat between the two economic powerhouses. The findings were issued in an update of the U.S. Trade Representative’s investigation into China’s intellectual property and technology transfer policies, which sparked Washington’s recent tariffs on Chinese exports. The report comes ahead of an expected meeting in the coming weeks between U.S. President Donald Trump and his Chinese counterpart Xi Jinping at the G-20 meeting in Buenos Aires, Argentina on Nov. 30 and Dec. 1.
STOCKS IN THE LIMELIGHT:
MISC (RM6.53, -1.06%)
Shares in MISC fall as low as RM6.53 mid-day after its net profit for the third quarter ended Sept 30, 2018 (3QFY18) halved to RM341 million from RM680.5 million a year ago, mainly because the previous year had recorded a one-time gain from a favorable adjudication decision, and construction profit from a floating storage and offloading (FSO) vessel. The group announced a third interim dividend of 7 sen per share for FY18, which amounts to RM312.5 million, payable on Dec 18. For the cumulative nine months period (9MFY18), the group’s net profit shrank 49% y-o-y to RM972.8 million from RM1.91 billion, while revenue retreated 16% to RM6.39 billion from RM7.6 billion. MISC traded at 1.6m shares at mid-day.
ASTRO MALAYSIA (RM1.18, -3.28%)
Shares in Astro fall as low as RM1.11 mid-day after the Malaysia government has issued licenses to four companies apart from Measat Broadcast Network Systems Sdn Bhd to provide satellite TV broadcasting services as part of a move to eradicate monopoly in the segment. Measat operates as a subsidiary of Astro Malaysia Bhd. Astro traded at a high volume of 15.3m shares at mid-day.
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