BURSA MALAYSIA (THU, 22 NOV 2018)
MID-DAY LUNCH BREAK REVIEW
BRIEF MARKET REVIEW:
The FBM KLCI pared some its losses at the midday break today, as regional markets ticked up. At 12.30pm, the FBM KLCI shed 1.81 points to 1,693.56. The index had earlier slipped to its intra-morning low of 1,689.03.
Stocks in China were mostly negative by the end of the morning session as investor sentiment remained cautious. Elsewhere in Asia, the picture appeared more positive overall for stocks.
Oil prices saw a recovery on Wednesday after plunging earlier in the week. The global benchmark Brent crude futures were up 81 cents, or 1.3 percent, at $63.34 per barrel at 2:30 p.m. ET Wednesday. Brent fell to a low going back to December 2017 in the previous session. U.S. West Texas Intermediate crude ended Wednesday’s session $1.20, or 2.3 percent higher, at $54.63. WTI hit its lowest price level since October 2017 on Tuesday.
Sentiment appeared to take a turn for the worse once again on Thursday afternoon in Asia. U.S. crude futures slipped 0.4 percent at $54.41 per barrel while Brent declined 0.33 percent at $63.27 per barrel.
U.S. crude stocks rose 4.9 million barrels last week, the Energy Information Administration said, a larger-than-expected increase. Crude inventories have risen for nine straight weeks, the longest streak of increases since March 2017.
STOCKS IN THE LIMELIGHT:
MEDIA PRIMA (RM0.40, -2.44%)
Shares in MEDIA fall as low as RM0.39 mid-day after its losses significantly narrowed in the nine months ended Sept 30 in FY18 to RM22.1m from RM285m in the same period last year, amid an 80% growth in digital and commercial revenues. MEDIA traded at 295K shares at mid-day.
AIRASIA X (RM0.225, -6.25%)
Shares in AAX fall as low as RM0.22 mid-day as it was hit by an RM138.2 million impairment on an amount due from a joint venture in its third quarter ended Sept 30, 2018 (3QFY18), which caused its net loss to widen to RM197.47 million from RM43.3 million in the same period last year. Also contributing to the decline was higher average fuel price in the quarter under review at US$91/bbl, against US$65/bbl recorded in 3QFY17, AAX said in a filing yesterday. Consequently, its quarterly loss per share widened to 4.8 sen, from 1 sen previously. AAX traded at a high volume of 18m shares at mid-day.
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