BURSA MALAYSIA (MON, 3 DEC 2018)
MID-DAY LUNCH BREAK REVIEW
BRIEF MARKET REVIEW:
The FBM KLCI rallied 0.94% at midday break today, in line with gains at regional markets. At mid-day, the FBM KLCI rose 15.93 points to 1,695.79.
Gainers led losers by 477 to 314, while 1,075 counters traded unchanged. Volume was 1.37 billion shares, valued at RM1.06 billion.
Meanwhile, stocks in Asia traded higher Monday afternoon after Presidents Donald Trump and Xi Jinping agreed to a temporary trade truce between the United States and China.
The mainland Chinese markets closely watched as a result of Beijing’s ongoing trade spat with Washington, saw strong gains by the end of the morning session.
STOCKS IN THE LIMELIGHT:
UMW (RM5.36, +6.14%)
Shares of UMW rose to the high of RM5.45 mid-day after the company reported it returned to profitability in the third quarter ended Sept 30, 2018 (3QFY18). The stock closed mid-day at RM5.36, up 6.14%, with 4.4m shares traded.
According to The Edge Markets, on Nov 30, UMW announced it posted a net profit of RM128.13 million in 3QFY18 compared with a net loss of RM29.37 million a year earlier. Quarterly revenue rose 25% to RM3.29 billion from RM2.64 billion in 3QFY17.
In a filing with Bursa Malaysia, UMW said the improved performance was due to better contributions from its core businesses, including its automotive segment and aerospace segment.
FGV (RM0.85, -3.95%)
Local media, The Edge Markets, reported that FGV fell as low as RM0.81 in active trade this morning after a global palm oil industry watchdog rapped Malaysia’s biggest palm oil producer for “exploitative” labor practices, dire living conditions for its workers and lax oversight of contractors that hire its foreign labor.
The findings are part of an investigation by a panel at the Roundtable on Sustainable Palm Oil (RSPO), following a Wall Street Journal report in 2015 that detailed abuses faced by foreign workers hired by contractors for FGV plantations, according to Reuters last Friday.
FGV closed at RM0.85 mid-day on a high volume traded of 11.8m shares.
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