BURSA MALAYSIA (TUE, 4 DEC 2018)
MID-DAY LUNCH BREAK REVIEW
BRIEF MARKET REVIEW:
The FBM KLCI pared some its loss at mid-day break but remained in the red in line with its regional peers. The FBM KLCI fell 7.15 points to 1,692.57 mid-day. The index had earlier fallen to its intra-morning low of 1,690.24.
Losers led gainers by 476 to 232, while 1,160 counters traded unchanged. Volume was 1.59 billion shares valued at RM843.73 million.
Meanwhile, stocks in Asia slipped Tuesday afternoon amid uncertainty about the future of U.S.-China trade relations.
The mainland Chinese markets, which have been closely watched in relation to Beijing’s trade war with Washington, were largely unchanged by the end of the morning session.
STOCKS IN THE LIMELIGHT:
REACH ENERGY (RM0.335, +3.08%)
Shares of REACH rose to the high of RM0.35 mid-day after the company announced yesterday that initial testing of the exploration well at North Kariman-3 (NK-3) in its Emir Oil concession block onshore Kazakhstan has yielded positive results. The stock closed mid-day at RM0.335, up 3.08%, with a high volume of 9.2m shares traded.
According to an online media report reported that this will contribute significantly to Reach Energy’s reserves. In addition, reservoir pressure from the NK-3 well was determined to be relatively high compared with surrounding wells, and this suggests that it would be highly productive well once it is put on production.
CYCLE & CARRIAGE BINTANG (RM1.80, -2.70%)
Local media reported that Cycle & Carriage will cease to be a substantial shareholder of Mercedes-Benz Malaysia Sdn Bhd after disposing of 66 million or 49% Mercedes-Benz Malaysia shares to Daimler AG for RM66million. Hence, Affin Hwang Capital Research has downgraded Cycle & Carriage Bintang to “Sell” at RM1.85 with a lower target price of RM1.48 (from RM2).
Cycle & Carriage closed at RM1.80 mid-day on a high volume traded of 70k shares.
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