BURSA MALAYSIA (WED, 5 DEC 2018)
MID-DAY LUNCH BREAK REVIEW
BRIEF MARKET REVIEW:
The FBM KLCI fell 0.55% at midday break today, in line with the slide at regional markets. At mid-day, the FBM KLCI lost 9.26 points to 1,685.73.
Losers outpaced gainers by 497 to 181, while 1,191 counters traded unchanged. Volume was 1.06 billion shares, valued at RM675.55 million.
Stocks in Asia traded down Wednesday morning after an overnight plunge on Wall Street as investors worried about a potential economic slowdown and the state of the U.S.-China trade war.
Earlier in the day, China’s Ministry of Commerce said in a statement on its website that the weekend meeting between Trump and Chinese President Xi Jinping was successful. The ministry also said the two countries will push ahead with negotiations within 90 days, and Beijing will work to address issues agreed upon as quickly as possible.
STOCKS IN THE LIMELIGHT:
MALAKOFF (RM0.78, -1.89%)
Shares of MALAKOFF fell to the low of RM0.775 on Wednesday as its business partner in an Algerian seawater desalination plant — state-owned Algerian Energy Co (AEC) — wants the group to give up its stake in the plant operator following the termination of a water purchase agreement.
MALAKOFF closed at RM0.78 at mid-day on a low volume traded of 200k shares.
SASBADI (RM0.245, +2.08%)
Local media reported that Sasbadi Holdings Bhd has bagged a ministry of education (MoE) contract to print Form 3 Science textbooks for three years.
In a filing with Bursa Malaysia yesterday, Sasbadi said its wholly-owned subsidiary Sasbadi Sdn Bhd has accepted a letter of acceptance from the ministry to translate, publish and print the dual language programme textbook at an estimated contract value of RM892,680. The period of the contract is from Dec 3, 2018, to Dec 2, 2021.
SASBADI closed at RM0.245 at mid-day on a high volume traded of 1.1 million shares.
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