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Lunch break review – 10th Dec 2018




The FBM KLCI slumped 0.93% at the midday break today, tracking the regional retreat as investor sentiment took abeating across the region. At mid-day, the FBM KLCI fell 15.59 points to1,664.95.

Losers led gainers by 549 to 131,while 281 counters traded unchanged. Volume was 1.39 billion shares valued at RM 586.34 million.

Meanwhile,stocks in Asia traded lower Monday afternoon following significantly weaker-than-expected Chinese trade data released over the weekend.

It was reported that China reportednotably weaker than expected November exports and imports, which pointed to slower global and domestic demand and raised the possibility that Beijing may undertake more measures to boost growth.

November exports rose 5.4% from a year earlier, according to Chinese customs data on Saturday, which was below the 10% jump predicted by a Reuters poll. That number was also the weakest performance since a 3% contraction in March. The customs data showed that annual growth for exports to all of China’s major partners slowed significantly. 

Import growth was 3%, the slowest since October 2016, and a fraction of the 14.5%expected in the Reuters poll. Imports of iron ore fell for a second time, reflecting waning restocking demand at steel-mills as profit margins narrow.


PRESTARIANG BHD (RM0.38 , -16.48%)

Shares of Prestariang Bhd tumbled to a low of RM0.37 after the Cabinet decided to review the jewel in the company’s crown — the RM3.5 billion Sistem Kawalan Imigresen Nasional (SKIN) project. The stock closed mid-day at rm0.38, down 16.48%, with a high volume of 19.8m shares traded.

Local media had reported Home Minister Tan Sri Muhyiddin Yassin as saying the Cabinet had agreed that the SKIN project is canceled and replaced with a more comprehensive new system.


Shares in Top Glove Corp Bhd fell to as low as RM5.55 in early trade this morning after it emerged that Britain is launching an investigation into medical gloves used by its health service after a Thomson Reuters Foundation exposé found stocks from Malaysia could be tainted by the mistreatment of migrant workers at the world’s biggest glovemaker.

TOP GLOVE closed at RM 5.67 mid-day on a high volume traded of 11.2 m shares.

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