BURSA MALAYSIA (TUE, 11 DEC 2018)
MID-DAYLUNCH BREAK REVIEW
BRIEF MARKET REVIEW:
The FBM KLCI fell 0.37% at the midday break today, which was in line with the regional markets. At mid-day, the FBM KLCI fell 6.10 points to 1,657.21.
Losers led gainers by 446 to 191,while 299 counters traded unchanged. Volume was 744.73 million shares valued at RM 663.86 million.
Stocks in Asia traded mixed on Tuesday afternoon on the back of a volatile session on Wall Street which saw the Dow recover from a 507-point drop.
PrimeMinister Theresa May delayed a Brexit vote that was set to take place on Tuesday in the U.K. parliament. The move was confirmed in a statement by May to lawmakers in the House of Commons on Monday afternoon.
The now-delayed vote in the House of Commons termed the “meaningful vote,” was to allow lawmakers to accept or reject the terms of Brexit that the EU and the British government had previously agreed. May claimed that while there was broad support for her deal, the issue of the Northern Irish backstop remained a concern and she would return to European counterparts to renegotiate the deal.
STOCKS IN THE LIMELIGHT:
TENAGA NASIONAL BHD (RM 13.56,0.00%)
Shares of Tenagaunchanged at RM13.56 after it announced that it is subscribing to a compulsorily convertible debenture (CCD) for 2.256 billion rupees (RM133.17million) to facilitate its direct investment in the construction of a hydroelectric power plant in India. The stock closed mid-day at RM13.56, with a high volume of 4.0m shares traded.
The CCD is issued by GMR Bajoli Holi Hydropower Pvt Ltd (GBHH), which is constructing the 180MW run-of-river plant within the Himalaya Range in the State of Himachal Pradesh, said TNB.
SCIENTEX BHD (RM9.35, +0.32%,)
Shares in Scientex increased to the high of RM9.42 in early trade this morning after it said it will issue 25.28million new shares in the company to satisfy the proposed acquisition of a42.41% stake in smaller rival Daibochi Bhd.
In a filing with Bursa Malaysia yesterday, Scientex said it had inked a conditional share sale agreement with certain shareholders of Daibochi to acquire the stake via a share swap.
Scientex closed at RM 9.53 mid-day on a low volume traded of 41.3k shares.
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