BURSA MALAYSIA (MON, 17 DEC 2018)
MID-DAYLUNCH BREAK REVIEW
BRIEF MARKET REVIEW:
The FBM KLCI remained in the negative zone during the midday break as evidence of slowing global economic growth hindered the local market. At mid-day, the FBM KLCI dipped 1.63 points to 1,660.33. The index had fallen to its intra-morning low of 1,645.86.
Losers led gainers by 561 to 133, while 285 counters traded unchanged. Volume was 782.74 million shares valued at RM 444.28 million.
Stocks in Asia were mostly higher in afternoon trade on Monday following a report suggesting further turmoil for the markets in 2019.
The mainland Chinese markets remained cautious by the end of the morning session after the country reported lower than expected economic data last Friday. The Shanghai composite was largely flat while the Shenzhen composite declined by 0.451%.
STOCKS IN THE LIMELIGHT:
V.S INDUSTRY BHD (RM0.82, -29.91%)
V.S Industry Bhd hit limit-down at the start of Monday trading as its recent quarterly results missed estimates and the company warned of weaker earnings moving forward.
V.S.Industry Bhd posted a 7.1% drop in net profit to RM 39.81 million for the first financial quarter ended Oct 31, 2018, from RM 42.87 million a year ago, mainly due to a loss on disposal of a subsidiary and foreign exchange loss, resulting in a lower earnings per share of 2.32 sen compared with 2.61 sen previously.
The stock closed mid-day at the low of RM 0.82, down 29.91%, with a high volume of 20.4 million shares traded.
UNISEM (M) BHD (RM3.20, -0.62%)
Local media reported that Public Investment Bank Bhd (Public IB) has advised shareholders of Unisem (M) Bhd to reject the latter’s takeover by its joint offerors of RM 3.30 per share as it is not fair and not reasonable.
This is despite the offer price representing a premium ranging from 11.1% to 40.43% over the historical share price of Unisem.
Public IB also noted that the offer is not reasonable, as the joint offerors intend to maintain the listing status of Unisem and do not intend to acquire shares that they do not own post the takeover.
Unisem closed at RM 3.20 mid-day on a high volume of 3.3 million shares traded.
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