BRIEF MARKET REVIEW:
The FBM KLCI extended it losses at the midday break today as regional markets slumped and the World Bank lowered its projection for Malaysia’s economic growth in 2018 to 4.7%. At mid-day, the FBM KLCI fell 0.46% or 7.52 points to 1,634.10. On Bursa Malaysia, all the indices were in red in the morning session today.
Losers led gainers by 642 to 145, while 237 counters traded unchanged. Volume was 1.27 billion shares valued at RM772.82 million.
Stocks in Asia were lower on Tuesday afternoon following an overnight sell-off on Wall Street sparked by concerns of a slowdown in the global economy.
In an address to commemorate the 40th anniversary of China’s economic reforms on Tuesday, President Xi Jinping called for his country to “stay the course” on its current path of reform and emphasized that “no one is in a position to dictate to the Chinese people what should or should not be done.“
Xi’s remarks were being closely watched as investors sought clues on whether the Chinese leader’s idea of progress aligned with the West’s increasingly vocal demands for less state control, which could have implications on whether the U.S. reaches a trade deal with China by the end of its 90-day tariff ceasefire.
STOCKS IN THE LIMELIGHT:
IHH HEALTHCARE BHD (RM5.17, -3.36%)
Shares of IHH Healthcare Bhd fell as much as 5.42% in the morning trading session today following the company’s announcement that it will be unable to proceed with the open offer for Fortis Healthcare Ltd for the time being.
The stock closed mid-day at RM5.17, down 3.36%, with a volume of 2.3 million shares traded.
DESTINI BHD (RM0.17, 9.68%)
Local media reported that Destini Bhd rose 9.68% in active trade at mid-morning today after it won a three-year contract for the provision of tubular handling, conductor installation and slot recovery equipment and services for Petronas Carigali Sdn Bhd, the exploration arm of Petroliam Nasional Bhd.
The company said the contract was awarded to its wholly-owned Destini Oil Services Sdn Bhd (DOS) under the Pan Malaysia Petroleum Arrangement Contractors (PAC) Operators’ Drilling Programme by Petronas Carigali.
Under the contract, DOS will be the primary contractor for the said services in the shallow waters of East and West Malaysia, and for deep water tubular handling in East Malaysia.
Destini closed at the high of RM0.17 mid-day on a high volume of 10.1 million shares traded.
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