BURSA MALAYSIA (WED, 26 DEC 2018)
MID-DAY LUNCH BREAK REVIEW
BRIEF MARKET REVIEW:
The FBM KLCI took a beating in the morning session today in line with the global rout, falling 1.18% at the midday break. At mid-day, the FBM KLCI lost 19.84 points to 1,663.98.
Broader market sentiment turned negative with losers leading gainers by 592 to 118, while 230 counters traded unchanged. Volume was 694.67 million shares valued at RM427.74 million.
Japanese stocks saw gains during trade on Wednesday morning following a Christmas Day plunge of both the Nikkei 225 and Topix. The Nikkei 225 shed most of its earlier rise but remained higher by 0.26% in afternoon trade, while the Topix index saw gains of 0.76%.
The moves came after the share average plummeted around 5% on Tuesday, putting the index well into bear market territory as it was more than 20% off its high in October. The broader Topix index also ended more than 4.8% lower.
U.S. President Donald Trump on Tuesday continued his spate of open criticism of the Federal Reserve, saying the central bank was hiking interest rates too quickly.
Still, the U.S. president suggested that investors should now be buying into the ongoing sell-off. Trump’s comments came on the back of a recent steep decline in the U.S. stock markets amid concerns over weaker economic growth. The president himself has often attributed the fall to the Fed, tweeting on Monday that the central bank is “the only problem” with the U.S. economy.
STOCKS IN THE LIMELIGHT:
TSR CAPITAL BHD (RM0.365, +1.39%)
TSR Capital Bhd shares gained 1.39% in thin trade at mid-morning today after its wholly-owned unit TSR Bina Sdn Bhd has secured a RM79.8 million road project in Sungai Buloh. The stock closed at RM0.365 at mid-day on a low volume of 4.5 thousand shares traded.
The group said the 24-month project, awarded by Kwasa Land Sdn Bhd, involves the construction of the elevated roads crossing junction at Persiaran Atmosfera-Persiaran Jati, and the upgrading of the four-arm grade junction at Kwasa Puteri-Persiaran Sg Buloh. The project is expected to be completed by January 2021, TSR Capital said.
MALAYSIA MARINE AND HEAVY ENGINEERING HOLDINGS BHD (RM0.495, -2.94%)
Malaysia Marine and Heavy Engineering Holdings Bhd’s (MHB) unit, Malaysia Marine and Heavy Engineering Sdn Bhd (MMHE), has via a consortium with TechnipFMC inked a long-term agreement (LTA) with Saudi Arabian Oil Company (Saudi Aramco).
In a statement today, MHB said the agreement, valid for six years with an option to extend for another six years, covers engineering, procurement, fabrication, transportation, and installation of offshore facilities in support of Saudi Aramco’s Offshore Maintain Potential Program, and other works which will be executed within Saudi Arabia waters.
In the same statement, MHB said it has been awarded a contract for fabrication of the Pluto Water Handling Module from TechnipFMC. Upon completion, the module will be installed on Woodside Energy Ltd’s existing Pluto Alpha Gas Production Platform, located offshore Western Australia, it said. MHB said the module is targeted for completion in fourth quarter of 2020.
The stock closed mid-day at RM0.495, down 2.94%, with a low volume of 61.9 thousand shares traded.
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