BURSA MALAYSIA (THU, 27 DEC 2018)
MID-DAY LUNCH BREAK REVIEW
BRIEF MARKET REVIEW:
The FBM KLCI jumped 0.76% at the midday break today, tracking the surge at regional markets, lifted by gains including at Top Glove Corp Bhd and Public Bank Bhd. At mid-day, the FBM KLCI rose 12.65 points to 1,685.25. The index had earlier risen to a high of 1,688.17.
Gainers led losers by 517 to 160, while 284 counters traded unchanged. Volume was 964.12 million shares valued at RM557.49 million.
Shares in Asia rose on Thursday morning following an overnight surge in stocks on Wall Street, with all three major indexes stateside posting gains of more than 4.9 percent.
Japan’s Nikkei 225 surged 3.38% in morning trade while the Topix jumped 3.94% as the two indexes climbed for the second-straight day after their Christmas Day tumble.
Of note, the energy sector Down Under jumped more than 3 percent, with shares of oil-related companies advancing. Those moves came on the back of a strong rebound in oil prices on Wednesday, which saw both U.S. and international benchmark Brent crude post their largest one-day increase since Nov. 30, 2016, when OPEC signed a landmark agreement to cut production.
STOCKS IN THE LIMELIGHT:
GAS MALAYSIA BHD (RM2.69, +0.00%)
Gas Malaysia Bhd shares rose to the high of RM2.77 in the morning as the company will raise the average natural gas base tariff for the non-power sector in Peninsular Malaysia to RM32.69 per million British thermal units (MMBtu) from Jan 1 to June 30 next year, up from the current RM31.92 per MMBtu. The stock closed at RM2.69 at mid-day on a high volume of 410.3 thousand shares traded.
The revision, along with a 23 sen per MMBtu gas cost pass through surcharge, translates to an average effective tariff of RM32.92 per MMBtu – up 0.7% from the current average tariff after surcharge.
In a separate statement, the Malaysian Gas Association (MGA) secretary-general Rosman Hamzah said it supports the government’s long-term vision to create a level playing field, increase participation and pave the way for stronger socio-economic progress in the country.
GENTING BHD (RM6.07, +0.83%)
Genting Bhd said today its unit Resorts World Las Vegas LLC will respond to a complaint on the architectural design of its upcoming hotel and casino resort property by Jan 14. The stock closed mid-day at RM6.07, up 0.83%, with a low volume of 1.4 million shares traded.
In a filing with Bursa Malaysia today, Genting said it was notified by its indirect wholly-owned subsidiary Resorts World Las Vegas that Wynn Resorts Holdings LLC has filed a complaint dated Dec 21 against the company alleging trade dress infringement, trademark dilution and copyright infringement over the design of the said project.
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