BURSA MALAYSIA (THU, 03 JAN 2019)
MID-DAY LUNCH BREAK REVIEW
BRIEF MARKET REVIEW:
The FBM KLCI pared some of its gains at the midday break today as local investors remained wary of external developments. Meanwhile, technology-related stocks were among the top losers following Apple Inc’s revenue warning. At mid-day, the FBM KLCI was up 9.63 points to 1,677.74. The index had earlier risen to its intra-morning high of 1,680.78.
Gainers led losers by 325 to 270, while 307 counters traded unchanged. Volume was 1.05 billion shares valued at RM553.05 million.
Stocks in Asia were mostly lower on Thursday morning as U.S. futures pointed to another volatile session for Wall Street after Apple lowered guidance for first quarter and warned of weaker sales in China.
Apple blamed a variety of factors for the lowered guidance, including a weakening economy in China and lower-than-expected iPhone revenue. Apple said the lower-than-anticipated revenue happened “primarily in Greater China,” but also said that upgrades to new iPhone models in other countries were “not as strong as we thought they would be.”
STOCKS IN THE LIMELIGHT:
INARI AMERTRON BHD (RM1.28, -12.93%)
Inari Amertron Bhd, along with other technology stocks, took a nosedive this morning, no thanks to the profit warning from Apple Inc, which is one of the company’s clients.
The stock opened at RM1.35 this morning, 12 sen lower than yesterday’s close of RM1.47, indicating the fierce selling on the semiconductor firm amidst fears of gloomy earnings outlook. It plunged to a one-year low of RM1.27 as at 11.15am, some 50% below its record high of RM2.53 on Aug 9 last year.
The tech index was the worst performer on Bursa this morning. The stock closed at RM1.28 at mid-day on an extremely high volume of 50.8 million shares traded.
MY E.G. SERVICES BHD (RM0.96, +1.05%)
MyEG Services Bhd shares rose 1.05% in active trade this morning after its its sub-subsidiary MyEG Alternative Payment Services Sdn Bhd has received a Letter of No Objection from Bank Negara Malaysia (BNM) for the launch of its iPayEasy e-wallet. iPayEasy will be launched in in the second quarter of the financial year ending Sept 30, 2019.
In January last year, MyEG obtained BNM’s approval for the issuance of electronic money via iPayEasy with a maximum wallet limit of RM1,500 per customer.
The stock closed mid-day at RM0.96, up 1.05%, with a low volume of 10.5 million shares traded.
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