BURSA MALAYSIA (MON, 07 JAN 2019)
MID-DAY LUNCH BREAK REVIEW
BRIEF MARKET REVIEW:
The FBM KLCI pared some of its gains at the midday break today but was still was up 0.63% in line with the advance at the regional markets. At mid-day, the FBM KLCI was up 10.59 points to 1,680.37. The index had earlier risen to its intra-morning high of 1,687.13.
Gainers led losers by 529 to 245, while 294 counters traded unchanged. Volume was 1.48 billion shares valued at RM767.84 million.
Stocks in Asia traded higher Monday morning as investor sentiment picked up slightly ahead of a round of trade negotiations between the United States and China in Beijing.
The U.S. and China will hold vice-ministerial level trade talks in Beijing on Jan 7-8, according to the Chinese commerce ministry. Reports said a working team led by Deputy U.S. Trade Representative Jeffrey Gerrish will come to China to have “positive and constructive discussions” with Chinese counterparts.
STOCKS IN THE LIMELIGHT:
DPI HOLDINGS BHD (RM0.27, +8.00%)
DPI Holdings Bhd (DPI), which made its debut on the ACE market of Bursa Malaysia this morning, was the most actively traded counter on the local bourse at mid-morning today.
Its shares shot up as much as 40% this morning to 35 sen, from its initial public offering price of 25 sen. The company, which is headquartered in Johor, is involved in the development, manufacturing and distribution of aerosol products for the automotive industrial and household markets, under its own brand names “DPI”, “Anchor” and “Kromoto”. It also provides solutions for paint and lubricant formulation, raw and packing materials as well as aerosol packaging, under its private label manufacturing services.
The stock closed mid-day at RM0.27, up 8.00%, with a high volume of 98.1 million shares traded.
KKB ENGINEERING BHD (RM0.855, -1.16%)
KKB Engineering Bhd’s unit OceanMight Sdn Bhd has signed a letter of award (LoA) by Petroliam Nasional Bhd, which will qualify it to bid for contract work involving the provision of engineering, procurement and construction of fixed offshore structure works.
A formal contract shall be executed within three months from acceptance of the said LoA, KKB said in a bourse filing today.
The contract is effective from Dec 12, 2018 and will continue for a period of six years, unless terminated earlier. The contract will have no effect on the share capital of the company and is expected to contribute positively towards the earnings and net assets of the company and group for the duration of the contract.
The stock closed at RM0.855 at mid-day on a low volume of 34,000 shares traded.
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