BURSA MALAYSIA (WED, 09 JAN 2019)
MID-DAY LUNCH BREAK REVIEW
BRIEF MARKET REVIEW:
The FBM KLCI pared some of its gains at the mid-day break today but stayed up 0.42% in line with the advance at neighbouring markets. At mid-day, the FBM KLCI was up 7.1 points to 1,679.86. The index had earlier risen to a high of 1,684.08. Gainers led losers by 585 to 221, while 286 counters traded unchanged. Volume was 1.78 billion shares valued at RM1.14 billion.
Asia markets saw gains during Wednesday afternoon trade as investors remained cautiously optimistic Beijing and Washington could move forward on a trade deal. The mainland Chinese markets saw gains in the morning session. The Shanghai composite rose almost 1.6% and the Shenzhen composite advanced 1.56%. The Shenzhen component also climbed up by 1.82%.
Investors will continue watching for developments on the U.S.-China trade front after negotiations between the world’s two largest economies extended into an unscheduled third day, according to Reuters. The new round of talks began on Monday as the two countries seek to strike an agreement amidst the ongoing trade war, which saw the U.S. and China slap punitive tariffs on each other’s goods. U.S. President Donald Trump tweeted that the trade talks are “going very well.”
STOCKS IN THE LIMELIGHT:
MALAYSIA MARINE AND HEAVY ENGINEERING HOLDINGS BHD (RM0.67, +5.51%)
Malaysia Marine and Heavy Engineering Holdings Bhd’s wholly-owned Malaysia Marine and Heavy Engineering Sdn Bhd has bagged a frame work agreement from Petroliam Nasional Bhd (Petronas) for the provision of engineering, procurement and construction of fixed offshore structure works.
The frame agreement consists of two packages, namely fixed offshore structures of weight exceeding 7,500MT (Package A) and fixed offshore structures of weight not exceeding or equal to 7,500MT (Package B).
The agreement, valid for six years for both packages, is on a mini bidding basis, applicable to projects being managed under Petronas’ Petroleum Agreement Contractors and covers all oil and gas blocks within Malaysia.
The stock closed mid-day at RM0.67, up 5.51%, with a high volume of 633,300 shares traded.
NYLEX (M) BHD (RM0.64, -1.54%), ANCOM BHD (RM0.485, -1.02%)
Ancom Bhd executive chairman and former Tourism Malaysia chairman Datuk Dr Siew Ka Wei was remanded for four days over a RM100 million tourism contract awarded before Malaysia’s 14th general election, The Malaysian Insight reported today.
Siew is also Ancom Logistics Bhd executive vice chairman and Nylex (M) Bhd group managing director, according to Ancom Bhd’s website. Ancom Logistics and Nylex are subsidiaries of Ancom Bhd.
Nylex closed at RM0.64 at mid-day on a high volume of 274,500 shares traded, while Ancom closed at RM0.485 at mid-day on a high volume of 448,000 shares traded.
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