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Lunch Break Review – 11th Jan 2019

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BURSA MALAYSIA (FRI, 11 JAN 2019)

MID-DAY LUNCH BREAK REVIEW

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BRIEF MARKET REVIEW:

The FBM KLCI reversed its gains and dipped at the mid-day break today as heavyweights Public Bank Bhd and Tenaga Nasional Bhd fell. At mid-day, the FBM KLCI dipped 1.86 points to 1,677.02. The index had earlier risen to a high of 1,684.99. Gainers led losers by 413 to 294, while 323 counters traded unchanged. Volume was 1.6 billion shares valued at RM850.06 million.

Asia stocks mostly traded higher Friday morning amid improved investor sentiment following overnight gains on Wall Street. The mainland Chinese markets, watched in relation to the ongoing trade war between Beijing and Washington, were cautious by the end of the morning session. The Shanghai composite rose about 0.11% while the Shenzhen composite and the Shenzhen component were largely flat.

Elsewhere in Asia, Japan’s Nikkei 225 rose more than 0.8% in afternoon trade while the Topix index gained around 0.3%. Meanwhile, South Korea’s Kospi also rose more than 0.4%. Australia’s ASX 200, however, slipped into negative territory as it traded down by 0.2%.

 

STOCKS IN THE LIMELIGHT:

DNONCE TECHNOLOGY BHD (RM0.44, +27.54%)

D’Nonce Technology Bhd, which is in the midst of an investigative review, has announced yesterday the resignation of its chairman Ang See Ming and chief executive officer (CEO) Kuah Choon Ching.

Ang, 48, and Kuah, 34, have both resigned effective today, citing other commitments as reason, D’Nonce’s exchange filings showed. Ang has only been redesignated as chairman over a month ago, while Kuah took on the role as CEO in September 2018.

On Jan 8 this year, the company announced undergoing an investigative review, following the findings of a special investigative audit into transactions made by former managing director and CEO, Law Kim Choon, who stepped down in July last year “to pursue personal interests”. The 60 year-old Law, who was its CEO since 2002 prior to his resignation, is currently being sued by the company for allegedly committing fraud and conspiracy and breaching fiduciary duties.

The stock closed mid-day at RM0.44, up 27.54%, with a high volume of 1.03 million shares traded.

 

MALAYSIA AIRPORTS HOLDINGS BHD (RM8.00, -2.44%)

Malaysia Airports Holdings Bhd’s shares fell 1.83% this morning after the airports operator missed its passenger volume target last year partly due to the shift of airlines seat capacity by some of the local carriers and the anticipated higher passenger movements related to the 14th general election (GE14) that did not take place.

The airport operator saw 2.5% more passengers passing through the 39 airports in the country it operates last year, to reach 99.03 million from 96.64 million in 2017. MAHB had expected passenger volume to grow 6.5% in 2018. For 2019, MAHB has set a lower passenger growth target of 4.9%, with international and domestic passenger traffic growing at 2.4% and 7.6% respectively.

Airports closed at RM8.00 at mid-day on a low volume of 645,100 shares traded.

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Prepared by:

Malacca Securities Quantitative Trading and Analytics Division
BO1-A-13A, Level 13A, Menara 2,
No.3, Jalan Bangsar, KL Eco City,
59200 Kuala Lumpur
TEL: 03-2201 2100 (General)

The Quantitative Trading and Analytics Division houses the elite data scientists, programmers and proprietary traders that work the proprietary algorithm trading desk of Malacca Securities. Join and network with us at our elite mPower Algorithm program, mPower Trading program and Elite Education courses.

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