BURSA MALAYSIA (MON, 14 JAN 2019)
MID-DAY LUNCH BREAK REVIEW
BRIEF MARKET REVIEW:
The FBM KLCI fell 0.43% at the midday break today, in line with the retreat at most regional markets, following the drop in China’s imports. At mid-day, the FBM KLCI fell 7.28 points to 1,675.94. Losers led gainers by 419 to 266, while 292 counters traded unchanged. Volume was 1.25 billion shares valued at RM552.61 million.
Asia Pacific markets started off the trading week mostly on the back foot as major indexes in South Korea, China, Hong Kong and Singapore tumbled. The market in Japan is closed for a public holiday.
Shares in Asia were lower after Chinese government data showed that December exports and imports fell unexpectedly, deepening concerns of a slowdown in the world’s second-largest economy as Beijing’s trade war with the U.S. appeared to be taking a toll.
STOCKS IN THE LIMELIGHT:
TATTT GIAP GROUP BHD (RM0.165, -8.33%)
Dynaciate Engineering Sdn Bhd has emerged as the largest shareholder of Tatt Giap Group Bhd after increasing its stake to 29.74% from 12.95% previously. In a statement on last Friday, Dynaciate said this “further reinforced its commitment” to Tatt Giap’s growth.
Dynaciate had converted 88.4 million irredeemable convertible preference shares (ICPS) into 44.2 million new shares on the basis of one share for every two ICPS, it said in a stock exchange filing.
Dynaciate first emerged in Tatt Giap on Nov 9, 2018 after acquiring the 12.95% stake, comprising 22.1 million shares, at 31 sen per share via direct business transactions.
The stock closed mid-day at RM0.165, down 8.33%, with a high volume of 38.8 million shares traded.
SCOMI ENERGY SERVICES BHD (RM0.045, -10.00%)
The Edge Markets reported that Scomi Energy Services Bhd (SESB) shares fell 10% this morning after its board commenced an investigation into the RM64.33 million lent to its parent company Scomi Group Bhd as the advances were made without board approval.
The advances without board approval have dragged SESB into deeper financial trouble as Scomi Group, which holds a 65.64% stake in SESB, has not been able to repay the outstanding amount. The board said that it is currently reviewing the management structure and terminating the shared services arrangement between itself and the parent company, except for certain critical functions.
SESB closed at RM0.045 at mid-day on a high volume of 1.6 million shares traded.
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.