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- A + A KUALA LUMPUR (June 22): Here is a brief look at some corporate announcements and news flow on Wednesday (June 22), which involve Axiata Group Bhd, Bioalpha Holdings Bhd, Reservoir Link Energy Bhd, Allianz Malaysia Bhd, CIMB Group Holdings Bhd, Omesti Bhd, Deleum Bhd, Tenaga Nasional Bhd, Mestron Holdings Bhd and Kronologi Asia Bhd. Axiata Group Bhd and PT XL Axiata Tbk (XL Axiata) have completed the acquisition of 66.03% of PT Link Net Tbk (Link Net) for 8.72 trillion Indonesian rupiah, or approximately RM2.63 billion. With the completion, Axiata’s wholly-owned subsidiaries, Axiata Investments (Indonesia) Sdn Bhd (AII) and XL Axiata now hold 46.03% and 20% respectively in Link Net previously held by Asia Link Dewa Pte Ltd and PT First Media Tbk. Bioalpha Holdings Bhd has formed a joint venture (JV) with Shanghai-listed Suzhou Medicalsystems Technology Co Ltd to supply health supplement products in the China market. Bioalpha said Suzhou Medicalsystems has … [Read more...] about Axiata, Bioalpha, Reservoir Link, Allianz Malaysia, CIMB, Omesti, Deleum, TNB, Mestron and Kronologi Asia

- A + A BENGALURU (June 24): The Philippine peso fell for the eighth straight session on Friday (June 24) as markets feared a modest rate hike by the country's central bank may not be enough to curb surging inflation, while other Asian currencies rose against a weaker US dollar. The Bangko Sentral ng Pilipinas (BSP) stuck to a 25-basis-point increase in its benchmark rate on Thursday for a second month in a row, fearing that more aggressive tightening could compromise growth. "Concerns over the gradual pace of BSP hikes, weaker budget balance, as well as policy uncertainty under the new president could be adding to PHP drags in the interim," Maybank analysts said in a note. The peso was on track for its worst week since June 2013. It was down 2% during the week, and hovered at a more than 16-and-a-half-year intraday low notched earlier in the week. The Thai baht was 0.1% weaker intraday, touching a more than five-year low, likely pressured by portfolio outflows, … [Read more...] about Philippine peso on track for worst week in nine years; Asian stocks gain

- A + A (June 22): Malaysia’s state-owned investment firm Johor Corp could seek to raise about 1 billion ringgit ($227 million) in an initial public offering of its plantation unit, according to people with knowledge of the matter. The investment arm of the Johor State government is asking bankers for pitches for the potential listing of Kulim Malaysia Bhd, and is targeting a valuation of around US$1 billion for the unit, the people said. An IPO in Kuala Lumpur could happen as early as next year, said the people, who asked not to be identified as the process is private. The Kulim listing would come as a three-year rally in crude palm oil prices has begun to sputter, falling from its peak in March as Indonesia ramps up exports. Deliberations are ongoing and details of the IPO such as size and timing could change, the people said. Johor Corp is continuously reviewing its investments, and is committed to improving the value proposition of Kulim, said Hasnina Hafiz, … [Read more...] about Malaysia state firm Johor Corp weighs IPO for US$1 bil palm oil arm

- A + A KUALA LUMPUR (June 24): Public Investment Bank Bhd said on Friday rubber glove manufacturers' valuations appear attractive following the sharp fall in their share prices as the global Covid-19 situation appears to have come under control as countries reopen their international borders. However, Public Investment research team's key message to investors is "wait for more clarity" from the Malaysian rubber glove sector, which is closely watched as a beneficiary of the Covid-19 outbreak which started in early 2020, as demand for rubber gloves, seen as a crucial piece of personal protective equipment, jumped to curb the global spread of Covid-19. Covid-19-driven demand for gloves is however now seen normalising as global vaccination progress leads to anticipation that the Covid-19 outbreak can be curbed. Such sentiment is already reflected in share prices of major glove manufacturers — Top Glove Corp Bhd, Hartalega Holdings Bhd, Supermax Corp Bhd and Kossan … [Read more...] about Glove stocks’ sharp price fall: Analysts say valuations appear attractive but ‘wait for more clarity’

GEORGE TOWN: The country is ready to move out from the pandemic stage and into endemicity based on current indicators, says a health expert. Universiti Sains Malaysia (USM) Advanced Medical and Dental Institute Biomedical Science head Dr Muhammad Amir Yunus said several indicators showed that the country has an option to move into the endemic status, which could help manage Covid-19 better without draining too much health and economic resources. “Among others, we are there with the vaccination coverage status, number of new cases per million population globally, and surveillance on virus (no new significant dangerous variants and severity of illness in general). “People should keep in mind that ‘endemic’ status doesn’t mean that there should be zero daily cases, which is totally wrong as it refers to how manageable the number is, without the emergence of new dangerous virus variants. “Endemicity itself doesn’t mean good or safe. It means that the Covid-19 virus (SARS-CoV-2) is … [Read more...] about ‘Malaysia hits all the marks of being in endemic phase’

- A + A KUALA LUMPUR (June 27): Technology-linked stocks on Bursa Malaysia rose in early trade on Monday (June 27), following positive vibes for the sector. At 9.50am, among the gainers were Malaysian Pacific Industries Bhd (MPI) which rose 3.43% or 96 sen to RM28.96, ViTrox Corp Bhd, up 4.65% or 33 sen to RM7.43, KESM Industries Bhd which added 4.97% or 32 sen to RM6.76, Pentamaster Corp Bhd, up 5.79% or 21 sen to RM3.84, UWC Bhd, up 4.07% or 14 sen to RM3.58, and Greatech Technology Bhd, up 2.94% or 11 sen to RM3.85. Kenanga Research has maintained its “overweight” rating of the technology sector moving into the third quarter of 2022 (3Q22), premised on resilient chip demand as the Semiconductor Industry Association reported a 23% year-on-year (y-o-y) increase in semiconductor sales in 1Q22. In a note on Monday, the research house said that the shipment numbers for car sales and consumer end-devices did not reflect the same optimism. “We attribute this to the … [Read more...] about Technology-linked stocks climb on positive vibes for sector

Datuk Seri Mohd Shafie Apdal - A + A KOTA KINABALU (June 26): Parti Warisan is ready to work with any political coalition that wins the 15th general election (GE15) to ensure political stability and safeguard the interests of the people of this country, said Warisan president Datuk Seri Mohd Shafie Apdal. The Semporna member of parliament said this is because the winning party is chosen by the people, adding that by cooperating with the party, Warisan is showing that it respects their choice. However, he stressed that it should be a smart and fair collaboration, and most importantly it must put the interests of the people above all else. "Whether [the winning party is] BN (Barisan Nasional), Perikatan Nasional, or Pakatan Harapan, when the people have made a decision we have to respect. We cannot just deny the rights of the people in this country, but I reject the Sheraton Move, jump here and there because it is not the people's mandate. "After the election, … [Read more...] about Shafie: Warisan ready to work with winning coalition in GE15 to ensure stability

KUALA LUMPUR: Despite opening higher at the start of the opening bell, the FBM KLCI succumbed to profit taking activities as the key index lingered mostly in the negative territory. At 5pm, the 30-stock index plunged 26.78 points, or 1.84% to 1,431.10. The index opened 3.25 points higher at 1,461.13 this morning. Market breadth turned negative as losers overpowered the gainers on a ratio of 640-to-255 stocks. Traded volumes rose to 2.72 billion shares, valued at RM1.9bil as profit taking activities took control Along with investors' profit-taking, dealers said investors were also concerned about the the risk of recession arising from global inflation. Mercury Securities expects global equities to remain volatile in the short-term amid fears of persistently high inflation forcing central banks across the world to raise rates at a more rapid pace. On Bursa Malaysia, Nestle tumbled RM2 to RM132.50, Malaysian Pacific Industries shed RM1.92 to RM26.86, Kuala Lumpur Kepong lost … [Read more...] about KLCI plunges 26.78 points on heavy selling pressure

KUALA LUMPUR: The FBM KLCI ended the day in red on Monday in line with the weak performance of its regional peers. The 30-stock index ended down 15.5 points, or 1.06% to 1,441.24, the lowest since May 2020. The broader market sagged, with decliners outnumbering advancers 747 to 200 while 351 counters were unchanged. Dealers said the local bourse which tracked the performance of key Asian markets, was weighed down by banking stocks. They expect volatility to continue due to the uncertainties surrounding the global economy. On the external front, MSCI’s broadest index of Asia-Pacific shares ex-Japan lost 0.16%. Japan’s Nikkei 225 fell 0.74% to 25,771.22 while South Korea’s Kospi ended down 2.04% to at 2,391.03. Hong Kong’s Hang Seng index rose 0.4% to 21,163.91. China’s CSI300 index rose 0.5% to 4,330.43, while the Shanghai Composite Index closed 0.04% lower at 3,315.43. On Bursa Malaysia, Malaysian Pacific Industries tumbled 98 sen to RM28.52, Batu Kawan lost 52 sen … [Read more...] about FBM KLCI pulls back 1.06% in line with regional retreat

KUALA LUMPUR: The FBM KLCI slipped in morning trade in tandem with regional markets as the optimism seen on Wall Street overnight faded amid concerns over persistent inflation. At 12.30pm, the key index was down 10.72 points to 1,447.16. The market turned negative with 489 decliners compared with 276 gainers. Trading volume was 1.52 billion shares valued at RM775.13mil. Bule chips were mostly lower with Sime Darby Plantation dropping 14 sen to RM4.28 and IHH sliding nine sen to RM6.40. Bank stocks continued their retreat led by CIMB shaving six sen to RM4.90, Hong Leong Bank falling 28 sen to RM20.62, Maybank sliding two sen to RM8.63 and Public Bank dropping two sen to RM4.45. Brent crude futures dove 3.37% to US$110.79 a barrel as worries over an impending recession took a bit out of investor appetite. Oil and gas counters on Bursa Malaysia followed suit, losing 1.1% in morning trade. Notable laggards were Petron Malaysia losing 17 sen to RM5.66 and Hengyuan … [Read more...] about Equities trade lower as investor optimism fades