Malaysia's FBM KLCI closed down 0.61% on Thursday as investors were spooked by the sharp pullback in Japan's markets, triggered by worries about the US Federal Reserve's monetary stimulus and weak Chinese factory data.
KUB Malaysia Bhd has partnered with Singapore's Hiap Seng Engineering to undertake the multi-billion ringgit Petronas Rapid Tank Project in Pengerang, Johor.
Terengganu-based TDM Bhd, plans to plant at least 5,000ha of new oil palm trees every year in its Kalimantan as it targets to double the size of its plantations to 70,000ha.
Malaysia's FBM KLCI fell to a low of 1,765 in mid-afternoon trade on Thursday as investors were rattled by the plunge in Japan's markets and fall in Hong Kong.
Japan stocks crash on volatile bonds, weak China data; Nikkei ends down 7.3%
MISC Bhd's reported a turnaround in its financial performance, with earnings of RM300.42mil in the first quarter ended March 31, 2013 compared with net loss of RM469.82mil a year ago.
Shares of Kuala Lumpur Kepong Bhd fell to a low of RM21.36 at midday on Thursday after its earnings fell 2.4% to RM209.6mil from a year ago and expected the weaker crude palm oil prices to weigh on its profits for the current financial year ending Sept 30, 2013.
Malayan Banking Bhd (Maybank) reported a strong set of earnings, with net profit up 11.8% to RM1.506bil in the first quarter ended March 31, 2013 from RM1.346bil a year ago and was upbeat on its prospects.
Lafarge Malayan Cement Bhd is positive on the domestic and export market while it keeps its eye on expanding its capacity.
Dayang Enterprise, which recently secured a RM2bil contract from Sabah and Sarawak Shell, has awarded a RM705mil job to Perdana Petroleum to suppy several barges for its operations.
Malaysia's blue chips took a breather in the morning trade on Thursday as investors were seen taking some money off the table, especially blue chips which had rallied since the 13th General Election.
ECM Libra Financial Group Bhd plans to exit Practice Note 17 by year-end on completion of its self-regularisation exercise.
BEIJING: China's factory activity shrank for the first time in seven months in May as new orders fell, a preliminary survey of purchasing managers showed, adding to concerns that a recovery in the world's second-largest economy is sputtering.
RHB Research maintains its “Buy” recommendation on KPJ Healthcare Bhd as it favours KPJ's solid long-term fundamentals. It also revised its fair value from RM7.14 to RM7.30.
Alliance Research maintains its "Neutral" call for Axiata Group due to its muted outlook for growth in 2013 but revised its sum-of-parts target price to RM7 from RM6.60.
Deleum Bhd fell the most on Thursday morning, sliding 11.3% or 41 sen to RM3.21 after its financial results were below market expectations.
Maybank KE Research is maintaining its Hold recommendation on AirAsia as it awaits value creation from associates’ listings and dividends.
Public Investment Bank Research raised Uzma's target price from RM2.29 to RM2.86 after raising its price-to-earnings (P/E) multiple to 10 times.
Malaysia's FBM KLCI opened more than six points lower on Thursday on extended profit taking of key stocks like KL Kepong and banks, ahead of the extended weekend.
Hwang DBS Vickers Research (HDBSVR) expects profit-taking activity may drag down the Malaysian market's performance on Thursday.
SAN FRANCISCO: Hewlett-Packard Co
WASHINGTON: The Federal Reserve's monetary stimulus is helping the economy recover but the central bank needs to see further signs of traction before taking its foot off the gas pedal, Fed Chairman Ben Bernanke said on Wednesday.
NEW YORK: Stocks fell on Wednesday with the S&P 500 posting its biggest decline in three weeks, after minutes from the latest Federal Reserve meeting showed some officials were open to tapering large-scale asset purchases as early as at the June meeting.
KUALA LUMPUR: The implementation of the goods and services tax (GST) in Malaysia is not expected to have any impact on retail group Aeon Co (M) Bhd’s earnings.
KUALA LUMPUR: Petronas Chemicals Group Bhd (PetChem) is looking to invest RM3bil in capital expenditure (capex) this year, and hopes to reach a final investment decision (FID) on the expansion of its plant in Gebeng, Kuantan by year-end.
KUALA LUMPUR: Diversified conglomerate Boustead Holdings Bhd’s net profit for the first quarter ended March 31 slipped to RM99.9mil compared with RM144.6mil a year ago on lower crude palm oil (CPO) prices impacting its plantation division.
PETALING JAYA: The consumer price index (CPI) for April rose 1.7% to 106.3 from a year ago mainly due to a 3.8% increase in the food and non-alcoholic beverages index.
KUALA LUMPUR: Long-haul carrier AirAsia X, founded by entreprener Tan Sri Tony Fernandes, has set an indicative price of RM1.45 per share for an initial public offering (IPO) in Malaysia worth more than US$300mil (RM930mil), according to sources with knowledge of the deal.
KUALA LUMPUR: The Malaysian American Electronics Industry (MAEI) expects a 3% to 4% increase in total electrical and electronics (E&E) exports by its members to RM49bil this year.
KUCHING:Cahya Mata Sarawak Bhd (CMS) is investing RM150mil in a new grinding plant to boost its cement production to meet growing demand.
PETALING JAYA: Despite the continued challenging environment for the traditional print newspaper industry, Star Publications (M) Bhd will leverage on its new and fast-growing businesses to burnish its position as Malaysia’s top integrated media group.
PETALING JAYA: Star Publications (M) Bhd executive deputy chairman Datuk Vincent Lee has reiterated that there are “no plans at all” for a management buyout (MBO) of the company.
PETALING JAYA: Scomi Group Bhd was among the most actively-traded stocks yesterday, as investors took the cue from chief executive officer Shah Hakim Zain upping his stake in the company via the open market a few days ago.
PETALING JAYA: Bumi Armada Bhd shares rose to a high of RM4.14 yesterday, following news flows of its strong first-quarter results.
PETALING JAYA: Berjaya Sports Toto Bhd (BToto) has purchased securities totalling RM20.15mil in REDtone International Bhd via its 88.26%-owned Philippines-listed unit Berjaya Philippines Inc.
KUALA LUMPUR: Ingress Corp Bhd has received a notice from the joint-offerers intending to take it private to extend the closing date and time for the acceptance of the offer to June 11 from May 28.
By K.M. LEE
PETALING JAYA: Axiata Group Bhd’s net profit for its first quarter ended March 31 climbed 8.6% to RM614.5mil from RM565.6mil recorded in the previous corresponding quarter while revenue rose to RM4.48bil from RM4.24bil previously.
SEPANG: AirAsia Bhd’s net profit for the first quarter ended March 31 contracted to RM104.8mil from RM172.4mil a year ago but operationally, the budget carrier still reported growth.
KUALA LUMPUR: BMW Group Malaysia Sdn Bhd aims to increase vehicle sales by 10% from the 7,000 units achieved in 2012.
PETALING JAYA: The widening economic inequality in Asian countries, security issues and how Asian countries can cooperate to confront common challenges are among the subjects that will be discussed at the three-day 27th Asia-Pacific Roundtable (APR) from June 3 to 5.
KUALA LUMPUR: The upcoming Invest Malaysia conference (IMKL 2013) will present global fund managers with direct opportunities to access Asean multinational marketplace through Bursa Malaysia.
PETALING JAYA: APM Automotive Holdings Bhd has made several top management changes with executive director Low Seng Chee redesignated as the chief executive officer of the company.
Malaysia Marine and Heavy Engineering Holdings Bhd, IOI Corp Bhd and CIMB Group Holdings Bhd.
JAKARTA: Indonesian MPs said they want a new banking law, under discussion since late last year, to limit foreign ownership to a maximum of 50% to 51% and suggested it could make it to the statute books by next year.
BRUSSELS: The European Union (EU) is willing to deepen trade ties with China but wants to see concessions from Beijing first, documents seen by Reuters showed.
TOKYO: Sony Corp cut its sales targets for digital cameras, smartphones and tablets by 13%-17% for the year to end-March 2015, but said there were “encouraging” signs of a revival in its electronics business.
BRUSSELS: Europe moved closer to ending banking secrecy yesterday after Austria dropped objections to sharing data on foreign depositors and the European Union (EU) focused on negotiating a similar agreement with Switzerland.
HONG KONG: China Galaxy Securities Co Ltd rose as much as 11.3% in its trading debut after raising US$1.1bil in a Hong Kong IPO, underscoring a surge in retail investors’ demand for new listings in the city.
SYDNEY: Mining magnate Gina Rinehart had A$7bil (US$6.8bil) wiped off her fortune in the past year but remains Australia’s wealthiest person, an annual rich list showed.
SYDNEY: A measure of Australian consumer confidence fell sharply in May as households reacted negatively to the government’s budget announcement, even after a cut in interest rates to a record low.