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Bursa derivatives contracts hit historic daily volume high

Total contracts traded on Bursa Malaysia Derivatives (BMD) hit a historical daily volume high of 77,703 contracts on Wednesday.

Media Prima Q1 earnings down 40.2% to RM20.79m

Media Prima Bhd's earnings fell 40.2% to RM20.79mil in the first quarter ended March 31, 2012 from RM34.79mil a year ago due to softening advertising expenditure.

Tradewinds Plantations Q1 earnings slump 91% to RM4.3m

Tradewinds Plantations Bhd's earnings fell sharply by 91% to RM4.34mil in the first quarter ended March 31, 2012 from RM48.63mil a year ago due to lower production and prices of palm products.

Asian markets routed, KLCI records steepest loss this year

Key Asian markets were routed on Wednesday as investors took money off the table on growing worries about the Greece contagion effect while at Bursa Malaysia, the FBM KLCI recorded its steepest loss this year.

Hong Kong shares post biggest loss in six months, China slides

HONG KONG (Reuters): The Hang Seng index posted its biggest loss in six months on Wednesday after mainland media reported flat loan growth for the country's "Big Four" state-owned banks in the first two weeks of May, fanning fears about the slowing Chinese economy.

Bank Simpanan Nasional posts net income of RM1.032b

KUALA LUMPUR(Bernama): Bank Simpanan Nasional (BSN) has posted a higher net income of RM1.032bil for its financial year ended Dec 31, 2011 compared to RM968mil in FY10.

VEGOILS-Palm hits fresh 3-mth low as Greek political crisis weighs

SINGAPORE (Reuters): Malaysian palm oil futures tumbled to their lowest in more than three months on Wednesday, as traders feared a prolonged political crisis in Greece could slow the global growth momentum and dampen commodity demand.

KLCI extends losses, down 24pts, Tenaga weighs

Blue chips extended their losses in the afternoon session on Wednesday, with the FBM KLCI falling more than 24 points, weighed by losses in Tenaga.

GLOBAL MARKETS-Shares sag as Greek turmoil saps risk appetite

TOKYO (Reuters): Asian shares fell more than 3 percent, the biggest one-day drop in six months, and the dollar rose broadly on Wednesday after efforts to form a new government in Greece collapsed, fuelling fears that a second election in June could precipitate Athens' exit from the euro zone and deepen the bloc's debt crisis.

HLFG Q3 earnings up 49% to RM394.77m

Hong Leong Financial Group Bhd (HLFG) reported a 49.2% increase in earnings to RM394.77mil in the third quarter ended March 31 from RM264.59mil a year ago.

Hong Leong Bank Q3 net profit up 60.5% to RM465.1m

Hong Leong Bank Bhd's earnings rose 60.5% to RM465.10mil in the third quarter ended March 31, 2012 from RM289.69mil a year ago.

MISC posts RM465m net losses in Q1

MISC Bhd posted net losses of RM465.08mil in the first quarter ended March 31, 2012 compared with losses of RM307.88mil a year ago following weaker performance of the liner and heavy engineering segments.

Hock Seng Lee secures RM45.7m Sibu flood mitigation job

Hock Seng Lee Bhd (HSL) has secured a RM45.7mil sub-contract for further flood mitigation works in Sibu.

No respite for markets, KLCI falls below 1,550

All key regional markets posted losses at midday on Wednesday, registering losses up to 2.66% on growing worries about the fallout from a Greece exit from the eurozone while commodities were also not spared.

Facebook boosts IPO size by 25 pct, aims for $15 bln

NEW YORK/SAN FRANCISCO (Reuters): Facebook Inc will increase the size of its initial public offering by 25 percent to raise about $15 billion, a source familiar with the matter said, as strong investor demand for a share of the No.1 social network trumped ongoing debate about the company's long-term potential to make money.

Hong Kong shares dive to 4-month low, China slips

HONG KONG (Reuters): Hong Kong shares dived to a four-month low on Wednesday after official Chinese media reported flat loan growth in the first two weeks of May for the country's "Big Four" state-owned banks, fanning fears about the slowing Chinese economy.

SapuraKencana: Bidding order book to hit RM12b by yr-end

SapuraKencana Petroleum Bhd expects its bidding order book to increase to RM12bil by year-end from RM7bil now.

Luster shares rally on requotation

Shares of Luster Industries Bhd rallied on Wednesday after the shares were requoted for the implementation of the company's renounceable rights issue.

Fidelity, Value Partners among Felda cornerstones

KUALA LUMPUR (Reuters): Fidelity Investments and Hong Kong's Value Partners have agreed to make cornerstone investments in the proposed listing of Malaysia's Felda Global Ventures, a source directly involved in the listing said on Wednesday.

KLCI extends losses, plantations weigh

Blue chips extended their losses in early trade on Wednesday, in line with the weak regional markets after the failure of Greek politicians to form a government.

Kenanga Research unexcited by IOI Corp’s earnings outlook

Kenanga Investment Bank Research said IOI Corp’s FY12 to FY13 earnings growth of between 6% and 3% would be unexciting when compared to its growth peers which are offering more than 15% year-on-year growth over the next two years.

GLOBAL MARKETS- World stocks drop, euro and gold at 4-month low on Greece turmoil(update)

NEW YORK: The euro fell to a four-month low against the dollar and global stocks dropped o n T uesday as Greece's decision to hold new elections added to uncertainty about its future and a possible exit from the euro zone. Gold hit a 4-1/2-month low with the euro's retreat.

Nikkei, Seoul down as Greece turmoil weighs

TOKYO (Reuters): Japan's Nikkei average fell in early trade on Wednesday as investors cut exposure to risky assets after the failure of Greek politicians to form a government raised the prospect leftists opposed to bailout terms could win new elections in June.

Public Bank Research maintains Outperform on S P Setia at RM4.40

Public Investment Bank Research has reaffirmed its Outperform recommendation on S P Setia with an with an unchanged target price of RM4.40 (10% discount to RNAV of RM4.87).

CIMB Research maintains Outperform on TM

CIMB Equities Research maintains its forecasts and Outperform recommendation on Telekom Malaysia.

RHB MD Johari to focus on 'Easy' concept to reach out to customers

PETALING JAYA: Easy by RHB, a community banking concept designed to offer products in a simple, accessible and convenient way, will be one of the major focuses of Johari Abdul Muid, who yesterday marked his sixth month as managing director of RHB Bank Bhd, the unlisted consumer banking arm of RHB Capital Bhd.

Felda expected to be next world player

LONDON: Felda has made its first steps in establishing a global presence in conjunction with its initial public offering (IPO), seen as South-East Asia’s third largest so far.

GLOBAL MARKETS-Shares ease as Greek uncertainty saps risk appetite

TOKYO (Reuters): Asian shares fell on Wednesday after Greece failed to form a government, setting the stage for a June election that could raise the risk of Athens abandoning the euro and deepening the euro zone's debt crisis.

IOI to raise RM4.62bil

KUALA LUMPUR: IOI Corp Bhd is in the process of raising funds via the establishment of a euro medium-term note (EMTN) programme with an initial programme size of US$1.5bil or RM4.62bil.

HDBSVR sees slight downside for KLCI

Hwang DBS Vickers Research expects the FBM KLCI to continue to see a bit more downside on Wednesday, extending its three-day cumulative losses of 27.0-point or 1.7%.

Banks should grow new revenue streams

SINCE the introduction of lending guidelines that placed a major focus on affordability, there have been attempts to estimate their impact on banks’ bottomlines.

Corporate Malaysia watching Ho Hup case

BARRING a postponement, Corporate Malaysia’s court case of the week has to be none other than the hearing fixed for tomorrow for Ho Hup Construction Co Bhd’s application for leave to appeal to the Federal Court against a decision by the Court of Appeal.

NACRA: High-quality annual reports crucial for market

KUALA LUMPUR: The reliability and sufficiency of information contained in corporate reports is important for the decision-making process of investors and market regulators, said National Annual Corporate Report Awards (NACRA) organising committee chairman Ng Kim Tuck.

Brahim’s invests in refinery

KUALA LUMPUR: Brahim’s Holdings Bhd is investing up to RM130mil to build a sugar refinery in Sarawak which is expected to provide it with revenue of RM250mil by the end of its first year of operations.

Clarification

WITH reference to the article in StarBiz yesterday titled “MMC units listing smooth,” it has been pointed out that the delay of Gas Malaysia Bhd’s listing from the fourth quarter of last year was due to the company’s initiative to comply with the conditions and requirements imposed by the Securities Commission.

Stocks

AirAsia defies industry trend, demand for low-cost flights to remain resilient

WE maintain a “buy” on AirAsia Bhd with an unchanged fair value of RM4.20 per share, ahead of its first quarter ended March 31 (1Q12) results announcement on May 23.

Navis not concerned over SEGi listing status, has plans for education firm

PETALING JAYA: While minority shareholders of SEG International Bhd (SEGi) will eventually determine whether the company remains listed or gets privatised, Navis Capital Investment Ltd, the party intending to privatise SEGi, isn’t too concerned about the final outcome of its bid.

Two companies to be delisted

PETALING JAYA: SapuraCrest Petroleum Bhd and Kencana Petroleum Bhd will be delisted from Bursa Malaysia from 9am tomorrow to make way for the debut of their merged entity on the same day.

Luster shares to be requoted

PETALING JAYA: Shares in Luster Industries Bhd will be requoted today to facilitate the implementation of the company’s rights issue.

Earnings

AirAsia expected to propose dividend of 50%

PETALING JAYA: AirAsia Bhd will recommend a first and final single tier dividend of 50% or five sen per ordinary share of 10 sen for its financial year ended Dec 31, 2011 at its upcoming AGM.

Southern Steel falls into the red

KUALA LUMPUR: Southern Steel Bhd has fallen into the red for its third quarter ended March 31 with a net loss RM25.1mil on the back of revenue of RM869.3mil due to depressed steel prices.

Kinsteel back to the black

KUALA LUMPUR: Kinsteel Bhd Bhd returned to the black in its first quarter ended March 31 to RM10.3mil from a net loss RM3.6mil a year ago due to lower cost of raw materials and higher steel prices during the quarter.

Property

S$108mil for a bungalow

Singapore: A luxury bungalow in Sentosa Cove with a staggering S$108mil price tag. A huge, swanky condo unit in Cuscaden Walk on sale for a cool S$68mil. Homes are being tagged with a level of prices never seen before here. Online asking prices of S$50mil or more are now not uncommon. For instance, there are more than a dozen listings of good-class bungalows, mainly in the traditional upscale areas of Leedon Road and Victoria Park Road, with price tags at this level.

SP Setia to develop RM1.1bil Penang project

PETALING JAYA: SP Setia Bhd will be embarking on a mixed residential development project with a gross development value of RM1.1bil in Penang after acquiring freehold land in the state.

Mitrajaya wins RM112mil job

KUALA LUMPUR: Mitrajaya Holdings Bhd’s wholly-owned subsidiary Pembinaan Mitrajaya Sdn Bhd has been awarded an RM111.8mil contract for the construction and completion of City Campus Development Phase 1 at Lot 5C4, Precinct 5, Putrajaya.

Minetech secures sub-contract works

KUALA LUMPUR: Minetech Resources Bhd, via its wholly-owned subsidiary Minetech Construction Sdn Bhd, has secured a RM16.69mil contract from Putra Perdana Construction Sdn Bhd to undertake infrastructural works and construction of utility service buildings.

Daya wins RM57mil construction job

KUALA LUMPUR: Daya Materials Bhd has secured a RM57mil contract from Gemesis Malaysia Sdn Bhd.

Slowdown leaves China on shaky ground

HONG KONG: China’s property chickens are coming home to roost. Last week’s economic data show that a year of falling prices is finally changing developers’ speculative behaviour.

Energy

PetGas' RM1bil LNG facility in Lahat Datu will begin ops in 2015

KUALA LUMPUR: Petronas Gas Bhd (PetGas) is on track to complete and start the operations of its Lahad Datu liquefied natural gas (LNG) terminal in 2015, said managing director and chief executive officer Samsudin Miskon.

RM49m oil and gas job for Kencana

KUALA LUMPUR: Kencana Petroleum Bhd’s unit Kencana HL Sdn Bhd (KHL) has been awarded a RM48.9mil contract by Petrofac E&C Sdn Bhd for the refurbishment, life extension and conversion of a mobile offshore production unit (MOPU).

Manpower

M’sia aims to reduce low-skilled foreign workers

KUALA LUMPUR: Malaysia aims to slash the number of low-skilled foreign workers in the country by around 10% to 20% over the medium term as it moves towards becoming a high-income economy by 2020.

Port Klang hauliers strike resolved

KUALA LUMPUR: The dispute between container haulage drivers and depot operators at Port Klang has been resolved.

Management

Bashir stays another year as MAHB MD

KUALA LUMPUR: Malaysia Airports Holdings Bhd (MAHB) yesterday announced that managing director Tan Sri Bashir Ahmad Abd Majid’s contract has been extended for another year by the Finance Ministry, effective June 7.

New COO for Pharmaniaga

PETALING JAYA: Pharmaniaga Bhd has appointed Mohamed Iqbal Abdul Rahman as chief operating officer from June 1.

Retailing

Tomei allocates RM20mil this year to expand retail network

KUALA LUMPUR: Leading jewellery retailer Tomei Consolidated Bhd has allocated RM20mil to open up to six new stores nationwide by year-end in view of stronger demand for gold products.

Auto

Nasim to unveil all-new Peugeot 408

KUALA LUMPUR: Nasim Sdn Bhd, the distributor of Peugeot in Malaysia, will launch the highly-anticipated all-new 408 next week.

Banking

RHB completes notes issuance

KUALA LUMPUR: RHB Bank Bhd has completed its inaugural US dollar senior unsecured notes issuance of US$300mil (senior notes) on May 11 under its euro medium-term note programme of up to US$500mil (or its equivalent in other currencies) in nominal value which was established in 2011.

RBS to focus on debt capital markets

KUALA LUMPUR: The Royal Bank of Scotland (RBS) intends to focus on the debt capital markets, in particular sukuk, over the next 12 months, said head of corporate coverage in Malaysia, Ho Weng Yew.

Technology

Opportunities await M’sia in sensor technology sector

GEORGE TOWN: Malaysia should tap on its experience in the electronics industry to move into the growing sector of sensor technology.

Foreign News

Bharti in money laundering probe

MUMBAI: Indian authorities are investigating top mobile-phone carrier Bharti Airtel – under provisions of the country’s money laundering and foreign exchange rules, a minister said, sending its shares down as much as 5.1%.

China FDI inflow at US$38bil in first 4 months

BEIJING: China’s foreign direct investment (FDI) inflows dropped 2.4% in the first four months of 2012 versus last year, the longest period of declining inflows since the depths of the global financial crisis and a sign of external economic headwinds.

Former IMF Strauss-Kahn countersues NY hotel maid for US$1mil

NEW YORK (Reuters) - Former IMF chief Dominique Strauss-Kahn has filed a $1 million countersuit against the hotel maid who accused him of sexual assault, costing him his job and any chance of being elected president of France.

BHP warns commodities markets to cool further

SYDNEY (Reuters) - BHP Billiton said it expects commodity markets to cool further and that investors have lost confidence in the longer-term health of the global economy, in the most cautious outlook taken by the mining giant.

Analysis: Euro twilight zone beckons for Greece

LONDON (Reuters) - Speculation about an endgame in Greece's protracted crisis has flooded markets with euro exit scenarios this week, but investors reckon there's still every chance that uncertainty will simply drag on for months.

HTC new phone U.S. sales delayed due to customs review

TAIPEI (Reuters) - U.S. sales of two new smartphones from Taiwan's HTC Corp will be delayed due to a patent dispute with Apple Inc, a fresh blow to the company as it tries to turn around declining sales in what was once its largest market.

BHP says will not spend $80 billion on expansion projects

SYDNEY (Reuters) - BHP Billiton will not be spending $80 billion on expansion projects over the next five years, Chairman Jacques Nasser said on Wednesday.

GM to drop Facebook ads due to low consumer impact

DETROIT/SAN FRANCISCO (Reuters) - General Motors Co said on Tuesday it will stop advertising on Facebook, even as the social networking website prepares to go public, with a source familiar with the matter saying the automaker had decided Facebook's ads had little impact on consumers.

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