MALAYSIA NEWS HIGHLIGHTS: Top Stories On Nov. 29
By Kuala Lumpur Newsroom
KUALA LUMPUR (Nov 29) -- Here's a roundup of latest news from Malaysia so far on Wednesday:
*Malaysia Freight Management Expects FY Net Profit To Grow 10% On Year-Official
Malaysias Freight Management Holdings expects its net profit and cargo handling capacity to grow 10% each this fiscal year that started Jul. 1 as global trade expands, its group managing director said Wednesday.
*Inner Mongolia Energy Engineering To Buy Two Companies For CNY163.55 Mln
Inner Mongolia Energy Engineering, a Hong Kong-listed power project operator, said Wednesday it has entered into two agreements to acquire 98.9% stake in Wulate Qianqi Photovoltaics and entire stake in Alashan Youqi New Energy from the 48th Research Institute.
*Gas Malaysia: Average Gas Tariff For Non-Power Sector To Rise 22.9% Jan-Jun
Gas Malaysia said Wednesday the government has approved higher natural gas tariff for non-power sector in Peninsular Malaysia from Jan. 1 to Jun. 30, 2018.
*Malaysia's Serba Dinamik Holdings Gets 8 Contracts Totaling MYR496 Mln
Serba Dinamik Holdings, a Malaysian oil-and-gas services firm, said Wednesday it has secured eight contracts that include construction and maintenance jobs totaling 496 million ringgit ($120.80 million).
*ASIA MARKETS: Tencent, AAC Technologies Pace Losses For Hong Kong Stocks
Hong Kong shares edged lower on Wednesday as investors appeared to take profits in technology stocks, while Chinese companies listed in the city remained under pressure amid rising borrowing costs in the mainland.
*Malaysias United Plantations Inks JV Deal With Japans Fuji Oil Holdings
Malaysias United Plantations has entered a 50:50 joint venture with Japans Fuji Oil Holdings to produce and sell high value added palm oil fractions from sustainable palm oil.
*MARKET BUZZ: Malaysia's Taliworks At 2-Year Low On Weak 3Q, CIMB Cuts Rating
Taliworks Corporation down 1.9% at MYR1.05, lowest since July 2015, after 3Q net profit fell 49% on year, missing expectations. CIMB Investment Bank downgrades stock to Hold from Add, cuts target price to MYR1.10 from MYR1.73.
*Malaysia's Boon Koon Sees Shares Worth MYR7.9 Mln Sold Off-Market
Boon Koon Group, a Malaysian manufacturing company to property developer, saw 21.95 million shares valued at 7.9 million ringgit ($1.92 million) sold in off-market trades, data from N2N trading platform showed Wednesday.
*MARKET BUZZ: Malaysias CIMB Group Up On Strong 3Q; Brokerages Raise Call
CIMB Group Holdings +0.3% at MYR5.95, after its 3Q net profit jumped 11% on year, slightly above expectations.
*MARKET BUZZ: Hong Kongs HSI Edges Lower; North Korea Tests Another Missile
Hang Seng index falls 0.2% to 29,611.92, weighed by losses in heavyweights Tencent and AIA. Market reaction to North Koreas inter-continental ballistic missile launch muted. Nikkei Asia300 Index of companies outside Japan little changed.
*MARKET BUZZ: Malaysias AMMB Rebounds, Brokerages Tip Attractive Valuation
AMMB Holdings rebounds from one-year low hit Tuesday, now +0.7% at MYR4.15. Shares fell after AMMB reported 6% on-year drop in 2Q net profit.
*Singapore-Listed Noble Group To Sell Four Dry Bulk Carriers For $95 Mln
Singapore-listed commodity trader Noble Group said Wednesday it plans to sell four Kamsarmax dry bulk carrier vessels for approximately $95 million, as it continues to dispose assets in a bid to reduce debt and keep its credit lines open.
*Fosun International Raises $300 Mln Via 3-Year Senior Notes At 5.375% Coupon
Chinese conglomerate Fosun International priced its $300 million three-year issue for unsecured senior notes at a fixed coupon rate of 5.375%, according to a term sheet.
*MARKET BUZZ: Malaysian Resources Corp +5% On HSR Tender; CIMB Ups Rating
Malaysian Resources Corporation +5% at MYR1.06 on word it plans to form joint venture with Gamuda and bid for Project Delivery Partner job for KL-Singapore High Speed Rail project.
*MARKET BUZZ: Notion VTec Slumps On 4Q Loss; Kenanga Cuts To Underperform
Notion VTec drops 6.4% to MYR0.510, lowest since Jan. 4, after swinging to net loss in fiscal 4Q.
*Lenovo To Sell Whole Unit To Hong Kong-Listed China New Town For About $45 Million
Personal-computer maker Lenovo Group has agreed to sell a unit that owns real estate assets in China to mainland property developer China New Town Development for 300 million yuan ($45 million) in equity value.
*MARKET BUZZ: Malaysia's KLCI Edges 0.2% Higher; TA Tips Resistance At 1719
Malaysia's benchmark KLCI edges 0.2% higher to 1717.90, in line with most Asian shares, which are up tracking overnight gains in U.S. stocks.
*Hong Kong-Listed Link REIT To Sell Property Portfolio For About $2.95 Billion
Hong Kong-listed Link Real Estate Investment Trust said it agreed to sell a portfolio of 17 properties in the city for a total HK$23 billion ($2.95 billion), following a strategic review.
*MARKET BUZZ: Malaysia's IJM Corp Down 2.3% On Weak 2Q; TA Cuts View To Sell
IJM Corporation down 2.3% at MYR3.00 after fiscal first half earnings miss street expectations at 36.4% of full-year estimates; stock now top loser on KLCI.
*Malaysias Notion VTec Swings To Net Loss In 4Q On Higher Cost
Malaysian electronic components maker Notion Vtec said late Tuesday it swung to net loss in the fiscal fourth quarter following higher costs.
*MARKET BUZZ: Malaysia KLCI Likely Higher Tracking US Gains; 1700-1730 Band Tipped
Malaysia's KLCI likely to edge higher tracking overnight gains on Wall Street; index ended 0.3% lower at 1714.42 yesterday.
- By Kuala Lumpur Newsroom; email@example.com; +60320267363
- Edited by Ahana Sen Gupta
- Send Feedback to firstname.lastname@example.org
- Copyright (c) 2017 Nikkei NewsRise Asia Pte Ltd.