A tough week on the US stock market ended quietly Friday. Major indexes notched modest gains, not nearly enough to make up for the four previous days of losses. No major catalyst to move the market on Friday.
The DJI Average rose 34.43 points, or 0.2%, to 17,712.66. Meanwhile, Asian markets got off to a sluggish start last Friday, book ended with Easter holidays across the globe and a U.S. jobs report that could impact the timing of the first hike in interest rates there.
Locally, the FBM KLCI were closed lower by 5.05 points or 0.28% to 1,813.37, led by losses in the Consumer Products, Trade & Services and Financials sectors.Today we may continue to see investors sidelined with some downtrend bias. The FBMKLCI is expected to trend between the 1,810/1,815 range.
- Perak Corp shareholders decided Integrax future: Amin Perak Corp shareholders, in an EGM that lasted 4 hours, voted overwhelmingly on last Friday in favour of selling the company’s 15.74% stake in Integrax to TNB for RM3.25. It is a tragedy that the future of Integrax would be determined by Perak Corp (shareholders). There’s no other better offer worthy of Perak Corp to consider. (Source: Star Biz)
- Faber to disclose hospital service job value after April 1 Faber will disclose the contract value of the hospital support services (HSS) after April 1 and after it gets the Government’s approval to do so. The 10-year HSS contract takes effect next month. After an EGM to approve the company’s name change to UEM Edgenta (UEMEdge). The company would administer the provision of HSS through its 40%-held companies in Sabah & Sarawak. It will wholly-own the operations in the northern states of peninsular Malaysia.(Source: Star Biz)
- Genting Plantations joins the big boys Genting Plantations has finally joined the league of other vertically integrated top palm oil companies such as IOI Corp, Sime Darby & KLK following its recent maiden venture into the palm oil refinery business with Singapore-based global refiner, Musim Mas Group. The venture as timely because it could help to reduce the high exposure to the volatile fluctuations in the CPO prices, which are trending lower to trade below RM2,200 per tonne currently. The palm oil refinery that the group is setting up “is not solely for producing refined palm oil products for sale on a standalone basis.” (Source: Star Biz)
- Ringgit lift for Hovid The weakening of the ringgit and favourable industry dynamics emerging in the pharmaceutical industry could be a catalyst to drive future growth for Hovid. The generic drugmaker & dietary supplement manufacturer says the appreciation of the USD $ would benefit the company given that it derives about 55% of its sales from overseas markets. The development on the currency front is positive for Hovid. The dynamics of the company is also such that Hovid is also shielded from these currency changes whereby the group have to import raw materials in USD $ and are able to export again to balance the effect when they pay more in MYR for raw materials. (Source: Star Biz)
- Crest Builder MD, family rationalise 36% stake Crest Builder have rationalised interests in the construction company by transfering 58.97m shares, or 35.73%, in an off-market deal. The rationalisation of the shares to SC Yong SB, which is the Yong family’s investment holding company, would see the latter’s stake increase from zero to 35.73%.(Source: Star Biz)
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