KLSE Market

Telekom hits record high
Telekom Malaysia Bhd, the national fixed-line and Internet service provider, surged to a record as analysts said the stock’s dividend yield is appealing to investors seeking shelter from global volatility.The stock surged as much as 5.6 per cent to R…..

Wah Seong gains on Petra Energy stake
Wah Seong Corp, an oil and gas services provider, gained 4.3 per cent to RM1.93, poised for its steepest increase since Jan 9.The company won the tender to buy Perdana Petroleum Bhd’s entire 26.9 per cent stake in Petra Energy Bhd, Wah Seong said in …..

Zeti: Ensure benefits are shared
The transformative momentum of the Asian region will not be complete without ensuring that the benefits of development are widely shared, says Bank Negara Malaysia Governor, Tan Sri Dr Zeti Akhtar Aziz.She said experience has shown, even in the advan…..

Ramunia falls on discounted share offer price
Ramunia Holdings Bhd, an oil and gas services provider, fell 1.2 per cent to 42.5 sen in Kuala Lumpur trading at 9.55am, headed for its steepest decline since June 14. The company fixed the offer price for shares in a rights issue at 40 sen each, a d…..

K-One inks pact with Petzl
K-One Technology Bhd has signed anagreement to develop, manufacture and supply lighting products (electronic headlamps) for sports activities to Zedel Sas of France. Zedel Sas is a member of the Petzl Group which markets its products orsolutions unde…..

Exim Bank inks MoU with UK EGCD
KUALA LUMPUR: Export-Import Bank of Malaysia Bhd (EXIM Bank) has signed a Memorandum of Understanding (MoU) with the Export CreditGuarantee Department (ECGD) of United Kingdom.The MoU is aimed at establishing a basis for the exchange of information, …..

Louis Dreyfus, FGV reach final agreement
KUALA LUMPUR: Louis Dreyfus Commodities Asia (LDCA) today announced that it has reached a final agreement with Felda Global Ventures Holding Bhd (FGV) on the terms of their strategic partnership. In a statement issued through FGV, LDCA said that all …..

George Kent advances on systems contract
George Kent, a water treatment company and a supplier of instrumentation and process control systems, advanced 4 per cent to RM1.03, bound for its steepest increase since June 5. A group led by George Kent may win a systems contract valued at RM960 m…..

Maybank expands ringgit mortgage scheme
Malayan Banking Bhd (Maybank) has expanded its overseas ringgit mortgage loan scheme to Melbourne, Australia, and expected a take-up of RM300 million within the next 12 months.In a statement today, its deputy president/head of community financial ser…..

‘All banks to offer mobile banking by 2013′
All banks are expected to participate inmobile banking service by the middle of next year, says e-payment serviceprovider. ‘Our objective is to get the entire industry to participate, in order toencourage usage of e-payment gradually,’ said Malaysian…..

Wah Seong gains on tender win
Wah Seong Corp, an oil and gas services provider, gained 2.7 percent to RM1.90 in Kuala Lumpur trading at 9.55am, poised for its highest close since May 30. The company won the tender to buy Perdana Petroleum Bhd’s entire 26.9 percent stake in Petra …..

Alam Maritim expects double-digit growth
Alam Maritim Resources Bhd expects a double-digit growth this year on the back of existing orderbook for offshore support vessel (OSV) services and potential expansion into offshore installation and construction segment.Chairman Datuk Ahmad Sufian sa…..

Hong Leong completes issuance of Tier 2 notes
Hong Leong Bank Bhd (HLB) has completedthe issuance of Tier 2 subordinated notes (sub notes) of RM1.5 billion on June22, 2012. In a statement today, HLB said the notes, rated ‘AA2′ by RAM Rating ServicesBhd, had a maturity date of 12 years from the i…..

15 world’s biggest banks downgraded
NEW YORK: Ratings agency Moody’s Investors Service announced downgrades of 15 world’s biggest banks after the markets closed on Thursday, China’s Xinhua news agency reported.Five United States banks were affected. The long-term debt ratings of Bank o…..

Subur Tiasa posts lower Q3 pre-tax profit
Easing of average selling price of logs,coupled with higher fuel costs and spare parts prices, have dragged down SuburTiasa Holdings Bhd’s pre-tax profit for the third quarter ended April 30, 2012. The group posted RM10.02 million lower pre-tax profi…..

KL shares close higher
Shares of the following companies had unusual moves in Malaysia trading. Stock symbols are in parentheses and prices are as of the close in Kuala Lumpur.The FTSE Bursa Malaysia KLCI Index rose 0.1 per cent to 1,603.07. The gauge advanced 1.5 per cent…..

US stocks sink on growth fears
NEW YORK: US stocks slid sharply Thursday, with the Dow Jones Industrial Average sinking two per cent, as disappointing economic data from China and Europe followed the Federal Reserve’s slashing its growth forecast for the United States.Tech stocks …..

DBE Gurney calls off private placement plan
DBE Gurney Resources Bhd has cancelled its proposal to place up to 10% of its paid-up share capital……

Hong Leong Bank completes RM1.5b notes issuance, coupon rate 4.5%
Hong Leong Bank Bhd completed its issuance of tier 2 subordinated notes of RM1.5bil on Friday……

Prestariang gets nod for higher education institution
The Minister of Higher Education has invited Prestariang Bhd’s unit to set up a private higher education institution……

MAS, Tajudin Ramli agree to settle legal suits
Malaysia Airlines (MAS) and its former executive chairman Tan Sri Tajudin Ramli have reached an agreement to settle the legal suits involving both parties……

KLCI closes off day’s high of 1,608
The FBM KLCI closed off the day’s high of 1,608.65 on Friday but it still managed to buck the key regional markets on fund buying of heavyweights Tenaga, Telekom and Axiata which could be a prelude to a window dressing for the first half……

European stocks fall, dollar up on data misery
LONDON: Oil briefly traded at its lowest in 18 months and European stocks fell on Friday, while the safe-haven dollar rose as weak German and U.S. data and a downgrade to some of the world’s major banks unnerved investors……

May inflation rate up 1.7% on-year
Malaysia’s inflation rate in May, measured by the consumer price index, rose 1.7% from a year ago, mainly due to food and non-alcoholic beverages and non-food……

Alam Maritim expects higher revenue after integration
Alam Maritim Resources Bhd expects higher revenue this year after the completion of the integration of its offshore support vessels (OSV) and offshore installation and construction (OIC) operations……

Luster’s 35m shares crossed, sharply below market price
Luster Industries Bhd’s 35 million shares were crossed in several off-market deals on Friday, at a steep discount to its current market price……

Asian stocks fall on darker outlook for global growth
SINGAPORE: Asian shares fell on Friday and the safe-haven dollar stayed near its highest in a week-and-a-half as fears about global growth rose in the wake of weak manufacturing data from the United States, Europe and China……

Dialog, Halliburton to tap mature oil field projects in Malaysia
Dialog Group Bhd is teaming up with Halliburton Energy Services (M) Sdn. Bhd (HESSB) to seek projects in the redevelopment of mature oil fields in Malaysia……

Grand-Flo to provide RM50m in products, services to HeiTech Padu
Tracking solutions provider Grand-Flo Solution Bhd expects to supply more than RM50mil worth of products and services to HeiTech Padu Bhd for one year……

RAM: Kenanga’s ratings unaffected by RM875m acquisition of ECM Libra IB
Kenanga Investment Bank Bhd’s (Kenanga IB)proposed RM875.1mil acquisition of ECM Libra Investment Bank Bhd (ECM Libra IB) has no immediate impact on its financial institution ratings rated A3/Stable/P1……

KLCI off early low, broader market cautious
Blue chips fell in the morning session on Friday, but the FBM KLCI was off its early low. However, the broader market displayed caution, as investors took their cue from the selling on regional markets……

Bursa Securities queries Luster over unusual market activity
Luster Industries Bhd’s shares and warrants, which had surged in very active trade, saw Bursa Malaysia Securities issuing an unusual market activity (UMA) query……

Public Invest Research maintains Outperform on SP Setia, RM4.40 TP
Public Invest Research is maintaining its Outperform call on SP Setia with a target price of RM4.40……

HDBSVR sees regional markets pulling back
Hwang DBS Vickers Research expect Asian equities to be impacted on Friday on renewed concerns over a slowing global economy……

RHB Research sees GDP growing 4.5% in 2012
RHB Research Institute expects Malaysia’s real GDP to improve gradually and expand at a slightly faster pace of 4.7% on-year in the second half of 2012, compared with 4.4% in the first half……

RHB Research maintains Outperform on Eversendai, FV RM2.15
RHB Research Institute is maintaining its Outperform recommendation on Eversendai with a fair value of RM2.15 after it was awarded a RM45.9mil contract by Vale……

OSK Research sees Sapura Industrial’s uptrend continuing
OSK Retail Research expects Sapura Industrial’s upward trend should continue after it closed at its highest in more than five years. …..

Euro’s big four seek way out of crisis in Rome
ROME: The leaders of Germany, France, Italy and Spain will try to find common ground in Rome on Friday to restore confidence in the euro zone ahead of a full EU summit next week, with German Chancellor Angela Merkel likely to be outnumbered……

Moody’s cuts ratings of 15 global banks: What should they do?(update)
NEW YORK: Moody’s Investors Service cut the credit ratings of 15 of the world’s biggest banks on Thursday in an expected move that was part of a broad review of major financial institutions……

Global stocks, oil, gold sink on China, Europe, US data(update)
NEW YORK: Global stocks fell 2.0 percent and Brent crude oil ended at its lowest in 18 months o n T hursday as data showing Chinese, European and U.S. manufacturing activity had slowed further underscored worries about weaker global growth……

MAS unveils renewed plan which involves more cost cuts
PETALING JAYA: Malaysia Airlines (MAS) has come up with yet another business plan that focuses on more cost cuts and initiatives to “sweat” the airline’s assets to maximise revenues. In addition, the airline’s expected return to profitability has bee…..

MAS should revisit low-cost model
THIS year again the number of shareholders that showed up at Malaysia Airlines (MAS) AGM were aplenty……

RM16.5bil investment for North Malay Basin project
KUALA LUMPUR: Petroliam Nasional Bhd (Petronas) expects US$5.2bil (RM16.53bil) to be invested in the North Malay Basin project, a new integrated gas development in Peninsular Malaysia, over the next five years……

Healthy construction outlook with rail projects investments alone seen at RM160bil
PETALING JAYA: The order books of construction players should remain healthy going forward on expectations that the Government will continue to embark on rail projects, with estimated investments for the industry to reach RM160bil by 2020……

Mass Rapid Transit awards RM13.8bil jobs in 31 packages
KUALA LUMPUR: Mass Rapid Transit Corp Sdn Bhd (MRT Corp) has awarded 31 out of the total 85 Klang Valley MRT packages for Line 1 to date, valued at RM13.83bil……

AirAsia’s Tony Fernandes clarifies on Malaysia Airports invoice
SEPANG: AirAsia Bhd clarified that the RM7mil outstanding to Malaysia Airports Holdings Bhd (MAHB) as alleged is due to invoices that were wrongly made……

Tie-up to offer card payment on mobile devices
KUALA LUMPUR: Electronic payments solution company ManagePay Systems Bhd has teamed up with Visa and Malayan Banking Bhd to roll out MPAY ECPOS service that enables users to accept credit and debit card payment on their mobile devices……

Ideal Jacobs seeks new markets for China facilities
PETALING JAYA: Ideal Jacobs (M) Corp Bhd is looking to expand the domestic and export markets of its production facilities in Xiamen and Suzhou, China, to meet the rising demand from existing and new customers……

PM: Malaysia can be India’s gateway to Asean
KUALA LUMPUR: Malaysia is prepared to facilitate the entry of Indian entrepreneurs into South-East Asia, said Prime Minister Datuk Seri Najib Tun Razak……

Sunway division inks partnership
PETALING JAYA: Sunway Group’s building materials division, Sunway Spun Pile (Zhuhai) Co Ltd, has inked a memorandum of agreement with spun pile manufacturer Concrete Engineering Products Bhd to strengthen their combined market presence in Asia……

HSL gets RM26mil Kuching job
PETALING JAYA: Hock Seng Lee Bhd has clinched a RM26mil government contract for infrastructure works at Demak Laut Industrial Park, Kuching……

Oil and gas excitement for UMW
SHAH ALAM: UMW Holdings Bhd’s oil and gas (O&G) division is expected to significantly increase its share of revenue contribution to the conglomerate this year……

Impressive car market rally
VEHICLE sales in May rose by an impressive 27% year-on-year and 22% month-on-month to 58,299 units, the highest since August last year’s festive-driven sales of 58,382 units. The industry has not witnessed such a strong year-on-year monthly sales gro…..

TNB shares rise to 2-week high
KUALA LUMPUR: Tenaga Nasional Bhd’s (TNB) share price rose to RM6.57, its highest in two weeks, on expectations it would benefit from weakening coal prices……

Bursa ends on easier note
BURSA MALAYSIA closed on easier note following weak global market sentiment and profit-taking, dealers said……

Scomi debt downgraded
KUALA LUMPUR: Malaysian Rating Corp Bhd (MARC) has downgraded its rating on Scomi Group Bhd’s RM500mil medium term notes programme to BBB+ from A . The rating continues to be maintained on MARCWatch negative, it said in a statement on Wednesday……

SP Setia earnings up in Q2 on higher revenue
KUALA LUMPUR: SP Setia Bhd’s net profit rose marginally to RM93.38mil, or 4.85 sen in earnings per share, for the second quarter ended April 30, against RM92.2mil, or 5.55 sen in earnings per share, a year ago……

6.6 sen income distribution for Amanah Saham Didik
KUALA LUMPUR: Amanah Saham Nasional Bhd (ASNB), a wholly-owned unit of Permodalan Nasional Bhd (PNB), yesterday announced an income distribution of 6.6 sen per unit for Amanah Saham Didik (ASD) for the financial year ending June 30, 2012……

AP Land and partner to build more than 14,000 homes for ex-soldiers
KUALA LUMPUR: AP Land Development Sdn Bhd and its South Korean joint-venture partner Taeseung Construction Co Ltd will build 14,000 landed homes with total gross development values of RM2bil for ex-military servicemen……

Bumi Armada: Oil price still viable
KUALA LUMPUR: With current oil prices still firm enough to support investments in the oil and gas industry, Bumi Armada Bhd expects to spend RM1bil in capital expenditure (capex) in the second half of this year……

Wah Seong subsidiary gets to buy 26.9% stake in Petra Energy
PETALING JAYA: After much speculation and anticipation, the verdict is finally out – energy infrastructure provider Wah Seong Corp Bhd has won the bid for the 26.9% equity interest in Petra Energy Bhd……

Oil at 18-month low of US$91
LONDON: Brent crude oil hit an 18-month low of US$91 per barrel yesterday as the outlook for economic growth darkened, pointing to lower-than-expected energy consumption worldwide……

BLD plans oil palm expansion
KUCHING: BLD Plantation Bhd, which has 25,100ha of oil palm estates representing 52% of the group’s total land area, plans to develop the remaining landbank in five to seven years……

RSPO certification for smallholders
KUALA LUMPUR: The Roundtable on Sustainable Palm Oil (RSPO) grouping is putting in place a mechanism to channel a portion of its revenue towards the certification of oil palm estates owned by independent smallholders in key markets such as Indonesia,…..

Xstrata to sell PNG copper stake
SYDNEY: Global miner Xstrata Plc has put up for sale a stake in the Frieda River copper project in Papua New Guinea (PNG), potentially worth more than US$2bil, as part of a review of its development projects worldwide……

IMF seeks collective action to cut unemployment
WASHINGTON: The International Monetary Fund (IMF) has warned of significant risks to the world economy from the European debt crisis and excessive fiscal tightening in some rich nations, urging collective action to lower unemployment……

Wells Fargo may move jobs to Asia
CHARLOTTE: Wells Fargo & Co, the fourth-largest US bank by assets, is looking to move some jobs outside the United States as it pushes forward with a company-wide cost-cutting programme……

Air France to axe jobs as it seeks recovery
PARIS: French carrier Air France unveiled plans to cut more than 5,000 jobs by the end of next year as part of an effort to slash costs and debt to return to growth in the face of tough market conditions in Europe and political pressure at home……

Barclays to trim India workforce
MUMBAI: Barclays Plc is eliminating about 590 jobs in India as part of a plan to wind down consumer lending operations in the country by next year……

Polls: EU crisis entrenched
LONDON: The downturn in the eurozone’s private sector is becoming entrenched, business surveys showed yesterday, as falling new orders and employment levels dent confidence……

Global forum to discuss growth of Islamic finance
KUALA LUMPUR: Bank Negara will host the third Global Islamic Finance Forum (GIFF), beginning Sept 18, to discuss and exchange views on the growth and opportunities in the internationalisation of Islamic finance and strengthening cross-border economic…..

BoJ ready to take bold action
KAGOSHIMA: The Bank of Japan (BoJ) is prepared to take bold action to support the economy when necessary, according to one of its policymakers, signalling the possibility of further monetary policy easing next month if risks to the country’s recovery…..

Beijing proposes increasing foreign investors’ stake
SHANGHAI: China’s securities regulator has proposed a 50% increase in size of the total stake that approved foreign investors can hold in listed companies, the latest in a series of steps intended to attract more investment in the country’…..

China factory slump continues
BEIJING: China’s factory sector shrank for an eighth straight month in June as export orders sentiment hit its weakest level since early 2009, according to a survey that indicates the country’s economic trough may extend well into the third quarter……

NZ economy surges in Q1, rates seen on hold
WELLINGTON: New Zealand’s economy unexpectedly grew at the fastest pace in five years in the March quarter on food and milk production, sending the currency higher but still giving the central bank time to sit on record low rates because of tame infl…..

Japan corporate mood dips
TOKYO: Japan’s corporate mood turned pessimistic in June for the first time in four months, a Reuters poll showed, as Europe’s deteriorating sovereign debt crisis, a strong yen and worries about a slowdown in emerging markets took their toll on man…..

Swiss exports slip on weakening EU demand
ZURICH: Switzerland’s exports fell for the third month in a row in May, hit by a red-hot franc and weak demand in the eurozone, raising the likelihood that the country’s economic growth will slow in coming months……

US manufacturing at snail’s pace
NEW YORK: US manufacturing grew in June at its slowest pace in 11 months and hiring in the sector slowed as overseas demand for US products waned, according to an industry survey……

Nissan to chop output by 15% on surging costs
TOKYO: Nissan Motor is cutting its production in Japan by 15% from next month in a response to surging manufacturing costs driven by a stronger yen and weakening domestic demand……

Walmex slashes investment
MEXICO CITY: Wal-Mart de Mexico, Mexico’s biggest retailer, has slashed its planned store openings for 2012 and cut its planned investment spending by 11% as it investigates allegations it bribed local officials to open stores more quickly……

WikiLeaks’ Assange says ready for life in Ecuador
CANBERRA: WikiLeaks founder Julian Assange said on Friday that he was ready for a life in Ecuador and said the country had been “”quite supportive”" of his bid for asylum……

Poll: Most U.S. readers unaware of e-books at libraries
NEW YORK: Though Kindles and Nooks are becoming almost as common as books, more than half of all U.S. readers don’t know they can borrow e-books from their local library, a Pew Center poll showed on Friday……

Wynn Resorts wins venue battle in Okada lawsuit
LOS ANGELES: In the latest skirmish between Las Vegas mogul Steve Wynn and Wynn Resorts’ one-time largest shareholder, a federal judge ordered the legal battle with Japanese billionaire Kazuo Okada to be moved back to the Nevada state court……

Vietnam rice exports drop 10%, stockpiling eyed
HANOI: Vietnam’s rice exports so far this year have dropped around 10 percent from a year ago to 3.35 million tonnes, while the industry is planning another stockpiling scheme to support domestic prices that have weakened with the harvest rolling in……

Flame”" can sabotage computers, attack Iran
BOSTON: The powerful Flame computer virus is not only capable of espionage but it can also sabotage computer systems and likely was used to attack Iran in April, according to a leading security company, Symantec Corp

Casino hopefuls clash in Massachusetts sweepstakes
SPRINGFIELD, Massachusetts: The Massachusetts Turnpike carves its way east from Boston through the upland hills and small towns of western Massachusetts, an area hard-hit by the recent recession. It is here that some of the biggest names in casino ga…..