The Star Online: Business
The Star Online: Business |
- Ta Win share price falls nearly 50%
- Won leads Asia FX lower as G20 gives green light to weak yen
- Blue chips slip in early trade, Genting, Sime down
| Ta Win share price falls nearly 50% Posted: 17 Feb 2013 06:30 PM PST KUALA LUMPUR: Ta Win Holdings Bhd's share price fell nearly 50% to 20.5 sen on Monday on concerns of further losses for the financial year ended Dec 31, 2012. However, the pullback in the share price was not unexpected as it had surged to 40 sen on Feb 6. Its 52-week high was 55 sen on Feb 27, 2012. At 9.56am, it was down 19.5 sen to 20.5 sen with 5,000 shares done. The FBM KLCI fell 4.13 points to 1,623.80. Turnover was 139.82 million shares valued at RM77.89mil. There were 90 gainers, 160 losers and 166 counters unchanged. On Dec 27, 2012, it was reported Ta Win expected to report a further loss of RM3.16mil for the financial year ending Dec 31 due to an additional tax and penalty charged to its unit. Its unit Ta Win Industries (M) Sdn Bhd had received a notice of an additional assessment from the Inland Revenue Board (IRB) to raise an additional tax of RM2.18mil and a penalty charge of around RM981,500 in respect of the tax audit for the 2006 year of assessment. However, on Jan 7, 2013, Ta Win said the IRB allowed its unit to settle the additional tax of RM2.18mil and a penalty charge of RM981,521.35 for the year of assessment 2006 by 36 months installments, starting Jan 15, 2013. |
| Won leads Asia FX lower as G20 gives green light to weak yen Posted: 17 Feb 2013 06:25 PM PST SINGAPORE: The South Korean won led slides among emerging Asian currencies on Monday after the Group of 20 did not criticise Japan's reflationary policies, which have driven down the yen. The won lost 0.5 percent against the dollar, while the Singapore dollar and the Malaysian ringgit both eased 0.2 percent. The G20 on Saturday declined to single out Tokyo but committed to refrain from competitive devaluations and said monetary policy would be directed only at price stability and growth. Japan said this has given it a green light to pursue its policies unchecked. The dollar rose to 93.90 yen in early trade on Monday, within reach of a 33-month peak of around 94.47 set a week ago. "Japan will keep seeking the current policy. The rest of Asia will not just wait and see. That will put more pressure on Asian currencies," said Yuna Park, a currency and bond analyst at Dongbu Securities in Seoul. "The outlook for emerging Asian currencies for this year is not as bright as earlier, given continuous talk of regulatory measures within the region. That will also reduce attractiveness of their bonds," Park added. Last week, many of emerging Asian currencies saw weekly gains as investors snapped up regional units on expectations that the G20 may express concerns over the recent yen's weakness. Most emerging Asian currencies have softened so far this year as a weaker yen is seen hurting export competitiveness of its Asian peers such as South Korea. Regional authorities have expressed concern about the negative spillover effects from massive easing policies undertaken by several major central banks over the last year. Some Asian policymakers have warned of possible measures to stem their currency appreciation or better manage capital flows. - Reuters |
| Blue chips slip in early trade, Genting, Sime down Posted: 17 Feb 2013 05:23 PM PST KUALA LUMPUR: Malaysia's blue chips slipped in early trade on Monday, with Genting Bhd and Sime Darby among the major decliners. At 9.07am, the FBM KLCI was down 0.74 of a point to 1,627.19. Turnover was 29.33 million shares valued at RM11.21mil. There were 68 gainers, 41 losers and 78 counters unchanged. Japanese shares rallied and the yen fell on Monday after Tokyo escaped direct criticism from its Group of 20 peers on its aggressive reflationary plans that have weakened the currency, Reuters reported. At Bursa Malaysia, Genting fell 20 sen to RM9.46 and Sime Darby three sen to RM9.21. Among plantations, IJM Plantations fell three sen to RM2.87 and PPB Group two sen to RM12.22. CMSB lost six sen to Rm3.02, Dijaya four sen to RM1.25 and Coastal three sen to RM1.99. P&O fell two sen to RM1.33 as investors took profit after Friday's rise as they expected more dividends from the sale of a 49% stake in the insurance unit. P&O is expected to pay out only RM37mil (or about 15 sen per share) in special dividends to shareholders from the total proceeds of RM270mil that it would receive from the sale of its insurance business, analysts said. However, UMW and CCB rose 10 sen each to RM12.22 and RM2.84 while Lafarge added four sen to RM9.24. MISC and Tenaga gained three sen each to RM5.33 and RM6.98. |
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