The Star Online: Business
The Star Online: Business |
- Scomi shares up on RM159mil contract win
- China’s wealth a mirage for foreigners
- KLCI down 0.15 point in early trade
| Scomi shares up on RM159mil contract win Posted: KUALA LUMPUR: Shares of Scomi Energy Services Bhd rose 6.5 sen to 90.5 sen after it bagged a RM158.7mil contract from TNB Fuel Services Sdn Bhd. At 9.27, Scomi Energy, one of the most actively traded stock in Bursa Malaysia, saw 10.54 million shares done between 87 sen and 93.5 sen. Its parent company, Scomi Group Bhd's shares rose one sen to 43 sen with 4.19 million shares traded between 42.5 sen and 43.5 sen. The FBM KLCI rose 2.10 points to 1,788.77. Turnover was 194.33 million valued at RM171.9mil. There were 211 gainers, 100 losers and 171 counters unchanged. In a statement, Scomi Energy said the bulk coal affreightment contract was for a period of two years commencing Sept 1, with an option to be extended for another year. Under the contract, Scomi Energy is expected to transport about three million tonnes of coal per year to and from various locations. "Scomi has had a longstanding business relationship with TNB Fuel Services as we have been on their vendors' list since 2005. We are delighted to continue working with TNB Fuel as we continue to consolidate our offerings in marine logistics," Scomi Energy president (marine services) Mukhnizam Mahmud said. |
| China’s wealth a mirage for foreigners Posted: KUALA LUMPUR: China's 20-year economic boom has been the big economic story of recent times and boosted the wealth of its 1.3bil citizens at the fastest pace worldwide and spawned some of the biggest companies in history. Outsiders hoping to scoop up some of that wealth have been less fortunate, however. This snippet of news picked up by M&A Securities said foreigners earned less than 1% a year investing in Chinese stocks – just one-sixth of what they would have made owning US Treasury bills. While China's shift toward a market economy has lifted per-capita incomes by 1,074% and helped its companies raise at least US$195 billion through stock sales in Hong Kong, investors with US$695 billion say that corporate governance concerns, competition and state intervention have eroded returns for minority shareholders. China is a case in point that great GDP doesn't mean a great stock market. |
| KLCI down 0.15 point in early trade Posted: KUALA LUMPUR: The FBM KLCI fell almost one point on Tuesday in volatile trading, after closing in the positive zone on late buying of bank stocks on Monday. At 9.11am, the KLCI fell 0.15 point to 1,786.52. Turnover was 91.98 million valued at RM78.24mil. There were 151 gainers, 62 losers and 130 counters unchanged. HwangDBS Vickers Research said on the back of selective buying of index-linked counters, the key FBM KLCI will probably attempt to break away from the immediate resistance threshold of 1,785 today. From a technical perspective, the benchmark index may be inching its way towards the psychological mark of 1,800 next. "This comes as Wall Street made further gains last night. Leading US bellwethers were marginally up by between 0.1% and 0.2% at the closing bell amid better corporate profit reports," it said. Reuters reported Asian shares edged higher on Tuesday, taking their cue from US shares after weaker-than-forecast retail sales growth backed the view that the U.S Federal Reserve will hold off reducing its bond-buying stimulus anytime soon. MSCI's broadest index of Asia-Pacific shares outside Japan added about 0.1% to 440.75. Citigroup's strong earnings helped the S&P 500 end higher on Monday for an eighth straight day, the longest such streak since mid-January. The Nikkei share average rose 0.8%, catching up after Japanese financial markets were closed for a public holiday on Monday. At Bursa Malaysia, BAT fell 32 sen to RM60 and Carlsberg 10 sen to RM14.60. KL Kepong fell 10 sen to RM21.60 and BLD Plantation 10 sen to RM8.50. MyEG fell nine sen to RM2.12 on news that it was to roll-out the custom service tax monitoring system project by year end. Puncak rose 28 sen to RM2.93 and Muhibah 21 sen to RM2.27. Zecon rose 7.5 sen to 75.5 sen as it had received a selective capital repayment proposal to privatise the company via a cash offer of RM0.80 per share. |
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