The Star Online: Business
The Star Online: Business |
- KLCI falls in early trade, banks weigh
- Australia's High Court Dismisses Challenge To Mining Tax
- Trading ideas: Puncak Niaga, Kinsteel, Faber
| KLCI falls in early trade, banks weigh Posted: KUALA LUMPUR: Malaysia's FBM KLCI fell in early trade on Wednesday on some mild profit taking on banks including AMMB and Public Bank in the shortened trading session. At 9.04am, the KLCI was down 4.99 points to 1,779.45. Turnover was 35.63 million shares valued at RM29.45mil. There were 77 gainers, 73 losers and 118 counters unchanged. Petronas Gas fell the most, down 20 sen to RM20.72 while Petronas Chemicals shed seven sen to RM6.56. However, Petronas Dagangan rose 18 sen to RM27.50. Among the banks, BIMB lost 14 sen to RM4.80, Public Bank and AMMB fell six sen each to RM17.24 and RM7.96. Faber Group continued to attract strong interest after hitting limit-up on Tuesday, gaining nine sen to RM2.43. Sime Darby edged up seven sen to RM9.59 with 100 shares done, BHIC added seben sen to RM2.54 as it staged a turnaround in its financial performance. IJM gained five sen to RM5.73 with 100 shares traded. |
| Australia's High Court Dismisses Challenge To Mining Tax Posted: CANBERRA: Australia's High Court found a controversial profits tax on iron ore and coal mines was constitutional on Wednesday, a major victory for the government that introduced the tax in July 2012 at the height of a China-led mining boom. The High Court challenge against the tax was led by Australia's number three iron ore miner Fortescue Metals and its boss Andrew Forrest, who argued the tax discriminated against mining states and interfered with the rights of state governments to impose royalties. But in a unanimous decision, the full bench of the High Court dismissed Fortescue's challenge to the Minerals Resource Rent Tax (MRRT). "The Court held that the treatment of state mining royalties by the MRRT Act and the Imposition Acts did not discriminate between States and that the Acts did not give preference to one State over another," the court said. The tax was negotiated by former Prime Minister Julia Gillard with global miners BHP Billiton, Rio Tinto and Xstrata, now Glencore Xstrata. The latest figures show the mining tax, which starts once profits on a project reaches A$75 million, will raise only A$4 billion in its first four years, well down on the government's initial A$10 billion estimates. Australia's conservative opposition, favoured to win elections on September 7, has promised to scrap the tax if it wins power.- Reuters |
| Trading ideas: Puncak Niaga, Kinsteel, Faber Posted: KUALA LUMPUR: Hwang DBS Vickers Research expects Puncak Niaga, Kinsteel and Faber Group to see trading interest on Wednesday where the market is on a half-day session. The research house said in terms of news flows, the industrial production index (IPI) report for June was due for release this afternoon. HDBSVR said on the corporate scene, of probable interest were Puncak Niaga, which secured a Petronas contract for a pipeline replacement project, but the contract value was not disclosed. As for Kinsteel, it plans to raise funds by undertaking a private placement of up to 10% of paid-up share capital at an issue price to be determined later. Faber's shares was expected to continue to see active trading after jumping by 30% on Tuesday in response to its proposed acquisition of new businesses from its major shareholder. Overnight on Wall Street, key US equity indices fell between 0.6% and 0.7% at the closing bell on concerns that the US Federal Reserve might start to slow down its bonds purchase program soon following the announcement of buoyant economic indicators. "The poor external sentiment could spill over to our Malaysian bourse, which is on a half-day session today. Its benchmark FBM KLCI is expected to back off from the 1,785 resistance line as trading slows ahead of the long festive break," it said. |
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