Khamis, 10 Oktober 2013

The Star Online: Business

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The Star Online: Business

Tugboats to enhance naval shipyard's services


PETALING JAYA: Shipbuilder and defence contractor Boustead Heavy Industries Corp Bhd's (BHIC) strategy to enhance technological capabilities and skills in smaller commercial vessels has reached a milestone with the delivery of two tugboats to the Lumut naval shipyard.

The tugboats (pic), costing RM5.75mil each, were designed by British firm Macduff Ship Design Ltd as part of a collaboration plan to strengthen BHIC's position in the region as a specialist producer.

Boustead Naval Shipyard operations director Datuk Yahya Hashim said in a press release that BHIC had submitted bids for the building of more such vessels to interested parties in the country as well as the region.

He also said the company would be working with Macduff on developing designs for vessels to support the needs of the oil and gas sector. Macduff's collaboration with BHIC has also been renewed for a further two years.

The tugboats would provide harbour support services for the naval shipyard basin, and other support duties for the Royal Malaysian Navy.

Public Bank advances to new all-time high again


KUALA LUMPUR: Shares of Public Bank Bhd rose to an all-time high in early Friday trade, helping to underpin the FBM KLCI's advance as investors remained upbeat about the prospects for the banking group.

At 9.48am, Public Bank was up 12 sen to RM18.20 with 205,700 shares done while its foreign shares rose 14 sen to RM18.20 with 77,600 shares traded.

The KLCI rose 9.91 points to 1,785.83. Turnover was 484.44 million shares done valued at RM245.56mil. There were 317 gainers, 111 losers and 212 counters unchanged.

StarBiz reported Public Bank looked to have settled one aspect of its succession planning when it recently appointed Quah Poh Keat as deputy chief executive officer II.

The appointment of Quah, a former independent director of the bank, suggests he could be a leading candidate to succeed managing director and chief executive officer Tan Sri Tay Ah Lek when he retires.

StarBiz also reported that the recent price gains were linked to rumours that may include the prospect of allowing Chinese banks to acquire stakes in Malaysian banks.

Malaysia’s blue chips rally, CIMB and Genting lead


KUALA LUMPUR: Malaysia's blue chips chalked up big gains in early Friday trade, as sentiment was boosted by the strong overnight close on Wall Street, underpinned by gains in CIMB, Genting Bhd and Petronas-related stocks.

At 9.14am, the FBM KLCI was up 8.68 points to 1,784.60. Turnover was 270.24 million shares valued at RM104.75mil. There were 284 gainers, 46 losers and 135 counters unchanged.

Hwang DBS Vickers Research (HDBSVR) overnight on Wall Street, major stock indices on Wall Street jumped between 2.2% and 2.3% on hopes of a breakthrough in talks by the US lawmakers to resolve the debt limit.

"The initial joy, nevertheless, might be tempered by a subsequent drop on the futures market, with the DJIA December contract hovering at a 110-point discount to the spot rate this morning," said the research house.

"Still, there is chance for our local bourse to recover further today. On the chart, the benchmark FBM KLCI could climb towards the immediate resistance threshold of 1,785 ahead," it said.

Petronas Daganagan added 30 sen to RM29.60 and Petronas Gas rose 18 sen to RM22.88.

KL Kepong added 18 sen to RM22.88 and Sime Darby seven sen higher at RM9.51. However, PPB fell four sen to RM14.26.

HLFG rose 10 sen to RM15.24 and CIMB eight sen higher at RM10.32.

MAHB fell the most, down 15 sen to RM7.85, Bumi Armada shed four sen to RM3.91 and Puncak Niaga three sen to RM3.26.


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