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Nov 15, 2018 Overnight Indexes & News
#1
Good Day

Today news

Overnight Dow Jones: -205

Stocks fell on Wednesday as shares of Apple rolled over and dipped briefly into a bear market before recovering. A decline in bank shares also pressured the broader market.  

Oil rose on Wednesday on the growing prospect of OPEC and allied producers cutting output at a meeting next month to prop up the market.  

Brent crude oil were up 51 cents at $65.08 per barrel  

Local news
Scientex Bhd will launch a mandatory takeover of Daibochi Bhd to expand the flexible packaging business after it acquired a  controlling 42.41% stake for RM222.50mil in a share swap. The RM222.50mil total purchase consideration or RM1.60 per Daibochi share would be via a share swap through the issuance of one new Scientex share for every 5.5 Daibochi shares held by vendors.

Naim Holdings Bhd is teaming up with Gamuda Bhd to bid for the billion ringgit Sarawak coastal highway and second trunk road projects. Managing director Datuk Hasmi Hasan said Naim would have a 70% stake and Gamuda 30% equity interest in the joint venture company.  

Gas Malaysia Bhd’s net profit rose 22.1% to RM41.03 million for the third quarter ended Sept 30, 2018 (3QFY18) from RM33.61 million a year ago, on higher volume of natural gas sold and higher income arising from asset contribution from customers. 

Malaysia Smelting Corp Bhd (MSC)’s net profit jumped 52.5% to RM11.66 million in 3QFY18 from RM7.65 million a year ago on stronger earnings from both its tin smelting and tin mining divisions.

GHL Systems Bhd has inked an agreement with Visa Worldwide Pte Ltd that will allow the former to offer electronic payment services and VISA card acceptance in Malaysia.

Advancecon Holdings Bhd has bagged an RM43.37 million contract from Sime Darby Serenia Development Sdn Bhd to undertake earthworks and appurtenance works for Phase 2 of the Serenia City township development in Sepang, Selangor.

S P Setia Bhd’s net profit fell 81.32% in its 3QFY18 to RM65.19 million from RM348.89 million a year ago due to a lack of profit contribution from the completion of Phase 1 of the Battersea Power Station which was recorded in FY17’s corresponding quarter.

IGB Bhd's third quarter net profit surged 90.91% to RM68.29 million from RM35.77 million a year ago, due to higher contribution from the group's property development and investments in both retail and commercial properties.

Batu Kawan’s earnings slid 50.9% to RM71.24 million from RM145.01 million a year ago, while revenue was down 18.5% to RM4.32 billion from RM5.3 billion. 

KLK recorded a decline of 58.8% to RM101.5 million in 4QFY18 from RM242.12 million a year earlier. Quarterly revenue declined 18.84% to RM4.19 billion from RM5.16 billion a year ago. 

The Court of Appeal has dismissed Jaks Resources Bhd’s appeal to restrain a payout of a RM50 million bank guarantee to Star Media Group Bhd, and upheld the High Court’s judgement on July 12 this year that the payment must be made within five working days.

Higher sales, favourable foreign exchange impact on cost of sales, and lower operating expenses boosted the net profit of Amway (M) Holdings Bhd by 14.7% to RM17.15 million in 3QFY18 from RM14.95 million a year ago.
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