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Nov 8, 2018 Overnight Indexes & News
Today News
Overnight Dow Jones: +545
U.S. stocks closed broadly higher on Wednesday after the midterm election results came in about as expected, lifting a cloud of uncertainty that was weighing on the market. The major averages hit their session highs after President Donald Trump indicated he is willing to work with Democrats on policy initiatives that would help the economy keep growing.
Oil prices fell on Wednesday after government data showed a seventh consecutive increase in U.S. crude stockpiles.
Brent crude, were down 13 cents to $72 a barrel
Local news
Genting Malaysia Bhd, whose shares have been hammered since the Government announced last Friday the revision of certain gaming licence fees and casino duties, said it is assessing the full implication of the additional taxes on the company. Genting Malaysia said it has been advised by the Ministry of Finance that the casino licence fee will be revised from RM120 million to RM150 million per annum, while the casino duties will be revised up to 35%. "The increase in casino duties represents a 10 percentage point increase over existing duty rates. The amendment will take effect from Jan 1, 2019," Genting Malaysia added.
Frontken Corporation Bhd’s net profit jumped 65% to RM15.19 million in the third financial quarter ended Sept 30, 2018 (3QFY18) from RM9.19 million in the previous corresponding quarter, thanks to better performance across its regional subsidiaries which benefited from growth in the semiconductor business.
Former Selangor Menteri Besar Datuk Seri Azmin Ali has withdrawn a counterclaim against Puncak Niaga Holdings Bhd in the Court of Appeal which relates to its RM14 billion lawsuit against him and his predecessor Tan Sri Khalid Ibrahim.
IBhd has posted a 21% drop in net profit to RM5.69 million for the third quarter ended Sept 30, 2018 compared with RM7.17 million a year ago on lower property development revenue, and cautioned it expects the last quarter to be challenging as well.
Bank Negara Malaysia’s international reserves totalled US$101.7bil as at Oct 31, 2018, which was a decline of US$1.1bil from two weeks earlier. The central bank said the reserves were sufficient to finance 7.5 months of retained imports and was 0.9 times the short-term external debt.
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