A selldown among index-linked glove stocks, mounting investor concerns over a second national lockdown and political uncertainty brought the FBM KLCI down by 0.2%.

Glove selldown, national lockdown fears drag KLCI

Ban on flights going into Sabah will have a negative impact on Malaysian airlines, according to the National Union of Flight Attendants Malaysia.

NUFAM: Sabah travel ban to hurt Malaysian carriers

Mr DIY Group (M) Bhd, which already owns 674 stores in Malaysia and Brunei, intends to open 307 new stores across its brands by end-2021 to win more market share and feed earnings growth.

Mr DIY aims to open 307 new stores by end-2021 to drive earnings and market share growth

THE market capitalisation of Malayan Banking Bhd has shrunk to below RM80 billion, as the selldown of banking stocks continued, further reducing the gap between the most valuable company on the local stock exchange and the next in line, Top Glove Corp Bhd. Maybank declined 0.14%, or one sen, to R...

Market cap gap between Top Glove and Maybank narrows to RM8 bil

The FBM KLCI closed up 12.13 points or 0.81% at 1,512.43 today after Asian equity indices ended higher on easing concerns about US President Donald Trump’s health after he tested positive for Covid-19 although news on the rising number of global infections continue to dictate sentiment.

KLCI finishes up with Asian indices amid easing concerns about Trump’s health

Datuk Khairil Anuar Aziz has been axed as MSM Malaysia Bhd’s group chief executive officer (CEO) after the sugar company’s board found his clarification about an adjustment to write off inventories that amounted to RM36.6 million, unacceptable.

MSM group CEO sacked after 'unacceptable' explanation about accounting adjustments

Following her resignation as the chief executive officer of Lembaga Tabung Angkatan Tentera (LTAT) on Sept 30, Nik Amlizan Mohamed is also giving up her directorship in Boustead Holdings Bhd.

Ex-LTAT CEO Nik Amlizan Mohamed exits Boustead board

FGV Holdings Bhd said it working towards resolving issues related to the ban on the company’s palm oil in the US and getting the US Customs and Border Protection's (CBP) withhold release order (WRO) against palm oil and palm oil products made by the plantation group lifted as soon as possible.

FGV hopes to lift US ban on its palm oil, products as soon as possible

The FBM KLCI posted a minor gain after being lifted by rubber glove stocks Top Glove Corp Bhd and Hartalega Holdings Bhd. 

At market close, the benchmark index was up 3.53 points or 0.24% at 1,500.33.

KLCI ekes out minor gain as Top Glove and Hartalega rise on fresh buying

Based on corporate announcements and news flow today, stocks that may be in focus on Monday (Oct 5) include: Gagasan Nadi Cergas Bhd, Malakoff Corp Bhd, DutaLand Bhd, Sunsuria Bhd, Sime Darby Plantation Bhd, Icon Offshore Bhd and Pelangi Publishing Group Bhd.

Gagasan Nadi Cergas, Malakoff Corp, DutaLand, Sunsuria, Sime Darby Plantation, Icon Offshore and Pelangi

Moody's Ratings has affirmed CIMB Group Holdings Bhd's (KL:CIMB) Baa1 issuer ratings and maintained its stable outlook, based on the group's improved solvency and stable liquidity as well as Moody's forecast that the group's problem loan ratio will remain stable at around 2.5% over the next 12-18 months.

Moody’s affirms CIMB’s Baa1 issuer ratings, upgrades baseline credit assessment

Ni Hsin Group Bhd’s (KL:NIHSIN) wholly-owned subsidiary, Ni Hsin EV Tech Sdn Bhd (NH EV Tech), on Wednesday launched two high-powered electric motorcycles, TC Max and CPx PRO, featuring MotoGP legend, Jorge Lorenzo.

Ni Hsin unveils two electric motorcycles, featuring MotoGP legend Jorge Lorenzo

The Malaysian government is prepared to engage with its US counterparts on concerns regarding the shipment of sanctioned Iranian oil.

Communications Minister Fahmi Fadzil, who is also the government spokesperson, said that “this matter was discussed briefly in the Cabinet here today”.

Malaysia prepared to engage with US over its concerns on Iranian oil shipments

Annum Bhd (KL:ANNUM), formerly known as Cymao Holdings Bhd, has been categorised a Practice Note 17 (PN17) company as its new external auditor Messrs SBY Partners PLT expressed a disclaimer of opinion on its audited financial statements for the 18 months ended June 30, 2023, after they failed to obtain sufficient evidence to verify the group's assets.

Annum slips into PN17 after auditor says it can't vouch for company's financials

An entrepreneur was fined RM80,000 by the Kuala Lumpur Sessions Court on Tuesday for using unauthorised communications equipment known as an ‘SMS Blaster’, which caused serious disruption to network and cellular services.

Entrepreneur fined RM80,000 for using unauthorised SMS Blaster

The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives snapped two consecutive days of gains to end lower on Wednesday, said a dealer.

Mumbai-based Sunvin Group commodity research head Anilkumar Bagani said the weakness in the Chicago Board of Trade (CBOT) soybean oil futures during Asian trading hours and the Malaysian Palm Oil Association’s (MPOA) estimates weighed down CPO prices.

CPO futures snaps two-day winning streak to end lower

Keretapi Tanah Melayu Berhad (KTMB) will provide two electric train services (ETS) for the Padang Besar- KL Sentral route and vice versa in conjunction with this year's first-term school holidays from May 24 till June 3.

KTMB in a statement on Wednesday announced that the additional train tickets will go on sale at 8pm on Thursday (May 9).

KTMB will provide two additional ETS services ahead of first-term school holiday

Malaysia and Saudi Arabia held bilateral talks focusing on the agriculture sector, research and efforts to improve market access between the two countries, according to the Ministry of Agriculture and Food Security.

The ministry, in a statement on Wednesday, said Minister of Agriculture and Food Security Datuk Seri Mohamad Sabu highlighted the potential of several Malaysian products for export to Saudi Arabia, such as tropical fruits, value-added animal products and animal feed, ready-to-eat products, egg and dairy products, as well as aquatic products like frozen catfish.

Malaysia, Saudi Arabia hold talks to boost agriculture sector, market access

Pharmaniaga Bhd’s (KL:PHARMA) has been flagged by its independent auditors again, as its current deficit and capital deficiency for the financial year ended Dec 31, 2023 (FY2023) widened from a year ago.

Messrs PricewaterhouseCoopers PLT (PwC) raised material uncertainty on the Pharmaniaga whereby its audit indicated that the group and the company incurred net losses of RM78.7 million and RM63.3 million respectively.

Pharmaniaga’s auditors raise going concern again as current deficit, capital deficiency widen

Sarawak Cable Bhd (KL:SCABLE) has to go back to the drawing board and look for a new white knight to regularise its financials.

The Practice Note 17 (PN17) company announced that the Memorandum of Agreement it entered with Serendib Capital Ltd has fallen through.

Sarawak Cable needs a new white knight as 'resuscitation exercise' falls through

Shares in Sime Darby Plantation Bhd [KL: SIMEPLT] rose to their highest in two years following its announcement to develop the Tali Ayer estate in Perak into a green industrial park.

Sime Darby Plantation shares surge to two-year high following proposed solar project in Perak

Shell said on Wednesday it has agreed to sell its refinery and petrochemical assets in Singapore, Asia's main oil hub, to a joint venture between Indonesian chemicals firm Chandra Asri and Swiss miner and commodities trader Glencore.

Shell to sell Singapore refinery, petchem assets to Chandra Asri and Glencore

Homegrown information and communications technology (ICT) distributor Vstecs Bhd’s (KL: VSTECS) wholly-owned subsidiary, Vstecs Ku Sdn Bhd, has been picked as Amazon Web Services' (AWS) first distributor in Malaysia.

Amazon Web Services picks Vstecs as first distributor in Malaysia

Interim liquidators appointed by the Shah Alam High Court pursuant to a petition by Hitachi Ltd to look into the affairs of its wholly-owned Fusiotech Holdings Sdn Bhd are investigating claims of potential diversion of business by Fusionex Malaysia to third parties.

Fusionex liquidators probing alleged diversion of business to third parties

Malaysia’s largest 100 companies added RM175.33 billion to their market value since the start of the year as optimism for a US Federal Reserve rate cut fuelled a broad rally in sectors ranging from technology to utilities.

Market cap of top 100 Bursa companies up RM175b year to date, more upside expected

KUALA LUMPUR (May 8): Petronas Dagangan Bhd (KL:PETDAG) faces a threat from Saudi Aramco’s possible entry into Malaysia’s fuel retailing market, on top of the impending withdrawal of fuel subsidies, CGS International warned.

Petronas Dagangan faces twin share de-rating threats — CGS

KUALA LUMPUR (May 8): Insurer and reinsurer MNRB Holdings Bhd’s (KL:MNRB) net profit more than doubled year-on-year (y-o-y) in the fourth quarter, thanks to lower insurance expenses and higher investment income, sending its shares surging to an all-time high.

MNRB logs record profits from lower insurance expenses, higher investment income

Offshore drilling firm Velesto Energy Bhd (KL:VELESTO) is expected to report that its net profit may more than tripled in the first quarter (1Q) from a year earlier with all of its rigs utilised, Maybank Investment Bank said.

Velesto may report strong 1Q results with rigs fully occupied — Maybank IB

China has extended the visa-free policy for short-term visits to China for Malaysia and 11 other countries until the end of 2025, Xinhua reported, citing Chinese Foreign Ministry spokesperson Lin Jian.

China extends visa-free travel policy for Malaysia until end of 2025

The US has revoked licences that allowed companies including Intel and Qualcomm to ship chips used for laptops and handsets to sanctioned Chinese telecoms equipment maker Huawei Technologies, three people familiar with the matter said.

US revokes Intel, Qualcomm's export licences to sell to China's Huawei — Reuters

KUALA LUMPUR (May 8): The global semiconductor industry is expected to rebound this year, driven by demand for generative artificial intelligence (AI), with the industry’s upcycle likely to continue until 2025 or 2026, said Nomura Asset Management.

Global semiconductor industry to recover this year through 2026 on generative AI demand — Nomura

MNRB Holdings Bhd (KL:MNRB) was Bursa Malaysia’s biggest gainer on Wednesday, after the insurer and reinsurer announced record quarterly and annual net profit for the financial year ended March 31, 2024 (FY2024).

MNRB makes biggest single-day jump after record FY2024 earnings

The Malaysian government is prepared to engage with its US counterparts on concerns regarding the shipment of sanctioned Iranian oil.

Communications Minister Fahmi Fadzil, who is also the government spokesperson, said that “this matter was discussed briefly in the Cabinet here today”.

SYDNEY/HONG KONG/SINGAPORE (May 8): Global private equity investors and asset managers are readying for billions of dollars worth of mergers and acquisitions (M&amp;As) and investments linked to data centres in the Asia Pacific, as the artificial intelligence (AI) boom fuels demand for digital infrastructure.

AI boom set to fuel data centre deals in Asia this year

Shares of Bursa Malaysia Bhd (KL:BURSA) extended gains to its highest since March 2021, following news that Malaysian stocks trading in its exchange hit a historical high of RM2 trillion in market capitalisation on Tuesday (May 7).

Bursa Malaysia shares hit fresh three-year high as local equities breach RM2 trillion market cap

The former director and chairman of the board of SRC International Sdn Bhd has slammed Datuk Seri Najib Razak for passing the blame to the board for the misappropriation of RM3.6 billion from the company, saying the accusation was nothing more than an afterthought and without basis.

Former SRC director slams Najib for blaming SRC board for misappropriation of RM3.6b, says his accusation a baseless afterthought

A Singapore Air Force F-16 jet crashed during takeoff at a military airbase, the Ministry of Defence said on Wednesday.

Singapore Air Force F-16 fighter jet crashes after takeoff

Industronics Bhd said it has been appointed as the project management company to develop a hotel and golf course on a 155-acre parcel of land in Langkawi.

Widad’s largest shareholder appoints Industronics to manage Langkawi golf course, hotel development

KUALA LUMPUR (May 8): Go Hub Capital Bhd (KL:GOHUB), a provider of information technology (IT) services catering to the transportation sector, said on Wednesday that it has received approval for its listing on the ACE Market of Bursa Malaysia.&nbsp;

IT services firm Go Hub Capital gets Bursa Malaysia nod for ACE Market listing

The emergence of digital banks in Malaysia does not significantly impact traditional banks, primarily due to their limited ability to achieve rapid growth within the initial years of operation.

S&amp;P Global Ratings senior analyst, financial institution ratings, South and Southeast Asia (SSEA), Sue Ong said that the five digital banking licences issued by the Bank Negara Malaysia (BNM) in 2022 do not seem to be a game changer for now.

Arjuna Chandran Shankar

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Arjuna Chandran Shankar

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