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Wall St. bounces back as investors shrug off trade tensions

NEW YORK: Wall Street rebounded on Tuesday in a broad-based rally as investors brushed aside intensifying trade rhetoric between the United States and China. All three major U.S. indexes closed higher following Monday's sell-off.

The Dow Jones Industrial Average rose 184.84 points, or 0.71 percent, to 26,246.96, the S&P 500 gained 15.51 points, or 0.54 percent, to 2,904.31 and the Nasdaq Composite added 60.32 points, or 0.76 percent, to 7,956.11. (Picture shows a trader working on the floor of the NYSE yesterday. - Reuters)

WCT boosted by new RM1.77bil contract

PETALING JAYA: WCT Holdings Bhd shares closed higher on news that it had bagged a contract worth RM1.77bil for construction works relating to the proposed Pavilion Damansara Heights commercial development.

At 5pm yesterday, WCT, which is principally involved in engineering, construction, property development, saw its shares close seven sen up at 93 sen.  Analysts are positive on the contract win, given the cautious outlook on the construction sector as the government scales back on public projects.

Vizione unit wins RM90mil contract

KUALA LUMPUR: Vizione Holdings Bhd’s unit Wira Syukur (M) Sdn Bhd has bagged a RM89.9mil contract from Perbadanan Bekalan Air Pulau Pinang Sdn Bhd (PBAPP) to build submarine pipelines from Butterworth to Penang Island.

In a statement yesterday, the group said it received the award letter from PBAPP, a unit of PBA Holdings Bhd, to undertake the job, known as package three-twin DN 1200mm submarine pipeline.

Positive outlook for Genting despite theme park delays

PETALING JAYA: Despite the likely delays of Genting Malaysia Bhd’s Skytropolis indoor theme park and 20th Century Fox attraction, the group’s outlook for the second half of financial year 2018 (FY18) remains positive, says RHB Research.

Visitor count to the hilltop resort increased by 21% year-on-year to 12.8 million as of June, due to the new facilities opened under the Genting Integrated Transformation Plan that included the SkyCasino, SkyAvenue mall and Awana Skyway cable car.

Vehicle sales 27% higher in August due to zero GST

PETALING JAYA: Total vehicles sales in August was 65,551 units, 26.8% higher than in the corresponding month in 2017 due to a reduction in prices from the zerorisation of the Goods and Services Tax.

Good sales: MAA says sales of passenger vehicles in August rose 21 to 55,662 from a year earlier.

Gamuda’s bid for S’pore site is the highest

PETALING JAYA: Gamuda (Singapore) Pte Ltd’s joint tender with Evia Real Estate (7) Pte Ltd for a 51,411.9 square metre parcel of land in Anchorvale Crescent, Singapore, has emerged as the highest bid.

Gamuda Singapore, a wholly owned subsidiary of Gamuda Bhd, made a joint bid of S$318.89mil (RM963mil) for the tract earmarked for executive condominium development .

Spectre of new US tariffs

Analysts expect worsening trade war to cause slowdown in the global and emerging nations economy too.

“The negative effects may not be seen immediately, perhaps by end-2018 or beginning next year. But, the risks have elevated not only for the United States and China, but also globally.  “For Malaysia, the gross domestic product (GDP) growth in 2019 is likely to be slower than this year, on the back of worsening trade hostilities between the United States and China,” Socio Economic Research Centre executive director Lee Heng Guie told StarBiz yesterday

YFG gets RM30mil contract in Penang

PETALING JAYA: YFG Bhd has received a construction contract in Penang worth RM30mil from a unit of Atta Global Group Bhd.

In a filing with Bursa Malaysia yesterday, YFG said its unit YFG Engineering Sdn Bhd had accepted a letter of award from Sungguh Gemilang Development Sdn Bhd, a subsidiary of Atta Global, for the contract works for the proposed construction of 112 units of 14-storey apartment building and eight units of three-storey terrace houses in Butterworth.

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