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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.

Private consumption seen slowing in 2019

PETALING JAYA: Populist policies introduced by the government, along with an expanding economy and low levels of inflation and unemployment, have boosted consumer spending in 2018.

Tax impact: Fitch Solutions expects private consumption to slow in 2019 to 5.3 due to the reinstatement of the SST. — Bernama

Higher prices for tobacco, alcohol, will persist with SST

KUALA LUMPUR: Higher prices will persist following the implementation of the Sales and Services Tax (SST), particularly for tobacco products and alcohol, whereby importers and manufacturers have planned to pass the tax down to consumers.

US stock futures drop after Trump slaps new tariffs on China

TOKYO: U.S. stock futures dropped and Asian shares are expected to come under renewed pressure on Tuesday after U.S. President Donald Trump said he will impose 10 percent U.S. tariffs on about US$200 billion worth of Chinese imports

S&P500 E-mini futures dropped 0.35 percent in early trade.  That came after all three major U.S. indexes dropped on Monday, with the tech-heavy Nasdaq posting its biggest percentage loss since late July.