Corporate News

Reservoir Link makes strong debut on ACE Market

KUALA LUMPUR: Reservoir Link Energy Bhd made a strong debut on the ACE Market on Wednesday, opening at 65 sen or 24 sen above its offer price of 41 sen.

Forex

Ringgit tracks oil prices higher at opening

 KUALA LUMPUR: The ringgit was higher at the opening, tracking the higher crude oil price currently trading at US$43 per barrel, up by 0.23 per cent, ahead of the virtual joint ministerial monitoring committee (JMMC) of the Organisation of the Petroleum Exporting Countries (OPEC) meeting later today to recommend levels for future supply cuts

Markets

Pharma stocks jump, glove counters retreat

KUALA LUMPUR: Pharmaniaga and Duopharma jumped in early Wednesday trade on news they will package Covid-19 vaccine when it is publicly available while glove makers came under profit taking after their sizzling rally.

Stock on the Move

Quick take: Advancecon shares up on RM19.85mil contract win

KUALA LUMPUR: Advancecon Holdings Bhd share price rose 2.6% in early trade Wednesday after the company secured a RM19.85mil contract.

Stock on the Move

Quick take: Pharmaniaga, Duopharma jump over 22% in early trade

KUALA LUMPUR: Shares in Duopharma Biotech Bhd and Pharmaniaga Holdings Bhd jumped over 22% each in early trade on news that the companies will package Covid-19 vaccine when publicly available.

Analyst Reports

Nestle's long-term growth remains intact, says Affin Hwang

KUALA LUMPUR: Nestle (Malaysia) Bhd's long-term growth capabilities are intact as it commits itself to future capacity expansion with the highest capex allocation in years, says Affin Hwang Capital Research.

Analyst Reports

Maybank IB Research retains Buy on Litrak

KUALA LUMPUR: Maybank Investment Bank Research is retaining its Buy call on highway operator Lingkaran Trans Kota (Litrak) after cutting traffic forecasts which led to lower earnings forecasts and discounted cashflow target price (TP).

Corporate News

Trading ideas: Duopharma Biotech, Pharmaniaga, Salcon, Digi, TNB, Advancecon, Microlink

KUALA LUMPUR: Duopharma Biotech Bhd, Pharmaniaga Holdings Bhd, Salcon Bhd, DiGi.Com Bhd, Tenaga Nasional Bhd, Advancecon Holdings Bhd and Microlink Solutions Bhd are among the stocks to watch on Wednesday, according to JF Apex Research.

Analyst Reports

Kenanga maintains 'outperform' on Digi

KUALA LUMPUR: Digi.Com Bhd's current share price level could offer an attractive buying opportunity for the stock for its industry-leading dividend yields of 4%, says Kenanga investment Bank Research.

Analyst Reports

PublicInvest Research neutral on Tenaga after RM1.8b tax dispute

KUALA LUMPUR: Public Invest Research is retaining its neutral outlook on Tenaga Nasional and unchanged target price of RM13.28 following heightened financial-related uncertainties.

Economy

Trump ends Hong Kong preferential status, not interested in China trade talks

WASHINGTON: President Donald Trump on Tuesday ordered an end to Hong Kong's special status under U.S. law to punish China for what he called "oppressive actions" against the former British colony.

Economy

Japan manufacturers' mood pinned near 11-year lows as pandemic hammers global demand

TOKYO: Japanese manufacturers remained close to the most pessimistic they have been in 11 years in July as the coronavirus outbreak hits global demand and deals a punishing blow to the export-reliant economy, the Reuters tankan survey showed on Wednesday

Corporate News

Privatisation 'wave' hurts poor as pandemic heightens risks

BANGKOK: A push to privatise land and other resources in countries from Ukraine to Papua New Guinea is hurting indigenous people and the rural poor, while increasing the risks linked to climate change, researchers at a U.S.-based think tank said on Tuesday.

Business

Australia business conditions rebound in June

SYDNEY: A measure of Australian business conditions showed a sharp recovery in activity and confidence in June as much of the economy reopened from coronavirus lockdowns, though a fresh outbreak in Melbourne threatens to darken the mood once more.

Corporate News

Analysts positive on LHI’s farm-to-plate model

PETALING JAYA: Leong Hup International Bhd (LHI)’s downstream venture via The Baker’s Cottage (TBC) is expected to mitigate the price volatility of its poultry business.

Business

Garuda talking to Airbus to delay 2020 deliveries

JAKARTA: Flag carrier Garuda Indonesia is in talks with Airbus to delay deliveries of four aircraft this year, its chief executive said yesterday, as the coronavirus outbreak restricts travel and dampens demand.

Corporate News

Malakoff downgraded to ‘hold’

PETALING JAYA: Water and power producer Malakoff Corp Bhd’s thesis of a share price re-rating has played out, resulting in its stock being downgraded to a “hold” from an earlier “buy.”

Business

Saudi Aramco reorganising its businesses

DUBAI: State energy giant Saudi Aramco said yesterday that it will be reorganising its downstream business to support its global growth strategy, aiming to complete it by the end of this year.

Business

Philippines central bank to maintain easy policy

MANILA: The Philippine central bank will likely keep policy accommodative over the next two years to deal with lingering economic damage from the coronavirus pandemic, governor Benjamin Diokno said yesterday.

Business

Tulsa versus Austin: Battle for next Tesla plant

NEW YORK: Tulsa, Oklahoma, is an oil-industry town with a 75-foot statue called “The Golden Driller.”