Telcos remains neutral but does this mean this shall affect the FBM KLCI
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KUALA LUMPUR: Stocks on Bursa Malaysia may see another volatile trading day on Tuesday, Sept 13 in line with the regional markets as investors worried whether there could be a permanent solution to the Euro zone.
Lack of clarity from the Group of Seven finance chiefs over the weekend on how to boost their struggling economies added more woes to the markets.
The 30-stock FBM KLCI index fell 1.56% or 22.86 points to 1,446.26, the steepest single day loss since Aug 9, weighed by losses including at banking and key blue chips. Year-to-date, the KLCI is down 4.78%.
Other regional markets which have fallen sharply year-to-date are the Nikkei 225, which is down 16.55%, Hang seng Index down 17.39%, Shanghai Composite Index 11.05%, Taiwan Taiex 11.61% and South Korea’s KOSPI 11.61% and Singapore’s FTSE Straits Times Index.
Stocks to watch on Tuesday are telecommunications companies have agreed to defer the 6% service tax for pre-paid users which was to come into effect on Thursday, Sept 15.
Bernama reported that Information, Communications and Culture Minister Datuk Seri Dr Rais Yatim said the agreement was reached at a meeting between the four major telcos in the country and the ministry at Angkasapuri here on Monday.
"The meeting with the managements of Celcom, Maxis, Digi and U Mobile was held in a cordial atmosphere ...they responded positively to the ministry's advice, the government's views and sentiments expressed by Prime Minister Datuk Seri Najib Tun Razak on the matter," he told reporters after the meeting which lasted about an hour.
Telcos which are expected to be most impacted by the recent decision include DIGI.COM BHD [] which has the largest number of prepaid users. DiGi fell 30 sen to RM31.70.
KKB ENGINEERING BHD [] has secured two contracts totaling RM30.7 million to supply water pipes and LPG cylinders.
Its subsidiary, Harum Bidang Sdn Bhd accepted a contract from YWP Builders Sdn Bhd to manufacture and supply MSCL water pipes and pipe specials for the rural water supply project in Sarawak.
KKB also said it had accepted a letter of award from PETRONAS DAGANGAN BHD [] to fabricate and supply the LPG cylinders to Petronas Dagangan Bhd for one year commencing September with an option to extend for another year.
PUNCAK NIAGA HOLDINGS BHD [] announced that holders of its RM546.87 million nominal value 15-year redeemable unconvertible notes can exercise their right to sell any of the notes. he company said the 10th anniversary of the date of the issue or put date would be on Nov 18.
All noteholders have the right to require the company to repurchase all or some only of their outstanding notes on the put date. The company shall be obliged to repurchase the same at the full outstanding principal amount.
Meanwhile, US-based global investment management firm T. Rowe Price Associates, Inc. has exited from REXIT BHD [] after the disposal of its 13.36 million shares or 7.22% stake on Sept 7.
An earlier filing showed that Rexit’s non-independent non-executive director Kuah Hun Liang had acquired 12 million shares on Sept 7 at 22 sen each for RM2.64 million. The acquisition increased the veteran banker’s stake to 10.35% or 19.157 million shares.
INSAS BHD [] saw its indirect stake in Formis Bhd increase to 15.09 million shares or 8.12% after the acquisition of three million shares on Sept 8. The shares were acquired by its subsidiary Insas Plaza Sdn Bhd via a direct business transaction.
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