Bursa Malaysia market Updates - 21 Aug, 2015

Market Summary

Market Highlights

• Malaysian share prices opened lower, in early trade, this morning, tracking the overnight fall on Wall Street amid lingeering concerns over China's slowing economy and uncertainty surrounding the US Federal Reserves' September rate hike.

• The FTSE Bursa Malaysia Kuala Lumpur Composite stood at 1,565.27, down 12.25 points, after opening 13.76 points lower at 1,563.65.

• The ringgit opened unchanged against the US dollar, in early trading, this morning, as investors and traders stayed on the sidelines.

• The ringgit should be trading at about 3.70 to the US dollar based on current fundamentals but investor sentiment has derailed the local currency beyond that level, said CIMB chairman Datuk Seri Nazir Razak.

• AMMB Holdings Bhd, which set a lower profit after tax and minority interest (patmi) target for its financial year ending March 31, 2016 (FY16), expects the economic environment to remain challenging due external factors and some political risks.

• Conglomerate YTL Corp Bhd saw its net profit slip 15.57% to RM298.93 million for the fourth quarter ended June 30, 2015 from RM354.07 million in the same period last financial year, mainly due to lower contribution in most of its business segments.

• WCT Holdings Bhd reported a 9.45% drop in net profit to RM31.06 million for the second quarter ended June 30, 2015 compared with RM34.3 million in the previous corresponding period, due to lower contribution from overseas projects and property development segment.

• Boustead Plantations Bhd's (BPB) net profit for the second quarter ended June 30, 2015 expanded more than threefold to RM48.6 million, from RM9.4 million in the previous corresponding quarter, mainly due to gain realised on land disposals, amounting to RM39.1 million.

• AirAsia Bhd's net profit for the second quarter ended June 30, 2015 fell 33.8% to RM243.03 million from RM367.16 million a year ago following the unrealised foreign exchange loss on borrowings and one-off costs related to the sale of leaseback of aircraft.

• Axiata Group Bhd’s net profit leaped 34.2% to RM610.7 million in the second quarter ended June 30 (Q2’FY15) from RM455.01 million from a year ago, due mainly to lower losses from its Indonesia operations, PT XL Axiata Tbk, arising from lower foreign exchange losses and net finance costs.

•  BIMB Holdings Bhd has appealed for more time to submit its second quarter results for the financial year ended Jun 30, 2015 pending approval from the relevant authority.

• Axiata Group Bhd’s net profit leaped 34.2% to RM610.7 million in the second quarter ended June 30 (Q2’FY15) from RM455.01 million from a year ago, due mainly to lower losses from its Indonesia operations, PT XL Axiata Tbk, arising from lower foreign exchange losses and net finance costs.

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