Malaysia Market Highlights - 08 Sept, 2015

Market Highlights

• Malaysian share prices fell in early Tuesday trade with Hong Leong Bank and MAHB among the major decliners in thin trade as foreign fund selling continues to weigh on market sentiment despite being shored up by local funds.
  The FTSE Bursa Malaysia Kuala Lumpur Composite was down 2.46 points to 1,580.39.There were 198 gainers, 197 losers and 205 counters unchanged.
   
•  Oil fell more than 3 percent on Monday, hit by weaker Chinese equities and record North Sea crude production data that added to global oversupply concerns.
   
• The government is expanding the palm oil industry into new markets such as Iran, Turkey, Kazakhstan and Turkmenistan.
   
• 1Malaysia Development Bhd's (1MDB) said it has shortlisted four parties to the final bidding stage for the sale of its power business held under Edra Global Energy Bhd.
   
• Malaysian exports, which rose at a slower 3.5% in July, are expected to see subdued growth ahead with analysts highlighting concerns over exports to China.

• The Media Shoppe Bhd (TMS) has made its first foray into the property development and construction industry through its wholly-subsidiary, Exonion Sdn Bhd (ESB), in a RM192 million deal to develop a piece of land in Kemaman, Terengganu.
   
• Dagang NeXchange Bhd's (DNeX) wholly-owned subsidiary DNeX Petroleum Sdn Bhd is acquiring 30% equity of Ping Petroleum Ltd via a proposed subscription of shares for US$10 million (RM42 million) cash.
   
• RHB Capital Bhd has fixed the issue price for its proposed rights issue at RM4.82 per rights share on the basis of one rights share for every five existing company share.
   
• Tecnic Group Bhd hit limit-up to RM1.20, up 30 sen, and prompting a query from Bursa Malaysia Securities.
   
• Puncak Niaga Holdings Bhd and Kumpulan Perangsang Selangor Bhd’s (KPS) shares rose yesterday in active trade ahead of the sealing of the Selangor water deal today.