Oil breaks US$100, Wall Street retreats and bond yields rise, inflation is becoming the market’s biggest risk again Global markets are starting Thursday in a more defensive position. Brent crude has broken above US$100 a barrel , U.S. Treasury yields are pushing higher, and Wall Street fell for a third straight session as investors reassess whether central banks may need to keep tightening rather than easing. For Malaysian investors, the key chain today is increasingly clear: Oil → inflation → interest rates → bond yields → USD/MYR → Bursa valuations. 30-second market snapshot Market / Asset Latest 🇺🇸 S&P 500 7,636.36, -0.48% 🇺🇸 Dow Jones 52,380.66, -0.77% 🇺🇸 Nasdaq 26,253.34, -0.64% 🇲🇾 FBM KLCI 1,714.34, virtually flat 💵 USD/MYR ~4.06 🇺🇸 U.S. 10Y Treasury ~4.84% 🇺🇸 U.S. 2Y Treasury ~4.42% 🥇 Gold ~US$4,396/oz 🛢️ Brent crude US$101.21/bbl 🛢️ WTI crude US$96.05/bbl ₿ Bitcoin ~US$79,300 🇯🇵 Nikkei ~64,760, -0.6% this morning Brent jumped about 3.4% Wednesda...
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Here is a brief recap of some business news and corporate announcements that made the headlines on Wednesday:
Cape EMS Bhd (KL)
- Divestment of Shares: Managing director and CEO Christina Tee Kim Chin sold 112.74 million shares for RM53.56 million on Tuesday, reducing her stake from 38.05% to 25.6% over six trading days.
- Impact: The divestment marks a significant reduction of 12.45% in her holdings.
- Details: The shares were sold in 30 transactions at an average price of 47.5 sen each.
Paragon Globe Bhd (KL)
- Stake Sale: Businessman Tan Sri Robert Tan Hua Choon sold 37 million shares in an off-market deal last Friday.
- Remaining Holdings: Tan now holds 4.87% or 36.33 million shares, ceasing to be a substantial shareholder.
- Undisclosed Details: The transaction value and buyer were not disclosed.
Uzma Bhd (KL)
- New Contract: Secured a contract to supply a hydraulic workover unit for two offshore platforms in East Malaysia from PTTEP Sarawak Oil Ltd.
- Contract Details: Effective July 4, lasting until the completion of six firm wells. The contract's value was not disclosed.
- Expected Impact: Positive effect on earnings and net assets for the financial year ending June 30, 2025, and beyond.
Heineken Malaysia Bhd (KL)
- Financial Performance: Reported a 0.72% increase in net profit to RM91.13 million for the second quarter ended June 30, 2024, despite a slight revenue dip to RM565.49 million.
- Dividend: Proposed a dividend of 40 sen per share.
- Operating Expenses: Lower operating expenses contributed to the profit rise.
Hup Seng Industries Bhd (KL)
- Quarterly Results: Net profit increased by 3.53% to RM9.03 million for the second quarter ended June 30.
- Revenue Decline: Revenue fell by 1.61% to RM80.24 million, affected by weaker export sales in Thailand and Saudi Arabia, and lower domestic demand in East Malaysia.
- Dividend: Declared a dividend of two sen per share.
Sentral Real Estate Investment Trust (KL)
- Income Growth: Net property income increased by 30% to RM76.06 million for the first half of FY2024, driven by key properties like Menara CelcomDigi and Building 4.
- Gross Revenue: Rose 26.5% to RM96.24 million.
- Net Income: Grew 14.5% to RM40.42 million, affected by higher finance costs and fees.
- Earnings Per Unit: Increased slightly to 3.38 sen from 3.29 sen, with dilution impact from a December 2023 placement exercise.
Kawan Renergy Bhd (KL)
- Contract Win: Subsidiary Kawan Engineering Sdn Bhd secured a RM58 million contract from KAB Energy Holdings Sdn Bhd for mechanical, firefighting, and electrical works at a 52-megawatt power plant in Sipitang, Sabah.
- Contract Requirements: KESB must provide a performance bond and corporate guarantee within 20 days from the letter of award dated April 8, 2024.
These updates highlight significant movements and financial results across various sectors, reflecting the dynamic nature of the corporate landscape in Malaysia.
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