Business Times : latesthttp://www.btimes.com.my enTuesday, August 09, 2011, 11.19 AMRanhill gets buyout offer of 90 sen a sharehttp://www.btimes.com.my/articles/20110809090120/Article/ http://www.btimes.com.my/articles/20110809090120/Article/Tue, 09 Aug 2011 09:01:26 +0800Ranhill Bhd received a buyout offer from a group of investors including Chief Executive Officer Hamdan Mohamad at 90 sen a share, according to a company statement in Kuala Lumpur today. -- Bloomberg CIMB cut to 'neutral', stock slumpshttp://www.btimes.com.my/articles/20110809093309/Article/ http://www.btimes.com.my/articles/20110809093309/Article/Tue, 09 Aug 2011 09:33:09 +0800CIMB Holdings Bhd fell the most in almost two years after the stock was downgraded to "neutral" from "buy" at OSK Research Sdn Bhd, which cut its fair value to RM8.75 from RM9.15.
The stock slumped 4.3 per cent to RM7.94 at 9:13 a.m. local time in Kuala Lumpur, set for its steepest decline since Aug. 28, 2009.
-- Bloomberg KL Kepong falls most in 22 monthshttp://www.btimes.com.my/articles/20110809093448/Article/ http://www.btimes.com.my/articles/20110809093448/Article/Tue, 09 Aug 2011 09:34:48 +0800Kuala Lumpur Kepong Bhd fell the most in 22 months in Kuala Lumpur trading, leading a drop by Malaysian plantation companies, after palm oil futures dipped below the RM3,000 a metric ton level yesterday, the first time since October.
KL Kepong lost 5.3 per cent to RM20.10 at 9:09 a.m., set for its biggest drop since Oct. 6, 2009.
IOI Corp declined 4.5 per cent to RM4.47 and Sime Darby Bhd slid 2.7 per cent to RM8.71. -- Bloomberg FBMKLCI dives 10pc from record highhttp://www.btimes.com.my/articles/20110809093142/Article/ http://www.btimes.com.my/articles/20110809093142/Article/Tue, 09 Aug 2011 09:31:42 +0800Malaysian stocks tumbled, driving the FTSE Bursa Malaysia KLCI Index down 10 per cent from its record high.
The benchmark gauge slid 4.2 per cent to 1,433.43 at 9:06 a.m. local time, losing 10 per cent from its July 8 record.
A drop of 10 per cent or more from a recent high signifies a correction to some analysts and investors. -- Bloomberg
SapuraCrest leads drop in O&G stockshttp://www.btimes.com.my/articles/20110809101533/Article/ http://www.btimes.com.my/articles/20110809101533/Article/Tue, 09 Aug 2011 10:15:33 +0800SapuraCrest Petroleum Bhd led a drop in Malaysian oil and gas producers after oil futures slid below US$80 a barrel in New York.
SapuraCrest lost 4.3 per cent to RM4.06, set for its biggest drop since February 10.
Petronas Chemicals Group Bhd declined 4.2 per cent to RM6.16. - Bloomberg
HeiTech rises on govt contracthttp://www.btimes.com.my/articles/20110809102652/Article/ http://www.btimes.com.my/articles/20110809102652/Article/Tue, 09 Aug 2011 10:26:52 +0800HeiTech Padu Bhd, a Malaysian computer services company, rose the most in seven weeks in Kuala Lumpur trading after winning a RM7.5 million contract from the government.
The stock gained 2.9 per cent to RM1.07 at 9:48 a.m. local time, set for the largest gain since June 22. -- Bloomberg
Ringgit retreats for a sixth dayhttp://www.btimes.com.my/articles/20110809093652/Article/ http://www.btimes.com.my/articles/20110809093652/Article/Tue, 09 Aug 2011 09:36:52 +0800Malaysia's ringgit fell for a sixth day, its longest losing streak since June 2009, on concerns the US economy is slowing and Europe's debt crisis will worsen.
The currency dropped to its weakest level in more than a month after the SandP 500 fell the most since December 2008 on speculation the world's largest economy is sliding into a recession. Malaysia's industrial output shrank 1.0 per cent in June from a year earlier after having contracted 5.1 per cent in May, according to the median forecast of economists in a Bloomberg survey before a government report tomorrow.
"Risk appetite has weakened because of concerns in the US and Europe," said Akira Banno, a treasury adviser in Kuala Lumpur at Bank of Tokyo-Mitsubishi UFJ Bhd. "Trading is expected to be choppy as many traders are still squaring and adjusting their positions."
The ringgit retreated 0.4 per cent to 3.0458 per dollar as of 8:57 a.m. in Kuala Lumpur, according to data compiled by Bloomberg. That was its weakest level since June 29, when the currency reached 3.0508.
Standard and Poor's triggered a selloff in global stocks after it lowered the US credit rating by one level to AA+ from AAA on Aug. 5, citing failure to address the nation's budget deficit. The European Central Bank's move to buy Italian and Spanish bonds to tame the region's crisis may threaten fresh political fault lines, Royal Bank of Scotland Plc said yesterday.
Malaysian government bonds were little changed. The yield on the 4.262 per cent notes due September 2016 was 3.41 per cent, data from Bursa Malaysia show.
The treasury will auction RM3 billion (US$986 million) of bonds maturing in April 2016 on Aug. 12, according to data published by the central bank on its website yesterday. -- Bloomberg US downgrade sends Dow plunging over 5pchttp://www.btimes.com.my/articles/20110809080006/Article/ http://www.btimes.com.my/articles/20110809080006/Article/Tue, 09 Aug 2011 08:00:06 +0800NEW YORK: US stocks plummeted more than five per cent on Monday, with the Dow Jones Industrial Average losing 634.76 points, after Standard and Poor's dealt the United States an unprecedented downgrade.
The Dow was down 5.55 per cent to finish at 10,809.85, its lowest close since last October. It was the steepest one-day drop in point terms since the financial crisis of 2008.
The broader SandP 500 fell 79.92 points (6.66 per cent) to 1,119.46, while the tech-heavy Nasdaq dropped 174.72 (6.9 per cent) to 2,357.69.
SandP lowered the US long-term sovereign debt rating from AAA to AA+ after markets closed on Friday, citing Washington's inability to rein in its mounting deficits.
US stocks started falling as markets opened and hit new lows after President Barack Obama gave a televised speech to defend Washington's credit-worthiness and declare that the United States "always will be a triple-A country".
Traders worried that the downgrade would hit the bond markets, but instead Treasury prices rallied strongly.
The yield on the 10-year Treasury fell to 2.34 per cent from 2.56 per cent late Friday, while 30-year bonds dropped to 3.66 per cent from 3.82 per cent. Bond prices and yields move in opposite directions.
Gold, seen as a safe-haven asset in time of financial turmoil, was trading for US$1,716.68 per troy ounce on the spot market in New York, after earlier hitting a new intraday record of US$1,720.82.
"The SandP downgrade of US sovereign debt, to AAA to AA+, sent a shockwave through the markets today," said Briefing.com.
All of the Dow's 30 blue-chip stocks closed lower on Monday, but losses were steepest among financial companies, industrials and corporations whose bottom lines are closely tied to commodity prices.
JPMorgan Chase fell 9.4 per cent, while American Express closed the day 8.8 percent down.
Bank of America plunged an eye-popping 20.3 per cent after it was hit with a US$10.5 billion lawsuit from insurer AIG over its sales of faulty mortgage-backed securities prior to 2008.
Aluminium giant Alcoa dropped 11.4 per cent, while Caterpillar fell 9.2 per cent. - AFP Full Feed Generated by Get Full RSS, sponsored by Used Car Search.
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