Klci Review:
o The KL Composite sliding to closed to its lowest point in 4 years by falling 26pt to 832 or 3% from 859 last Friday with intraday low 805.Regional market also plunged on concern of severe global economic recession ahead.
o Market breadth was negative with 677 declined outpacing 110 advance rs.
o Volume increased to 899m shares worth RM1.76b from Wednesday’ shares 613m worth RM1.06b.
Malaysian Top News:
Corporate News
IOI Shares Plunge On Forex Loss Talk
IOI Corp's share price plunged on panic selling yesterday, on talk that a senior finance executive has resigned to take responsibility for foreign exchange losses incurred by the company. The stock fell 57 sen or 19 per cent to close at RM2.45. The sell-off of about 121 million shares wiped off almost RM3.5 billion of IOI Corp's market capitalization. In its filing to the stock exchange yesterday, IOI Corp said making losses or gains on forward currency contracts is a normal course of events for the company's downstream businesses and they does not speculate on foreign currency moves. (Source: BT)
Kulim Expects Cert For Palm Oil Ops By Year-End
KULIM Malaysia Bhd says it is on track to receive the coveted Roundtable on Sustainable Palm Oil (RSPO)
certification by year-end. Managing director Ahamad Mohamad said the certification, which will cover the entire
plantation operations of Kulim as well as New Britain Palm Oil Ltd (NBPOL), is important as it brings worldwide
recognition and potentially confers a sustainability premium on its palm products. Thus far, RSPO certification
has been awarded to specific estates of plantation companies, not their entire operations. (Source: BT)
Digi Remains Upbeat Despite Hard Times
DiGi.Com Bhd, the country’s third largest mobile operator, is optimistic of remaining competitive despite the
current tough market conditions. DiGi chief executive officer Johan Dennelind said aside from investing in
marketing campaigns, the company would strive to offer the best services to its customers. “Our philosophy is
to invest in our brand and grow our customer base,” while adding that he was “cautiously optimistic” about the
company’s growth potential. DiGi recorded a marginal drop in net profit to RM269.94mil for its third quarter
ended Sept 30 against RM273.28mil in the previous year’s corresponding period. Revenue, however, rose to
RM1.22bil from RM1.11bil while earnings per share (EPS) dipped to 34.7 sen from 36.4 sen. (Source: The Star)
Cepatwawasan Sees ROI Of 15% From Bio-Energy Projects
Cepatwawasan Group Bhd expects return on investment (ROI) of about 15% on average for its two bio-energy projects costing RM80mil that would use palm waste to generate electricity. Executive chairman Datuk Mah King Thian said he expected the 3MW biogas plant and 10MW biomass fired plant, which would be built in Sandakan, to contribute about RM20mil annually to group revenue by 2011. Construction on the plants would be tendered out and work was expected to start by mid-2009 and commissioned by 2010. Financing would be from the
company’s own funds and project financing. (Source: The Star)
