MARKET ENJOY PRE-CHRISTMAS CHEER

Asian markets were on course on Friday to see in the Christmas break on a positive note, picking up the baton from Wall Street while the euro stood firm against a sell-off despite a victory for Catalan separatists in a snap poll.Global equities rallied over the past year on hopes Donald Trump's key election promise to cut taxes would boost corporate profits and put money in people's pockets, but traders cashed in their profits soon after the bill was passed this week.However, buying perked up again on Thursday on bets that the tax reform will further fire the already healthy US economy, while there was also cheer for news lawmakers had agreed a deal to avert a painful government shutdown."A day after being nonplussed with the passage of the US tax bill through the House and Senate, it seems stock traders decided that yes, after all, they do think the tax cuts will help valuations and the economy," said Greg McKenna, chief market strategist at AxiTrader.The US gains extended into Asia with Hong Kong up 0.3 per cent, Shanghai 0.1 per cent higher, Sydney adding 0.2 per cent and Singapore putting on 0.3 per cent. Seoul, Wellington, Taipei and Jakarta were also stronger.Tokyo's Nikkei closed the morning flat."The US corporate tax cut will lead to better earnings results and have a positive impact on the economy," Hideyuki Ishiguro, a senior strategist at Daiwa Securities in Tokyo, told Bloomberg News.However, Stephen Innes, head of Asia-Pacific trading at Oanda, warned of possible headwinds for 2018, pointing out that Trump could struggle to push through a planned US$1 trillion infrastructure bill in the face of low poll ratings and possible mid-term election losses.On currency markets the euro edged down but held its own after Catalan separatists won the crucial election Thursday, fuelling fresh uncertainty in Spain, one of the eurozone's biggest economies.The vote came after a failed independence bid earlier this year rattled Europe and triggered Spain's worst political crisis in decades.While pointing out there had been little immediate negative impact on the single currency, Innes said the result "would deal a significant blow Spanish Prime Minister Mariano Rajoy that could potentially escalate".Bitcoin sank more than 17 per cent to below US$14,000 for the first time since December 7, hit by profit-taking in the volatile cryptocurrency, which hit a record $19,500 on Monday.AFP

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Local bourse sees slight gains on thin trading volume

The local bourse opened on a strong note on Monday amid strong economic data released by both the US and China. However, by midday, the FBM KLCI shaved gains to 0.65 points higher at 1,721.90 points.

Trading volume was lacklustre owing to the Selangor state holiday. Turnover was 812.08 million shares with a value of RM666.7mil. Market breadth was almost equal with 287 decliners to 279 gainers and 475 counters unchanged.

Hong Leong Bank pushed higher by 44 sen to RM16.44 while Genting Malaysia rose three sen to RM5.28.

Petronas Chemicals gained two sen to RM7.44 while Petronas Gas added six sen to RM16.06.

The leading decliners included IHH Healthcare, which dropped two sen to RM5.64, Genting, which slipped four sen to RM8.75 and IOI, which fell three sen to RM4.46.

Among the Sime Darby counters, Sime Darby Plantation continued to gain strength, rising seven sen to RM5.36, while Sime Darby Property rose 17 sen to RM1.45. Sime Darby, however, slipped one sen to RM2.17.

Oil refiners were among the stocks in investors' spotlights on Monday. Hengyuan rose 60 sen to RM11.88 and petron malaysia 

 gained 36 sen to RM61.50. 

Glovemakers were alo on the rise. Top Gove added 21 sen to RM6.61 while Hartalega gained 29 sen to RM9.48.

Among the leading laggards, Latitude Tree slipped 16 sen to RM4.13, A-Rank dropped 12.5 sen to 94.5 sen and United Malacca fell eight sen to RM6.50.

Meanwhile, in commodities, a rise in the number of US oil rigs pointed to a further increase in American production that could undermine Opec-led efforts to tighten markets, Reuters reported.

Us light crude dropped 20 cent sto US$57.16 a barrel while Brent crude shaved 23 cents to US$63.17 a barrel.

In currencies, the ringgit moved higher for its second consecutive session of gains following a correction earlier last week. The local currency strengthened 0.14% against the US dollar 4.0817 and 0.8% against the pound sterling at 5.4689. It weakened 0.03% against the Singapore dollar at 3.0200

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TRUE STORY A "DIVIDEND " MILLIONAIRE "

Dear Take Stock reader,

In 1995, Hayford Peirce, a science-fiction and mystery writer by avocation, sat down in a Tahitian café. He was 53 years old.

Peirce pulled out a legal pad and pen, and wrote down his list of stock investments. He had two groups: There were about a dozen high-yield but slow-growing stocks such as utilities and high-yield bonds.

The second group of stocks, seven in all, overlapped a little with the first. But these companies were comparatively high-growth, with a long history of increasing their dividends every year. All of them were well-known blue chips.

He predicted his high-growth portfolio would pay him about $14,000 in dividends in 1995 (the actual payout ended up being $14,267.50; the overall value of his portfolio back then was about $2 million). That would turn out to be 13.8% of his total income for the year, the rest coming from his low-growth "widows and orphans" stocks. "Let's see what would happen if we just increased this dividend payout by 10% every year for 30 years," he recalls saying to himself.

Thus began his 30-year plan.

Fast-forward to 2017. It turns out, Peirce's dividend payouts have increased 8.54% annually over the past 22 years (see chart below). That's shy of his goal of 10% per annum, but it's been enough to make him a "dividend millionaire."

In aggregate, from 1995-2017, Peirce's dividends alone have paid him more than a million dollars—$1,148,079.84, to be exact. (All dollar amounts quoted are USD.)

That's $49,916.51 per year, on average.

Here's how he did it.

When Peirce eventually returned to his home (he lived in the U.S.) back in 1995, he transferred his legal pad calculations to computerized spreadsheets. He's updated those spreadsheets annually for 22 years (and just completed the data entry for 2017).

His stated goal back then was to have his dividend income reach $250,000 in 2025. That would come on the back of a fairly concentrated investment portfolio. Today, it's comprised of 13 securities:

• Four common stocks.
• Eight master limited partnerships (MLPs): MLPs are unique to the U.S. market. According to Investopedia, MLPs combine “the tax benefits of a partnership—profits are taxed only when investors actually receive distributions—with the liquidity of a public company.” They tend to be energy-related stocks with high dividend payouts.
• One convertible bond.

That's it.

In 2017, this portfolio has paid him $86,611.76—62.2% of his total overall income from all sources. (Again, in 1995, it was just 13.8%.) Consider, too, that over the 22 years, Peirce has not added any principle to his stocks. Not bad.

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Though he's unlikely to achieve his goal of $250,000 from dividend payouts in 2025, and indeed his payouts this year are lower than 2015, Peirce says his portfolio hasn't caused him any stress. "I'm old enough to have been through many cycles," he told me. "And my income [from all sources] had reached about $165,000 by 2015, which was far more than I really need."

His grounded, humble outlook on the markets seems to have allowed Peirce to stay the course and not excessively trade or churn his portfolio. When he swapped one MLP for another, he said, "First it soared, and I told myself how smart I was. Then it bombed, and I told myself how stupid I was."

So it goes.

There's also his quip when I asked him what advice he'd give a 53-year-old reading about his story. "Do it just the way I did it back then, but stay away from [underperforming stocks]," he joked. "Work at it harder than I did. I'm basically lazy."

His self-assessment doesn't seem quite right, though. Peirce has exhibited some of the most important traits an investor could possess:

• He made a plan. Peirce set a long-term goal—30 years! That puts him in the minority of American savers. According to the U.S.-focused 2017 Retirement Confidence Survey, only 41% of people say they've ever even attempted to calculate how much money they will need to have saved so that they can live comfortably in retirement. Quoting the Survey, "Despite higher savings goals, workers who have done a retirement savings needs calculation are more likely to feel very confident about affording a comfortable retirement (77% at least somewhat confident vs. 52% at least somewhat confident for not doing a calculation)." Doing the math, and writing it down, matters.
• He kept score. Peirce paid attention to his portfolio, tweaking it along the way, and updating his spreadsheet annually. But—and this is key—he didn't trade or churn excessively, and therefore avoided frictional and trading costs that would dampen his investment income.
• He made his portfolio work for him. Peirce is wrapping up Year 22 of his 30-year plan, and has not wavered from the original intent—to provide sufficient income to live off of. Far from being wooed by can't-miss stocks, Peirce put his portfolio to work in service of his goals, and focused strictly on a steadily growing stream of dividend income. He's proof of Ben Graham's famous line, "Investment is most intelligent when it is most businesslike."

Of course, there's a built-in flaw to Peirce's plan. And it's his one major regret.

He'd have a lot more income today had he been able to reinvest all those dividends.

"My underlying problem has always been that I didn't have enough other independent income so that I could reinvest my dividends. If I could have done that over the past 22 years, I imagine I would be worth maybe $10 million today," Peirce said.

"Who knows?"

Let's call that the curse of the dividend millionaire.     SOURCE:FOOL.SG

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GOLD AS DOLLAR HOLDS NEAR 2 MONTH LOWS

GOLD AS DOLLAR HOLDS NEAR 2 MONTH LOWS

Gold prices were steady early on Monday, as the dollar held close to a two-month low hit in the previous session against a basket of major curriences.Spot gold was nearly unchanged at US$1287.67 an ounce at 0045 GMT.US gold futures for December delivery were flat at US$1,287.20.The dollar index / which measures the greenback against a basket of six major currencies, was little-changed at 92.806 and hovered near a two-month low of 92.675 hit on Friday. US President Donald Trump will meet with Senate Republicans this week to discuss their party's efforts to pass tax reform legislation, the chairman of the Senate Republican Policy Committee said on Friday. Market players are looking to the Congressional hearing on Fed Chair nominee Jerome Powell on Tuesday.With the US stock market at a record high and daily stock gyrations near multi-decade lows, some investors have raised concerns about the lack of fear in the market, but US equity options market data suggests investors are far from complacent.Businesses are heading into 2018 in a pretty optimistic mood, surveys will more than likely show in the coming week, pointing to a potential boost for already solid growth in the world's biggest economies.The European Union handed Prime Minister Theresa May a 10-day "absolute deadline" to improve her Brexit divorce offer or face failure in persuading EU leaders to open trade talks with Britain at a December summit.German business confidence hit a record high in November, putting Europe's largest economy on track for a boom, the Ifo economic institute said on Friday, allaying some concerns about political instability over forming a new government.Leaders of German Chancellor Angela Merkel's conservative party agreed on Sunday to pursue a "grand coalition" with the Social Democrats (SPD) to break the political deadlock in Europe's biggest economy.Bank of Japan board member Hitoshi Suzuki said there is room to debate a fine-tuning of the central bank's yield curve control (YCC) policy, the Mainichi paper reported, signaling the chance it may raise interest rates before inflation hits its target.The buying of physical gold remained muted across major Asian centres last week as higher prices dented demand, though seasonal demand could boost activity in top consumer China next month.Russia is increasing the share of gold in its state reserves to beef up national security, Central Bank First Deputy Governor Sergei Shvetsov said on Friday.

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You might be wondering why we call ourselves Fools, especially when we are in the serious business of investment.  We could have given ourselves a serious, professional sounding name, but instead, we chose to call ourselves The Motley Fool.

In a nutshell, we borrowed our name from Shakespeare (after we consulted a few lawyer friends).

The more detailed story is this: Our company name was derived from a Shakespeare play As You Like It, where the court jester, or the fool, could speak the truth to the king without having his head chopped off.  The Fool was never afraid to speak up and question conventional wisdom, particularly when the convention was detrimental to the kingdom’s people.  Back in 1993, we wondered why nobody was complaining about the “wise” advice provided in the financial world.  To expose what was wrong with convention, we started a print newsletter (that later moved online) that was injected with a healthy dose of common sense Foolishness.

Our mission has always been and will continue to be to educate, amuse, and enrich. We’ve taken the liberty of putting together a mission statement just for you, too: Get smart(er), make money, and have fun.

Get smart(er)
We know that most people have never formally been taught much about finance or investing.  The financial advisors love to tell you that you ought to leave it in their hands – that it’s too difficult for you to make your own financial decisions, just so you will entrust your hard-earned money to them so that they can generate nice big commissions for themselves.  They tell you to let them pick the complex investment-linked insurance or the fund you know nothing about.

Obviously, we think that’s ridiculous. The harsh reality is that only one person has your best interests at heart — you. Our job is to show you how to take control of your own financial life so you can make confident, well-informed decisions about every dollar that you earn, whether you’re saving it, spending it, paying it back, or making it grow.

Make money

Almost everything in Fooldom is here to fulfill this part of your mission. And you’ve found the exact right place to start: The next 11 steps of our 13 Steps to Investing Foolishly will help you along the way.

In this series of articles, we lay out a systematic approach to investing that should benefit novice and seasoned investors alike. We cover almost every money situation you can imagine — paying off debt, finding no-brainer ways to save, exactly what accounts you should use to invest, smart asset allocation, finding the right investing strategy for you, and even the pitfalls you should avoid.

But, of course, our job is not complete unless you have some fun along the way.

Have fun
Back in 1994, we hyped a fictional penny share called Zeigletics on the Prodigy discussion boards (one of the Internet’s first “chat rooms”). “Zeigletics” manufactured “linked sewage disposal systems for the central African nation of Chad.”  It literally transported excrement.

Our aim was to “out” the penny share hype-sters that were abusing the money discussion boards. Their electronic pyramid scheme — pumping tiny, thinly traded shares to get other investors to load up so they could dump shares at the first sign of an uptick — was not just harmful to investors, but it also degraded the real conversations people were having.

We’re all Fools

The investors we had come to know by their screen names joined the gag, hyping Zeigletics, hinting at their “inside information,” and bragging about their “amazing returns” investing in the fictional sewage disposal outfit in Chad.

Zeigletics showed us what a group of like-minded individual investors could accomplish by banding together. Even better, it created a bona-fide Foolish community where honesty, optimism, teamwork, and innovation thrived. That’s right, pretty soon we noticed that people were identifying themselves as Fools — just like us. A movement had begun.

Source : FOOL.SG

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KLCI rises on renewed optimism

The FBM KLCI looks set to snap a seven-day losing streak on Monday, days ahead of the announcement of the national budget.

Regional markets remained firm as they tracked yet another record close on Wall Street on Friday.

Japan's Nikkei rose to its highest since 1996 in intraday trade following Prime Minister Shinzo Abe's decisive win in the national elections held over the weekend, Reuters reported.

At 12.30pm, the FBM KLCI was up 2.86 points to 1,743.51 points. Turnover was 1.63 billion shares with a value of RM818.77mil. There were 300 advancers to 288 decliners with 514 counters unchanged.

Axiata helped pull the index higher in morning trade, gaining six sen to RM5.22. In other telcos, Maxis rose three sen to RM5.74, Digi climbed six sen to RM4.88 and Telekom Malaysia added three sen to RM6.15.

Petronas Gas also helped lift the KLCI, rising 18 sen to RM18.06, while Petronas Chemicals was unchanged at RM7.54 and Petronas Dagangan was untraded.

Banking stocks were mostly higher with CIMB putting on one sen to RM6.20, RHB adding two sen to RM5, Hong Leong Bank adding two sen to RM16.02 and Ambank gaining one sen to RM4.38. Maybank, however, lost one sen to RM9.28 and Public Bank was unchanged at RM20.46.

Plantations player PPB Group added 12 sen to RM16.66 while Sime Darby rose seven sen to RM9.13. IOI declined three sen to RM4.43 and KL Kepong shaved off 20 sen to RM24.26.

On the wider market, Notion VTec was in the spotlight following Friday's news that a fire had broken out at its main manufacturing plant in Klang, halting operations. Notion's share price plummeted 26 sen or 27% to 70 sen before trading in the counter was suspended.

Trading resumed at 10am on Monday, and the share regained four sen to 74 sen as investors processed an update issued by the company.

Other gainers on the market included Mikro MSC, which rose 3.5 sen to 53 sen and Inta Bina Group, which gained two sen to 33.5 sen.

Laggards included Genting Plantations, which dropped 12 sen to RM10.56. Sern Kou Resources slipped seven sen to RM1.23 while Jaks Resources fell seven sen to RM1.40.

Oil prices rose on Monday amid supply concerns in the Middle East and tightening supply in the US market even as demand in Asia continues to rise, Reuters reported.

US light crude rose 25 cents to US$52.09 while Brent Crude gained 13 cents to US$57.88

On the forex market, the ringgit fell 0.2% against the greenback at 4.2335, 0.7% against the pound sterling at 5.5881 and 0.02% against the Singapore dollar at 3.1079.

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KLSE DAILY REPORT

KLSE STOCK MARKET:

The FBM KLCI index lost 3.34 points or 0.19% on Friday. The Finance Index fell 0.31% to 16296.1 points, the Properties Index dropped 0.55% to 1228.66 points and the Plantation Index rose 0.14% to 7922.59 points. The market traded within a range of 4.76 points between an intra-day high of 1745.41 and a low of 1740.65 during the session.Actively traded stocks include TRIVE-WB, HUBLINE, TRIVE, KGROUP, HIBISCS, M3TECH, MAXWELL, PALETTE, COMCORP and KEYASIC. Trading volume decreased to 2619.33 mil shares worth RM2240.30 mil as compared to Thursday’s 3163.25 mil shares worth RM2511.36 mil.Leading Movers were IJM (+4 sen to RM3.27), HLFG (+18 sen to RM16.80), DIGI (+5 sen to RM4.82), YTL (+1 sen to RM1.38) and TM (+3 sen to RM6.12). Lagging Movers were AMMB (-11 sen to RM4.37), GENTING (-

20 sen to RM9.40), PPB (-18 sen to RM16.54), WPRTS (-4 sen to RM3.73) and KLCC (-6 sen to RM7.81). Market breadth was negative with 438 gainers as compared to 438 losers.The KLCI ended the week with a negative note, closing lower at 1740.65 points despite overnight rally in US market. The performance of our local bourse was bogged down by selling interest in heavy weight counters such as Ambank, Genting and Public Bank.

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The FBM KLCI got off to a muted start this morning but managed to edge above the 1,750-point level.

At 9.10am, the FBM KLCI gained 2.24 points to 1,742.89.

The early gainers included IQ Group Bhd, Time Dotcom Bhd, Top Glove Corp Bhd, Hong Leong Financial Group Bhd, Oriental Holdings Bhd, Yinson Holdings Bhd, Genting Bhd, Hap Seng Consolidated Bhd and Alliance Bank Malaysia Bhd.

Japanese shares jumped on a weaker yen on Monday as an election win for Shinzo Abe's ruling bloc gave a green light for more super-easy policy stimulus, while the euro eased as Spain's constitutional crisis aggravated concerns about political unity in the region, according to Reuters.

The U.S. dollar was the major beneficiary as President Donald Trump and Republicans took a small step toward tax cuts, boosting Wall Street stocks and lifting bond yields, it said.   sourece : theedgemarkets 

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How To Manage Your Portfolio

Depending on your investing time-horizon and goal people very far from retirement can invest heavily for capital appreciation while people much closer to or in retirement would be investing mainly for income-generation   you might have chosen a desired asset allocation comprising of a certain percentage of shares, bonds and cash. So, what happens next after having chosen an asset allocation plan that is in tune with your objectives?

Rebalancing

The next thing you have to do is to perform rebalancing on your portfolio of shares, bonds, and cash. Simply put, rebalancing is the act of restoring the percentage of shares, bonds, and cash according to your initial plans after the percentage that these asset classes represent in your portfolio have changed due to market conditions.

In a simple example, assume you have chosen an asset allocation plan that comprises of 50% in shares and 50% in bonds in a $10,000 portfolio. After one year, your shares have appreciated by 20% while your bonds have remained stagnant and so your portfolio would now be worth $11,000 with $6,000 in shares and $5,000 in bonds. The percentage of shares and bonds in your current portfolio would now be 54.5% and 45.5% respectively. To rebalance, you have two options; 1) sell off $500 worth of shares to purchase $500 worth of bonds, such that your portfolio now contains $5500 worth of shares and $5500 worth of bonds to bring the percentages back to the initial plan; or 2) buy $1000 worth of bonds with new capital such that you now have a $12,000 portfolio with $6,000 in shares and $6,000 in bonds to bring the percentage of shares and bonds back to 50% each. In essence, with rebalancing, you are engaging in one of the essential rules in investing

An asset allocation plan works because the plan is supposed to be providing you with a certain amount of capital appreciation, down-side protection, and income according to your needs. As such, if the percentage of allocation for the asset classes becomes out of whack, your portfolio might not be able to provide you with the financial needs you require from it. Studies have shown that rebalancing reduces risk. That is why you have to rebalance your portfolio whenever the percentage of shares, bonds, and cash changes drastically from your initial plan. However, it is also important to recognize that rebalancing might not necessarily bring in higher returns compared to a never-rebalanced portfolio.

While rebalancing your portfolio is important to meet your financial needs, the transaction costs involved as well as effort needed to do so are important points to consider in the grand scheme of things. In that regard, a simple rule of thumb could simply be to; 1) rebalance annually; or 2) rebalance annually only if the percentage that each asset class represents in the portfolio has changed over a certain threshold from your initial plan (a useful threshold could be +/- 5%).

Choosing the Right Investment Instruments

Lastly, it is also important to keep track of the kind of instruments you purchase as part of your asset allocation plan. For example, if you choose to purchase unit trusts or index funds to make up the portion corresponding to shares for your portfolio, you should take a look at the fund’s mandate to make sure that it fits your investment needs. There might also be unit trusts or mutual funds that invest in both shares and bonds. If so, the mandate would inform you on the percentage of shares relative to bonds that the fund is allowed to invest in. In such a situation, you should also factor in the share of your investment dollars in the unit trust or mutual fund that goes toward bonds and shares in the final make-up of the various asset classes in your asset allocation plan.

Invest and Reap the Rewards

Having a properly defined asset allocation plan can allow you to invest profitably with less risk and prepare for that comfortable retirement you have been looking forward to. Don’t wait to get started on coming up with your own asset allocation plans  do it today!  source : fool.sg

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Gainers led losers by 147 to 81, while 195 counters traded unchanged.

The FBM KLCI got off to a muted start this morning but stayed above its support level of 1,750-points.

At 9.10am, the FBM KLCI was flat at 1,759.67.

Gainers led losers by 147 to 81, while 195 counters traded unchanged.

Among the early decliners were Malaysia Airports Holdings Bhd, British American Tobacco (M) Bhd, Star Media Group Bhd, Denko Industrial Corp Bhd, MPHB Capital Bhd, Lii Hen Industries Bhd and Berjaya Auto Bhd.

JF Apex Securities Research in a market preview today said US markets climbed overnight to extend their record highs led by gains in healthcare and financial counters.

It said that earlier, European bourses ended slightly higher amid easing concern over Spain's political instability following Catalonia's independence referendum.

“On the local market, the FBM KLCI staged a rebound after climbing 4.89 points to 1759.67 points.

“Following the positive performance in the US and Europe, the FBM KLCI could extend its gains after bouncing off the support of 1750 points,” it said.

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The FBM KLCI edged higher this morning, lifted by gains at select index-linked blue chips.

Meanwhile, cloud solutions provider Cloudaron Group Bhd opened 36.36% or 4 sen higher at 15 sen higher on LEAP Market debut.

At 9.05am, the FBM KLCI was up 1.71 points to 1.756.49.

The early gainers included Genting Plantations Bhd, Kuala Lumpur Kepong Bhd, Aeon Credit Service (M) Bhd, Hong Leong Bank Bhd, Lotte Chemical Titan Holding Bhd, Genting Bhd, Heineken Malaysia Bhd, KLCC Property Holdings Bhd, Malaysian Pacific Industries Bhd and Petron Malaysia Refining & Marketing Bhd.

Asian shares tiptoed lower on Tuesday, pressured by weaker oil prices but supported by records on Wall Street and upbeat economic data that lifted U.S. Treasury yields and the dollar, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan percent was down 0.1 percent in early trade, it said.

JF Apex Securities Research in a market preview today said US markets rallied to record highs overnight lifted by gains in financial and healthcare counters.

It said that earlier, European stocks advanced except for Spain due to political instability following Catalonia's independence referendum.

“On the local market, the FBM KLCI shed 0.80 points to 1754.78 points.

“Following the bullish performance in the US and Europe, the FBM KLCI could stage a rebound after testing the support of 1750 points yesterday,” it said.

tradetycoon.co/ : 

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TransOcean aborts RM140m purchase of haulage firm

TransOcean Holdings Bhd has aborted its RM140 million acquisition of container haulage firm Taipanco Sdn Bhd, citing "non-fulfillment of conditions precedent" in its agreement with the vendor.

However, its Bursa Malaysia filing announcing the issue did not specify which conditions precedent were not fulfilled, only that the share sale agreement (SSA) inked on March 14 for the purchase has been terminated.

"The PGA (profit guarantee agreement), which is conditional upon the completion of the SSA, has also been terminated on even date," it said.

When the acquisition was proposed, Transocean said the purchase should enable it to revitalise its business and improve its lacklustre financial performance, which has deteriorated over the past four years.

The acquisition, which was to be satisfied via the issuance of new TransOcean shares and redeemable convertible preference shares (RCPS), would have resulted in TransOcean executive chairman Tan Sri Dr Mohd Nadzmi Mohd Salleh relinquishing the majority stake in the company, as it would lower his equity from 65.16% to 18.68%.

TransOcean shares did not trade today. It was last traded at 67 sen on Sept 27, which gave it a market capitalisation of RM27.47 million.

Source : http://www.theedgemarkets.com

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The FBM KLCI looked poised to extend its loss

The FBM KLCI index lost 1.35 points or 0.08% on Wednesday. The Finance Index fell 0.03% to 16639.42 points, the Properties Index up 0.30% to 1237.1 points and the Plantation Index down 0.15% to 7862.98 points. The market traded within a range of 6.10 points between an intra-day high of 1768.19 and a low of 1762.09 during the session.

Actively traded stocks include HUBLINE, TIGER, HIBISCS, FRONTKN, HUAAN, SENERGY, HUBLINE-WB, PERMAJU, UMWOG and ICON. Trading volume decreased to 2209.94 mil shares worth RM2155.69 mil as compared to Tuesday’s 3697.07 mil shares worth RM2735.28 mil.

Leading Movers were DIGI (+6 sen to RM4.91), PPB (+16 sen to RM16.96), TM (+6 sen to RM6.41), AXIATA (+4 sen to RM5.18) and ASTRO (+2 sen to RM2.84). Lagging Movers were GENTING (-17 sen to RM9.51), WPRTS (-4 sen to RM3.85), CIMB (-4 sen to RM6.30), IJM (-2 sen to RM3.30) and HLFG (-8 sen to RM16.82). Market breadth was positive with 401 gainers as compared to 376 losers.

The KLCI closed lower at 1764.24 points amid overnight mixed performance in US market. Market sentiment was muted amid absence of fresh market leads.

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Source : www.thestar.com