wednesday january 18, 2017 issue 2333/2017...

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Government-linked fund in preliminary talks to buy SILK Highway — sourcesPA G E 2

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WEDNESDAY JANUARY 18, 2017 ISSUE 2333/2017

4 H O M E B U S I N E S S



1 2 H O M E

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Ekovest bags RM6.32b highway construction job

BNM says ringgit volatility has declined after measures taken

Perodua sees lower sales, market share

More people to be eligible for PR1MA houses

Search for MH370 suspended

Can’t get hold of a particular wine?

Malaysia’s diversity contributed to economic success, says Perak ruler6 H O M E B U S I N E S S

Cash-strapped agency hopes to raise over RM500m from sale of London hotel.Chester Tay has the story on Page 3.

FELDA TO SELL OFF OVERSEAS ASSETS

PHOTO BY SHAHRIN YAHYA

Tan Sri Shahrir Abdul Samad

There is no mysteryabout a Girard-Perregaux,

simply more than two centuries of craftsmanshipand a perpetual commitment to perfection.

CIRCUITO CHRONOGRAPH, CARBON AND TITANIUM COMPOSITE CASE, 42 MM



1 2 H O M E

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construction job


Perodua sees lowersales, market share



Can’t get hold of aparticular wine?

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Government-linked fund in preliminary talks to buy SILK Highway — sourcesPA G E 2

FINANCIALFINANCIALDAILYDAILY

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M A K E B E T T E RDECISIONS

PP 9974/08/2013 (032820)PENINSULAR MALAYSIA RM1.60 (INCLUSIVE OF 6% GST)

WEDNESDAY JANUARY 18, 2017 ISSUE 2333/2017




1 2 H O M E

1 3 H O M E

2 2 L I VE I T !

Ekovest bags RM6.32b highway construction job


Perodua sees lower sales, market share




Malaysia’s diversity contributed to economic success, says Perak ruler6 H O M E B U S I N E S S

Cash-strapped agency hopes to raise over RM500m from sale of London hotel.Chester Tay has the story on Page 3.

FELDA TO SELL OFF OVERSEAS ASSETS

PHOTO BY SHAHRIN YAHYA


There is no mysteryabout a Girard-Perregaux,

simply more than two centuries of craftsmanshipand a perpetual commitment to perfection.

CIRCUITO CHRONOGRAPH, CARBON AND TITANIUM COMPOSITE CASE, 42 MM

2 WEDNESDAY JANUARY 18, 2017 • THEEDGE FINANCIAL DAILY

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Inheriting wisdom: Eu Yan Sang’s traditional Chinese medicine in modern packaging

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DAVOS: Chinese President Xi Jin-ping cautions against protection-ism as he pushes back against criticism of globalisation by US President-elect Donald Trump and other Western populists. “Protec-tionism is like locking yourself in a dark room, which would seem to escape wind and rain, but also block out the sunshine,” Xi told the World Economic Forum yesterday, the fi rst Chinese head of state to address the annual gathering in the Alpine resort town of Davos. “No one is a winner in a trade war.”

Xi defends globalisationChinese president says no one is a winner in a trade war

Xi used his speech to support a global economic order that has helped fuel China’s almost four-dec-ade economic boom. While a surge in protectionist sentiments threaten to slow the engine of China’s growth, it also off ers Xi a chance to advance his goal of shaping global economic systems. In his speech, he did not refer to Trump by name.

The Chinese president called on the world’s business and polit-ical elite to address the problems of globalisation, without turning away from economic trends that have fuelled decades of growth. Leaders should address the ex-

cesses of growth such as growing wealth gaps, while embracing new industries and innovation, he said.

“Th ere is no point in blaming economic globalisation for the world’s problems because that is simply not the case. And that will not help solve the problems.

“The history of mankind has shown us that problems are not to be feared. What should concern us is the refusal to face up to the problems.” Th e president pledged to continue to overhaul China’s economic struc-ture. He said he had no intention to devalue his country’s currency to boost competitiveness. — Bloomberg

LONDON: Blockchain technolo-gy could help the world’s largest investment banks cut their infra-structure costs by between US$8 billion (RM35.7 billion) and US$12 billion a year by 2025, according to an Accenture report.

Th e report, published yester-day jointly with benchmarking fi rm McLagan — part of consul-tancy Aon Hewitt — is based on an analysis of cost data from eight of the world’s 10 largest invest-ment banks, and provides a rare concrete estimate of blockchain’s

potential savings. Originally used to underpin digital currency bit-coin, blockchain is a distributed record of transactions or other data maintained by a network of computers on the Internet with-out requiring a central authority’s approval.

As it creates a shared “golden record” of data that is virtually tam-per-proof, it obviates the need for reconciliation and could prove a helpful resource for auditing. Banks and other large fi nancial institu-tions have been ramping up their eff orts to develop blockchain-based technology to run some of their

most burdensome back-offi ce pro-cesses, such as the clearing and settlement of securities.

However, many have expressed scepticism about the impact the technology will have, arguing that banks have jumped on the “block-chain bandwagon” for publicity’s sake. David Treat, managing di-rector of Accenture’s fi nancial ser-vices industry blockchain practice, said the signifi cant investments in the technology were not surpris-ing “given the tremendous cost of data reconciliation, which is part of every aspect of the capital mar-kets industry”. — Reuters

Blockchain could save investment banks up to US$12b a year — Accenture

KUALA LUMPUR: Transparency International Malaysia (TI-M) has supported a suggestion that the polygraph test be introduced to detect abuse among civil servants. Its president Datuk Akhbar Satar said such a test would not only help to identify corrupt employees, but also provide opportunities to those accused of corrupt practices to clear their names.

He said with 98% eff ectiveness in detecting lies, the polygraph test could be conducted on high-rank-ing civil servants and those hold-ing important posts. “Department heads, enforcement offi cers and civil servants holding sensitive posts, like those handling funds

and contracts, as well as those in-volved in protecting the country’s security should also be made to take the test,” he told Bernama here yesterday in comments on the pro-posal by a news daily.

Also the Malaysian Association of Certifi ed Fraud Examiners presi-dent, Akhbar said the polygraph test has been used widely by various sectors in more than 80 countries including Singapore and Th ailand. In Malaysia, he cited the test was only used by enforcement agen-cies for investigation purposes and some private companies when con-ducting an internal inquiry or re-cruiting new staff . He said although the public sector in the country has

a huge number of employees, the test could be conducted at random and as a spot check on employees with integrity problems.

Cuepacs president Datuk Azih Muda said the congress of public sector unions would support any move that could enhance civil serv-ants’ credibility and integrity.

“We do not want a situation where the people have the per-ception that all civil servants are not honest and have to take the pol-ygraph test.” An English-language newspaper reported yesterday that the Public Service Commission is open to reintroducing the poly-graph test to address corruption among civil servants. — Bernama

Lie detector test 98% eff ective — TI-M head

KUALA LUMPUR: SILK Holdings Bhd — still looking for a buyer for its toll concession — is believed to be in preliminary talks with a government-linked fund which has expressed interest in the asset, according to sources. Th e company announced to Bursa Malaysia yes-terday that the trading of its shares will be suspended pending an an-nouncement relating to a material transaction.

Th is would have been the fourth time that a party has expressed an interest to acquire Sistem Ling-karan-Lebuhraya Kajang Sdn Bhd (SILK), the operator of the Kajang SILK highway, from SILK Holdings. The 37km Kajang SILK highway links Balakong, Sungai Long, Ka-jang, Bangi, Serdang and Putrajaya. Th e concession contract will end in July 2037.

In May 2014, IJM Corp Bhd pro-posed to acquire SILK for RM398 million in cash, but the deal was mutually called off following the non-fulfi lment of certain condi-tions precedent within the agreed timeline. Th e next to express inter-est, in September 2015, was Tali-works Corp Bhd which owns a 55% stake in Cerah Sama Sdn Bhd, the concessionaire for the Cheras-Ka-jang highway and New North Klang Straits Bypass Expressway.

In May 2016, Taliworks chief in-vestment offi cer Kevin Chin Soong Jin said the company was hoping to close the deal within the next few months before deciding to not pro-ceed with the acquisition. Th en came WZ Satu Holdings Bhd, in June 2016 when it signed a heads of agreement (HoA) with SILK Holdings for the ac-quisition of a 100% stake in SILK for RM368 million. WZ Satu also made a U-turn on its intention when it ter-minated the HoA in September 2016.

Sources said the latest talks be-tween SILK Holdings and the gov-ernment-linked fund is at a prelimi-nary stage and no concrete decision has been made at this juncture. Th e Edge Financial Daily understands that the acquisition failure by the previous three parties is partly due to the terms of the debt paper where the bondholders enjoyed a higher profi t-sharing rate following a lower rate in the initial years to ease the company’s burden, as it was fi nan-cially stressed in the early years.

Just like the previous times where a party expressed interest in its toll concession, SILK Hold-ings’ share price edged higher by 1.25% to 41 sen yesterday, giving it a market capitalisation of RM284.1 million. Year to date, its share price has surged by 19.12%.

‘Govt-linked fund in preliminary talks to buy SILK highway’

SINGAPORE: AirAsia Bhd, South-east Asia’s biggest discount carri-er, expects to get binding bids for its aircraft-leasing unit by March, group chief executive officer Tony Fernandes said.

The airline expects to close the deal by summer and the board will decide whether to use the proceeds to pare debt or pay a dividend, Fernandes said in a Bloomberg Television interview

with Francine Lacqua in Davos, Switzerland, while attending the World Economic Forum. A large part of the proceeds is likely to be used for a dividend payment, he added.

“Our gearing is very low an-yway but I always like to have more cash than less cash,” Fer-nandes said. “But it’s really up to the board to finally decide what to do with that.” — Bloomberg

AirAsia expects binding bids for leasing unit by March

BY A N N A I R R E R A & J E M I M A K E L LY

H O M E B U S I N E S S 3WEDNESDAY JANUARY 18, 2017 • THEED G E FINANCIAL DAILY

Felda to sell off overseas assetsCash-strapped agency hopes to raise over RM500m from sale of London hotel

KUALA LUMPUR: Malayan Banking Bhd (Maybank) saw a total of 34.1 million shares, representing 0.33% of its total outstanding shares, disposed of via an off -market trade at RM8.05 apiece.

The disposal, which is be-lieved to have been done by the Federal Land Development Au-thority (Felda), was done in 14 tranches via direct transactions, and could see RM274.2 million raised.

Th e fi gure raised is close to the figure of US$63.1 million (RM281.8 million) reported by Dow Jones on Monday.

The report stated that Fel-da was working on disposing of part of its stake in Maybank at RM8.05 per share. Th e transac-tion at RM8.05 was at a discount of 1.47% to the closing price of RM8.17.

With this disposal, Felda would see a reduction in its Maybank stake to about 1.6% from 1.9% as at Feb 10, accord-ing to the bank’s annual report for the fi nancial year ended Dec 31, 2015. Despite a disposal at a discounted price, Maybank saw its share price close higher by 12 sen at RM8.17, with 8.14 million shares changing hands, giving it a market capitalisation of RM83.3 billion.

Maybank sees 34.1m shares transacted off -market

BY C H E S T E R TAY


BY B I L LY TO H

KUALA LUMPUR: Confi rming that it is paring down its stake in Ma-layan Banking Bhd (Maybank) to raise money, cash-strapped Fed-eral Land Development Authority (Felda) disclosed yesterday that it also wants to dispose of some of its overseas assets.

Newly appointed Felda chairman Tan Sri Shahrir Abdul Samad said the agency hopes to raise between RM500 million and RM1 billion from the sale of the assets abroad.

“You will see more disposals this year, particularly overseas assets, like the hotel [in London],” he told a press conference. “We are looking to dispose [of the hotel] for more than RM500 million. Th e return from the hotel investment doesn’t justify us to stay in the industry, but the value [of the asset] has appreciated,” he said.

Felda, through its wholly-owned subsidiary Felda Investment Corp Sdn Bhd (FIC), owns the four-star Grand Plaza Hotel in London’s up-market Kensington area which it bought for £60 million (then equiv-alent to RM330 million) in 2014.

On Monday, newswire Dow Jones, citing a bank’s term sheet, reported that Felda is selling part of its 1.9% stake in Maybank to raise some US$64.1 million (RM285.89 million).

Shahrir said the mandate to sell the shares was given by Felda’s board of directors last November, before his appointment as chairman, with eff ect from Jan 1 in place of Tan Sri Isa Samad.

“In November, the board decid-ed to review investments by Felda, including Maybank shares. Among the decisions was to dispose [of ] Maybank shares that have been held for a long time, more than 10 years,” he said, adding that the disposal involved 35 million shares priced between RM8 and RM8.05 apiece.

Shahrir said the money raised from the disposal will not be used to fund Felda’s proposed acquisi-tion of a 37% stake in PT Eagle High Plantation Tbk for US$505.4 million from Indonesia’s Rajawali Group.

“The funds raised from [the] Maybank share disposal will be uti-lised for various Felda settler pro-

KUALA LUMPUR: Th e Federal Land Development Authority’s (Felda) US$505.4 million (RM2.25 billion) acquisition of a 37% stake in PT Eagle High Plantation Tbk will be funded by a loan from the feder-al government, said the statutory body’s newly appointed chairman Tan Sri Shahrir Abdul Samad yes-terday.

However, he told reporters that Felda has not entered into any ar-rangements for the funding of the acquisition. He also assured that the funding will not originate from within Felda, and will not involve a government guarantee.

In a follow-up explanation, Fel-da’s deputy director-general Muz-zammil Mohd Nor said the federal government will be the party that raises the fund, through a num-ber of channels, which have yet to be fi nalised, and subsequently will extend a loan to Felda for the acquisition.

“It will not be a government guarantee. Th e federal government will be our creditor, and they will raise the fund through their own channels,” he said.

Shahrir then stressed that Fel-da will merely be a “platform” be-tween the federal government and Rajawali Group, who is the major shareholder of Eagle High and seller of the 37% stake.

Asked whether the acquisition had been mandated by the fed-eral government, Shahrir merely said: “Felda is involved in the ne-gotiation.”

‘Eagle High buy to be funded by federal loan’Meanwhile, Shahrir also said the

acquisition would not aff ect Felda settlers’ socio-economic welfare.

“Settlers should understand that the acquisition is not going to af-fect their interests. In fact, we are not allowed to put any charge on their lands. In that sense, whether Felda’s fi nancial position is healthy or not, their interests are already protected, the land is theirs ... they own the fruits in their plantations,” he explained.

“For the investment in Eagle High, I assure you there are safe-guards [for Felda’s interest] built into it. For example, and I think reasonably, we should be able to expect dividend payouts within six months after our acquisition,” he added, but declined to reveal other “safeguards” in the deal.

Of late, Felda has come under heavy scrutiny for its plan to acquire a stake in Eagle High at a time when its fi nancial position is weakening.

Felda has endured two consec-utive fi scal years of losses since the listing of Felda Global Ventures Holdings Bhd (FGV) in June 2012. Its annual reports up to 2014 re-vealed that Felda at the group lev-el, incurred a net loss of RM1.04 billion for the fi nancial year ended Dec 31, 2014 (FY14), narrowing by 48% from RM1.99 billion in the im-mediate preceding year.

Th ese losses have resulted in Fel-da’s accumulated funds dropping by 16.46% to RM13.47 billion as at FY14, from RM16.12 billion in FY12.

Yesterday, Shahrir said Felda’s fi nancial statements for FY15 have been audited and will likely be pre-

sented to Parliament by March this year.

“Felda is not similar to usual corporate [organisations], we have diff erent accounting policies, es-pecially in recognising gains and losses during a particular period,” he said.

“No, it is not normal for a body like Felda to incur losses, but bear in mind that we have not been re-ceiving government grants since 1996, when our fi nancial strength was relatively strong. So now we are reviewing our portfolio, raising a certain amount of funds mandat-ed by our board, to rebalance our fi nancial position,” he added.

Shahrir, who assumed office on Jan 1 this year, said he has not

grammes to fulfi l Felda’s responsi-bility,” he said.

“We are also looking at various assets that we own. Some assets have appreciated. As an institutional in-vestor, we have to emphasise good returns. Once an asset is not able to achieve reasonable returns, and with higher valuation, it is better to

be disposed of,” he added.Aside from fi nancing Felda’s set-

tler programmes, Shahrir said funds raised through the investment port-folio review will also use to recover “problematic assets” under FIC.

Last November, the Auditor-Gen-eral’s Report revealed that Felda did not conduct feasibility studies and

due diligence before venturing into three projects, namely Sturgeon Fish Farming, Savaro Restaurant and Schneeballen Pastries, which even-tually led these projects to failure.

Th e report also mentioned that there was no approval from the rural and regional development minister and the fi nance minister for the es-tablishment of the four subsidiary and sub-subsidiary companies for the implementation of the three projects.

Shahrir said Felda has no choice but to reorganise FIC, starting with a new set of directors.

“I have ordered the existing board to resign, and I will appoint new people. If you look at the AG’s (Audi-tor-General’s) Report, you can count how much money is involved in all those problematic investments. We have actually spent a lot of money with no returns,” he said, adding that the appointment of new FIC directors will be done by next week.

Shahrir also said the Malaysian Anti-Corruption Commission has begun investigating the FIC invest-ments upon the release of the Au-ditor-General’s Report.

looked at Felda’s FY15 financial statements, hence was unable to shed light on its profi tability dur-ing that year.

“Felda was formed since 1956, and we have been receiving gov-ernment grants for 40 years, for socio-economic purposes. Before we can stand on our own feet, can we say that we were suff ering 40 years of losses?” he said, but did not provide a timeline as to when Felda would turn around.

Apart from that, during the 90-minute dialogue with the me-dia, Shahrir stressed that he will fi rst put his focus on Felda.

“Felda is the largest sharehold-er in FGV, but so far we have not heard any complaints from with-in the board, so let them manage their business, and let me take care of Felda fi rst,” he said.

Asked about the possibility of privatising FGV, Shahrir said it is a matter to be decided by the board of directors.

“If you want to make major in-vestment decisions such as taking FGV private, it is going to cost mon-ey. It will require deliberation by the board and I can’t make that decision alone. My next board meeting is on Jan 24, but that is a special board meeting, so I don’t think it will be discussed at that time,” he said.

Talks of the possibility of priva-tising FGV emerged recently, but the public listed plantation giant clarifi ed on Monday that there has been no discussion on this matter.

FGV’s share price fell three sen or 1.71% to RM1.72 yesterday, val-uing it at RM6.28 billion.

Filepic of Menara Felda in Kuala Lumpur. Shahrir says the funds raised from Maybank share disposal will be utilised for various Felda settler programmes to fulfi l Felda’s responsibility. Photo by Shahrin Yahya

Muzzammil: The federal government will be our creditor, and they will raise the fund through their own channels.

4 H O M E B U S I N E S S WEDNESDAY JANUARY 18, 2017 • THEEDGE FINANCIAL DAILY

Ringgit volatility declined after measures taken — BNM

KUALA LUMPUR: Property de-veloper S P Setia Bhd announced yesterday that S P Setia (Indo-nesia), Sime Darby Bhd and I&P Group Sdn Bhd had decided not to pursue the joint venture (JV) with Indonesia’s PT Hanson In-ternational Tbk to jointly develop an aff ordable housing project in Greater Jakarta, Indonesia.

In a fi lling with Bursa Malaysia yesterday, the group said S P Setia, Sime Darby and I&P Group are ex-ercising the right to terminate the memorandum of understanding (MoU) they had signed with Han-son International in accordance with the terms in the MoU, with immediate eff ect.

“Th e termination of the MoU

does not have a material fi nancial eff ect on the company,” it added.

No reason was given for the termination.

To recap, on Aug 2, the three Ma-laysian property developers entered into an MoU with Hanson Interna-tional, a property developer listed on the Indonesia Stock Exchange.

Measuring about 500ha of land, the project has a gross de-velopment value of 11.29 trillion rupiah (RM3.5 billion), and is lo-cated in Maja, Tangerang, which is about 80km from Jakarta.

Under the MoU, Sime Darby, S P Setia and I&P would each own a 20% stake while the remaining 40% would be held by Hanson International.

I&P is a wholly-owned subsid-iary of Permodalan Nasional Bhd.

Ekovest bags RM6.32b highway construction jobNew project, which is divided into three sections, covers 75.2km

KUALA LUMPUR: Th e Malaysian Rubber Glove Manufacturers Asso-ciation (Margma) is positive about seeing annual growth in demand of about 8% to 10% for gloves and is forecasting higher revenue for glove players due to higher sell-ing prices.

According to Margma, natural rubber latex’s average price has risen from RM4.56 per wet kilo in September to about RM6.59 per wet kilo in January 2017 (up to Jan 15). It stood at RM7.15 per wet kilo as of yesterday, representing a serious and sharp rise of about 45% from September to January.

Denis Low Jau Foo, president of Margma, said in a statement yesterday that incessant heavy rains and fl ooding in some areas have badly aff ected natural rub-ber products.

Th e association also calculated that glove prices should have risen

by US$1.00 to US$1.50 (RM6.69) per 1,000 pieces from September to end of last year. From January 2017, there should be another in-crease of US$1.50 to US$2.00 per 1,000 pieces in tandem with the sharp rise in the cost of natural rubber latex.

Similarly, a sharp and signifi -cant rise in the cost of butadiene is seen.

Margma said that the shortage of butadiene was due to the closure of several plants. It added that the pickup in China’s motor car indus-try also contributed to the huge demand versus the less-than-usual production of butadiene.

This has contributed to the increase in the average selling price of nitrile latex, which stood at US$946 per tonne last Septem-ber and has moved up to US$1,140 per tonne in the beginning of this year and is likely to move up by as much as US$250 to US$350 per wet tonne for February delivery.

KUALA LUMPUR: Malaysia Air-lines Bhd saw its load factor surge to 90% in December, a fi ve-year high, Bloomberg reported yes-terday.

Th is compares with the na-tional carrier’s load factor of 79.3% for the third quarter end-ed Sept 30, 2016, which grew from 74% in the corresponding quarter a year ago.

In an interview with the news-wire, Malaysia Airlines chief ex-ecutive offi cer Peter Bellew said business-fare bookings for next six months have doubled, compared with a year earlier.

Moving forward, Malaysia Air-lines will need more wide-body

aircraft, Bellew said, adding he is in talks with Boeing, Airbus and leasing companies for potential orders. Bellew hopes to fi nalise deals by the middle of 2017.

Saying the worst is “most defi -nitely” over for Malaysia Airlines, Bellew said the company is plan-ning to relist on Bursa by the fi rst quarter of 2019.

“We’ve seen a huge change,” he said, adding the company should post profi t in 2018 and that China is a “massive opportunity” for Ma-laysia Airlines.

Meanwhile, as the seabed search for MH370 comes to an end without further breakthrough, further search may become more “desk-based”, instead of ocean fl oor search, he added.

Margma sees higher revenue for glove players on higher selling prices

S P Setia, Sime, I&P abort JV in Jakarta with Hanson International

Malaysia Airlines load factor hit fi ve-year high in December — Bloomberg

BY W O N G E E L I N

BY A N E T T E A P PA D U R AY

EDITOR’S PICKS FROMtheedgemarkets.com

BY B I L LY TO H

BY W O N G E E L I N


KUALA LUMPUR: Ekovest Bhd re-ceived “principle approval” from the government yesterday for an-other major highway construction job worth RM6.32 billion.

The company said the priva-tised expressway, which is divided into three sections named Kam-pung Baru Link, Istana Link and Kapar Link, involves a total length of 75.2km.

Ekovest is currently constructing the Sri Damansara Link and Tun Razak Link under Phase 2 of its Du-ta-Ulu Klang Expressway (DUKE). Th e company has also signed a con-cession agreement with Putrajaya to construct the Setiawangsa-Pan-tai Expressway, originally called DUKE Phase 3.

In a fi ling with Bursa Malaysia yesterday, Ekovest said the govern-ment issued principle approval for the latest project to its subsidiary Lebuhraya DUKE Fasa 2A Sdn Bhd (LDF2A).

“Th e proposed project is expect-ed to provide vital connectivity and direct linkage for movements in and around Kuala Lumpur City Centre and completes the missing link for seamless travelling in and out of Greater Kuala Lumpur and [the] Klang Valley,” it said, with-out providing specifi c details of the routes.

Ekovest said the project is sub-ject to further negotiation between the parties, and that the principle approval is not binding until the relevant agreement between LDF2A and the government is executed.

It added that the project is ex-pected to be funded by internally generated funds, borrowings and other fundraising exercises.

Tan Sri Lim Kang Hoo is the sin-gle largest shareholder of Ekovest with a 32.38% stake. Lim also owns a 40% stake in Iskandar Waterfront Holdings Sdn Bhd (IWH), in which Kumpulan Prasarana Rakyat Johor Sdn Bhd owns the other 60%.

A consortium comprising IWH

and China Railway Engineering Corp (M) Sdn Bhd owns a 60% stake in Bandar Malaysia Sdn Bhd, which is undertaking the Bandar Malay-sia project.

Th e project includes an integrat-ed transport hub project compris-ing the Kuala Lumpur-Singapore high-speed rail, the mass rapid transit, the KTM Komuter and the Express Rail Link.

Ekovest has recently raised fi -nancing for the Setiawangsa-Pantai Expressway project via an RM3.64 billion sukuk wakalah issue. Th is is Malaysia’s largest sukuk issue for a greenfi eld toll-road project.

In another development, the Employees Provident Fund signed a deal last September to buy a 40% stake in DUKE’s concession-aire, Konsortium Lebuhraya Ut-ara-Timur (KL) Sdn Bhd, for RM1.13 billion.

Ekovest’s share price closed nine sen or 3.7% higher at RM2.52 yester-day, giving the company a market capitalisation of RM2.16 billion.

KUALA LUMPUR: Bank Negara Malaysia’s (BNM) measures taken are bearing fruits in terms of stabi-lising the foreign exchange (forex) market so far.

Th e exchange rate volatility has declined with average ringgit in-traday movement narrowing to around 61 points from an average of 82 points in December last year, according to the central bank.

“The difference between the buying and selling rates has also narrowed noticeably to 20 points in January, reducing foreign ex-change transaction cost,” BNM said in a statement issued yester-day evening.

“Th e ringgit level could further stabilise with the continued rebal-ancing of demand and supply of the ringgit and adverse infl uences from the NDF (non-deliverable forward) market being further reduced,” the statement said.

Th e central bank pointed out that the onshore forex market continued to see healthy activities, recording a daily average volume of US$9.2 billion (RM41.03 billion) across all types of forex transactions, thanks to the measures taken by the Financial

Markets Committee (FMC).It said the daily average volume

for onshore spot and forward mar-ket transactions, particularly for the ringgit currency pair, has been above US$2 billion, similar to the level recorded in December 2016, while the transaction volume in the ringgit NDF market continues to shrink.

Amid global uncertainties and developments in the US, the ringgit has been stable as markets antici-pate policy details by the incoming Trump administration, it noted.

Meanwhile, for the trade sector, BNM noted that a total of US$10.7 billion of forex transactions in rela-tion to exports and imports of goods with a daily average of US$1.1 bil-lion took place between Jan 1 and Jan 16, whereas the percentage of export proceeds conversion con-tinues to increase.

BNM also mentioned that the reduced exchange rate volatility and the narrowing of the spread between buying and selling rates have lowered the transaction cost of conversion.

Since the announcement of the new measures, BNM said 1,500 queries were received and 84% have been responded to while the

remaining cases will be resolved soon, it added.

BNM added that two additional fund managers have registered with it since the last update with total assets under management eligible under the framework increasing to RM44.4 billion.

It noted that BNM has also en-gaged two international fi nancial market associations representing global fund managers and banks to provide clarity on the framework, and to facilitate the registration and participation of their members in the onshore fi nancial market.

Aimed to create a conducive and orderly fi nancial market envi-ronment to facilitate business and economic activities, the statement said BNM and the FMC will con-tinue to monitor the progress and garner feedback from the public on the initiatives, and engage all stakeholders to ensure its success-ful implementation.

Established by BNM in May 2016, the FMC is a committee which comprises representatives from the central bank, fi nancial institutions, corporations, fi nancial service pro-viders and other institutions which have prominent roles or participa-tion in the fi nancial markets.

H O M E B U S I N E S S 5WEDNESDAY JANUARY 18, 2017 • THEED G E FINANCIAL DAILY

Perodua sees lower sales, market shareIt expects a challenging 2017 after 7% drop in production last year

BY A D E L A M EG A N W I L LY

BY N E I LY S YA F I Q A H E U S O F F

KUALA LUMPUR: Malaysia can become a fi rst-class innovative na-tion through the reformation of its education system and immigration law, said Harvard economist Pro-fessor Dwight H Perkins, in a special lecture entitled “Understanding Malaysia’s Growth Rate in Com-parison with the Rest of East Asia”.

Perkins said this would prompt Malaysians working abroad to re-turn to serve the country.

“Make sure you have a law that will make them come back and serve the home country. If they are not coming back, it wouldn’t be a loss to the world but to you,” he said yesterday in a special lec-ture at Universiti Malaya.

In addition, there is a need to strengthen the education system to really gear up for the produc-tion of a fi rst-class society.

“By having a fi rst-class faculty, it generally helps to improve the quality of universities, and sec-ondary schools, too,” he added.

Th ese eff orts would indirectly help Malaysia’s economy grow at

Reform education system, immigration policies, Harvard don tells Malaysia

3% to 4% yearly moving forward.“Once you reach US$20,000

(RM89,200) per capita, then [a] 3% to 4% growth in GDP (gross domestic product) can be ex-pected,” Perkins said.

Th e lecture was also held in conjunction with the launch of the book entitled Charting the Econ-omy: Early 20th Century Malaya and Contemporary Malaysian Contrasts by Sultan of Perak Sultan Nazrin Muizzuddin Shah.

KUALA LUMPUR: Perusahaan Oto-mobil Kedua Sdn Bhd (Perodua) is aiming to capture 34% of the Ma-laysian car market this year, with a sales target of 202,000 vehicles.

Th e projection, however, is lower than what the national car manu-facturer achieved in 2016, based on performance fi gures presented during a media briefi ng yesterday.

Last year, Perodua commanded a 35.7% market share — the highest ever achieved in the compact-car maker’s history — with more than 207,100 vehicles sold.

“We expect times to remain tough or even tougher than it al-ready is. It is evident in the number of bookings for our vehicles,” said Perodua president and chief exec-utive offi cer Datuk Aminar Rashid Salleh. “Additionally, competition among carmakers across the board is getting more intense.

“We factor in both the strengths and weaknesses of our products, which explains the lower sales forecast. We might review our fi gures along the way, but it will be subject to whether our sales improve or not,” Aminar Rashid told the media briefi ng.

Among the spearheads of last year’s sales record was the Perodua Bezza energy-effi cient vehicle, the company’s fi rst sedan, which has sold over 36,000 units since it was launched in July 2016.

“[Last year was challenging for us and the automotive industry] due to a tough market where consumers were still adjusting to challenging market conditions, the prudent lend-ing guidelines and stiff competition from nearly all auto players,” Aminar Rashid said.

Correspondingly, Perodua’s ve-hicle production last year declined by about 7% to 213,000 units, from 229,000 units in 2015.

Meanwhile, the leading car pro-ducer in Malaysia exported 4,700 vehicles in 2016, 6% more than the 4,430 units it shipped abroad in 2015.

Its largest export market at the moment is Indonesia, which receives about 63% of its export volume. Oth-er foreign markets include Sri Lanka, Brunei, Mauritius and Singapore.

As times are expected to remain difficult moving forward, Aminar Rashid said the company would fo-cus more on its aftersales segment for revenue growth.

In 2016, Perodua posted a revenue

of RM266 million for its aftersales (parts and accessories) division, up 7.3% from RM248 million in 2015.

When asked if the company in-tends to raise its prices this year, Aminar Rashid clarifi ed that there is no indication as yet that such a move will be made, although he acknowledged that its margins had been compressed due to foreign exchange (forex) movements.

It was reported in December last year that the company might revise its prices upwards should the cur-rent economic conditions worsen.

“We are no experts in the area of forex, but we will monitor the [currencies] closely. Yes, we are impacted by currency fl uctuations as we import our car parts and ac-cessories, but at this point, [there are no plans] to increase our pric-es,” Aminar Rashid said.

Perodua trades in US dollars and Japanese yen.

“We are cautiously optimistic. Nevertheless, we expect the econ-omy and consumer purchasing power to improve eventually. At the same time, the current situa-tion gives us a window to improve our business performance,” added Aminar Rashid.

KUALA LUMPUR: Th e Employees Provident Fund (EPF) will allo-cate a further RM50 billion to its Islamic fund in 2018, potentially boosting the domestic Islamic fi -nance market.

Th e additional injection is more than the RM20 billion to RM30 bil-lion the fund had estimated that it would allocate for 2018.

Malaysia is a leading market in the global Islamic fi nance industry in terms of regulation, standard-isation and sukuk issuance. Th e

country issued more than half of the world’s sukuk in the fi rst half of 2016.

For 2017, the retirement savings fund has already allocated RM100 billion for the fund, which is equiv-alent to about 15% of the EPF’s total investment of RM681.71 billion as of March 2016.

Of the initial RM100 billion al-located, a total of RM59.03 billion had been taken up, the pension fund said in a statement yesterday.

Its chief executive offi cer Datuk

Shahril Ridza Ridzuan said the fund had anticipated that at least half of the initial RM100 billion would be taken up.

“For [the 2018 syariah fund], we have allocated RM50 billion as fur-ther injection,” Shahril Ridza said in the statement.

He said about 45% of the EPF’s total investment assets are syari-ah-compliant, and the fund ex-pects to grow these assets by at least RM25 billion a year on aver-age. — Reuters

BY Y I M I E YO N G

KUALA LUMPUR: Oil palm com-pany Matang Bhd, which made its debut on Bursa Malaysia’s ACE Market yesterday, said it will fo-cus on its replanting exercise and improving yield, as well as cost-effi ciency following its listing.

Its chairman Datuk Teh Kean Ming said RM250,000 from its initial public off ering (IPO) pro-ceeds of RM16.9 million will be used for the replanting exercise to improve the oil palm tree age profi le of Matang Estate.

Matang Estate comprises 45 contiguous pieces of agricultural land located within the Ledang and Segamat districts of Johor, with a total land area of 1,096.3ha.

Teh said about RM9 million will be incurred over the next fi ve years for purchase of fertilisers to ensure Matang’s oil palm trees are fertilised to yield an optimal level of fresh fruit bunches (FFB).

“We [also] need to improve op-erational effi ciency as there is an optimal time to send fruits to the mill,” he told reporters after the listing ceremony. Th is includes upgrading road infrastructure and the water drainage system, and the purchase of new equipment.

Teh said Matang hopes to see its FFB yield back at the 24% level that was seen from the fi nancial year ended June 20, 2013 (FY13) to FY15.

For FY16, Matang’s FFB yield came down to 17.37%, which Teh said was due to the El Nino eff ect.

“In the next two years, we will purchase high-quality ‘Fel-da Yangambi’ seeds [as a further measure to boost yield]. Felda (Federal Land Development Au-thority) produces probably the world’s best seeds,” he added.

Matang’s IPO involved the is-

Matang to focus on replanting, improving yield and cost-effi ciency

suance of 130 million new shares at 13 sen per share, representing 7.18% of its enlarged issued share capital. Th e off er was oversub-scribed by 4.21 times.

Th e shares were actively traded upon listing yesterday, with 303.91 million shares changing hands. Th e counter opened at 14 sen, 7.69% higher than its off er price of 13 sen. It was back to 14 sen at the closing bell after rising to as high as 15.5 sen.

“We trust that the proceeds from the IPO will give Matang the fi nancial fl exibility to grow from a small plantation player to a mid-tier pure plantation group,” said Teh, who was previously IJM Corp Bhd’s managing director and chief executive offi cer.

Teh said the company is opti-mistic about the outlook for the plantation industry as the current stronger US dollar, low stockpile and higher biodiesel mandate are creating demand for crude palm oil.

On another matter, he dis-missed concerns over recent me-dia reports claiming that contam-inants in palm oil raise potential health issues.

“We cannot comment on whether these reports are credi-ble or not, and whether they have [a] certain agenda. But palm oil is the most effi cient vegetable oil pro-duced per hectare. In terms of food supply, it is a good source,” he said.

Two MCA-owned compa-nies, Huaren Holdings Sdn Bhd and Rohua Sdn Bhd, previous-ly owned stakes of 10.91% and 1.18% in Matang, giving the party an indirect holding of 12.09% in the company, with the remaining 87.91% owned by 18,627 share-holders.

Post-IPO, the holding of MCA was diluted to 11.2%, while the 18,627 shareholders’ combined stake was reduced to 81.6%.

EPF to allocate RM50b more to Islamic fund in 2018

(From left) Perodua Global Manufacturing Sdn Bhd president Datuk Ahmad Suhaimi Hashim, Perodua Auto Corp Sdn Bhd president Masanori Takahashi, Aminar Rashid, Perodua Auto Corp vice president Datuk Zainal Abidin Ahmad and Perodua Sales Sdn Bhd managing director Datuk Dr Zahari Husin at the media briefi ng yesterday.

Perkins: By having a fi rst-class faculty, it generally helps to improve the quality of universities, and secondary schools, too. Photo by Izwan Nazam

6 H O M E B U S I N E S S WEDNESDAY JANUARY 18, 2017 • THEEDGE FINANCIAL DAILY

Malaysia’s diversity contributed to economic success Sultan Nazrin says this is a lesson from his study of the country’s economic history

BY A N E T T E A P PA D U R AY

KUALA LUMPUR: Perak’s ruler Sul-tan Nazrin Muizzuddin Shah said Malaysia’s diverse communities have made great contributions to the country’s economic and social transformation. He said this when launching his book Charting the Economy: Early 20th Century Ma-laya and Contemporary Malay-sian Contrasts yesterday. Th e book covers new estimates of Malaysia’s gross domestic product (GDP) in the fi rst 40 years of the 20th century and draws contrasts between the economy under colonial rule and national economic management.

“One important lesson from my study of the country’s econom-ic history is the truly remarkable economic and social transforma-tion that Malaysia has experienced since the times depicted — during the colonial period and the coun-try’s independence. Th is is due to outstanding contributions by all of our diverse communities working together,” Sultan Nazrin said in his speech at the launch.

Th e book highlights the nation’s dependence on commodities under British rule, comparing it with eco-nomic growth in modern times and providing a complete GDP series in

pre- and post-independence Ma-laysia. It derives estimates of pre-in-dependence Malaya’s GDP and its components from 1900 to 1939, to analyse its trends and gain better understanding of the economic

performance during the period.It also covers the Great Depres-

sion from 1929 to 1932 — this global economic downturn aff ected the Malayan economy and the lais-sez-faire economic system during

the colonial period led to uneven development, with economic pros-perity largely concentrated in states on the west coast.

Th e book notes that volatility in pre-war Malaya was high, with a year-to-year swing in GDP growth of 10 percentage points or more being a common occurrence. From 1900 to 1939, it notes the growth accounted for suggested an annual average of 5.5% real GDP growth; growth in capital stock account-ed for 1.7 percentage points; and growth in employment accounted for 1.8 percentage points, while to-tal factor productivity growth stood at 2.0 percentage points.

At his introductory address at the launch, Professor Dwight H Perkins from Harvard University said the book is a “major contribution to our understanding of world economic history as well as our greater under-standing of Malaysia”. Perkins also highlighted Malaysia’s economic story for the period is not dissimi-lar to other global economies in the fi rst half of the 20th century, and that Malaya’s reliance on rubber and mining paved the way for the creation of a functioning modern economy and infrastructure such as roads, electricity and transpor-tation facilities.

Sultan Nazrin (right) and Perkins at the launch of Charting the Economy: Early 20th Century Malaya and Contemporary Malaysian Contrasts. Photo by Sam Fong

KUALA LUMPUR: Of the 30 FBM KLCI companies in 2016, IOI Corp Bhd emerged the most aggressive in buying back its own shares, fork-ing out RM53.8 million for a series of repurchases. One of Malaysia’s largest palm oil producers, the group’s Roundtable on Sustaina-ble Palm Oil (RSPO) certifi cation was temporarily suspended last year, sending its share price down from its peak of RM5 to RM4.09 in two months.

“Share buy-backs serve two functions — to pick up share price, preventing it from falling further and to increase return to shareholders,” said Hong Leong Investment Bank dealer’s repre-sentative Frank Lin. The share buy-backs may seem like a good move to temporarily boost IOI Corp’s share price before inves-tors regain confidence. A major chunk of the firm’s share repur-chases occurred at its lowest share price. However, Lin noted that not all companies have the means to do it. “The fact that a company can do buy-backs tells us that it’s cash-rich,” he said.

Some would call IOI Corp’s move “prudent capital manage-ment”, but it also signals the man-

agement’s confidence in the com-pany and that investors will realise that the bad news is temporary. IOI Corp’s RSPO suspension was lifted later in the same year, ele-vating its share price to RM4.40 at year-end.

When the government allowed share buy-backs in 1997 during the Asian fi nancial crisis, only three fi rms jumped in for a corporate experiment in that year — tour operator Reliance Pacifi c Bhd, agri-culture chemical producer Ancom Bhd and steel maker Lion Indus-tries Corp Bhd, which repurchased 10% of its shares, the maximum limit set by regulators.

Th e corporate exercise has since

gained popularity, even becoming corporations’ selling point at an-nual general meetings. Last year, one-fi fth of the FBM KLCI com-panies bought back their shares. But the question remains, do they work? Th e practice is done “when companies fear their share prices might go below their par value or off er price. For bigger companies, it is not common. But [it’s] more common for smaller companies,” Lin explained.

7-Eleven Malaysia Holdings Bhd was also active in share buy-backs last year though it is not a component stock of the FBM KLCI. A mid-cap company and more susceptible to share price

fl uctuations, it went on a buying spree for its own shares last year, burning through approximately RM191.5 million of its cash reserve, based on calculations from Bursa Malaysia fi lings. For context, its net profi t for fi nancial year 2015 totalled only RM56 million.

Unlike IOI Corp, share buy-backs didn’t work quite well for 7-Eleven. On the last trading day of last year, 7-Eleven shares closed at a price lower than it began with. Not only did its share price fail to react positively to the share buy-backs, “but it has dropped over [some] time because it didn’t earn investors’ confi dence,” Lin said.

Its current treasury shares, or shares bought back and held in hand, stood at 9.97% of its total issued shares, one of the high-est for companies listed on Bursa Malaysia. “When companies have treasury shares, there are three op-tions — they sell [the shares] back later at a higher price, cancel the shares or give [the shares] back to investors as a form of dividend.”

An expert noted that Malay-sian companies rarely cancel their shares due to stringent regula-tions. Instead, most opt to sell the shares for a profit or reward the shares as dividend for sharehold-ers — either would be good news

for shareholders and “that’s why many companies mimic the good ones by announcing buy-backs, but in actual fact only buyback a little.”

However, what companies do or don’t do with the shares bought back can attract unwanted criti-cism. “If they buy back the shares and just keep them, what’s the point? They have to make a de-cision,” said Mercury Securities head researcher Edmund Th am. “Ideally, the management should say what their intention is during the annual [general] meetings. But that’s not the common practice.”

While companies can’t sit on their treasury shares, a fl edgling economy is also a reason why some fi rms have used their cash reserves for share buy-backs or hand out dividend instead of embarking on business expansion. “When [the economy] is bullish, it’s better to invest — construct buildings, oil wells, [among others], but if times are diffi cult, it’s better to hold back [and hold] on to [their] cash or re-turn [some] money to sharehold-ers,” Th am explained. “But share buy-backs are really less common in Malaysia compared with the US. What they (companies) do with the rest of their money is more important,” he said.

BY A L E X I S S E E T H O

When share buy-backs work and when they don’t

IOI Corp 2.69%

YTL 3.48%

Genting (M) 4.54%

Lion Industries 4.92%

7-Eleven

Treasury shares out of issued shares

0 2.5 5.0 7.5 10

9.97%

10% limit

KUALA LUMPUR: Billionaire War-ren Buff et’s Berkshire Hathaway Specialty Insurance Co (BHSI) yes-terday announced its expansion into Malaysia after it was granted a licence to operate a non-life re-insurance business from Labuan Financial Services Authority.

“After putting down roots in Sin-gapore, Hong Kong and Macau, we are pleased to further expand our op-erations in Asia and bring facultative reinsurance capacity and new prod-ucts, with the backing of our strong balance sheet, to selected Malaysian insurance partners,” said BHSI re-gional president for Asia Marc Breuil.

BHSI has opened an offi ce in Bangsar and named Gaithrie Nan-drajog as the branch manager and Koo Kang Wuu as business develop-ment manager. “With the opening of our Malaysian offi ce, we contin-ue to deepen our underwriting and claims capabilities in the region,” Breuil added in a statement.

BHSI is part of the National Indemnity Group of Insurance Companies, an entity controlled via Berkshire Hathaway. Accord-ing to its website, BHSI started in 2013 after Buff et’s fl agship Berk-shire Hathaway was moving into commercial insurance.

BHSI provides insurance for commercial property, casualty, healthcare professional liability, executive and professional lines, surety, travel, programmes, medical stop loss and homeowners.

Warren Buff et’s fi rm expands insurance business into MalaysiaBY S U L H I A Z M A N

8 ST O C KS W I T H M O M E N T U M WEDNESDAY JANUARY 18, 2017 • THEEDGE FINANCIAL DAILY

www.theedgemarkets.com

Stocks with momentum were picked up using a proprietary algorithm by Asia Analytica Data Sdn Bhd and fi rst appeared at www.theedgemarkets.com. Please exercise your own judgement or seek professional advice for your specifi c investment needs. We are not responsible for your investment decisions.

Our shareholders, directors and employees may have positions in any of the stocks mentioned.

H O M E BU S I N E S SLION Industries Corp Bhd (fundamental: 0.95/3, valuation: 0.9/3) shares closed 5.43% or 2.5 sen higher at 48.5 sen yesterday, with a market capitalisation of RM327.52 million at market close as the counter triggered our mo-mentum algorithm for the fi rst time this year.

Lion Industries recorded a net loss of RM2.52 million in the fi rst quarter ended Sept 30, 2016 (1QFY17), compared with RM16.48 million in net loss in 1QFY16.

Revenue declined 10.11% to RM514.17 million from RM571.98 million, largely due

to losses from the group’s retail business. Moving forward, the company expects its financial state to trend towards improve-ment in light of the government’s safeguard measures to protect local long steel product manufacturers.

Lion Industries Corp is part of the Lion Group which has been underperforming, as refl ected in the delisting of Lion Corp Bhd in October 2016 after 35 years as a public compa-ny. Meanwhile, Lion Diversifi ed Holdings Bhd is classifi ed as a Practice Note 17 company.

SHARES in WCE Holdings Bhd (fundamental: 1.95/3, valuation: 0.3/3) triggered our momen-tum algorithm after 1.63 million shares were traded, above the counter’s 200-day average of 207,828 shares. At market close, the shares rose 3.52% or 3.5 sen to RM1.03, with a market capitalisation of RM1.04 billion.

WCE Holdings, previously known as Kum-pulan Europlus Bhd, saw its net profi t for the second quarter ended Sept 30, 2016 (2QFY16) fall by 41.67% to RM8.86 million, from RM15.19 million a year earlier.

However, revenue for the period grew by 176.5% to RM166.39 million, from RM60.18 million a year earlier. Th e group through its bourse filing said that the lower profit was mainly due to the RM5.6 million reversal of provision for impairment on investment in associates in 2QFY15.

It was reported in November 2016 that the group was participating in the construction of the RM5.9 billion West Coast Expressway as part of a joint venture, with revenue from sectional toll collections expected to commence in 2018.

SHARES in Weida (M) Bhd (fundamental: 2.1/3, valuation: 2/3) triggered our momentum algo-rithm for the third time in 60 days. Th e counter saw 660,400 shares done, 8.7 times its 200-day average of 75,881 shares.

The counter slid 0.54% or one sen to RM1.85 at yesterday’s market close for a val-ue of RM234.75 million. Weida recorded a signifi cant 103.76% jump in revenue for the second quarter ended Sept 30, 2016 (2QFY17) to RM8.07 million from RM3.96 million in the

same period of the previous year, despite an 11.33% decline in revenue to RM88.87 million from RM100.22 million in 2QFY16.

Th e polyethylene manufacturer and environ-mental engineering solutions provider attrib-uted the drop in revenue to lower contribution from its manufacturing arm, which was off set by “better margin profi t from works, property development and other divisions of the group”. Weida has recorded profi t for each quarter from the beginning of FY14 up to 2QFY17.

KUALA LUMPUR: Port Klang Authority (PKA) has announced that Port Klang registered a positive growth of 10.8% in 2016 to 13.17 million twenty foot equiv-alent units (TEUs) in container handling compared with 2015.

In a statement yesterday, PKA said Northport (M) Bhd handled 3.22 million TEUs while Westports Holdings Bhd han-dled 9.95 million TEUs.

In terms of import container through-put, Port Klang handled 2.06 million TEUs, registering a growth of 3.6% compared with 2015’s performance. Of this, North-port handled 802,993 TEUs while West-ports handled 1.26 million TEUs in 2016.

As for export throughput, Port Klang registered a growth of 3.9%, handling 2.04 million TEUs compared with 2015, where-by Northport handled 760,148 TEUs and Westports handled 1.28 million TEUs.

Port Klang handled 9.07 million TEUs in terms of transshipment throughput in 2016, registering a growth of 14.3% compared with 2015. Out of this, North-port handled 1.66 million TEUs while Westports handled the remaining 7.41 million TEUs.

“Th e positive growth of Port Klang is attributed to several factors, mainly its ef-fi cient and productive terminal operators,

KUALA LUMPUR: Th e plantation indus-tries and commodities ministry has set up a new RM30 million fund aimed at facilitating research on oil palm mech-anisation.

Plantation Industries and Commod-ities Minister Datuk Seri Mah Siew Ke-ong said the Oil Palm Mechanisation Fund was launched with an allocation of RM25 million from the government, while RM5 million would be contributed by the private sector.

“I am optimistic that the private sector will be forthcoming with their contribu-tions to further promote mechanisation [in the oil palm industry].

KUALA LUMPUR: Malaysian family busi-nesses need to make more eff orts to stra-tegically plan the succession of their businesses for the longer term, accord-ing to PricewaterhouseCoopers (PwC) Malaysia.

According to the fi ndings of PwC’s 2016 Family Business Survey (Th e Ma-laysian Chapter), succession planning is a key challenge for 62% of Malaysian family businesses that still struggle to form a proper strategic plan to manage their succession process.

Th e report also fi nds that 19% of family

Port Klang’s 2016 container handling rises 10.8%BY C H E S T E R TAY strong support of Port Klang’s shipping and

logistics community and the port’s supply driven port facilities as well as advanced state-of-the-art cargo handling equipment,” PKA said.

“In addition, strong cooperation and co-ordination between the port authority and terminal operators in resolving operational issues have raised the confi dence level of port users,” it added.

PKA said the improvement was also due to the “resounding success” of Port Klang’s continuous marketing and promotion strat-egies supporting the port’s expansion plans.

Th e authority noted that Northport and Westports have also adopted green tech-nology in port operations, in line with the government’s commitment to enhancing environmental preservation and sustainable development of the port industry.

Th is resulted in emission reduction and energy effi cient technology being widely uti-lised in port vehicles and cargo equipment.

“Other initiatives include ship and do-mestic waste management systems and the use of energy effi cient lighting in the port areas,” PKA said.

“Nevertheless, given the challenges ahead in 2017, Port Klang will strive to meet the expectations of customers and stake-holders, continuously working towards providing better facilities and services at competitive rates,” it added.

RM30m fund set up to undertakeoil palm mechanisation research

“To date, one company has contributed RM1 million to the fund,” he told a press conference after the launch of the Palm Oil Economic Review and Outlook Seminar 2017 organised by the Malaysian Palm Oil Board (MPOB) here yesterday.

He said the fund would be used, among others, to fund mechanisation research at both local and overseas research organisa-tions, acquire mechanisation technologies, and host competitions and modifi cations of equipment.

Th e fund will be administered by the MPOB with the participation of representa-tives from plantation companies, academia and related parties, he said. — Bernama

businesses in Malaysia aim to grow quickly and aggressively.

It however notes that many businesses lack the strategic planning needed to pro-vide for the long-term maintenance of busi-nesses, referred to as the “missing middle”.

Th e report also notes that the succession issue is not a problem exclusive to Malaysia, but a global trend that is most prevalent in the Asia-Pacifi c, where growth plans are the most ambitious.

In Malaysia, 48 family businesses were surveyed, and it was found that 31% had no succession plan, versus 43% globally. Only 15% had a documented and commu-nicated succession plan in place.

Malaysian family businesses must have better succession plan — PwC

LION INDUSTRIES CORP BHD Valuation score*Fundamental score**TTM P/E (x)TTM PEG (x)P/NAV (x)TTM Dividend yield (%)Market capitalisation (mil)Shares outstanding (ex-treasury) milBeta12-month price range

0.900.95

--

0.20-

313.89682.37

1.120.22-0.50

*Valuation score - Composite measure of historical return & valuation**Fundamental score - Composite measure of balance sheet strength& profitabilityNote: A score of 3.0 is the best to have and 0.0 is the worst to have

WCE HOLDINGS BHD Valuation score*Fundamental score**TTM P/E (x)TTM PEG (x)P/NAV (x)TTM Dividend yield (%)Market capitalisation (mil)Shares outstanding (ex-treasury) milBeta12-month price range

0.301.95

54.395.411.50

-997.72

1,002.740.51

0.89-1.00*Valuation score - Composite measure of historical return & valuation**Fundamental score - Composite measure of balance sheet strength& profitabilityNote: A score of 3.0 is the best to have and 0.0 is the worst to have

WEIDA (M) BHD Valuation score*Fundamental score**TTM P/E (x)TTM PEG (x)P/NAV (x)TTM Dividend yield (%)Market capitalisation (mil)Shares outstanding (ex-treasury) milBeta12-month price range

2.002.108.331.030.571.61

236.02126.89

0.871.45-1.86

*Valuation score - Composite measure of historical return & valuation**Fundamental score - Composite measure of balance sheet strength& profitabilityNote: A score of 3.0 is the best to have and 0.0 is the worst to have

LION INDUSTRIES CORP BHD (-ve)

WCE HOLDINGS BHD (-ve)

WEIDA (M) BHD (+ve)

BY A N E T T E A PA D U R AY

P R O P E RT Y 9WEDNESDAY JANUARY 18, 2017 • THEED G E FINANCIAL DAILY

Li Ka-shing veers off -pisteTh at is not what investors signed up for

BY N I S H A G O PA L A N

Sunac slumps as US$2.2b bet on China’s LeEco questionedHONG KONG/BEIJING: Sunac China Holdings Ltd fell the most in more than 16 months in Hong Kong as investors questioned the real estate developer’s US$2.2 billion (RM9.81 billion) bet on Chinese tech tycoon Jia Yueting’s cash-strapped LeEco empire. Th e stock slumped as much as 10%, the biggest in-traday decline since Aug 26, 2015, and traded 6.2% lower at HK$6.84 (RM3.94) as of 1.37pm local time, paring this year’s gain to 6%. Th e investment in three companies affi liated with LeE-co marks Sunac’s foray beyond its mainstay property holdings. Its chairman Sun Hongbin said at a briefi ng in Beijing on Sun-day that he expects “very rap-id” growth for Sunac and other leading developers as the real estate industry consolidates over the next fi ve to 10 years. — Bloomberg

Tokyo offi ce boom fades with more space, fewer workersTOKYO: Commercial property prices in Tokyo, a bellwether of Japan’s market, look to have peaked as the capital faces a glut of new offi ces even as the number of offi ce workers is set to decline. Th e property market has rebounded in the past three years as Prime Minister Shinzo Abe’s economic policies, with ultra-low interest rates, drew in investors attracted by the wid-er gap than in other developed markets between returns on property and borrowing costs. Rents have been rising since 2014. — Reuters

‘Dubai home prices set for another year of decline’DUBAI: Dubai home prices are set for another year of decline with supply outstripping de-mand even as developers delay the completion of properties, according to real estate adviser CBRE Group Inc. — Bloomberg

I N BR I E F

HONG KONG: When is a real estate firm not really a real estate firm? When, as in the case of Cheung Kong Property Holdings Ltd, it is owned by Hong Kong billionaire Li Ka-shing.

Li, one of Asia’s richest men, is forking out a sweetened A$7.4 billion (RM24.86 billion) for Sydney-based gas and electricity distributor Duet Group. Including debt, the deal, if it is not blocked by Australia’s government, could be Li’s biggest ever (see chart).

Two of Li’s usual infrastructure-as-set-acquiring companies are involved — Cheung Kong Infrastructure Hold-ings Ltd and Power Assets Hold-ings Ltd — both of which are held through his port-to-telecom fl agship CK Hutchison Holdings Ltd. But there is a third wheel in the acquisition in Cheung Kong Property.

As part of a large restructuring in 2015, Li, who earned the moniker Superman for his canny investing, created Cheung Kong Property, with a core mandate of real estate, and CK Hutchison, an old-world conglom-erate with assets spanning mobile operators in Europe to retail shops and ports. So, what is the former do-ing being drawn into a utilities deal?

In a broader sense, Li’s hunger for staid but reliable utility assets is not

surprising. Duet also allows him to diversify away from Britain and Brexit, and reduce exposure to an increas-ingly populist continental Europe. Duet’s operations around Melbourne and in Australia’s west are also a good fi t for some of Li’s other businesses in the nation, and they throw off a lot of cash. As Bloomberg’s David Fickling noted, a stapled structure that minimises tax has allowed Duet shareholders to reap distributions of A$1.01 billion over the past fi ve years despite the company turning

in a consolidated pre-tax profi t of just A$476 million over the period.

But having Cheung Kong Prop-erty involved in the deal muddies the waters for shareholders of Li’s companies. That is especially the case considering Cheung Kong Property veered off course again last month when it spent US$973 million (RM4.34 billion) buying air-craft-leasing assets. On Monday, re-sponding to analyst questions about the fi rm’s direction, executives said less than 20% of assets post the Duet

deal would be in non-property busi-nesses, which is not exactly a small amount. Using cash to fund ever more acquisitions may also crush any dreams of a higher dividend.

While one could argue that Che-ung Kong Property itself is in need of some diversifi cation as Chinese com-panies from the mainland beat out Li when it comes to winning land sales in Hong Kong, the fi rm increasingly looks like another conglomerate in the making. And that is not what in-vestors signed up for. — Bloomberg

BY S U M M E R Z H E N

HONG KONG: The constantly evolving impact that Brexit might have on attracting overseas invest-ment is great news for Britain’s ri-val French and German real estate markets, said Philip Charls, chief executive of the European Public Real Estate Association.

Th e non-profi t association rep-

French, German real estate markets seen benefi ting from Brexitresenting Europe’s publicly listed property companies has been active in Asia in the recent three years after seeing surging capital fl ows from all over the region to other parts of the world, including Europe.

Although international investors tend to turn a bit more cautious after a year of black swan events, they are actually changing their strategy: from going straight to Eng-

lish-speaking countries, usually ex-clusively the UK, to focus on places with a stronger economy, such as France and Germany, Charls said.

Both countries’ offi ce markets might be among the big winners, thanks to Brexit. One serious con-sequence of leaving the European Union (EU) is that it means UK fi -nancial institutions will lose their “passporting” privileges, which al-

low their products to be sold to oth-er EU countries without restrictions.

“Th e impact on fi nancial insti-tutions is big. Imagine a Japanese bank that has an offi ce in London and wants to sell those products in other EU countries. Th ey might have to move their activities to oth-er European locations, most likely Paris or Frankfurt,” said Charls. — South China Morning Post

5.98 128.98

1 0 B R O K E R S’ C A L L / T E C H N I C A L S WEDNESDAY JANUARY 18, 2017 • THEEDGE FINANCIAL DAILY

The FBM KLCI was di-rectionless in the past one week as the mar-ket staged a correction after a two-week rally. Markets globally were

mixed, but a stronger ringgit helped support the market. The FBM KLCI declined only 0.2% in a week to 1,672.50 points last Friday. Yester-day, the index closed at 1,663.03 points.

Trading volume was higher last week. Th e average daily trad-ing volume was 2.5 billion shares, compared with 2.1 billion shares two weeks ago. Th e average daily trading value increased to RM2.2 billion from RM1.8 billion two weeks ago. Despite the decline in the index, total market valuation increased RM2 billion from the previous week to RM1,698 billion last Friday.

Foreign institutions were buy-ing as the ringgit strengthened. Net buying of foreign institutions was RM383 million. Net selling of lo-cal institutions and retailers was RM343 million and RM40 million respectively. Th e ringgit strength-ened from RM4.47 to RM4.46 to a US dollar last Friday.

On the FBM KLCI, decliners outpaced gainers 16 to 11. Th e top gainers for the week were AMMB Holdings Bhd (+2.9% in a week to

Bullish trend may continue after a correctionBY B E N N Y L E E

Daily FBM KLCI chart as at Jan 13, 2017.

Media Chinese International Ltd(Jan 17, 61 sen)Maintain hold with an unchanged target price (TP) of 62 sen: Th e third quarter ended Dec 31, 2016 (3QFY17) results are expected to be uninspiring with advertising expenditure (adex) sentiment still soft. Notwithstanding this, Media Chinese International Ltd (MCIL) has not only retained its adex re-silience vis-à-vis its peers, but is keeping newsprint cost stable. Sep-arately, MCIL aims to complete its disposal of One Media Group Ltd (OMG) by the fi rst quarter of cal-endar year 2017. We would not rule out a special dividend from the net proceeds. Our earnings estimates, TP of 62 sen (on 10.5 times 2017 price-earnings ratio; about-mean) and “hold” call are unchanged. A dividend yield of more than 6% (12 months forward) should limit downside risk to its share price.

We do not expect any signifi cant boost to 3QFY17 earnings as still-poor consumer sentiment resulted in downsizing of advertising and

Newsprint cost savings to buff er MCIL’s earnings risk

promotional budgets by key sectors. We understand that eight-month period of FY17 (April to Novem-ber 2016) Malaysian print adex declined 9% year-on-year (y-o-y), similar to our MCIL FY17 forecast of -10% y-o-y. Th at said, MCIL pos-sesses a more resilient ad revenue mix against industry peers, with the ratio of agencies and direct ads re-maining at 50:50, direct ads being the more resilient category sup-ported predominantly by Chinese small and medium enterprises.

We understand that MCIL man-aged to hedge its 12-month-for-

Media Chinese International Ltd

FYE MARCH (RM MIL) 2015A 2016A 2017E 2018E 2019E

Revenue 1,589 1,362 1,316 1,337 1,360Ebitda 268 205 169 181 192Core net profit 144 112 90 102 111Core EPS (sen) 8.6 6.6 5.4 6.1 6.6Core EPS growth (%) (8.3) (22.7) (19.0) 13.0 9.2Net DPS (sen) 3.4 4.3 3.7 4.2 4.6Core PER (x) 7.1 9.2 11.4 10.1 9.2P/BV (x) 1.3 1.2 1.2 1.1 1.1Net dividend yield (%) 5.6 7.0 6.1 6.9 7.6ROAE (%) 15.6 12.9 10.6 11.4 12.0ROAA (%) 9.4 7.1 6.0 6.9 8.0EV/Ebitda (x) 4.5 5.5 5.0 4.4 3.8Net gearing (%) (incl perps) 5.8 net cash net cash net cash net cashConsensus net profit - - 90 102 109MKE vs consensus (%) - - (0.0) (0.0) 2.4Source: Maybank IB Research

ward newsprint cost at about US$485 (RM2,163) per tonne rel-ative to the current spot price of about US$510 per tonne. Coupled with its existing nine-month in-

ventory, MCIL will benefi t from stable newsprint cost in US dol-lars averaging US$500 per tonne throughout 2017 in the midst of a volatile US dollar/ringgit currency

environment. Historically, news-print cost accounted for roughly 20% to 30% of total operating cost. As both Malaysian print adex and average newsprint cost in US dol-lars are within expectations thus far, we leave our earnings estimates unchanged.

Given MCIL’s dual-listing and Qingdao West Coast Holdings (In-ternational) Ltd’s state-owned en-terprise status, the approval pro-cess for MCIL’s disposal of its 73% stake in OMG required an extended amount of time from the Securities and Futures Commission of Hong Kong, but MCIL said it is now in the fi nal stages of approval. MCIL is set to receive HK$498.1 million (RM286.38 million) in gross pro-ceeds, but we are still unable to quantify the net proceeds as we are still unsure about the price that MCIL will reacquire the remain-ing OMG businesses ex-Ming Pao Weekly. Notwithstanding that, we would not rule out a special div-idend. — Maybank IB Research, Jan 16

MCIL possesses a more resilient ad

revenue mix against industry peers, with the ratio of agencies

and direct ads remaining at 50:50.

RM4.49), CIMB Group Holdings Bhd (+1.7% to RM4.82) and Gent-ing Bhd (+1.4% to RM8.26). Th e top decliners were Axiata Group Bhd (-4.3% to RM4.72), SapuraKencana Petroleum Bhd (-3.4% to RM1.69) and Petronas Gas Bhd (-3.3% to RM20.80).

Last week, markets were general-ly mixed. In Asia, the Shanghai and Japan markets ended lower. Japan’s

Nikkei 225 index pulled back from a 13-month high two weeks ago. Singapore and Hong Kong closed higher. Th e UK’s FTSE 100 Index climbed to a fresh historical high, while the US and Germany markets took a breather.

For major commodities, crude oil fell on glut worries, while gold climbed higher on a weak US dollar. Th e US dollar index fell from 102.2

points to 101.2 points. Meanwhile, in the local market, crude palm oil futures increased on stronger exports and lower expected pro-duction.

Technically, the index remained bullish above both the short- and long-term 30- and 200-day mov-ing averages. Th e index was also maintained above the Ichimoku Cloud indicator. However, the di-

rectionless movement in the past one week caused momentum in-dicators to pull back, indicating a weak bullish trend.

Momentum indicators like the Relative Strength Index and mo-mentum oscillator are pulling back, but still bullish above their mid-lev-els. The moving average conver-gence divergence indicator is still above its trigger line. Furthermore, the FBM KLCI is still hovering near the top band of the Bollinger Bands indicator.

The immediate support and resistance levels are at 1,650 and 1,680 points respectively, while the longer-term support and resist-ance levels are at 1,500 and 1,830 points. Th e FBM KLCI is currently in the middle of these support and resistance levels.

After a correction last week with indications of good support, we expect the FBM KLCI to continue trending higher, especially if the in-dex is able to climb above the imme-diate resistance level at 1,680 points. We expect the FBM KLCI to climb to 1,700 points as long as the index is able to stay above 1,650 points.

The above commentary is solely used for educational purposes and is the contributor’s point of view using technical analysis. Th e com-mentary should not be construed as investment advice or any form of recommendation. Should you need investment advice, please consult a licensed investment adviser.

B R O K E R S’ C A L L 1 1WEDNESDAY JANUARY 18, 2017 • THEED G E FINANCIAL DAILY

Positives have been priced in for MBSB

Possible impairment loss for Axiata?Banks’ profi t seen to

grow 11.2% in 2017Banking sector Maintain overweight: Last year was indeed a challenging year for banks with the collapse in loan growth and spike in credit costs. Net earnings growth was likely uninspiring at a projected 0.3% in 2016. However, banking stocks outperformed the market in 2016, with an increase of 1.6% in the Kuala Lumpur Fi-nancial Index compared to a drop of 3% in the FBM KLCI Index. All banking stocks also “outperformed” the KLCI. We think this was due to banks’ enticing valuations, which attracted buying interest.

As to adapting to the environ-ment of weak loan growth in 2017, in view of the weak business senti-ment and poor leading loan indica-tors (in October to November 2016), we see limited scope for a signifi cant recovery in loan growth in 2017. We project loan growth momentum of 5% to 6% for 2017, at parity with the level in 2016.

Given the dismal industry loan growth, most banks are focusing on fortifying their margins. Th is will help to reduce margin contraction and support growth in net interest income (NII) in 2017.

Some investors are worried about the negative impact of the collapse in loan growth on banks’ earnings. However, we believe in-vestors should focus more on the growth in NII, which has a more direct eff ect on earnings, instead of loan expansion. Due to the narrow-er margin contraction, NII growth only eased from 5.2% year-on-year (y-o-y) in fi rst nine months of 2015 (9M15) to 4.1% y-o-y in 9M16 de-spite a slump in loan growth from 9.7% y-o-y in end-September 2015 to 4.2% y-o-y in end-September 2016.

We forecast a recovery in banks’ net profi t growth from 0.3% in 2016 to 11.2% in 2017, primarily due to a smaller increase of 4.1% in loan loss provisioning (versus +65.9% in 2016), and the absence of total

RM mil %

0

5,000

10,000

15,000

20,000

25,000

-10

0

10

20

30

40

Sources: CIMB Research, Company

Net profit and y-o-y growth for Malaysian banks under our coverage

Net profit (LHS) y-o-y growth (RHS)

2010 2011 2012 2013 2014 2015 2016 2017 2018

Axiata Group Bhd

FYE DEC (RM MIL) 2014A 2015A 2016F 2017F 2018F CAGR (%)

Revenue 18,711.8 19,883.5 21,015.5 21,323.6 21,979.7 3.6Operating profit 3,461.5 4,102.6 3,386.3 3,788.7 4,178.9 0.1Pre-tax profit 3,114.5 3,331.1 2,648.6 2,972.0 3,178.3 -2.9Net profit 2,256.0 2,071.0 1,772.1 1,877.1 1,967.0 -3.5EPS (sen) 26.3 24.2 20.7 21.8 22.5 -3.5PER (x) 16.4 17.8 22.8 21.7 21.0DPS (sen) 22.0 20.0 20.0 19.0 19.0Dividend yield (%) 5.1 4.6 4.2 4.0 4.0Sources: Company, PublicInvest Research estimates

Malaysia Building Society Bhd

FYE DEC (RM MIL) 2014 2015 2016F 2017F

Operating income 1,271.9 1,298.0 1,302.6 1,343.4Total income 1,363.7 1,360.6 1,356.3 1,394.5Pre-provisioning operating profit 1,254.7 1,029.4 1,044.3 1,087.7Profit before tax and zakat 932.6 355.0 265.3 377.7Net profit 1,015.0 257.6 212.3 298.4vs consensus estimate - - 222.0 316.3Diluted EPS (sen) 39.0 9.2 3.7 5.1EPS growth (%) 6.0 -76.3 -60.3 40.6PER (x) 6.2 15.3 28.7 20.4Net dividend (sen) 12.0 3.0 2.4 3.4Net dividend yield (%) 4.1 2.9 2.3 3.2BV/share (RM) 1.80 1.71 1.16 1.20P/BV (x) 1.4 0.8 0.6 0.6ROE (%) 21.7 5.3 3.1 4.3ROA (%) 2.6 0.6 0.5 0.7Sources: Company, MIDFR

Axiata Group Bhd(Jan 17, RM4.64)Downgrade to neutral with an un-changed target price (TP) of RM5: Th e intense competition in India will continue. Axiata Group Bhd currently owns a 19.79% stake in Idea Cellular Ltd, the third-largest telecommunications (telco) play-er in India (17% market share). In 2010, Axiata made an RM1 billion impairment loss in respect of its investment in Idea, mainly due to the discrepancy between the carrying value and market value of Idea as a result of intense price competition in India’s telco mar-ket. However, Idea’s profi tability recovered strongly from fi nancial year ending Dec 31, 2012 (FY12) onwards as the market expanded exponentially.

For fi nancial year 2017’s fore-cast (FY17F), however, Idea is ex-pected to post a sharp decline in earnings. 2016 was a landmark year for the Indian telco sector due to the entry of a greenfi eld player, Reliance Jio Infocomm Ltd, which introduced fi erce price competi-tion into the market by off ering free voice calls and low-cost data. Note that the market has traditionally been voice-driven.

Going forward, we expect mar-gins to remain under pressure as the decline in voice revenue (free voice products have been off ered) is not suffi ciently compensated by growth in data revenue (due to low mobile data tariff s). Operators are likely to face immense pressure to retain customers by off ering free-bies and rebates.

Malaysia Building Society Bhd(Jan 17, RM1.12)Downgrade to neutral with an unchanged target price (TP) of RM1.08: Malaysia Building Soci-ety Bhd’s (MBSB) share price may consolidate after a strong price ac-tion. We note that the share price of MBSB has surged 20% since the start of the year to a high of the day of RM1.09 yesterday. We are not surprised that the stock has rallied to the current level as we opine the negative side of the company’s past quarterly results had been fl ushed out of the mar-ket and eventually, its share price reacted positively to its fi nancial year ending Dec 31, 2017 (FY17) earnings prospect, refl ecting our view on the company. Th e stock

is expected to consolidate at this level after a strong recent price action.

We also opined that the price rally of late is related to positive expectations of negotiations on a proposed merger with Asian Finance Bank Bhd (AFB). Recall that Bank Negara Malaysia (BNM) requires that the negotiations be completed within six months from the date of BNM’s letter of Dec 21, 2016. Having said that, we do not see any signifi cant im-pact from the proposed merger on the company’s FY17 earnings prospect even if MBSB were able to complete the proposed merger with AFB this year. We are of the view that it would take time for the management to make use of

the full-fl edged banking licence. Th erefore, we view all positives should have already been priced in in the current rally.

We make no changes to our earnings forecast at this juncture. Our existing forecasts are based on its current non-banking op-erations, which will see its FY17 earnings growth of 40% from a low base and improvement in its asset quality.

We downgrade our recommen-dation on MBSB to “neutral” from “buy” with an unchanged TP of RM1.08. Our valuation is pegged at a price-to-book value (PBV) of 0.9 times, which is one standard deviation below its three-year av-erage PBV of 1.6 times. — MIDF Research, Jan 17

RM452 million impairment for Swib-er bonds, which was incurred by Malayan Banking Bhd (Maybank) and RHB Bank Bhd in 2016. At the top-line, we forecast an expansion of 6.5% for NII and 8.6% for non-in-terest income for banks in 2017.

Although the industry’s gross impaired loan ratio remained be-nign until November 2016, we still expect it to rise from 1.8% in Decem-ber 2016 to 2% in December 2017.

We continue to rate banks as an

“overweight” given the attractive valuations as RHB Bank, AMMB Holdings Bhd and Affi n Holdings Bhd are still trading below their fi ve-year average price-earnings ratio in 2017F (forecast), and expected re-covery in net profi t growth. Our top picks for the sector are RHB Bank and Maybank. Th e downside risks to our call are signifi cant deterio-ration in asset quality and further weakening of loan growth. — CIMB Research, Jan 16

The intense competition in India

will continue.

In November 2016, Vodafone recognised a €5 billion (RM23.8 billion) write-down for its Indi-an subsidiary, the second-largest telco player in the country (19% market share). We believe there is a possibility that Axiata may have to further impair its investment value in Idea in the near term.

Based on our estimate, the book value of Axiata’s investment in Idea is 146 rupees (RM9.40) times the number of shares held (RM6.7 billion) as at Dec 31, 2016 while Idea’s market price is only 69 ru-pees (times the number of shares held: RM3.2 billion).

Nevertheless, we think any po-tential impairment may not be sizeable as Axiata has taken RM1 billion write-down in the past when the share price was hover-ing around the prevailing level.

Since our upgrade to trading “buy”, the share price has risen by about 10%. As we foresee earnings risk in the near term on the back of potential write-down on Idea, we now downgrade the stock to “neutral”. In addition, we are also concerned with Axiata’s ability to collect the RM375.5 million from Telia Norway, posting risk of provi-sioning in the future. — PublicIn-vest Research, Jan 16

A fi lepic of automated teller machines at Menara Maybank in Kuala Lumpur. Last year was indeed a challenging year for banks with the collapse in loan growth and spike in credit costs. The Edge fi le photo

1 2 H O M E WEDNESDAY JANUARY 18, 2017 • THEEDGE FINANCIAL DAILY

Hiring of foreign workers to be more fl exible

Zahid: Temporary papers allowed for illegal foreign workers

More people to be eligible for PR1MA housesTh is is facilitated by two policy changes in the programme

SUNGAI PETANI: Prime Minister Datuk Seri Najib Razak announced two policy changes yesterday to en-able more people to own a house under the 1Malaysia People’s Hous-ing (PR1MA) programme.

Najib said the two changes in the PR1MA policy involved raising the eligibility level for households from an income of RM10,000 to one of RM15,000, and shortening the moratorium on house sale and rental from 10 years to fi ve years.

“Th e increase in income level to RM15,000 is to enable more peo-ple to qualify for a PR1MA house, apart from shortening the mora-torium period.

“These are all measures tak-en by the government, which is committed to enabling people, especially [those in] the target group, to own a PR1MA house,” he said at a press conference after the PR1MA@Kedah Community celebration event at PR1MA Resi-

dency Puteri Jaya 1 here yesterday.Also present were the prime

minister’s wife Datin Seri Rosmah Mansor, Kedah Menteri Besar Da-tuk Seri Ahmad Bashah Md Ha-nipah, Education Minister Datuk Seri Mahdzir Khalid, Minister in the Prime Minister’s Department Datuk Seri Shahidan Kassim and PR1MA chief executive offi cer Da-tuk Abdul Mutalib Alias.

Najib said at the same time, the price of PR1MA houses remains

unchanged, at 20% less than the current market price. “I see here that the price of the PR1MA mod-el house is RM270,000, compared with RM470,000 for an almost sim-ilar house off ered out there [by the private sector],” he noted.

Najib said what is important is that with these government meas-ures, people will be able to own property through such wealth dis-tribution by purchasing a house they desired. — Bernama

PUTRAJAYA: Th e government has agreed to make the recruitment of foreign workers more fl exible in the mining sector and certain subsec-tors under the agriculture, service and tourism industries.

Th is was decided at the Cabinet Committee Meeting on Foreign Workers and Illegal Immigrants chaired by Deputy Prime Minister Datuk Seri Dr Ahmad Zahid Hami-di here yesterday. Also the home minister, Ahmad Zahid said in a statement here that the decision was a follow-up to the freeze on recruitment of foreign workers on Feb 19 last year.

He said the cabinet had earlier agreed to be more fl exible for these critical sectors — manufacturing, construction and plantations, and subsectors such as vegetable, fruit

PUTRAJAYA: Th e government is allowed under the law to issue a temporary card for illegal immi-grants employed in the country, Deputy Prime Minister Datuk Seri Dr Ahmad Zahid Hamidi said.

Ahmad Zahid, who is also the home minister, said the Attorney General’s Chambers is of the view the existing laws permitted them to work. “Th e permission is giv-en based on current needs and open to all sectors, but it is only for workers who have employ-ers,” he said at a press confer-ence after chairing the Cabinet Committee on Foreign Workers and Illegal Immigrants meeting here yesterday.

He added that the issuance of cards to foreign workers brought into the country without docu-ments or whose nationality is not recognised by the country of ori-gin would be implemented after written confirmation from the Attorney General’s Chambers is received.

“If they (foreign workers) do not have documents, they are classifi ed as illegal workers. As for employers who do not pay the levy [for their foreign workers], their employees are certainly not protected by insurance besides not getting social benefi ts if any accident occurs.”

Ahmad Zahid said the cards must be renewed annually at the Immigration Department’s foreign workers division. — Bernama

NOW IN SEASON ... This year-long campaign, launched in Kuala Lumpur, promotes fresh Australian fruits and vegetables among Malaysians. It aims to educate consumers on seasonal produce and their health and nutritional benefi ts. This is expected to boost demand for Australian fruits, which stood at RM71.3 million in 2015. At the launch event (from left) are celebrity and fi tness ambassador Daphne Iking, chef Brandon Chin, Acting Australian High Commissioner to Malaysia Dr Angela Macdonald and Victoria Government Commissioner to Southeast Asia Brett Stevens. Photo courtesy of Victoria State Government

Legal aid department to prioritise locals for its servicesPUTRAJAYA: Th e rebranding of the legal aid department (LAD) under the Prime Min-ister’s Department this year will see priority given to locals for its services, said Minister in the Prime Minister’s Depart-ment Datuk Seri Azalina Oth-man Said. However, she said the rebranding is not intended to deny foreigners the oppor-tunity to seek legal aid from the department. “[Th e] LAD’s budget is quite high, so a review should be carried out to create a system where locals will be given priority for the services,” she told reporters after deliver-ing her New Year’s message for the Prime Minister’s Depart-ment’s legal aff airs division here yesterday. Azalina said 80% of the current cases managed by the LAD are divorce cases, in-cluding those involving foreign spouses. — Bernama Kuala Lumpur water supply to be fully restored by Friday — SyabasKUALA LUMPUR: Water supply to the areas in Kuala Lumpur that experienced disruptions due to low water production at the Sungai Langat water treat-ment plant is expected to be fully restored by Friday. A Syari-kat Bekalan Air Selangor Sdn Bhd (Syabas) statement said water supply had been restored in 41% of the aff ected areas as of 1pm yesterday. “Water sup-ply to areas on higher grounds and [those] at the end of [the] water distribution system will take some time to be fully re-stored,” it said. — Bernama

EC to meet tomorrow on Tanjong Datu by-electionPUTRAJAYA: Th e Election Com-mission (EC) will hold a meeting tomorrow on the by-election for the Tanjong Datu state seat in Sarawak. Its chairman Datuk Seri Mohd Hashim Abdullah said the EC had been offi cially notifi ed of the vacancy by Sar-awak State Legislative Assembly Speaker Datuk Amar Mohamad Asfi a Awang Nassar following the death of its incumbent Tan Sri Adenan Satem on Jan 11. He said the meeting will cover important matters such as the dates for nomination, early vot-ing, polling day and the elector-al roll to be used. — Bernama Sungai Air Tawar stateassemblyman diesSABAK BERNAM: Sungai Air Ta-war state assemblyman Kama-rol Zaki Abdul Malik died at his residence here yesterday. His driver Mohd Sufaat Salimin said he only realised that Kamarol Zaki, 58, had passed away at 8am when he was to send the as-semblyman to a programme in the constituency. Mohd Sufaat said he forcefully opened the door of Kamarol Zaki’s house and found the Barisan Nasional state assemblyman lying un-conscious in the living room. — Bernama

I N BR I E F

The permission is given based on current needs and open to all sectors, but it is only for workers who have

employers.

and fl ower farming. “Th e fl exibility was given after considering the in-dustries’ requirements so as not to retard the economy, particularly [for]export-based industries,” he said.

Th e latest move, he added, cov-ers the hiring of foreign workers for the agriculture subsector, particu-larly poultry and other parts of this

critical sector. Ahmad Zahid said the mining and quarrying sector had also been given approval to hire foreign workers. “Th e approv-al for this sector is only given on an interim basis up to 2020, and only for operators permitted to carry out mining and quarrying.” — Bernama

Flexibility in hiring foreign workers now covers the agriculture subsector, among others. Photo by Abdul Ghani Ismail

H O M E 1 3WEDNESDAY JANUARY 18, 2017 • THEED G E FINANCIAL DAILY

Search for MH370 suspendedLast vessel for the operation has left southern Indian Ocean

Witness says he received gift from fi rst accused in Kevin Morais’s caseKUALA LUMPUR: A man who was formerly an accused in the murder case of deputy public prosecutor Datuk An-thony Kevin Morais told the High Court here yesterday that he received RM10,000 as a gift from pathologist Colo-nel Dr K Kunaseegaran, the first accused in the murder case. G Gunasekaran, 49, who was formerly the second ac-cused in the murder case, said Kunaseegaran gave him the money as a birthday gift on Aug 8 last year. “Yes, he gave me RM10,000 in conjunction with my birthday. I used the money to renovate my food shop in Jalan USJ1/6, Subang Jaya,” he said during cross-ex-amination by Kunaseegaran’s lawyer, Datuk N Sivananthan. — Bernama

Be more responsible for Pulau Melaka ecosystem, CM tells fi rmsMELAKA: Th e Melaka govern-ment has instructed compa-nies carrying out development projects on Pulau Melaka to be more responsible in preserving its ecosystem. Chief Minister Datuk Seri Idris Haron said the responsibility should be shoul-dered by investment compa-nies that carry out extensive land reclamation, so that meas-ures are implemented consist-ently over the duration of their projects. “We have received many complaints from fish-ermen and environmentalists about reclamation of land on Pulau Melaka as they claimed it had aff ected environmental sustainability.” — Bernama

Retrial of AmBankfounder’s murder to begin on March 16KUALA LUMPUR: The High Court here has set 11 days in March and May to rehear the case of a former tow truck driv-er who had been convicted of the murder of Arab-Malaysian Bank (AmBank) founder Hus-sain Ahmad Najadi. Judicial Commissioner Datuk Ab Karim Ab Rahman fixed March 16, March 27 to 31, and May 22 to 26 for retrial of the case follow-ing a unanimous decision by a fi ve-man bench of the Federal Court on Dec 14 last year in allowing the appeal by Koong Swee Kwan. Th e High Court on Sept 5, 2014 sentenced Koong to death after fi nding him guilty of the murder. — Bernama Well done, IGP tellsspecial police task forceKUALA LUMPUR: Inspec-tor-General of Police (IGP) Tan Sri Khalid Abu Bakar has congratulated the Special Task Force for Anti-Vice, Gambling and Gangsterism on its success in several operations last week. Khalid said 473 guest relation offi cers and masseurs were ar-rested in operations conduct-ed throughout the country. — Bernama

I N BR I E F

KUALA LUMPUR: Th e underwa-ter search for the missing Malay-sia Airlines fl ight MH370 has been suspended, according to a com-munique from Malaysia, Australia and China.

It said the last search vessel for the operation left the 120,000-sq km search area in the southern Indian Ocean yesterday.

Th e communique said the air-craft had not been located “despite every eff ort, using the best science available, cutting-edge technology, as well as modelling and advice from highly skilled professionals who are [the] best in their fi eld”.

Th e communique was jointly is-sued by Transport Minister Datuk Seri Liow Tiong Lai, Australian In-frastructure and Transport Minister Darren Chester and China Transport

Minister Li Xiaopeng.Flight MH370, with 239 passen-

gers and crew members aboard, vanished from the radar while fl y-ing to Beijing from Kuala Lumpur on March 8, 2014.

While combined scientifi c stud-ies had continued to refi ne areas of probability, the ministers said there had been no new information to date to determine the specifi c lo-cation of the aircraft.

Th ey said the decision to suspend the search “has not been taken light-ly nor without sadness”.

“It is consistent with decisions made by our three countries in the July 2016 ministerial tripartite meet-ing in Putrajaya,” they said.

The ministers reiterated their utmost appreciation to the many nations that had provided expertise

and assistance since the early days of the tragedy.

“We have been overwhelmed by the commitment and dedication shown by the hundreds of people involved in the search, which has been an unprecedented challenge.

“Th eir tireless work has contin-ued to improve our knowledge of the search area and has been critical in our eff orts to locate the aircraft,” they said.

Th e ministers said the announce-ment yesterday was signifi cant for the three countries, but more impor-tant for the families and friends of those on board the aircraft.

“We again take this opportunity to honour the memory of those who have lost their lives and acknowl-edge the enormous loss felt by their loved ones,” they said. — Bernama

KUALA LUMPUR: Th e Selangor gov-ernment has applied to cross-ex-amine Election Commission (EC) chairman Datuk Seri Mohd Hashim Abdullah in its legal action against the proposed redelineation of elec-toral boundaries for parliamentary and state constituencies of the state.

Senior Federal Counsel Azizan Md Arshad told reporters that the judicial commissioner of the High Court, Azizul Azmi Adnan, set Feb 7 to hear the state government’s ap-plication.

He said the Selangor government

is seeking to cross-examine the EC chairman on the issue of 136,272 voters without addresses.

He said the court had also fi xed Friday to hear the application for a judicial review fi led by the state government represented by Menteri Besar Datuk Seri Mohamed Azmin Ali to challenge the proposed rede-lineation of electoral boundaries for parliamentary and state constituen-cies of Selangor by the EC.

Azizan told this to reporters after the case came up for case manage-ment in chambers. Also present was

lawyer Datuk S Ambiga who acted for the state government.

In the application, Mohamed Az-min is seeking a declaration that the proposed redelineation, from a 2016 study by the EC, is unconstitutional, inconsistent with Clauses 2(c) and 2(d) of Article 113(2) of the Th irteen Schedule of the Federal Constitution, and null and void.

Th e Gombak member of parlia-ment is also seeking a declaration that the EC’s failure to use the latest electoral roll in the redelineation was unconstitutional, not in accordance

with Section 3 of the Th irteen Sched-ule of the Federal Constitution, and thus null and void.

Mohamed Azmin fi led the appli-cation on the grounds that the EC had acted unconstitutionally, unreason-ably and irrationally against Article 113(2) of the Federal Constitution.

He is also seeking, among other reliefs, a declaration that the pub-lished notice lacked details, where normal voters, local authorities or state governments cannot exercise their rights to make a representation. — Bernama

Court to hear S’gor govt’s bid to quiz EC on Feb 7

PUTRAJAYA: Th e Court of Ap-peal has declared the Selangor Islamic Religious Department’s (JAIS) acquisition of 26 acres (10.52ha) of land belonging to a developer to build a mosque in Batang Berjuntai as unlawful.

A three-man panel led by Justice Datuk Abang Iskandar Abang Hashim allowed the appeal brought by United Al-lied Empire Sdn Bhd (UAE) to overturn the High Court’s dismissal of its judicial review application.

He held that Judicial Com-missioner Datuk Azimah Omar erred in facts and in law when she dismissed UAE’s judicial review application.

Justice Abang Iskandar said the judicial commissioner did not appreciate the evidence laid before her, leading to a plainly wrong decision.

Th e judge said the matter was a fi t and proper case for the appellate court’s interven-tion, and it granted the 24 re-liefs sought by UAE as well as assessment of damages for the wrongful acquisition.

Th e panel, which also com-prised Justices Datuk Zamani A Rahim and Datuk Zaleha Yusof, also awarded UAE RM100,000 in costs for the court proceed-ings in the High Court and Court of Appeal.

The respondents in the case — the Selangor direc-tor of lands and mines, Kuala Selangor land administrator, JAIS and the Selangor govern-ment — were ordered to pay RM50,000, while the Selangor Islamic Religious Council and Selangor Zakat Board were also told to pay RM50,000 in costs.

In its judicial review appli-cation, UAE alleged that the acquisition was mala fi de (in bad faith) to create a land bank for the religious authorities in Selangor, and wanted the com-pulsory acquisition of its land to be revoked.

UAE submitted the approval to develop its 26-acre land and provided one acre for a mosque in 2013 in Batang Berjuntai, now known as Bestari Jaya in Kuala Selangor. — Bernama

‘JAIS land acquisition to build mosque unlawful’

BERNAMA INFOGRAPHICS

1 4 C O M M E N T WEDNESDAY JANUARY 18, 2017 • THEEDGE FINANCIAL DAILY

Donald Trump’s trade plan is a looming disasterIt amounts to repudiation of a system that has fostered global stability and lifted people out of poverty

BY E D I TO R I A L B O A R D

SPARE a thought for the Davos delegates at the World Economic Forum (WEF) this week. Global elites are in a state of confusion and crisis. Their world view is being challenged like never be-fore, rejected by voters angry at a broken economic model and the price of globalisation.

Criticisms of Davos are old and tired: The WEF is a talking shop where nothing ever gets done but plenty of money is spent. Davos is an extravagant bunfight of the vanities, where the haves gather to strike deals with the have-mores.

This year, these criticisms have taken on a new powerful force be-cause of Brexit and the election of Donald Trump. Both votes were driven, at least in part, by mass rejection of the establishment and

Davos is on the wrong side of historyBY R I C H A R D Q U E S T its way of doing business.

Millions of people who never get near this Swiss mountain re-treat have finally said enough is enough. They are tired of being promised jam tomorrow while bearing the brunt of job losses from globalisation and the pain of growing inequality. They did the electoral equivalent of giv-ing a finger.

Davos, and many of its dele-gates, embody what the world is railing against. The WEF trumpets the presence of 3,000 leaders from government, business and civil society as if it was a guest list for an exclusive ball.

As executive chairman of the WEF, Klaus Schwab is Davos del-egate No 1. He has chided me for this way of thinking, saying it is “a very superficial view”. In-stead, Schwab believes “what we should not do now is start the blame game; what we have to do is address the root causes. We

have to work together in a con-structive way.”

Here I respectfully disagree. The Davos delegate (with some notable exceptions) is barely ca-pable of looking at the root causes because that would require a fun-damental rethink of the version of western capitalism rejected by Trump and Brexit supporters.

Schwab argues that viewing Davos through a transatlantic prism is parochial. True, a grow-ing number of Davos delegates come from Asia and the develop-

ing world. But the reality is that they will spend much of this week fretting about Trump and Europe because these issues can rock the global economy.

There are more than 400 ses-sions covering all the major is-sues, including the future of America and the effects of Brex-it. But there is one panel missing from the WEF agenda and that is an admission that “we are out of touch” and “we didn’t see this coming”. What the WEF will not admit is that core Davos delegates represent the very values being rejected at ballot boxes and those same delegates failed to see that rejection coming.

The fact that President Xi Jin-ping of China is attending with a large delegation is intriguing, but equally this year several govern-ment heads are staying away. It is not cool to be seen at Davos in the current climate. How ironic that this most spectacular rejection

of the status quo should be for-malised in Trump’s inauguration just as its inadvertent architects are gathering on the other side of the world.

Davos needs get back to ba-sics, eschew the cocktail parties and focus on policies that make a difference to the 99%. To be fair, though Schwab and the WEF have been saying just such things, only a few of the people who bankroll this event have been listening.

Presently the Davos delegate is finding himself on the wrong side of history. If this year’s event does not bring meaningful discussions that resonate beyond the confines of the congress centre, then no one will miss it if Davos calls it a day. — CNN

Richard Quest is host of Quest Means Business on CNN Interna-tional. Follow CNN’s coverage of the WEF at www.cnn.com/davos.

Even by his standards, President-elect Don-ald Trump’s state-ments on trade have been stunning in their recklessness. His pro-

posals essentially amount to the repudiation of a system that has fostered global stability and lifted hundreds of millions of people out of poverty over the last sev-eral decades — and if he actual-ly intends to execute his radical agenda, there is little to stop him.

In other areas of economic pol-icy, such as budget matters, Con-gress will make the crucial choic-es. On trade, the White House has wide discretion. The stakes could hardly be higher.

During the campaign, Trump threatened to rip up existing trade pacts, withdraw from the North American Free Trade Agreement (Nafta), and put punitive tariff s on imports from Mexico and China. He has called the World Trade Organi-zation (WTO), which promotes lib-eral trade and adjudicates disputes, “a disaster”, and he has said the US might “pull out”. Congratulating Britain on its decision to quit the European Union (EU), he says the UK and the US can design a new trade deal — but that it makes no diff erence to the US whether the EU, “a vehicle for Germany”, stays together or falls apart.

Trump’s nominee for com-merce secretary, meanwhile, ap-pears to believe in the top-down

management of trade: “We should treat ourselves as the world’s big-gest customer and treat nations that are selling to us as suppliers to us,” Wilbur Ross told the Finan-cial Times. The global economy, according to this thinking, is not about myriad firms competing across borders to give consumers everywhere the best products at the lowest cost; it is a zero-sum battle between two monolithic collectives: us and them.

Trump’s other trade appoint-ments are not reassuring. Peter

Navarro, named as head of the new National Trade Council, seems op-posed to imports on principle. He says they subtract from economic growth, which is nonsense. The nominee for US trade representa-tive, Robert Lighthizer, brings his experience as an advocate for re-strictions on imports of cars and steel — restrictions that made US consumers worse off and impeded the ability of US manufacturers to compete.

Congress would not be able to do much to restrain the new

team’s trade measures, especially in the short term. Laws authoris-ing existing trade agreements, as well as other statutes delegating authority to the president in times of emergency, grant the president wide powers to take unilateral action such as terminating previ-ous commitments and imposing tariffs, quotas or other restraints. Such moves would surely face a legal challenge, but before the cases could be resolved, Presi-dent Trump could very well kill or cripple Nafta, the WTO and any

prospect of orderly market-driven trade arrangements.

Americans have legitimate con-cerns over trade, jobs and living standards. But they should be addressed in the same way as the threat from automation and other kinds of technological advance-ment — forces that are likely to be more disruptive in the future than trade. And the record of nations trying to resist trade and innova-tion speaks for itself: It leads to economic stagnation.

The right approach is to focus on competitiveness, opportunity and effective social insurance. Education reform, tax reform, deregulation and investment in the right kind of infrastructure could raise the long-term rate of growth and spread the benefits to more workers. Trump deserves some credit for taking up some of these points. Doing more to help workers retrain and move to new jobs would also relieve the stress, as would more effective unem-ployment and health insurance.

If Trump follows through on trade, it will not be long before he and his supporters regret it. Declar-ing a trade war on the world can only lead to collapsing confi dence and recession. Yet if the system of international commerce, painstak-ingly put together over decades, is carelessly torn down, rebuilding it won’t be easy or quick — however much a chastened Trump admin-istration might wish to.

Mr President-elect, just don’t do it. — Bloomberg

The WEF is a talking shop where nothing ever gets done but

plenty of money is spent.

W O R L D B U S I N E S S 1 5WEDNESDAY JANUARY 18, 2017 • THEED G E FINANCIAL DAILY

May pledges to pull Britain out

IMF boosts US growth estimate ECB prints money at record pace amid bank bonds bonanzaFRANKFURT: Th e European Central Bank (ECB) bought a record-breaking €24.7 billion (RM117.56 billion) worth of debt last week, taking advan-tage of a bumper supply of bank bonds to boost its eco-nomic stimulus programme. Th e jump in purchases, which partly compensates for thin ECB buying in December, was partly driven by covered bonds, a form of bank debt backed by mortgages or public-sector loans. Central bank sources said the ECB was taking ad-vantage of ample supply of these bonds, which lenders tend to issue at the start of the year, before they release results and when buyers are fl ush with cash. “Th ere is a very simple reason: there are fi nally enough bonds in the market for the ECB to buy ... the scheme relies on activity in the primary market,” said Guenther Scheppler, a sen-ior covered bond strategist at DZ Bank. — Reuters

EU says UK can’t negotiate US trade deal until BrexitBRUSSELS: Britain cannot ne-gotiate new trade deals until it leaves the European Union (EU), the bloc’s foreign policy chief said on Monday after US President-elect Donald Trump backed a speedy trade agree-ment with London. “I would like to specify one thing that we discussed also with [British foreign minister] Boris John-son today (yesterday) and he was agreeing with me,” Fed-erica Mogherini told report-ers when asked about Trump’s comments in two European newspapers. — AFP

JPMorgan reverses bearish call that angered JakartaSINGAPORE: JPMorgan Chase & Co upgraded its assessment of the Indonesian stock market, reversing an earlier bearish call that prompted Jakarta to stop doing business with the US bank. Th e bank’s analysts raised their “tactical” view of Indonesian equities one level to “neutral” in a report dated Monday, saying volatility in emerging-market bonds fol-lowing Donald Trump’s US election victory in Novem-ber should now subside. — Bloomberg

Italy in talks with EU over budget defi cit — sourcesMILAN: Italy is in discussions with the European Commission to try to prevent Brussels im-posing penalties over Rome’s management of its public fi -nances, sources close to the talks said on Monday. Italy was one of eight eurozone countries warned in November that it could face fi nes and restricted access to funds from Brussels over its failure to stick to the European Union’s (EU) Sta-bility Pact rules. — AFP

I N BR I E F

She says UK parliament will vote on fi nal Brexit deal

HANOI: Vietnam will increase the limits of foreign owner-ship in banks as early as this year to quicken the overhaul of the nation’s banking system and further lure overseas in-vestments to boost economic growth, Prime Minister Nguyen Xuan Phuc (pic) said.

“We will raise the ceiling and will also expand access to the securities market” for foreign investors, Phuc said in an interview with Bloomberg Television’s Haslinda Amin at the Government Offi ce in Ha-noi last Friday. “We will try to make it this year,” he added.

Vietnam caps foreign own-ership in banks at 30% and is seeking more investment to help strengthen the fi nancial system, which has been hob-bled by a surge in non-per-forming loans to state-owned companies.

Phuc didn’t specify the new ceiling to be introduced this year, but he indicated that the government may sell out com-pletely from the more troubled banks. He singled out Ocean-Bank, taken over by the State Bank of Vietnam in 2015, as a weak institution the govern-ment is willing to part with im-mediately.

“Right now, if there are any foreign investors interested in buying any of our under-performing banks, we will sell them entirely,” he said.— Bloomberg

WASHINGTON: Th e International Monetary Fund (IMF) on Monday boosted its estimates for US growth on expected stimulus spending by the incoming Trump administra-tion, but kept the forecast for global growth unchanged.

Th e IMF’s quarterly World Eco-nomic Outlook (WEO), however, said the forecasts for 2017 and 2018 are beset by uncertainty and risk, in-

Vietnam’s premier to raise foreign-investor caps on banks

Eyewear mega deal more corrective than visionary

BY H E AT H E R S C OT T

BY R O B E R T H U T TO N

& T H O M A S P E N N Y

BY N G U Y E N D I E U T U U Y E N

& J O H N B O U D R E AU

BY C A R O L RYA N

cluding signs of rising protectionism. It sees world growth of 3.4% this

year and 3.6% in 2018, unchanged from the October report, as con-cerns about slowing in major de-veloping economies were off set by the recovery in advanced econo-mies and China.

The US growth estimate was raised a tenth of a point this year to 2.3%, and for next year by four-tenths to 2.5%.

Th e IMF said it used the most

likely of many possible scenarios for the US under President-elect Donald Trump, one that includes higher spending and other steps to boost the economy. Th is is in contrast to the World Bank report released last week, which did not change the US forecasts because it said Trump’s policy plans were too uncertain.

Both organisations agree the forecasts are clouded by un-knowns.

Th ere is “a wide dispersion of possible outcomes around the projections, given uncertainty surrounding the policy stance of the incoming US administration and its global ramifi cations,” the IMF said.

However, the forecasts should become more certain by the re-lease of the next WEO in April “as more clarity emerges on US pol-icies and their implications,” it said. — AFP

May expects lawmakers to back the deal that she manages

to reach with her EU counterparts. Photo by

Reuters

LONDON: Prime Minister Th eresa May pledged to pull Britain out of the EU’s single market with a new arrangement for the customs un-ion, saying the UK parliament will get a vote on the fi nal Brexit deal.

Giving her most explicit out-line yet of her vision of Britain post-Brexit and how she wants to get there, May said she was con-fi dent that a deal can be reached with the EU that avoids disrup-tion to business. With the trig-ger to quit the bloc due to be in-voked by the end of March, May called for a “phased approach” to implementing the new rules that will seek “a smooth and orderly Brexit”.

The pound climbed against the US dollar and was set for its big-gest advance since the global crisis as

May laid out her plans in a speech to diplomats in London that was broadcast live in European coun-tries, including Germany.

“I can confi rm today (yesterday) that the government will put the fi nal deal that’s agreed between the UK and the EU to a vote in

both Houses of Parliament be-fore it comes into force,” she said yesterday.

German Foreign Minister Frank-Walter Steinmeier com-mended May for providing “a bit more clarity” about her gov-ernment’s plans and for seeking strong ties with the EU.

“But our stance remains that the negotiations will only begin when Britain has offi cially announced its wish to leave” the EU, he said in a statement.

May dodged a question on what would happen if the UK parliament rejects the deal that she manages to reach with her EU counterparts, saying only that

she expects lawmakers to back it. — Bloomberg

LONDON: Luxottica and Essilor’s plan to merge looks more correc-tive than visionary. Th e Italian eye-wear group is backing a €50 billion (RM237.97 billion) union with the French lens-maker, and Luxottica founder Leonardo Del Vecchio is willing to cede control and some value to get the deal done. For the Italian group’s other shareholders, that’s probably a fair price for fi xing governance issues, and perhaps selling more spectacles.

Th e long-mooted merger will create a new glasses giant with com-bined sales in excess of €15 billion. Luxottica shareholders will receive 0.461 new Essilor shares for each one they hold now. Th at will leave Delfi n, the group that owns 62% of

the Ray-Ban-maker, with around 31% of the merged company, and Luxottica overall with 51%. Th ere could be €600 million of annual synergies, though around half of those could be from enhanced rev-enue, which is a less certain source of value creation.

Perhaps with one eye on succes-sion, Del Vecchio has made some sacrifi ces to Essilor, which counts among its suppliers, to get the deal through. Based on their pre-deal market capitalisations, the Ital-ian group would have had a 52% share of the new eyewear giant. By mid-morning on Monday, the market had added €1.6 billion to Luxottica’s market capitalisation. Essilor shareholders had accrued €2.6 billion of extra market value.

For Luxottica’s investors, that

may seem unfair. In reality, it is the price of resolving lingering leader-ship issues at a group that has had three chief executive offi cers since late 2014. Th e merged company will be co-run with Essilor’s boss Hubert Sagnieres. Th at doesn’t quite put an end to questions over a suitable successor for Del Vecchio, who will still eff ectively wield a 31% stake, but it does provide a likely answer.

Th e deal also brings opportuni-ties to sell more in the global eye-wear business, which is growing at between 2% and 4% per annum, according to Jeff eries analysts. Th e merged group will have 15% market share, Essilor says, and ends the pros-pect of Luxottica and Essilor starting to compete head on. Th is is one deal where double vision may prove turn out to be a positive. — Reuters

PHOTO BY REUTERS

1 6 F O C U S WEDNESDAY JANUARY 18, 2017 • THEEDGE FINANCIAL DAILY

In 2017, consider committing an act of finan cial heresy: Buy an active-ly managed mutual fund. Look for one whose manager is frugal, odd and stubborn — or, to put it more politely, a value manager with high

active share and low turnover. The ideal candidates would have disappointed in 2015 but shone in 2016.

A long, humil iat ing per iod for professional stock pickers might be giv-ing way to something diff erent. Stocks that have moved in near unison in recent years are beginning to chart more distinct paths. Data points that have not mattered in a decade, such as the relationship between prices and fundamental measures of value, are starting to have more sway on returns. Th e divide between cheap stocks and ex-pensive ones remains exceptionally wide, which could mean last year’s shift in favour of value investing is just the beginning.

We know: Recommending a shift to active fund management now is a little like say-ing the time is right to take up smoking. Evidence to the contrary is vast and con-vincing. Most stock pickers struggle to beat their benchmarks. Index funds, by contrast, have much to re commend them, including simplicity, low fees and tax effi ciency.

Investors have been stripping money out of active funds and stuffi ng it in pas-sive ones at a record pace, and following the herd has never looked so smart. But for tactical investors, the timing might be good for a contrarian move. All that cash pouring into index funds might have fl at-tered the relative performance of the indi-ces in recent years. And the broad US stock market trades at an elevated valuation. “I have no religious objection to index funds,” says Larry Pitkowsky, co-manager of the GoodHaven fund, launched in 2011. “But investors are stepping on the gas with valua-tions high. If anything, it’s better to use an index when the market is cheap.”

From here, returns for index investing could underwhelm for a while, and talented value managers should be better rewarded for their eff orts. Meanwhile, recent evidence points to better ways to identify promising funds than simply searching for fi ve-year standouts.

Core portfolioDo not smoke. Do not even vape. But do consider complementing a core portfolio of low-cost index funds with targeted bets on active management — what indexing champion Vanguard calls a core-and-sat-ellite approach. In what follows, we do not intend to argue that active beats passive, broadly speaking, because too many ac-tive managers are either high-fee index huggers or else fi dgety fl ippers who add hidden costs that sap returns.

But the question is not whether active management as a whole is a good deal. It is whether any fund managers can reliably outperform, over long time periods or under certain conditions, and whether investors can identify those managers and condi-tions ahead of time. On that question, we are somewhere between a strong maybe and a sheepish probably. And now seems

Actively managed mutual funds poised for comebackTh is is after years of trouncing by exchange traded funds

BY J A C K H O U G H

For tactical investors, the timing might be good for a contrarian move.

like a low-risk time to give active a chance. Th is year will mark the 15th anniversa-

ry of a publication that causes active fund managers to toss in their 1,020 thread-count sheets. It is the Spiva Scorecard. Th e acro-nym stands for Standard & Poor’s Indices Versus Active. Among other things, the bi-annual report now published in eight world regions shows the percentage of active funds that fail to beat their benchmarks. In 2015, 66% of large-cap funds did worse than the S&P’s 500 index. Th at was almost cause for popping Champagne corks. Just a year earlier, 86% came up short. When the 2016 numbers come out, expect them to be damning, too. Since 2000, there have only been three years when most US large-cap managers succeeded at what they do for a living. Results across other size and style categories are poor, too.

Th e Spiva reports beget a steady fl ow of news stories about the failings of ac-tive funds, and investors have been taking action. Over the past fi ve years, passive funds have received infl ows of more than US$1 trillion. Last year, active funds saw withdrawals of more than US$200 billion, a post-crisis high. Active funds still hold two-thirds of mutual fund money.

If index funds simply accept market prices as they are, and active funds seek to identify pricing mistakes and exploit them, the stampede to the former from the latter raises the question of whether stock pricing has been aff ected. In recent years, Bank of America Merrill Lynch has tracked a trading strategy that buys what active managers shun, and shuns what they buy, to profi table eff ect. As cash fl ows to-wards indices, it fl ows almost by defi nition against the interests of active funds. Many active funds have taken to what is derided as closet indexing, in which managers stick close to the benchmarks for fear of being drastic ally wrong in any single year, thereby marring their marketing brochures.

But, of course, that is a recipe for grad-ual but certain failure. Active funds have higher fees than passive ones. If the two funds hold much the same merchandise, the costlier one will usually do worse. Re-search by Martijn Cremers, a fi nance pro-fessor at the University of Notre Dame in the US, has shown that funds with high active

share — that is, those whose portfolios are distinct from their benchmarks — tend to outperform after fees.

Th e struggles of active funds, it would seem, might boil down to managers not be-ing bold enough to justify their fees. Th ere is just one problem. A paper published last July by S&P showed that even after ignoring fees, active funds tend to lag behind their benchmarks. If fees are not the problem, what is? Maybe there is another, hidden drag on industry returns. Or maybe stock pickers are just bad at picking stocks.

Hidden dragTh ere is, indeed, a hidden drag. Trading costs are not included in a fund’s pub-lished ex penses. Th at makes them a pos-sible explana tion for why so many active funds underperform even before fees are subtracted. In a study published last Novem-ber in the Journal of Financial Economics, Cremers looks at how active share and average holding periods jointly relate to performance. Funds with high active share and long holding periods, he fi nds, tend to outperform by two percentage points a year after fees. Th ose with high active share and short holding periods under perform. Diff erent is good, but only if it comes with lasting conviction.

As for the skill of stock pickers them-selves, reliably bad ones are not supposed to exist any more than reliably good ones, according to effi cient-market devotees. But strange things are happening. Looking at the Spiva record since 2000, the fi rst eight years show 55% of active funds doing worse than their benchmarks. Th e most recent eight years show 65% under performing. Fees for active and index funds have fallen by similar amounts since 2000. So why are stock pickers getting worse?

“I think the big infl ows have perpetuat-ed the performance of passive,” says John Linehan, manager of the US$22.7 billion T Rowe Price Equity Income Fund. “If you own companies outside the index, you’ve been disadvantaged. Nothing can go on like that forever.”

In Linehan’s view, passive portfolios will reach a breaking point when valuations be-come too skewed relative to those in active portfo lios, and fund fl ows are no longer

pushing the indices to outperform. “When people are piling into a trade, it can pay to take the other side,” he says. Th at happened just after the dot-com stock bubble, which is one of the periods when even average active managers beat the benchmarks. Another such period occurred around the market top in 2007.

Th e stock market does not have to tumble for good active managers to earn their fees now, however. All that is needed are some changes in the pattern of individual stock returns. One change that could already be under way is a long-awaited comeback for value stocks. Barron’s predicted just such a comeback last March. Since then, the iS-hares Russell 1000 Value exchange-traded fund has returned 18.1%, versus 10.9% for iShares Russell 1000 Growth. Such shifts can play out over many years. During the last good run for value stocks, after the dot-com bust, they beat growth in fi ve out of seven years by double-digit percentages.

Value stocks still look like a good deal now, says Bob Schmidt, manager of the Brandes Institute, which researches market behaviour on behalf of Brandes Investment Partners, a San Diego value manager over-seeing US$28 billion. Schmidt divides the world’s stocks into 10 equal groups, ranked by the ratio of share prices to tangible book value. On average, he found that over the past two decades, the cheapest decile was about 40% as expensive as the costliest. By last year, that fi gure had fallen to 15%. Th e only period close to that was during the dot-com bubble, at 25%. “ During the tech-stock bubble, many active managers had a hard time keeping up with Dell, Cisco and AOL,” says Schmidt. “Until recently, it was the same thing with Facebook, Ama-zon and Netfl ix.”

Green shootsThere are other green shoots for active managers, according to Jill Hall, a stock strategist at BofA Merrill Lynch. Corre-lations among stocks have been coming down and the spread between the best- and worst-performing stocks has been widen-ing. In other words, conditions are becom-ing more favourable for stockpickers, or at least less punishing.

In a report published in the fi rst week of January, strategists at Nomura Instinet predict ed that the market is at or near “peak passive” and will soon experience an “active renaissance”. Active managers have gone through periods when they struggled to keep up with their benchmarks, followed by periods of mean reversion when they outperformed. Th e last big slumps occurred in the mid-1970s, the years around 1990, and the late 1990s dot-com bubble.

“We believe the direction of interest rates is the key determinant of when mean rever-sion occurs,” the strategists wrote. “Rising rates anti cipate economic growth, which benefi ts small-cap stocks. When small-caps outperform, market diversity increases, giving active managers a tailwind.”

Do not expect active managers to begin beating benchmarks as a class. For talented man agers, however, there could be more of what we see among the funds on our list — underperformance giving way to outper-

CONTINUES NEXT PAGE

F O C U S 1 7WEDNESDAY JANUARY 18, 2017 • THEED G E FINANCIAL DAILY

formance as the market begins repricing undervalued shares.

For purposes of judging the talent of value managers, a poor 2015 is excusable. It might even be a badge of honour. Th at year, dot-com highfl iers soared and many cheap stocks got cheaper. Moreover, the best managers tend not to have spotless

Trump’s bluster disappoints US dollar bulls; GLP surges on takeover talks

US President-elect Donald Trump was very much the reality TV star the world knows him as at his fi rst press conference recent-ly. In typical aggressive style, he faced a generally hostile US media eager to hold him to account following revelations that the Russians have compromising video evidence concerning his personal and fi -nancial information.

Trump did not say much on the much-anti cipated economic stimulus plans or trade pacts. Instead, he spent more time attacking the US intelligence community for its suspected leaks of those reports. In fact, the most widely reported aspect of the conference was when he shouted down a CNN journalist, labelling the cable news network as “fake news”.

Th e conference disappointed US dollar bulls, says DBS Vickers. After rallying to a high of 101.71 before the event, the US Dollar Index fell to a low of 101.28 before recovering alongside US stocks to end the day at 101.71.

At a separate event, New York Federal Reserve Bank president William Dudley did not provide new guidance as well. For now, the market has to look for other leads, DBS Vickers observes in a Jan 12 note.

Overnight, US Treasuries pared early gains, with yields closing largely unchanged at 1.19% and 2.37% respectively for the two- and 10-year notes. “Investors will want to see more concrete plans on the fi scal policy front before push-ing yields higher still,” OCBC states on Jan 12.

With the highly anticipated conference by Trump over, investors will now turn their attention to the coming full-year earnings reporting season. Th e Dow Jones Industrial Average closed Jan 11 at 19,954.28 points, up 98.75 points, but failed to push above the 20,000-mark again.

Some commentators, such as Union Bancaire Privée, are advising caution. “Th e key challenge to returns in the US, we sus-pect, will be the currently elevated valua-tions. Th ey have infrequently been seen above current levels in US equity markets over the past 100 years and rarely have they been sustained for extended periods of time,” it says.

BY C H A N C H A O P E H Global Logistic PropertiesTh e Straits Times Index reached an intra-day high of 3,022.22 points on Jan 12 but could not stay above that level. It ended the day at 2,993, down 7.94 points.

Some of the lift earlier in the day came from index stock Global Logistic Proper-ties (GLP), which surged on Th ursday to hit an intra-day high of S$2.70 on news of takeover talks. It closed 10 cents higher at S$2.61 — still a 52-week-high — as parties involved continued to talk up the stock with competing bids. At Th ursday’s closing price, the company was valued at S$12.2 billion.

According to a Bloomberg report citing un-named sources, Blackstone Group might off er a bid for GLP. Bloomberg had earlier reported that Warburg Pincus is forming a consortium com-prising banks and potential bidding partners to make an off er for the logistics space player.

GLP, a leading provider of modern ware-housing space in China, Japan and Brazil, has asked for fi rst-round off ers by early February. Talk of it changing hands has been swirling for weeks. GLP announced last month that it is conducting a strategic review of options to improve shareholder value on the request of its biggest investor, Singapore sovereign wealth fund GIC. Last Nov ember, Chinese buyout fi rm Hopu Investment Management also held talks on making an off er.

“Despite the recent run-up, we contin-ue to see long-term fundamental value in its shares near current prices, which are trading near a still-undemanding one times book value,” OCBC analyst Eli Lee says in a note on Th ursday. Lee has a “buy” call and a price target of S$2.37 on the stock.

Th e bid aside, GLP has positive news on its own operations. On Jan 12, it announced the extension of leases with key customers, including a global appliance maker, for 3.6 million sq ft of space in its three US facilities in Columbus, Atlanta and Orlando.

Natural CoolElsewhere in the Singapore market, there was a lot of heat at Natural Cool Holdings, where boardroom friction spilled out into the open. Ong Mun Wah and Edi Ng, who con-trol more than 387 million shares between them, or just over 10% of the company, are

calling for an extraordinary general meeting at a date to be determined. Th ey are seeking to remove the entire board, with the excep-tion of CEO Tsng Joo Peng.

In a Jan 9 letter, Ong and Ng said they are not happy that two executive directors, among the fi ve they are seeking to oust, have sold down their stakes substantially and “led us to question if their interests remain aligned with the company’s”. Th e letter was disclosed by Natural Cool late on Jan 10. It triggered ac-tive trading the following day as punters piled in, betting that the diff erent factions would load up on their own holdings so as to have the louder voice when the EGM is called.

Natural Cool fell 0.5 Singapore cent to close at 15.9 Singapore cents on Jan 12. On Jan 11, it surged 33% to close at 16.4 Singa-pore cents. More than 170 million shares changed hands over those two days. Th e stock has gained almost 35% year to date.

Hon Hai PrecisionLast October, Apple reported its fi rst annual revenue decline since 2001. While Apple and Samsung Electronics have dominated the smartphone industry for the better part of the last decade, competition has intensifi ed greatly with the emergence of Chinese brands such as Huawei, Oppo and Xiaomi, which fi rst gained a toehold on price but have increasingly been competing on quality and design as well.

Th e deceleration in the smartphone mar-ket has percolated into lower revenue down the food chain. Hon Hai Precision Industry, which generates half its business making iPhones and iPads on behalf of Apple, is among those aff ected.

On Jan 11, the company led by tycoon Terry Gou reported its fi rst ever annual drop in revenue — 2.8% — to NT$4.36 trillion. Th is is new ground for Hon Hai Precision, which has grown consistently since it was listed in 1991. However, the stock gained NT$0.1 to close at NT$84.30 on Jan 12. Another key Ap-ple manufacturer, Pegatron Corp, suff ered a drop in 2016 sales as well, with a dip of 4.57% y-o-y to end 2016 at NT$1.16 trillion. On Jan 11, Pegatron was down 7%, to NT$74, before closing the following day at NT$72.70.

Nevertheless, prospects are not entirely gloomy for the Apple ecosystem: Recovery is

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records. A recent Morningstar analysis showed some surprising characteristics among the top 10% of active mutual funds by performance over the past two decades.

On average, they trailed their bench-marks in one out of every three rolling three-year periods. Th e shortfall during those slumps was close to three percentage points a year. During their worst three-year

stretches, they underperformed by nine percentage points a year. Th at said, we re-stricted our list — compiled in part based on screen results from Morningstar — to funds that did well in 2016, when value stocks began coming around.

Closet indexers are generally funds with an active share of 20% to 60%. The funds on our list have active share ranging from

the top of that range to well above it. In general, a fund with a high active share works well as an add-on to a passive port-folio. Expect it to have plenty of volatility relative to the broad market. A good fund whose active share is only slightly above average has potential as a core holding, provided its fees are competitive. — The Edge Singapore

FROM PREVIO U S PAGE

Conditions are more favourable for stock pickers

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in sight. Gartner estimates show that the so-called “premium smartphone” market — which includes the pricey iPhones — fell 1.6% in 2016.

“We expect the market for premium smartphones to return to 3.5% growth in 2017 as stronger replacement cycles kick in and in anticipation of a new iPhone [launch] next year. Apple is expected to off er a new design and new features that are attractive enough to convince more replacement buyers,” says Gartner research director Roberta Cozza.

VolkswagenElsewhere, the world’s largest car maker, Volkswagen, has agreed to pay the US Depart-ment of Justice US$4.3 billion (RM19.18 bil-lion) to settle the long-drawn investigation into its diesel emission scandal.

For more than a decade, VW had reported-ly tweaked software to help its vehicles cheat tests required by the US’ Environmental Protection Agency. When suspicions arose and investigations began, VW executives lied and destroyed the evidence.

Investors are evidently relieved that they can put this scandal, which has dragged for more than a year, behind them. On Jan 11, shares in Frankfurt-traded VW closed at a 52-week-high of €154.30. Year to date, the stock has risen 11%.

What to look out forTh is coming week, macro-economic data slated for reporting includes that of Sin-gapore’s non-oil domestic export on Jan 17; the US con sumer price index and US industrial production on Jan 18; and US housing starts and jobless claims on Jan 19. For equities, companies reporting earnings include First REIT on Jan 17, CapitaLand Commercial Trust on Jan 18, Singapore Exchange on Jan 19 and Capita Mall Trust on Jan 20. — Th e Edge Singapore

1 8 W O R L D B U S I N E S S WEDNESDAY JANUARY 18, 2017 • THEEDGE FINANCIAL DAILY

I N BR I E FBAT sweetens bid for Reynolds Th is marks the latest stage in a wave of consolidation for the tobacco industry

BY T H O M A S M U L I E R

GENEVA: British American Tobac-co Plc (BAT) reached an agree-ment to buy full control of Reynolds American Inc with a sweetened US$49.4 billion (RM220.42 billion)off er, bringing a successful end to almost three months of bartering with the Camel cigarette maker.

BAT increased the cash element of a cash-and-share bid for the 58% of

Reynolds that it doesn’t already own. Th e new off er values each Reynolds share at US$59.64, the London-based company said yesterday, more than the US$56.50 it proposed on Oct 21.

Th e combination marks the latest stage in a wave of consolidation for the tobacco industry struggling with shrinking demand for traditional cig-arettes and an uncertain pathway to new technologies. Reynolds is attrac-tive to BAT because it’s a leader in the

nascent US market for e-cigarettes.Th e off er “makes sense strategi-

cally, operationally and just about washes its face fi nancially,” RBC Eu-rope analyst Mirco Badocco wrote. BAT shares rose 1.2% to 4,820 pence (RM2.61) at the start of London’s trading day. Reynolds shares climbed 0.4% to US$55.97 in New York last Friday, the most recent trading day.

BAT said a committee of independ-ent Reynolds directors unanimously

approved the off er, which will boost the UK company’s earnings per share in the fi rst year after completion.

Th e new off er of US$29.44 in cash and 0.526 US cents of a BAT share for each Reynolds share is about 5.6% higher than the previous one. Ana-lysts have said a possible corporate tax cut by US President-elect Donald Trump would justify an increase of as much as US$8.2 billion in the bid. — Bloomberg

BY C A R O L I N E C O P L E Y

& E R I C AU C H A R D

BERLIN/MUNICH: Facebook is stepping up eff orts to head off tough-er regulations by Germany, a fi erce critic of the social media network operator, saying on Monday it would do more to combat fake news as its chief operating offi cer (COO) met with offi cials in Berlin.

Top German lawmakers are planning legislation this year to force Facebook to remove “hate

Facebook to head off tougher German regulations

BY D E E N A K A M E L YO U S E F

& D E E M A A L M A S H A B I

DUBAI/RIYADH: Saudi budget airline Flynas plans to seek reg-ulatory approval this year for an initial public off ering (IPO) that would make it the fi rst carrier to be listed on the country’s stock exchange. It’s part of a broader eff ort to diversify the economy due to weak oil prices.

Th e closely held carrier, which announced a deal for 80 Airbus Group SE planes on Monday, is working with Banque Saudi Fransi and expects to apply for clearance from Saudi Arabia’s Capital Mar-ket Authority by mid-2017, chief executive offi cer Paul Byrne said in a phone interview. In 2016, Fly-nas recorded its second profi table year since beginning operations a decade ago, he said, but declined to provide fi gures.

“We’ve been profi table for the past couple of years, so it’s some-thing we need to think about,” Byrne said. “Th e percentage to be fl oated is up to the shareholders to decide.” Th e Riyadh-based car-rier, which began fl ying as Nas Air in 2007, is partly owned by King-dom Holding Co, the investment vehicle of Saudi billionaire Prince Alwaleed Bin Talal. — Bloomberg

BY T I M C U L PA N

TAIPEI: Terry Gou is no fool. Reports yesterday stated the Foxconn Tech-nology Group chairman assuring Chinese offi cials that he won’t with-draw capital from the nation, a move aimed at assuaging concerns over his possible investment in the US.

What you need to know, howev-er, is that it wasn’t Gou who prom-ised that Foxconn would invest in president-elect Donald Trump’s America. Excitement, or fears, that the Taiwanese maker of iPhones would pump money into the US were stoked by SoftBank Group Corp chairman Masayoshi Son. Th e Japanese billionaire, a friend and business partner of Gou’s, rushed to New York last month to shake hands

Foxconn’s China pledge from well-thumbed playbook

Flynas to seek IPO regulatory approval this year

with the US president-elect in what looks like an attempt to smooth the path for his much-hoped merger of Sprint Corp with T-Mobile US Inc.

While Son was publicising his pledge to invest US$50 billion (RM223.1 billion) and create 50,000 jobs, he dragged Foxconn into the conversation by hinting that Fox-conn would commit US$7 billion and provide a similar number of jobs. Th ose fi gures weren’t from Gou, they came from Son. If you read Foxconn’s response close-ly, you’ll see they didn’t actually pledge to invest in the US at all.

We can confi rm that we are in preliminary discussions regarding a potential investment that would represent an expansion of our cur-rent US operations. While the po-

tential investment’s scope has not been determined, we will announce the details of any plans following the completion of direct discus-sions between our leadership and the relevant US offi cials.

I wrote at the time that Son’s fab-ulous SoftBank pledge wasn’t real, and those jobs won’t happen. I also published a mock letter from Gou to Trump, which outlined the Foxconn chief’s government-relations play-book. Gou’s pledge to authorities in Beijing is simply another page out of that book. It’s probably one of the easiest promises the billionaire has ever had to make. After all, it’s not hard to make a commitment to not do something when you wer-en’t planning to in the fi rst place. — Bloomberg

speech” from its web pages within 24 hours or face fi nes, which could force the social media giant to bear more responsibility for content posted by users. Chancellor An-gela Merkel, who is running for a fourth term this year, has warned that the Internet is not “a space that is free from the law”.

Germany’s strict libel and slander laws are meant to protect citizens by making it a crime to defame others. More than 218,000 cases involving insults were fi led with prosecutors

in 2015. But few Internet-based cas-es were prosecuted. Facebook COO Sheryl Sandberg visited Berlin on Sunday to meet with German gov-ernment offi cials considering new regulations for Facebook, accord-ing to a Berlin-based source at a rival Internet company. Dan Rose, in charge of partnerships for Face-book, on Monday acknowledged it was no longer a simple communi-cations platform.

“Th ere is no question we play an important role in the media land-

scape,” Rose told the DLD technol-ogy conference in Munich. “Th ere are people who are discovering their news and consuming their video[s] and other media types on Facebook ... We take that role seriously.”

Th e issue has become more ur-gent amid Germany’s political estab-lishment’s concerns that a prolifera-tion of fake news and racist content, particularly about the 900,000 refu-gees that arrived here last year, could sway public opinion in the election campaign. — Reuters

Australia’s Qantas grounds 10 aircraft on overdue inspectionsSYDNEY: Qantas Airways, Aus-tralia’s biggest airline, said it had grounded 10 turboprop air-craft and cancelled some fl ights after failing to complete inspec-tions in a timely manner. “Th is is an administrative issue that relates to technical compliance and not a safety issue with the aircraft,” a Qantas spokesman said yesterday, without giving further details. A person with knowledge of the situation said the delay was due to confusion over the need to inspect bolts that Qantas had replaced on some of its 31 Q400s following a directive from the aircraft maker Bombardier Inc to do so. — Reuters

Bankrupt retailer American Apparel starts layoff sNEW YORK/LOS ANGELES: American Apparel LLC said it started to lay off staff on Mon-day, after Canadian apparel maker Gildan Activewear Inc withdrew its initial plan to ac-quire some of the bankrupt US fashion retailer’s manufactur-ing operations. Gildan won the rights to American Apparel’s brand with an US$88 million (RM392.66 million) bid in a bankruptcy auction last week. It had previously indicated it would assume some of its man-ufacturing operations which made the brand synonymous with the “Made in the USA.” identity. — Reuters

Noble buys Clayton for US$2.7b to expand in PermianCALGARY/NEW YORK: No-ble Energy Inc agreed to buy Clayton Williams Energy for US$2.7 billion (RM12.05 bil-lion) in stock and cash to expand in America’s hottest shale play. The combination will create the second-larg-est acreage position in the Southern Delaware Basin of the Permian shale formation, Houston-based Noble said in a statement on Monday. The deal provides more than 4,200 drilling locations on about 120,000 net acres, with re-sources of more than two bil-lion barrels of oil equivalent, Noble said. — Bloomberg

Airbus CEO sees ‘fl ying car’ prototype ready by year-endMUNICH: Airbus Group plans to test a prototype for a self-piloted flying car as a way of avoiding gridlock on city roads by the year-end, the aerospace group’s chief exec-utive said on Monday. Airbus last year formed the “Urban Air Mobility” division that is exploring concepts such as a vehicle to transport individu-als or a helicopter-style vehicle that can carry multiple riders. Th e aim would be for people to make reservations for the vehicle using an app, similar to car-sharing schemes. — Reuters

W O R L D B U S I N E S S 1 9WEDNESDAY JANUARY 18, 2017 • THEED G E FINANCIAL DAILY

European 2016 auto sales jump to nine-year highon Renault gainsBERLIN: European car sales rose 6.5% to a nine-year high in 2016, propelled by pent-up de-mand amid a recovering econ-omy, as French manufactur-er Renault SA took advantage of market leader Volkswagen AG’s diesel-emission scandal to leap into second place. Demand growth at Renault accelerated to 14% in December, more than four times the market’s gain for the month, pushing the compa-ny’s full-year sales up 12%. Re-nault overtook PSA Group, the Paris-based maker of Peugeot, Citroen and DS cars, to rank No 2 last year in European auto sales, widening its market share to 10.1% from 9.6% in 2015. — Bloomberg

‘HSBC funding Indonesian rainforest destruction’JAKARTA: Greenpeace yes-terday accused banking giant HSBC of helping arrange bil-lions of dollars in financing for companies whose palm oil operations have been blamed for destroying vast swathes of Indonesian rainforest. Th e environmental group said the British bank had broken its own guidelines, which ban supporting palm oil compa-nies involved in unsustaina-ble practices as it was part of syndicates that had arranged US$16.3 billion (RM72.7 bil-lion) of loans since 2012. Th e bank was also involved in ar-ranging nearly US$2 billion of corporate bonds, the activists said in a new report. — AFP

Venezuela releases new banknotes in cash crisisCARACAS: Infl ation-stricken Venezuela released new big-ger denomination banknotes on Monday to stop citizens struggling with unwieldy wads of cash in an economic crisis. Customers at banks in Caracas told AFP the cashiers were issu-ing new 500 (RM223)-, 5,000- and 20,000-bolivar notes. Th e notes were meant to be re-leased in December but got delayed, causing chaos as Ven-ezuelans queued up anxiously to change their bills. President Nicolas Maduro wants to scrap the 100-bolivar notes, claim-ing they are being hoarded by “mafi as”. — AFP

Cadillac expects double-digit China sales growthBEIJING: General Motors Co’s Cadillac expects sales in China to continue growing at a dou-ble-digit rate this year, but at a slower pace than in 2016. While it surpassed Toyota’s Lexus in sales to become the fi fth best-selling premium marque in the country last year, Cadil-lac still lags the German “Big Th ree” and No 4 Jaguar Land Rover. Th e brand has to do a “mind shift” to no longer think of itself as a second-tier brand, Cadillac’s China chief, Andre-as Schaaf, told Reuters in an interview yesterday. — Reuters

I N BR I E FTrump threatens German carmakersHe warns of imposing 35% tax on vehicles imported to the US

PRETORIA: US motor giant Ford on Monday recalled 4,500 1.6-litre Kuga cars in South Af-rica after nearly 40 incidents in which vehicles were reported to have burst into fl ames.

Over recent years, the sport utility vehicle model has been the focus of repeated accounts in South Africa of spontaneous fi res taking hold while the car is being driven.

“We are now announcing a voluntary safety recall of the Kuga 1.6,” Ford South Africa chief exec-utive Jeff rey Nemeth told a press conference in Pretoria.

“We can confi rm that a total of 39 incidents have been re-ported to Ford ... there may be some incidents that have not yet been reported to us.”

Nemeth said that the fi res were caused by overheating due to poor coolant circulation that led to an oil leak.

“If the oil leak reaches a hot engine component, it could potentially catch fi re,” he said.

“With this safety recall, all affected vehicles, including those that have already been checked as part of our main-tenance check, must be tak-en to a Ford dealer as soon as possible.”

One man, Reshall Jimmy, died in December 2015 when his Kuga burst into flames, but Ford said it believed the death was not related to the fault.

“We are not aware of any in-juries that have resulted from our engine compartment fi res,” Nemeth said, while also off er-ing his condolences to Jimmy’s family, who attended the press conference.

Kaveen Jimmy, Reshall’s brother, said his family’s cam-paign over the Kuga would con-tinue and that lawyers were preparing a civil action case against Ford.

“I think 50% of the battle has been won. Part of the goal was to get these Kugas from South Africa so that the safety of South Africans can be protected,” he said. — AFP

Ford recalls 4,500 cars in South Africa after fi res

BY E D WA R D TAY LO R

& A N D R E A S R I N K E

FRANKFURT/BERLIN: US Presi-dent-elect Donald Trump warned German car companies that he would impose a border tax of 35% on vehicles imported to the US market, a plan that drew sharp re-bukes from Berlin and hit the au-tomakers’ shares.

In an interview with German newspaper Bild, published on Mon-day, Trump criticised German car-makers such as BMW, Daimler and Volkswagen (VW) for failing to pro-duce more cars on US soil.

“If you want to build cars in the

SEOUL: Hyundai Motor Co and affi liate Kia Motors Corp said they will spend US$3.1 billion (RM13.83 billion) in the US in the next fi ve years, joining other vehicle manu-facturers in announcing investment plans amid threats from US Presi-dent-elect Donald Trump of higher levies on auto imports from Mexico.

The planned US investment by South Korea’s two largest au-tomakers is about 50% more than the US$2.1 billion they spent in the previous five-year period, Hyundai Motor president Chung Jin-haeng told reporters in Seoul yesterday. The group is consider-ing building a new factory in the US, and may produce Hyundai Motor’s upscale Genesis vehicles and a US-specific sport utility ve-hicle (SUV) in the country, said the executive, who also oversees the strategic planning for Kia.

“We expect a boost to the US economy and increased demand for various models as President-elect Trump follows through on his

WASHINGTON: General Motors Co (GM) was to announce long-held plans to invest about US$1 billion (RM4.46 billion) in its US factories, fol-lowing recent criticism of the compa-ny by President-elect Donald Trump, a person briefed on the matter told Reuters late on Monday.

Th e largest US automaker is mak-ing the decision for business and not political reasons, said the per-son, who asked not to be identifi ed.

BY S U S A N N J A N J I

world, then I wish you all the best. You can build cars for the United States, but for every car that comes to the USA, you will pay [a] 35% tax,” Trump said in remarks translated into German.

“I would tell BMW that if you are building a factory in Mexico and plan to sell cars to the USA, without a 35% tax, then you can forget that,” Trump said.

VW shares closed down 2.2%, while BMW and Daimler shares ended 1.5% lower.

Under pressure to deliver on campaign promises to revive US industrial jobs, Trump has turned his fi re on carmakers that use low-

cost Mexican plants to serve the US market. He has also warned Japan’s Toyota it could be subject to a “big border tax” if it builds its Corolla cars for the US market at a planned factory in Mexico.

All three German carmakers have invested heavily in Mexico, but also pointed out on Monday that they manufactured in the US as well.

B M W e x e c u t i v e P e t e r Schwarzenbauer told reporters the company was sticking to plans to invest around US$1 billion (RM4.46 billion) in a new plant in Mexico, which is due to go into production in 2019 and create at least 1,500 jobs. — Reuters

Hyundai, Kia to spend US$3.1b in US, mull new plantBY S O H E E K I M

promise to create one million jobs in fi ve years,” Chung said. “We will actively consider introducing new models that have increasing de-mand and profi ts.”

Hyundai and Kia will invest

about 30% to 40% of the US$3.1 billion on new technologies, such as autonomous driving and green cars. Th e rest will be spent on facilities and adding new models, accord-ing to the company. — Bloomberg

Hyundai Genesis on display during the North American International Auto Show in Detroit, Michigan, last Monday. Chung says Hyundai may produce the upscale Genesis vehicles and a US-specifi c SUV in the country. Photo by Reuters

‘General Motors to announce US$1b investment in factories’Th e investment will help GM cre-

ate or retain more than 1,000 jobs, while the automaker also plans to tout other eff orts to boost US em-ployment, including adding engi-neers, the person added.

GM general counsel Craig Glidden told The Wall Street Jour-nal, which reported the compa-ny’s plans earlier on Monday, that any investment the compa-ny might disclose had been long planned and was not a response to Trump’s criticism.

GM declined to comment on the investment.

Since the beginning of this year, GM has come under heavy criticism from Trump for building vehicles in Mexico, as have oth-er automakers. On Jan 3, Trump threatened to impose a “big bor-der tax” on GM for making some of its Chevrolet Cruze compact cars in Mexico.

At a news conference last week, Trump cited recent US investments by other automakers and said:

“General Motors will be follow-ing, and I think they will be.”

Last week, Japan’s Toyota said it would invest US$10 billion in the US over the next fi ve years, while Fiat Chrysler Automobiles NV said it would invest US$1 billion to mod-ernise two plants in the Midwest, creating 2,000 jobs.

Ford Motor Co announced this month it would cancel a planned US$1.6 billion factory in Mexico and would invest US$700 million in a Michigan plant. — Reuters

BY D AV I D S H E PA R D S O N

2 0 W O R L D WEDNESDAY JANUARY 18, 2017 • THEEDGE FINANCIAL DAILY

India politician loses party to son in bitter family feud NEW DELHI: The former head of Uttar Pradesh, In-dia’s most populous state, lost a battle against his son on Monday for the rights to use the ruling party’s name, a turning point in a bitter fam-ily feud that has dominated national headlines. Mulayam Singh Yadav last week peti-tioned India’s election com-mission to claim the name and coveted bicycle symbol of the Samajwadi Party, after being toppled as party pres-ident by his 43-year-old son, Akhilesh Yadav. The right to use the bicycle logo in crucial state elections next month is key; pictorial symbols remain the most potent medium to connect with millions of vot-ers in India, many of whom are illiterate. — AFP

Wife of Orlando nightclub shooter arrested by FBI SAN FRANCISCO: The wife of Orlando nightclub shoot-er Omar Mateen was arrest-ed by the FBI on Monday at her home in California, a law enforcement offi cial said, fol-lowing questions over whether she was aware of his plans to carry out the attack. Mateen gunned down 49 people at the Pulse gay nightclub on June 12, 2016, in the deadliest mass shooting in US history. Mateen, whose parents had immigrated from Afghanistan, had appar-ently become radicalised after watching online jihadist propa-ganda. Media reports have said that his wife Noor Salman, who is of Palestinian descent, may have had prior knowledge of his plan to carry out the mas-sacre. — AFP

Kyrgyzstan recovers bodies from plane crash site BISHKEK (Kyrgyzstan): Kyr-gyzstan yesterday observed a day of mourning as it recov-ered the bodies of the dozens of people killed when a Turkish cargo plane crashed into a vil-lage outside the capital a day ago. Authorities in the Central Asian country have blamed pilot error for Monday’s crash of a cargo plane operated by ACT Airlines, a Turkish cargo carrier, as it was attempting to land in foggy conditions at the Manas airport in the Kyrgyz capital Bishkek. — AFP

Lost Australian family found on Japan mountain TOKYO: An Australian family who went missing at a Japa-nese ski resort have been res-cued after sending out a social media SOS, and spending a chilly night in a snow cave, po-lice and reports said yesterday. Th e unnamed mother and her three sons were found on the mountain shortly after 9am lo-cal time (2300 GMT Monday) yesterday, a police spokesman told AFP. Th e search was on for the foursome — the mother in her fi fties, two adult sons, and a younger boy. — AFP

I N BR I E FIstanbul attack suspect confessesAbdulgadir Masharipov detained after weeks-long manhunt

TAIPEI: Taiwan began two days of military drills yesterday sim-ulating an attack by China as the government sought to reassure the public in the face of deteri-orating relations with Beijing.

The island’s armed forces gathered in central Taiwan for annual drills that saw troops practise combat skills with tanks, attack helicopters and artillery.

“The military has active meas-ures to deal with the situation in the Taiwan Strait and the South China Sea, so the public can rest assured. We will enhance training 365 days a year,” de-fence spokesman Chen Chung-chi said.

Beijing considers Taiwan to be a breakaway province and part of “one China” to be brought back within its fold, by force if necessary.

China has stepped up drills in recent weeks after being an-gered by an unprecedented call made by Taiwan’s Beijing-scep-tic President Tsai Ing-wen to US President-elect Donald Trump.

Yesterday’s drill mimicked an attack by China in a scenar-io where its war vessels have crossed over the middle line of the Taiwan Strait.

It comes after Beijing’s only aircraft carrier sailed through the strait last week. The Liaoning did not enter Taiwanese waters but went into an area covered by its air defence zone.

Chinese military aircraft also passed near Taiwan on Dec 10 for the second time in less than a month. — AFP

Taiwan simulates China attack as tension rises

BY F U LYA OZ E R K A N

& S T UA R T W I L L I A M S

ISTANBUL: A 34-year-old Uzbek man suspected of mowing down 39 people at an Istanbul nightclub on New Year’s Eve confessed yes-terday to the massacre, Turkish authorities said.

In a dramatic assault early yes-terday morning, Turkish police raid-ed an Istanbul apartment and de-tained Abdulgadir Masharipov after

a massive weeks-long manhunt.“The terrorist confessed his

crime,” Istanbul governor Vasip Sa-hin told reporters at a news confer-ence, saying the suspect’s fi nger-prints matched those of the attacker.

“He was trained in Afghanistan and can speak four languages. He’s a well-trained terrorist,” added the governor.

P o l i c e a l s o c o n f i s c a t e d US$197,000 (RM878,620), two fi re-arms and clips during the raid.

The operation to capture the suspected jihadist involved some 2,000 police offi cers, the Istanbul governor said.

Th e suspect had been on the run for 17 days, after apparently slipping into the night following the attack on the glamorous Reina nightclub on the Bosphorus.

Th e Islamic State group took re-sponsibility for the bloodbath, the fi rst time it has ever openly claimed a major attack in Turkey. — AFP

BRUSSELS/BERLIN: European Un-ion (EU) heavyweights Germany and France led a sharp European re-sponse to US President-elect Donald Trump on Monday after he branded Nato “obsolete” and said more coun-tries would leave the EU after Britain.

In a hard-hitting interview with two European newspapers, Trump unleashed a volley of verbal attacks on Europe and criticised German Chancellor Angela Merkel’s “cat-astrophic” decision to open Ger-many’s borders to Syrian refugees.

With fears growing in Europe over Trump’s commitment to the transatlantic alliance and signs that he will pivot towards Russia, Merkel

warned that the continent now had to take responsibility for itself.

“We Europeans have our fate in our own hands,” Merkel told reporters in Berlin when asked about Trump’s criticisms, adding that she will work towards getting the EU to strengthen the economy and fi ght terrorism.

French President Francois Hol-lande’s response to Trump’s inter-vention was more blunt, insisting that the EU “has no need for outside advice” on its aff airs.

Trump’s latest remarks have in particular caused further consterna-tion among eastern European Nato countries nervous about Moscow, following Russia’s annexation of Crimea and involvement in Ukraine.

“I said a long time ago that Nato

had problems,” Trump told The Times of London and Bild, Germa-ny’s biggest-selling daily, last Friday.

“Number one, it was obsolete, be-cause it was designed many, many years ago,” he said, referring to its Cold War, post-World War II origins. “Number two, the countries aren’t paying what they’re supposed to pay.”

German Foreign Minister Frank-Walter Steinmeier said Eu-rope was stunned by Trump’s re-marks on Nato.

“Th e interview statements of the American president-elect ... caused, indeed here in Brussels, astonishment and agitation,” Stein-meier said as he went from a meet-ing with Nato chief Jens Stolten-berg to talks with EU counterparts.

Stoltenberg was “absolutely con-fi dent” in Trump’s commitment to Nato, the alliance chief’s spokesman Oana Lungescu said.

Trump, however, further extend-ed a hand to Russia, which has been hit by a string of sanctions under US President Barack Obama’s outgoing administration.

“Let’s see if we can make some good deals with Russia,” Trump said, suggesting in vague terms a deal in which nuclear arsenals would be reduced and sanctions against Moscow eased.

In another comment that alarmed the Europeans, Trump re-fused to say that he trusted Merkel more than Russian President Vladimir Putin. — AFP

Europe, Nato hit back at TrumpBY DA N N Y K E M P & H U I M I N N EO

OTTAWA: Canada’s ethics com-missioner has opened a probe of Prime Minister Justin Trudeau over his lavish post-Christmas vacation at the private island of billionaire philanthropist and spiritual leader the Aga Khan.

In a letter to an opposition Con-

servative member of parliament (MP) shown to AFP on Monday, Commissioner Mary Dawson said she was investigating whether Trudeau breached ethics laws in receiving a free Bahamas vacation and in using the Aga Khan’s heli-copter to fl y to his private island.

Trudeau and his family, as well as a Liberal MP and the president of the party and their spouses, stayed at the Aga Khan’s home on Bell Island in the Bahamas for a post-Christmas vacation.

Th e Aga Khan’s foundation has received hundreds of millions of

dollars from the Canadian govern-ment to promote development and other projects in several countries. It is registered as a lobbyist.

Canadian confl ict of interest laws prohibit offi ce holders from accept-ing gifts. Free travel is specifi cally list-ed as prohibited for ministers. — AFP

Ethics watchdog probes Canadian PM’s lavish vacation

F E AT U R E 2 1WEDNESDAY JANUARY 18, 2017 • THEED G E FINANCIAL DAILY

China’s oil collapse is unintentionally helping Opec

Uncertainty likely to sway marketsBut fundamentals should eventually resume their place as the key determinant of stock value

BY A I B I N G G U O & J I N G YA N G

After the UK Brexit vote and the US presiden-tial election, interna-tional equity markets should be accus-tomed to the unex-

pected by now. And as 2017 unfolds, we believe uncertainty is likely to per-sist. Instead of trading on underlying corporate fundamentals, we think this uncertainty creates the potential for markets to trade on news headlines as well as on rhetoric and speculation about policy changes coming from a number of Western capitals.

We believe the potential for sig-nifi cant policy change in the US is what has largely driven the surge in equities since the presidential elec-tion in November. Growth stocks have drastically underperformed value stocks, as investors favoured fi nancial and energy names while selling what had been strong per-

formers in the information technol-ogy and health care sectors. Bank stocks, in particular, have moved in dramatic fashion — rerating not on a near-term change in profi t out-look, but simply on optimism about possible industry deregulation and a more rapid pace of interest rate increases.

Also, hopes for greater fiscal spending in the US, along with the subsequent rise in bond yields, have led to a move into stocks that could benefi t from faster growth and great-er infl ation — the so-called “refl a-tion trade”. Infrastructure and de-fence-related names — especially those sporting low valuations as measured by price-earnings ratios — surged at the expense of what we view as higher-quality stocks that generally offer more sustainable earnings growth, cash flows and dividend streams.

While these moves may mark the dawn of a new period for glob-al equity markets, in our view, not much has changed fundamental-ly. According to the International

Monetary Fund, the pace of global economic growth is likely to remain steady in 2017, with global gross domestic product growing a pro-jected 3.4% after a 3.1% expansion in 2016.* Underpinning these fore-casts is relatively robust growth in emerging markets and more modest expansion in developed economies, including somewhat faster growth in the US, a slowdown in Europe and the UK, and continued slug-gishness in Japan.

Although the US Federal Reserve may continue to raise interest rates modestly over the course of 2017, the European Central Bank (ECB) and Bank of Japan are likely to contin-ue asset purchases as they look to support growth and bolster infl ation in their respective economies. We anticipate that this liquidity should continue to buoy international equi-ty markets, even as the ECB begins to taper bond purchases in April 2017. Additionally, a stronger US dollar is likely to put a cap on US eq-uity markets, after the recent move higher has left them trading at the

top of their historic valuation range.With many US stocks potentially

at their peaks, we see greater oppor-tunities to seek best-in-class, non-US companies that are positioned to take advantage of growth oppor-tunities around the world. Moreo-ver, unlike US stocks, many of these companies have traded sideways over the past few years, and their valuations look more compelling to us. For instance, our bottom-up research has led us to individual opportunities more recently in the UK and Japan. We are focused on companies which garner most of their revenues abroad, as they lev-erage their robust business models to capture growth opportunities in faster-growing regions like the US or emerging markets.

Politics remain the wildcard. What a combination of lower tax-es, looser regulation and potentially greater protectionist policies in the US may mean for the economy and global trade remains to be seen. In-creased protectionism, in particu-lar, could upend supply chains and

make doing business globally more challenging. Th e populist rhetoric might also increase across Europe in 2017 as French, German and Dutch voters head to the polls.

Although political rhetoric, a changing regulatory regime and potentially more protectionist pol-icies may infl uence how markets trade from day-to-day in 2017, we believe fundamentals will ultimately matter. As markets get more clarity on the emerging policy backdrop, we believe companies with strong growth potential that the market has overlooked will likely fare well over the longer term.

* Source: International Monetary Fund, World Economic Outlook, October 2016. Th ere is no assur-ance that any estimate, forecast or projection will be realised.

Coleen Barbeau is senior vice pres-ident, director of portfolio man-agement and portfolio manager at Franklin Equity Group.

BY C O L E E N B A R B E AU

OPEC’S campaign to prop up oil prices is getting unlikely support from its biggest customer.

China’s production is forecast to fall by as much as 7% this year, ex-tending a record decline in 2016, according to analysts at CLSA Ltd, Sanford C Bernstein & Co and No-mura Holdings Inc. Th at is about the same size as the output cut agreed by Iraq, the second-biggest producer in Opec, which late last year reached a deal to trim supply to support prices.

“China’s domestic crude output decline will certainly help Opec’s plan to reduce global supply,” said Nelson Wang, a Hong Kong-based oil and gas analyst at CLSA. ”Even if that isn’t China’s intention, it’s just the reality that China can’t produce more under the current circumstances.”

While China consumes more oil than almost any other country, it is also one of the world’s biggest pro-ducers, with fi elds stretching from off its southern coast to the far northeast. Th e collapse in prices that began in 2014 is taking its toll, and the nation’s output suff ered a record decline last year. That plays into the hands of Opec as it seeks to prop up the global oil market, forcing China to depend more heavily on imports.

Brent crude, benchmark for half of the world’s oil, averaged about US$45 (RM200.70) a barrel last year, more than 50% below levels in 2014, the year Opec decided to tackle a global glut by keeping the taps open. Th e crash in prices triggered a rethink by the group, which band-ed together with 11 non-member countries late last year and agreed to a collective cut of almost 1.8 mil-

lion barrels a day (bpd).Th e deal triggered a rally, which

was unable to hold above US$58 a barrel amid concern that higher prices would spur higher output elsewhere, particularly from US pro-ducers. Brent was trading down 0.6% at US$55.53 a barrel as of 2.29pm in Singapore yesterday.

Shrinking outputChina’s output slumped in 2016 as state-owned fi rms shut wells at ma-ture fi elds that had become too cost-ly to operate after the crash. Crude production fell 6.9% in the fi rst 11 months of 2016 to about four million bpd, the fi rst decline since 2009 and the biggest in data going back to 1990.

Th e International Energy Agency estimates output fell 335,000bpd last year as the country’s biggest produc-ers cut spending, and will slide a fur-

ther 240,000bpd this year. Production shrank to a seven-year low in October “with no uptick in activity expect-ed from the major companies”, the Paris-based group said last month.

Supply from the Daqing fi eld, one of China’s biggest and oldest, slipped about 3% last year to 732,200bpd, ac-cording to data from China National Petroleum Corp (CNPC). While the nation’s biggest explorer plans to maintain output at the fi eld, it aims to cut spending on exploration and engineering there by 20% this year, it said in December.

Output at China Petroleum & Chemical Corp’s (Sinopec) Shengli fi eld, which contributed 65% of the company’s domestic crude produc-tion last year, will shrink almost 2%, the subsidiary that operates it said this month.

There’s “little hope” that the

country’s ageing oilfi elds can re-verse the declines even as prices rebound, while new discoveries may not raise output as much as expected because of high production costs, said Bernstein’s Neil Beveridge, who forecasts the country will pump 4% less this year. Even after explorers improved effi ciency over the past two years, the break-even point for new onshore oilfi elds is still about US$50 a barrel, he said.

CNPC and Sinopec declined to comment. Nobody answered calls to China National Off shore Oil Corp’s press offi ce in Beijing.

Supporting importsTh e National Energy Administra-tion (NEA), the country’s energy regulator, forecasts that output this year will remain stable at about four million bpd a day, NEA director Nur

Bekri said at the agency’s annual meeting in December, according to a 21st Century Business Herald report. Th e NEA did not respond to a faxed request for comment.

Lower domestic production will help support the nation’s imports, especially in the fi rst half of the year, according to Virendra Chauhan, an analyst at London-based Energy Aspects Ltd. Th at will increase the country’s reliance on overseas sup-ply, which is forecast to rise above 65% of its total crude use this year, according to CNPC’s research arm.

China’s oil imports in 2016 grew at the fastest pace in six years and the nation was the world’s biggest buyer in December. Inbound shipments climbed 13.6% last year, while im-ports in December rose to a record 8.6 million bpd. Th is year, though, China will boost its purchases by 4.8%, according to the median esti-mate of eight analysts in a Bloomberg survey last month.

Th e Asian nation is seen leading a trend across the region. Asia-Pacif-ic’s crude output will drop by about one million bpd to 6.5 million by 2020, according to Wood Macken-zie Ltd, as exploration since 1990 has yielded mostly natural gas and capital spending was cut because of the slump in oil prices. China will account for 47% of that decline, ac-cording to the consultant.

“China’s largest oil fi elds are age-ing rapidly,” said Gordon Kwan, No-mura’s Hong Kong-based head of Asia-Pacifi c oil and gas research, who sees the country’s output falling 5% even as prices rise. “Advanced technology can only mitigate the decline rate, but can’t reverse the structural trend.” — Bloomberg

22 live it! W E L L B E I N G . T H E A R T S . W I N E + D I N E . S T Y L E + D E S I G N . L E I S U R E

WEDNESDAY JANUARY 18, 2017 • THEEDGE FINANCIAL DAILY

PersonalASSISTANTC O M P I L E D BY S H A L I N I Y E A P

W O R K . L I F E . B A L A N C E

TAKE a midweek break and unwind with an organ recital by the Malaysian Philharmon-ic Orchestra (MPO). Marcelo Giannini will be playing in an intimate organ recital setting, featuring Dewan Filharmonik Petronas’ ma-jestic Klais organ tonight. The performance will include Bach’s Prelude and Fugue in E-fl at major and Pastorale in F-major, Franck’s Choral No 2 in B minor and Gigout’s Tocca-ta in B minor. Tickets priced at RM30 can be purchased via the venue’s website. There is a dress code to be observed for this venue and show time is at 6.30pm. MPO is located at Level Two, Tower Two, Petronas Twin Tower Kuala Lumpur. Visit www.mpo.com.my or call (03) 2331 7008 for more information.

TODAY is open mic night at Crackhouse Comedy Club so make plans to swing by for your weekly dose of comic relief. You will be entertained by both seasoned comedians and newbies to the scene. There is an entry fee of RM15 and doors open at 8pm. The show starts at 9pm, but you may want to show up early to buy your tickets at the door as ticketing closes at 8.45pm. Crackhouse Comedy Club is located on the 1st fl oor of 24a Lorong Rahim Kajai 14, Taman Tun Dr Ismail, Kuala Lumpur. Visit www.crackhousecomedy.asia, email [email protected] or call (017) 624 3412 for bookings and more.

SOME say three’s a party and the folks at TEMPTations, Renaissance Kuala Lumpur Ho-tel do seem to agree. The third person dines for free when two people savour a dinner buff et at this restaurant. The buff et spread includes live cooking stations, and seafood, sushi, sashi-mi and more. TEMPTations is situated on the East Wing Lobby Level of Renaissance Hotel, Jalan Sultan Ismail & Jalan Ampang Kuala Lumpur. Visit www.marriott.com or call (03) 2716 9388 for reservations and more.

Because with wine, there is al-ways a finite number of bot-tles from each year of produc-tion, there is never enough of a good year to go around. This is very much the case when it

comes to wines from Weingut Egon Müller-Scharzhof (or Egon Müller for short).

Rieslings from Egon Müller are some of the best coming out of Germany in these past five decades. Mosel — the most famous of Germany’s 13 official wine regions — is also the third largest in terms of production. It follows the path of the Mosel river from its confl u-ence with the Rhine river near Koblenz, upstream and south-west to Germany’s border with Luxembourg and France. Th is region also includes the Saar and Ruw-er tributaries, and was formerly known as Mosel-Saar-Ruwer until August 2007, when the name was offi cially shortened to Mosel.

Like much of the best things in life, wines from the 8ha of vines in the world-famous Scharzhofberg vineyard, which includes 3ha of ungrafted Riesling vines from the 19th century, are hard to come by.

At Resorts World Genting (RWG), we ensure that we are able to offer these wines through a constant process of com-munication and interaction both with wine merchants and stockists, as well as with the wine houses themselves. One of the reasons we are able to buy the lion’s share of the allocated number of bottles or cartons apportioned to each region or country is because producers understand that we cater to a clientele most likely to appreciate these vintages. Of course, it does not hurt that RWG is one of only two Wine Spectator 2 Glass, Best of Award of Excellence holders in Malaysia.

Th e 2015 vintage from Egon Müller is


THE LION’S SHARE

BY K E V I N Y E E

one of the best in recent history, and on a par with the last great vintage of 2003, barring that the acidity of the wines is much higher than those from 2003. We off er the 2015 Scharzhofberger Riesling, as well as the Riesling Kabinett, Riesling Spatlese and Riesling Auslese. Th e grapes for each wine were hand-harvested and then pressed without any skin contact be-fore being fermented in large, 1,000-litre oak casks. Th e wines are usually bottled six months later. Egon Müller’s sweet Rieslings are arguably the fi nest in Mosel, while his Kabinett and Spätlese wines are unusually fi ne and elegant.

Although Germany is now producing a wider range of wines than ever before in its wine production history, it has gained a reputation for its light, refreshing, fruity Rieslings whose alcohol content usual-ly comes in at under 10% and which are characterised by quite a bit of residual grape sugar. Egon Müller was one of the fi rst wine houses to embrace the fruitier Rieslings as opposed to the more common dry German Rieslings, and has maintained such consistently high, uncompromising

standards that the estate’s rarest, sweet-est wine, Scharzhofberger Trockenbeer-enauslese, can fetch €4,000 (RM19,083) a bottle in the only commercial sphere in which it is off ered, the annual wine auction in Trier.

Many wine afi cionados and chefs have asked my opinion on Rieslings with high residual sugar content, like the ones pro-duced by Egon Müller. Tradition and wine classes have taught us that wines with such high residual sugar should be served with dessert or even as dessert. I disagree. I think these fruity Rieslings go very well with food, particularly Chinese cuisine. Egon Müller Rieslings have big personalities, so they are best off set by contrasting fl avours. One of our guests loves sweet and sour pork accompanied by Spätlese. Rieslings also makes fi ne companions to roast pork (both the Chi-nese and Western variants), duck, and even pate and crackers.

Kevin Yee, Court of Master Sommeliers, is RWG’s resident sommelier. Yee ensures that the RWG cellar — one of the biggest Premium & Grand Cru wine cellars in Ma-laysia — is consistently maintained and updated. He also works with Michelin-star chefs and celebrity chefs in pairing wine and beverages to their menus to create memorable dining experiences. He is in charge of RWG’s wine programme, which features over 600 labels and selections, including wines dating back to the 1900s.

Rieslings from Egon Müller are some of

the best coming out of Germany in these past fi ve

decades.

Riesling Kabinett.

Riesling Auslese.

live it! 23

W E L L B E I N G . T H E A R T S . W I N E + D I N E . S T Y L E + D E S I G N . L E I S U R E

WEDNESDAY JANUARY 18, 2017 • THEED G E FINANCIAL DAILY

DESIGN

Taiwan airline wins international honours for cabin designTAIWAN’s China Airlines claimed two honours for the business class cabin design of its new Airbus A350 aircraft in the 2016 global carrier rankings released on Jan 5 by industry news and reviews website The Design Air (TDA), continuing the company’s strong showing in international service awards.

The carrier based in northern Taiwan’s Taoyuan City won the prizes for Best Busi-ness Class Design and Best New Business Class in the fourth edition of the website’s annual rankings. While the former category was judged by TDA, the latter was among six categories — brand, business class, first class, livery, lounge and uniforms — that were de-cided for the first time by public vote.

“It was little surprise to see that the winners were in line with our own opinion,” according to TDA, which praised the Taiwan airline’s A350 business class cabins for their lighting, sky lounges and high-tech seats “appointed with luxurious finishes and paired with deeply

Four shoes for any fancy occasion

WHETHER it’s New Year’s Eve, Valentine’s Day, or a winter wedding, the beginning of the year is a time when you’ll be dragging your fancy shoes out of the closet for some dressy occasions. But do you go the safe route — a pair of black patent leather lace-ups with a tux — or opt for something a little more wild?

We say walk the line between them both. Th e four shoes below are stylish, interesting, and will work at almost any for-mal occasion — from a cocktail party to a gala. — Bloomberg

ClassicWant to play it safe? Go for a classic lace-up cap-toe dress shoe, such as this one. It will age well, both in the quality of the leather and in changing styles over time. (John Lobb, US$1,340 [RM5,976], mrporter.com)

Something diff erent You want to avoid looking like a pen-guin in black tie, especially when you’ll be surrounded by a whole mess of men wearing the same outfi t (in the penguin world, this is called a “rookery”). Th ese Christian Louboutin lace-less Oxfords will help you stand out from the rest. (Christian Louboutin, US$945 [RM4,215], christianlouboutin.com)

ColourColour can be tough to pull off , especial-ly when it comes to dressy shoes. If you decide you want something other than black, select a dark shade of red or blue, and be sure to keep the rest of your look simple and allow the shoes to be the main attraction of your ensemble. (Rubinacci, US$585 [RM2,609], mrporter.com)

Casual yet elegantSlippers are always a crowd pleaser. If you want something less serious but still elegant, this pair is for you. (Stubbs & Wootton, US$600 [RM2,676], stubbsand-wootton.com).

BY M OT I A N K A R I

The business class cabins in China Airlines’ new Airbus A350 fl eet continue to garner international recognition, winning two awards in the 2016 global carrier rankings released on Jan 5 by industry news and reviews website The Design Air. Photos courtesy of China Airlines

According to GT, its award winners were chosen by more than 22,000 qualifi ed ballots from frequent luxury travellers.

comfortable soft products”.Since the launch of services last September,

the Taiwan carrier’s new A350 planes have won a number of prominent international honours. The airline claimed four prizes, for its business seats, economy seats, interior lighting and on-board bars, in the transportation equipment and facilities category of Japan’s Good Design Award in the same month.

Last December, the carrier’s new fleet gar-nered the Best Business-class Seat Design ti-tle in the 2016 Tested Reader Survey Awards from US-based Global Traveler (GT) magazine, which also named the carrier Best Airline in North Asia excluding mainland China for the fourth consecutive year.

According to GT, the winners were chosen by more than 22,000 qualified ballots from fre-quent luxury travellers. EVA Airways, another Taiwan-based international carrier, picked up Best Airport Staff/Gate Agents in the same survey. — Taiwan Today

2 4 S P O RT S WEDNESDAY JANUARY 18, 2017 • THEEDGE FINANCIAL DAILY

Bottas joins Hamilton in ‘dream’ moveMassa comes out of retirement to race for Williams again

BY E L A I N E H E & L E I L A A B B O U D

LONDON: Valtteri Bottas was on Monday named as Lewis Hamil-ton’s new teammate at Mercedes, the Finn replacing retired world champion Nico Rosberg after be-ing freed to join the Formula One giants by Williams.

The laid-back 27-year-old’s well-touted move to the all-con-quering German constructor was facilitated by Williams persuad-ing Felipe Massa to come out of retirement to race for the team again in 2017.

Th e Stuttgart-based Mercedes

was left scrambling round for a second driver when Rosberg dra-matically retired on Dec 2, just fi ve days following his drivers’ ti-tle triumph.

While Rosberg and Hamilton were arch-rivals, Bottas said at the Mercedes team headquarters he wanted a good relationship.

“I think we are going to be a strong pair together,” he said.

“I really respect him (Hamilton) as a driver and as a person. He is so quick; he is a great reference for me.

“I am sure we are going to be

close and we are going to be both pushing each other forward.

“But the main thing is that I am sure we are going to work as a team, to work together, and help the team as much as we can, and with a big spirit, go fl at out.”

Hamilton took to Twitter to greet Rosberg’s replacement.

“Welcome to the Team, Valtteri!” the British driver wrote.

Mercedes team chief Toto Wolff observed: “It’s time to see how Valt-teri can step up to challenge for wins and Championships.” — AFP

LONDON/PARIS: Halfway through the season, Antonio Conte, the ex-citable, tactically savvy manager of Chelsea, is running ahead of rivals in fi rst place in England’s top football league. The Italian also stands out in another way: His team is the only one of the major teams whose television viewership has risen this season (albeit only very slightly).

Elsewhere, the trend of fewer people tuning in to the country’s biggest sport that was detected ear-lier this season has been confi rmed, according to a Bloomberg analysis of data from the UK Broadcasters’ Audience Research Board. Average viewership per game at the halfway point of the season is down 11% from a year earlier, and down 22% since 2010-2011. Th is is better than the 14% season-on-season slump in the fi rst 10 weeks of the season, but still not much to cheer about.

Oddly, the decline comes as the competition itself is thriving with fi ve teams chasing Chelsea, any one of which could arguably snatch the title by May. Attendance at games

is up slightly; the teams are raking in more money than ever because of a huge bump in broadcast fees.

Th e pain will be felt more at Sky plc, Europe’s pay-television leader, than BT Group plc, which broad-casts fewer games per week and is expanding from a lower base. Sky’s average viewers per match are down 13% from last year, and 25% from 2010. BT’s average has ticked up 3% this year, though that comes from its better time slot on a Saturday night.

None of this is particularly good news for Rupert Murdoch’s 21st Century Fox Inc, which is buying the 60% of Sky it doesn’t own for a proposed £11.7 billion (RM63.21 billion). Live sport from Formula One racing to rugby has been a crucial way for Sky to get people to sign up. While BT expanded into broadcasting to sell more telecoms services and keep customers loy-al, premium content is Sky’s rai-son d’etre.

Sky has been willing to stump up billions to win sports rights because they’ve been a sure-fi re driver of subscriptions. Th e Murdochs may have to reconsider their strategy

if the pull of live sports weakens.Th e declines are more than a

blip. Th e direction of travel is clear and persistent across time slots and teams going back fi ve years.

Some of the explanations given by executives and league offi cials don’t really hold up. No, the rele-gation of popular teams, Newcastle United and Aston Villa, to a lower league cannot explain the decline. Nor can it be attributed to fewer marquee games among the big six teams: Th ere were actually two more in the period than last year.

Something else is going on. It probably has to do with the ubiq-uity of entertainment options on our smartphones from cat videos to Pokemon Go, and the vast library of fi lm and TV series available on-line in the age of Netfl ix. In surveys, young people express less interest in sports as a genre of TV content than older people.

The decline can be seen too in the US at the big daddy of live sports, the National Football League. When both “footballs” are struggling for attention like this, you have to wonder whether the game is up. — Bloomberg

Football is losing its grip on TV

HONG KONG: Th e world’s top wom-an golfer Lydia Ko wants her stun-ning achievements as a teenager to narrow the sport’s huge gap in prize money between men and women.

“Hopefully one day it will be equal,” she told AFP, while recog-nising that she and her LPGA Tour colleagues have a crucial part to play in growing the sport among women.

“One of our roles is to obvious-ly play great golf, but to also make a diff erence in the game,” said Ko this week in a telephone interview from her Florida home to confi rm she will take part in the US$1.5 million (RM6.69 million) HSBC Women’s Champions in Singapore beginning on March 2.

Ko, who turns 20 in April, was the youngest player — man or woman — to become world golf No 1 when

she achieved the feat almost two years ago.

She was also the youngest to win a major, at the Evian Championship in 2015 at the age of 18.

She added another major in 2016 at the ANA Inspiration, but the US$6 million she made last year means that the New Zealander is the only wom-an among the sport’s top 50 earners, according to Golf Digest magazine.

Th e magazine placed her 44th, two places lower in the list than American journeyman William Mc-Girt, who has just one victory to his name in 10 years on the US PGA Tour.

Tennis is one sport where majors have recently given parity to men and women, but a gulf remains in golf.

Last year, Henrik Stenson re-ceived US$1.4 million for win-ning the British Open while Ari-ya Jutanugarn banked just over US$400,000 for winning the wom-en’s equivalent. — AFP

Top woman golfer Ko wants to getball rolling on equal pay for womenBY R I A Z AT B U T T

LONDON: After football’s interna-tional governing body moved to expand the World Cup, regional offi -cials are considering creating a new tournament pitting the best national teams in the Americas against one another, according to several people with knowledge of the discussions.

Concacaf, which oversees the sport in North and Central Ameri-ca and the Caribbean, is weighing holding its biennial national team competition every four years, said the people, without wanting their identities revealed as talks continue. Th e switch would create room for a new quadrennial tournament that would also include teams from South America, perhaps as early as 2020.

Revamping the Concacaf Gold Cup, which is held in the US, would bring it into line with other major regional competitions and the World Cup, which are played every four years. Th e global tournament this month was expanded to include 48 teams, up from 32, starting in 2026.

Concacaf president Victor Mon-tagliani has asked for an evaluation of all the competitions it runs, in-cluding the Gold Cup, the organi-sation said in a statement.

Th e success of last year’s Copa America Centenario, which was billed as a one-time event to mark the anniversary of South America’s Copa America but also included

teams from elsewhere in the West-ern hemisphere, prompted regional football offi cials to consider a reg-ular tournament. Th e new event would bring traditional powers Brazil and Argentina face to face with national teams from Mexico and the US, two of the region’s most lucrative broadcast and sponsor-ship markets.

Th e Centenario, put together hast-ily after nearly collapsing following the arrests of several regional foot-ball leaders in an investigation into corruption allegations, generated roughly US$400 million (RM1.79 billion), about four times what the Gold Cup raises, according to two of the people. Having more time to sell commercial rights would lead to far higher revenues, said Patrick Na-lly, the Englishman who pioneered sports sponsorship at global govern-ing body Fifa.

Th e 2016 European Champion-ship had sales of more than US$2 billion, and Nally said a joint event featuring the best teams from North and South America could generate at least half that much.

For broadcasters, the 2016 Centenario, won by Chile in a fi -nal against Argentina in front of a packed MetLife Stadium in New Jersey, proved a boon. Univision, which paid US$70 million for Span-ish-language rights in the US, sold more than US$135 million in ad-vertising. — Bloomberg

Offi cials say mulling new tournament in AmericasBY TA R I Q PA N J A

BARCELONA: Arsenal forward Alexis Sanchez on Monday admit-ted defrauding Spanish tax author-ities of €983,443 (RM4.67 million) while playing for Barcelona.

The 28-year-old Chile inter-national's confession could see him receive a fi ne and possibly a non-custodial prison sentence.

Giving evidence via video link from London, Sanchez "recognised

a tax error which he has settled with the Spanish Treasury,” a judicial source said.

Sanchez admitted that his tax declarations for 2012 and 2013 had not included profi ts from his image rights, which transited through a company based in Malta.

He also admitted that he had not stated that he owned the company Numidia Trading Ltd. — AFP

Alexis Sanchez admits €1m tax fraud

2 5


YEAR YEAR DAY DAY CODE COUNTER CLOSING +/– VOL VWAP* PE# DY MKT CAP HIGH LOW HIGH LOW (RM) (RM) (‘000) (RM) (X) (%) (MIL)

Bursa Malaysia Main Market YEAR YEAR DAY DAY CODE COUNTER CLOSING +/– VOL VWAP* PE# DY MKT CAP HIGH LOW HIGH LOW (RM) (RM) (‘000) (RM) (X) (%) (MIL)

Bursa Malaysia

KLSE COMPOSITE 1,663.03 4.19 0.25

KLSE INDUSTRIAL 3,137.26 -3.54 -0.11

CONSUMER PRODUCT 577.04 -0.12 -0.02

INDUSTRIAL PRODUCT 145.15 -0.26 -0.18

CONSTRUCTION 296.38 3.04 1.04

TRADE & SERVICES 222.00 0.25 0.11

KLSE FINANCIAL 14,678.76 127.61 0.88

KLSE PROPERTY 1,154.15 5.01 0.44

KLSE PLANTATION 7,913.63 20.39 0.26

KLSE MINING 478.24 Unch Unch

INDICES CLOSE +/- %CHGTECHNOLOGY 23.34 0.18 0.78

FTSE BURSA 100 11,366.09 44.48 0.39

FTSE BURSA MID 70 13,363.26 112.86 0.85

FTSE BURSA SMALL CAP 15,253.38 76.63 0.50

FTSE BURSA FLEDGLING 16,351.28 0.45 Unch

FTSE BURSA EMAS 11,661.45 46.39 0.40

FTSE BUR M’SIA ACE 5,035.87 21.13 0.42

FTSE BUR EMAS SHARIAH 12,179.84 26.61 0.22

FTSE BUR HIJRAH SHARIAH 13,555.22 11.55 0.09

FTSE/ASEAN 40 9,184.26 29.54 0.32

INDICES CLOSE +/- %CHG

Sectorial Movement

CONSUMER PRODUCTS 0.824 0.630 0.650 0.630 7120 ACOSTEC 0.650 0.015 64.5 0.634 77.38 3.85 115.6 4.900 3.297 4.900 4.700 7090 AHEALTH 4.800 -0.080 27.8 4.768 13.38 2.40 562.3 14.647 7.616 14.000 13.980 2658 AJI 14.000 UNCH 24.2 13.999 19.76 2.41 851.2 0.260 0.210 — — 7051 AMTEK 0.220 — — — — — 11.0 6.007 5.000 5.030 5.000 6432 APOLLO 5.000 -0.020 87.3 5.008 21.15 6.00 400.0 1.380 0.890 — — 7722 ASIABRN 0.900 — — — — — 71.2 5.121 3.470 3.600 3.490 7129 ASIAFLE 3.600 0.110 33.8 3.526 11.85 3.33 694.0 55.781 39.409 45.200 44.640 4162 BAT 45.000 0.360 153.4 44.930 20.51 5.18 12,848.9 0.070 0.035 0.055 0.055 7243 BIOOSMO 0.055 UNCH 1253.2 0.055 — — 39.8 0.721 0.536 0.595 0.590 9288 BONIA 0.590 -0.010 406.3 0.592 19.73 2.12 475.7 1.870 1.520 1.570 1.550 7174 CAB 1.560 -0.010 19 1.557 10.28 — 278.0 0.579 0.465 0.485 0.480 7154 CAELY 0.485 0.005 14.9 0.484 6.13 2.06 38.8 0.387 0.252 — — 7128 CAMRES 0.295 — — — 9.49 3.39 58.1 15.136 10.837 14.040 13.980 2836 CARLSBG 13.980 UNCH 487.4 14.008 18.39 5.15 4,306.9 0.730 0.530 0.675 0.665 7035 CCK 0.665 UNCH 356.9 0.668 12.29 2.26 209.7 2.581 1.942 1.970 1.960 7148 CCMDBIO 1.960 UNCH 40 1.961 18.33 4.08 546.8 1.770 1.025 1.160 1.160 9423 CHEEWAH 1.160 UNCH 5 1.160 8.88 3.02 48.8 3.226 2.344 2.500 2.490 2828 CIHLDG 2.490 -0.010 41 2.498 18.68 2.01 403.4 0.050 0.020 — — 5188 CNOUHUA 0.025 — — — — — 16.7 2.417 1.820 2.050 2.030 7205 COCOLND 2.050 UNCH 35 2.039 12.51 3.60 469.0 1.850 1.112 1.840 1.830 7202 CSCENIC 1.830 -0.020 73.8 1.834 14.15 6.56 220.5 0.125 0.055 0.065 0.065 5214 CSL 0.065 UNCH 602 0.065 1.20 — 80.8 0.060 0.035 0.050 0.045 7179 DBE 0.045 UNCH 7738.6 0.046 — — 49.7 0.954 0.752 0.880 0.880 7119 DEGEM 0.880 -0.020 7.1 0.880 11.64 2.56 117.9 64.674 44.824 54.720 54.700 3026 DLADY 54.700 UNCH 77.3 54.700 25.66 1.83 3,500.8 0.120 0.070 0.080 0.075 7198 DPS 0.080 0.005 1067 0.076 — — 47.0 0.265 0.020 0.070 0.070 7182 EKA 0.070 UNCH 2271.2 0.070 — — 21.8 0.380 0.185 0.370 0.365 5091 EKOWOOD 0.365 UNCH 178.3 0.369 — — 61.3 0.385 0.140 0.285 0.265 9091 EMICO 0.275 -0.005 1626.3 0.276 8.68 — 26.4 2.541 1.520 — — 7149 ENGKAH 1.720 — — — 46.87 3.78 121.7 0.275 0.195 0.230 0.230 7208 EURO 0.230 -0.005 529.7 0.230 18.55 — 55.9 0.850 0.630 — — 7094 EUROSP 0.630 — — — — — 28.0 27.000 17.729 23.320 23.280 3689 F&N 23.320 0.020 251.6 23.303 22.18 2.47 8,553.3 0.940 0.600 — — 9776 FARMBES 0.700 — — — 2.87 — 42.8 1.205 0.820 0.890 0.850 2755 FCW 0.890 UNCH 3 0.879 31.45 1.69 222.5 1.167 0.620 0.690 0.675 8605 FFHB 0.685 0.005 111.9 0.684 10.09 1.46 62.3 0.957 0.700 0.900 0.900 9172 FPI 0.900 0.010 7 0.900 12.73 7.78 222.6 1.540 0.854 1.080 1.050 5102 GCB 1.050 -0.020 95.1 1.060 12.30 1.43 504.2 2.738 2.083 — — 5606 GOLDIS 2.480 — — — 8.52 0.81 1,515.0 1.200 0.990 — — 5606PA GOLDIS-PA 1.060 — — — — 3.77 482.1 0.085 0.010 — — 5187 HBGLOB 0.035 — — — — — 16.4 18.372 12.212 16.400 16.220 3255 HEIM 16.300 -0.020 38.9 16.331 18.98 3.37 4,924.2 9.950 5.038 9.700 9.410 3301 HLIND 9.430 -0.050 11.8 9.495 10.89 3.61 3,092.1 1.112 0.841 1.010 1.000 5160 HOMERIZ 1.010 UNCH 696.3 1.006 10.81 4.95 303.0 0.479 0.240 0.305 0.285 7213 HOVID 0.300 0.015 15339.6 0.296 15.31 3.33 246.2 1.368 1.150 1.170 1.150 5024 HUPSENG 1.150 -0.010 125.9 1.158 18.67 3.48 920.0 0.590 0.360 — — 8478 HWATAI 0.460 — — — 15.59 — 34.4 2.880 1.785 2.840 2.800 5107 IQGROUP 2.830 UNCH 81.5 2.819 11.27 3.89 249.1 1.513 0.868 1.380 1.360 7152 JAYCORP 1.370 0.010 295.2 1.373 8.93 7.30 188.0 0.805 0.505 0.565 0.555 8931 JERASIA 0.565 UNCH 11 0.556 7.52 — 46.4 3.068 2.112 2.510 2.420 5247 KAREX 2.500 0.070 795.6 2.476 47.71 0.80 2,505.9 3.957 2.968 3.830 3.790 7216 KAWAN 3.830 0.050 593.5 3.800 26.56 0.65 1,032.7 0.260 0.025 0.170 0.160 8303 KFM 0.165 UNCH 989.1 0.165 — — 11.3 0.850 0.720 0.800 0.780 6203 KHEESAN 0.800 0.015 12 0.783 15.24 1.25 83.2 2.700 1.827 — — 7062 KHIND 2.280 — — — 9.19 4.39 91.3 1.190 1.000 1.080 1.070 0002 KOTRA 1.080 UNCH 166.2 1.080 33.54 — 143.3 0.125 0.035 0.065 0.055 5172 KSTAR 0.060 -0.005 674 0.062 — — 16.0 7.759 4.509 5.350 5.290 7006 LATITUD 5.350 0.030 578 5.299 7.92 2.24 520.1 0.925 0.785 0.790 0.785 9385 LAYHONG 0.790 -0.005 140.8 0.787 — 0.63 480.9 0.330 0.265 0.315 0.280 8079 LEESK 0.310 0.030 2536.1 0.305 9.34 — 52.0 3.322 1.909 3.250 3.190 7089 LIIHEN 3.230 -0.020 559.8 3.214 7.96 4.95 581.4 0.840 0.710 0.760 0.745 7126 LONBISC 0.750 -0.005 273.2 0.751 7.53 — 139.9 1.577 1.230 1.320 1.260 7085 LTKM 1.310 0.040 7.1 1.285 13.44 3.05 170.4 4.830 3.764 4.830 4.540 7087 MAGNI 4.810 0.280 1118.9 4.728 8.07 2.91 782.7 0.080 0.015 0.025 0.020 5189 MAXWELL 0.025 0.005 160 0.020 — — 10.0 1.206 1.000 — — 5886 MBG 1.000 — — — 23.31 5.00 60.8 1.637 1.157 1.380 1.370 3662 MFLOUR 1.380 0.010 83.5 1.376 14.05 3.62 759.3 1.030 0.810 0.910 0.910 7935 MILUX 0.910 0.060 1 0.910 — — 49.5 5.050 4.346 4.800 4.800 5202 MSM 4.800 UNCH 0.4 4.800 20.13 5.00 3,374.3 0.070 0.025 — — 5150 MSPORTS 0.035 — — — — — 21.2 1.497 1.200 1.290 1.250 3921 MWE 1.290 UNCH 160.7 1.259 15.34 — 298.7 80.359 70.473 75.800 74.120 4707 NESTLE 74.120 -1.580 35.9 74.738 25.94 3.37 17,381.1 3.319 2.504 3.200 3.200 7060 NHFATT 3.200 UNCH 96.2 3.200 9.63 3.44 240.5 0.150 0.070 0.085 0.080 7139 NICE 0.085 0.005 340 0.085 — — 25.7 0.370 0.255 0.280 0.270 7215 NIHSIN 0.275 UNCH 138.4 0.274 — — 65.5 1.041 0.781 0.850 0.835 5066 NTPM 0.835 -0.025 45 0.839 17.77 2.87 937.9 0.753 0.345 0.480 0.470 7071 OCR 0.475 0.005 1730.3 0.474 — — 113.4 0.110 0.040 0.110 0.100 7071PA OCR-PA 0.110 0.015 23565.6 0.103 — — 72.8 2.518 1.370 1.550 1.460 7107 OFI 1.540 0.060 58.2 1.475 20.40 2.60 369.6 7.456 6.381 6.780 6.770 4006 ORIENT 6.780 UNCH 67.8 6.780 20.37 2.65 4,206.3 3.015 1.726 2.450 2.300 7052 PADINI 2.440 0.150 3952.2 2.393 11.96 4.10 1,605.3 38.422 22.772 31.800 31.400 3719 PANAMY 31.500 -0.300 22.6 31.507 13.31 4.41 1,913.5 0.787 0.338 0.550 0.540 5022 PAOS 0.540 -0.010 75.2 0.541 25.23 3.09 97.8 0.545 0.240 0.450 0.445 9407 PARAGON 0.450 0.015 32.5 0.449 4.98 — 31.5 0.810 0.310 0.365 0.365 6068 PCCS 0.365 UNCH 30.4 0.365 — — 21.9 1.060 0.700 0.900 0.890 5231 PELIKAN 0.895 UNCH 107.3 0.892 20.16 — 495.2 0.229 0.145 0.170 0.155 4081 PMCORP 0.165 0.010 800 0.160 13.64 — 127.6 0.580 0.450 0.480 0.465 5080 POHKONG 0.480 0.015 148.1 0.466 15.84 2.08 197.0 1.914 1.356 1.870 1.840 7088 POHUAT 1.860 0.010 235.6 1.854 8.44 3.23 421.9 16.701 15.147 16.340 16.120 4065 PPB 16.240 UNCH 280.2 16.245 21.63 1.54 19,252.5 0.580 0.472 — — 7190 PPG 0.515 — — — 20.60 2.43 51.5 1.854 1.262 1.460 1.450 8966 PRLEXUS 1.450 0.010 56.9 1.451 8.59 2.07 258.8 0.762 0.636 0.740 0.740 7134 PWF 0.740 -0.010 82 0.740 20.33 3.68 122.7 2.671 1.843 2.120 2.080 7237 PWROOT 2.120 0.040 105.2 2.106 17.55 4.72 698.1 4.597 4.123 4.410 4.370 7084 QL 4.390 0.010 360.5 4.384 29.02 0.97 5,478.8 1.540 1.430 — — 9946 REX 1.530 — — — — — 94.3 1.600 1.020 1.600 1.520 5252 SASBADI 1.590 0.060 976.1 1.564 25.77 1.42 444.2 0.476 0.270 0.300 0.300 5157 SAUDEE 0.300 -0.005 310.5 0.300 — — 36.0 1.250 0.620 1.050 1.020 7180 SERNKOU 1.050 UNCH 15 1.022 — — 126.0 1.430 0.550 0.615 0.610 7165 SGB 0.610 UNCH 27.6 0.611 — — 87.1 0.120 0.055 — — 7165PA SGB-PA 0.070 — — — — — 33.3 2.187 1.565 — — 7412 SHH 1.740 — — — 9.56 5.75 87.0 1.041 0.687 0.810 0.805 7246 SIGN 0.805 UNCH 199.9 0.805 4.11 6.21 193.4 0.145 0.035 0.135 0.130 8532 SINOTOP 0.130 -0.010 908 0.131 144.44 — 256.7 0.405 0.155 0.240 0.230 7943 SNC 0.240 -0.005 10 0.233 10.76 — 15.8 2.682 2.097 2.330 2.310 7103 SPRITZER 2.320 UNCH 79.5 2.320 12.50 2.37 417.1 1.500 0.990 — — 7186 SWSCAP 1.150 — — — 36.98 0.87 167.8 0.680 0.500 0.625 0.610 7082 SYF 0.610 -0.005 1135.8 0.614 9.55 1.64 374.1 0.415 0.280 — — 7211 TAFI 0.390 — — — — — 31.2 2.596 1.760 1.780 1.770 4405 TCHONG 1.780 UNCH 11 1.779 — 2.25 1,196.2 1.402 0.650 0.695 0.680 7200 TEKSENG 0.685 UNCH 1514 0.688 4.16 2.92 238.5 1.431 0.955 1.040 1.020 7252 TEOSENG 1.030 UNCH 124.3 1.031 13.55 2.43 309.0 1.476 1.201 — — 9369 TGL 1.370 — — — 18.74 5.47 55.8 0.560 0.400 0.415 0.410 7230 TOMEI 0.415 -0.005 60 0.411 8.00 — 57.5 0.560 0.420 0.490 0.480 7176 TPC 0.490 UNCH 90 0.481 26.20 — 114.5 7.264 4.430 4.640 4.600 4588 UMW 4.620 0.010 1109.5 4.611 — 4.33 5,397.5 2.320 1.843 2.130 2.110 7757 UPA 2.110 -0.060 4.1 2.130 12.56 4.27 167.9 0.995 0.641 0.840 0.840 7203 WANGZNG 0.840 0.040 50 0.840 9.53 2.98 134.4 0.060 0.020 0.030 0.025 5156 XDL 0.030 UNCH 131 0.025 27.27 — 80.9 0.480 0.360 — — 7121 XIANLNG 0.390 — — — — — 28.4 0.447 0.075 0.080 0.080 5155 XINQUAN 0.080 UNCH 429.5 0.080 — 22.88 38.8 2.580 1.944 2.580 2.540 5584 YEELEE 2.570 0.010 210.5 2.562 10.95 1.36 485.3 1.360 0.450 1.060 1.060 7184 YEN 1.060 UNCH 4.8 1.060 — — 145.8 1.347 0.861 1.100 1.100 5159 YOCB 1.100 UNCH 8 1.100 8.38 3.64 176.0 2.751 1.800 1.920 1.900 7178 YSPSAH 1.900 -0.010 35.6 1.907 11.61 3.42 255.9 1.532 1.190 1.250 1.230 5131 ZHULIAN 1.240 UNCH 33.7 1.239 16.94 4.84 570.4INDUSTRIAL PRODUCTS 1.438 0.975 1.320 1.300 0012 3A 1.310 UNCH 1005.7 1.310 17.75 1.37 515.6 0.125 0.085 0.100 0.090 7086 ABLEGRP 0.090 -0.010 1063 0.094 — — 23.8 0.530 0.470 — — 7061 ABRIC 0.505 — — — — — 74.3 0.305 0.200 — — 7131 ACME 0.205 — — — — — 44.8 0.960 0.630 0.655 0.655 7191 ADVENTA 0.655 0.005 2.5 0.655 152.33 — 100.1 2.766 1.776 — — 9148 ADVPKG 2.200 — — — 16.08 5.45 45.1

0.195 0.100 0.145 0.140 7146 AEM 0.145 0.005 960 0.140 — — 39.3 0.500 0.360 — — 5198 AFUJIYA 0.500 — — — 29.41 — 90.0 0.635 0.260 0.430 0.430 2682 AISB 0.430 0.010 6.6 0.430 — — 56.7 1.077 0.575 0.725 0.715 7609 AJIYA 0.715 0.010 3065.7 0.719 14.36 2.10 217.8 0.340 0.065 0.160 0.140 9954 AKNIGHT 0.160 0.095 11.3 0.157 — — 9.3 1.040 0.660 0.905 0.905 2674 ALCOM 0.905 -0.005 5 0.905 21.05 5.52 121.6 0.460 0.315 0.330 0.325 4758 ANCOM 0.330 0.005 60.2 0.328 — — 72.3 2.470 0.582 2.380 2.360 6556 ANNJOO 2.380 0.010 221.9 2.374 16.28 — 1,245.0 0.360 0.120 0.255 0.240 9342 ANZO 0.250 0.015 7799.6 0.249 — — 75.2 1.277 0.850 — — 5568 APB 0.880 — — — — 7.39 99.3 3.896 3.300 3.490 3.460 5015 APM 3.490 0.010 1.8 3.484 14.26 4.87 703.6 1.110 0.561 1.070 1.020 7214 ARANK 1.040 -0.010 899.3 1.040 7.44 2.88 124.8 0.825 0.595 0.700 0.685 7162 ASTINO 0.685 -0.010 452.5 0.689 6.08 2.85 187.8 0.895 0.413 0.690 0.650 7099 ATTA 0.690 0.020 5.1 0.651 — 5.80 49.9 1.660 0.370 0.555 0.460 7181 ATURMJU 0.545 0.085 1355.6 0.505 — — 33.3 2.110 1.410 1.830 1.760 8133 BHIC 1.830 UNCH 5 1.798 — — 454.7 0.740 0.390 0.440 0.440 7005 BIG 0.440 -0.020 10 0.440 — — 21.2 0.150 0.095 0.145 0.135 7187 BKOON 0.135 0.005 948.3 0.138 — — 37.4 1.128 0.780 0.795 0.780 0168 BOILERM 0.785 UNCH 276.9 0.787 18.96 1.91 405.1 2.840 2.010 — — 6297 BOXPAK 2.110 — — — 21.93 — 126.6 1.871 1.330 1.370 1.360 5100 BPPLAS 1.370 0.010 142.6 1.360 11.65 4.38 257.1 0.400 0.285 0.345 0.335 9938 BRIGHT 0.340 -0.015 55 0.338 30.91 — 55.9 0.395 0.195 0.340 0.315 7221 BSLCORP 0.335 0.010 729.4 0.330 6.81 — 32.8 0.310 0.195 0.280 0.270 7188 BTM 0.270 -0.005 180.5 0.274 — — 33.8 4.744 3.133 3.380 3.340 5105 CANONE 3.380 -0.010 204.9 3.351 8.93 1.18 649.5 0.075 0.020 0.030 0.025 5229 CAP 0.030 0.005 3384.4 0.025 3.90 — 40.9 2.280 1.910 1.960 1.940 7076 CBIP 1.940 -0.010 100.8 1.944 10.39 3.09 1,044.2 0.947 0.798 — — 2879 CCM 0.895 — — — 12.57 5.59 409.6 1.760 1.316 — — 7171 CENBOND 1.750 — — — 14.94 1.71 210.0 2.560 1.510 — — 8435 CEPCO 1.600 — — — 5.97 — 71.6 1.300 1.060 — — 8044 CFM 1.060 — — — — — 43.5 2.057 1.321 1.680 1.630 5007 CHINWEL 1.660 -0.010 761.1 1.651 8.57 5.12 497.2 2.300 1.304 1.730 1.720 5797 CHOOBEE 1.720 -0.010 11.2 1.730 10.41 2.33 189.0 1.100 0.640 — — 8052 CICB 1.100 — — — — — 51.9 0.065 0.040 0.055 0.055 7018 CME 0.055 UNCH 248 0.055 — — 24.3 5.190 3.170 4.100 3.960 2852 CMSB 4.070 0.100 3113.8 4.029 28.70 1.11 4,372.7 0.360 0.130 — — 7986 CNASIA 0.300 — — — — — 13.6 1.806 1.250 1.490 1.420 5071 COASTAL 1.440 -0.030 189.2 1.447 17.27 2.08 765.5 0.990 0.515 0.820 0.805 7195 COMCORP 0.820 0.015 406.6 0.811 6.15 — 114.8 0.945 0.605 0.710 0.700 2127 COMFORT 0.710 0.010 970 0.705 13.15 — 396.7 2.320 1.045 2.290 2.250 5094 CSCSTEL 2.290 UNCH 388.8 2.273 9.55 3.49 870.2 0.045 0.005 — — 0022 CYBERT 0.005 — — — — — 0.5 0.891 0.770 0.780 0.780 7157 CYL 0.780 UNCH 11 0.780 18.31 6.41 78.0 0.420 0.280 — — 5082 CYMAO 0.315 — — — — — 23.6 2.450 2.052 2.200 2.190 8125 DAIBOCI 2.190 UNCH 143 2.191 27.97 2.47 598.4 0.460 0.315 0.420 0.410 8176 DENKO 0.410 -0.010 244 0.413 17.45 — 42.8 0.315 0.170 0.240 0.230 7114 DNONCE 0.240 0.005 264.3 0.230 — — 43.3 0.620 0.285 — — 5835 DOLMITE 0.340 — — — — — 92.7 0.475 0.300 — — 5835PA DOLMITE-PA 0.300 — — — — — 3.7 0.795 0.365 — — 5265 DOLPHIN 0.370 — — — — — 82.1 1.250 1.053 1.250 1.190 7169 DOMINAN 1.220 UNCH 26.8 1.217 16.18 3.69 201.3 1.528 0.764 1.200 1.170 1619 DRBHCOM 1.200 UNCH 2614 1.185 — 1.67 2,319.9 0.785 0.412 0.750 0.735 7233 DUFU 0.745 0.010 818.9 0.745 8.50 2.82 130.7 1.080 0.810 0.890 0.880 8907 EG 0.890 0.010 432.5 0.886 7.40 — 188.3 1.250 0.860 0.985 0.985 9016 EKSONS 0.985 0.005 10 0.985 — — 161.7 0.927 0.227 0.680 0.660 7217 EMETALL 0.665 -0.010 1275.4 0.669 6.17 3.76 113.8 0.705 0.500 — — 7773 EPMB 0.540 — — — — 1.85 89.6 1.644 0.735 0.965 0.955 5101 EVERGRN 0.955 -0.010 1842.1 0.959 10.37 1.05 808.3 1.462 0.630 0.790 0.745 7249 EWEIN 0.780 0.040 1228.1 0.771 11.76 0.64 173.7 1.118 0.909 1.110 1.100 2984 FACBIND 1.110 0.010 12.5 1.100 23.92 2.25 94.5 2.909 2.270 2.580 2.550 7229 FAVCO 2.560 -0.020 84.3 2.566 7.14 5.86 566.8 0.758 0.457 0.625 0.620 0149 FIBON 0.620 -0.005 230 0.622 15.42 2.02 60.8 2.204 2.020 2.090 2.060 3107 FIMACOR 2.080 0.020 36.6 2.079 9.04 6.01 510.1 2.737 1.368 1.700 1.660 5197 FLBHD 1.690 0.020 741.1 1.675 8.10 8.88 174.4 1.500 1.370 — — 3611 GBH 1.400 — — — — — 261.2 2.700 1.300 1.790 1.760 7197 GESHEN 1.790 0.010 65.2 1.766 14.37 — 143.2 0.055 0.040 0.050 0.045 5220 GLOTEC 0.045 UNCH 3903 0.045 — — 242.2 0.735 0.180 0.635 0.625 7192 GOODWAY 0.635 0.005 261.4 0.625 — — 70.2 0.125 0.075 0.125 0.110 7096 GPA 0.115 UNCH 5949.6 0.117 — — 112.8 0.540 0.255 0.290 0.285 5649 GPHAROS 0.285 UNCH 38.7 0.285 — — 38.3 0.272 0.196 0.225 0.220 0136 GREENYB 0.225 0.010 931.9 0.223 40.18 2.67 75.1 0.130 0.085 0.095 0.090 7077 GSB 0.090 -0.010 174 0.092 — — 47.5 0.922 0.749 0.830 0.815 3247 GUH 0.830 0.015 38 0.823 22.43 4.22 230.7 0.680 0.235 0.505 0.420 5151 HALEX 0.480 0.060 4949.2 0.472 — — 50.9 5.934 3.759 4.660 4.590 5168 HARTA 4.600 -0.060 1697.2 4.608 28.84 1.74 7,551.4 3.370 2.640 — — 7105 HCK 3.300 — — — 5500 — 278.0 1.580 1.019 1.540 1.500 5095 HEVEA 1.530 0.020 1846.6 1.519 8.99 2.84 766.8 0.985 0.791 0.970 0.960 3298 HEXZA 0.965 -0.010 183.8 0.965 8.43 4.66 193.4 0.525 0.180 0.300 0.295 5072 HIAPTEK 0.300 UNCH 1435.8 0.300 — 1.00 387.0 0.550 0.130 0.495 0.455 5199 HIBISCS 0.485 0.035 92275.1 0.477 — — 700.3 1.498 0.856 — — 7033 HIGHTEC 0.905 — — — 9.68 3.87 36.8 1.000 0.637 0.940 0.935 8443 HIL 0.935 -0.010 10 0.938 20.59 1.60 260.6 0.370 0.270 — — 5165 HOKHENG 0.290 — — — 27.10 — 23.2 0.055 0.020 — — 2739 HUAAN 0.025 — — — — — 28.1 3.410 2.590 2.670 2.610 5000 HUMEIND 2.650 -0.020 48.9 2.643 30.78 1.13 1,269.6 0.090 0.045 0.065 0.060 9601 HWGB 0.060 -0.005 3025 0.060 — — 59.9 0.920 0.730 — — 9687 IDEALUBB 0.815 — — — 43.58 — 90.0 2.147 1.784 — — 7222 IMASPRO 2.030 — — — 19.44 1.72 162.4 0.310 0.185 — — 7183 IRETEX 0.195 — — — — — 26.2 0.120 0.055 0.070 0.065 7223 JADI 0.070 UNCH 1491.8 0.065 28.00 — 65.9 0.165 0.140 0.160 0.160 8648 JASKITA 0.160 UNCH 240 0.160 — 1.88 71.9 0.125 0.055 0.065 0.060 2747 JAVA 0.060 -0.005 74 0.065 — — 10.4 1.280 0.892 1.030 1.020 7043 JMR 1.030 0.050 400 1.025 2060 — 130.6 1.350 0.840 1.240 1.220 7167 JOHOTIN 1.230 UNCH 566.1 1.227 8.33 1.22 306.0 1.587 1.035 1.360 1.340 4383 JTIASA 1.350 UNCH 1421.4 1.345 26.21 0.96 1,314.5 0.220 0.160 0.190 0.185 0054 KARYON 0.190 UNCH 293.9 0.185 19.39 2.11 90.4 1.187 0.690 0.705 0.705 7199 KEINHIN 0.705 UNCH 20.6 0.705 9.13 2.13 69.8 0.865 0.340 0.390 0.390 6211 KIALIM 0.390 -0.010 1 0.390 — — 24.2 3.408 2.770 2.990 2.960 3522 KIANJOO 2.990 0.030 49 2.988 10.57 0.67 1,328.1 2.237 1.535 — — 5371 KIMHIN 1.800 — — — 12.06 3.33 280.1 0.105 0.025 0.050 0.045 5060 KINSTEL 0.045 UNCH 1189.9 0.045 — — 47.2 1.766 1.090 1.320 1.300 9466 KKB 1.320 -0.010 49 1.311 — 3.03 340.3 0.520 0.310 0.365 0.355 7164 KNM 0.360 -0.005 10648.7 0.359 30.77 — 776.2 1.209 0.751 — — 6971 KOBAY 0.935 — — — 40.13 2.14 95.5 0.581 0.270 0.300 0.285 7017 KOMARK 0.285 -0.005 293.3 0.288 — — 35.5 8.926 5.794 6.600 6.550 7153 KOSSAN 6.550 0.010 103.3 6.556 23.17 1.76 4,188.5 0.600 0.345 — — 7130 KPOWER 0.385 — — — — — 21.7 5.350 4.661 4.800 4.730 3476 KSENG 4.750 UNCH 48.8 4.780 — 2.11 1,717.0 0.520 0.346 0.440 0.385 5192 KSSC 0.440 0.025 12 0.392 14.86 1.82 42.2 0.480 0.295 0.315 0.300 8362 KYM 0.300 -0.020 236.5 0.302 — — 45.0 9.267 6.850 7.230 7.020 3794 LAFMSIA 7.200 0.180 156.5 7.125 71.29 2.78 6,117.8 0.700 0.428 0.640 0.630 9326 LBALUM 0.635 -0.005 288.2 0.634 7.18 3.15 157.8 0.707 0.460 0.545 0.520 5092 LCTH 0.540 0.020 1683.7 0.532 10.82 7.41 194.4 0.615 0.407 0.505 0.500 5232 LEONFB 0.500 -0.005 258.8 0.504 7.33 3.00 155.0 0.145 0.100 0.120 0.115 8745 LEWEKO 0.120 UNCH 181 0.117 — — 38.6 0.080 0.020 0.040 0.035 2887 LIONDIV 0.040 0.005 471 0.035 — — 55.7 0.525 0.220 0.485 0.460 4235 LIONIND 0.485 0.025 2999.6 0.477 — — 348.2 0.570 0.110 0.415 0.410 9881 LSTEEL 0.410 UNCH 26 0.410 11.95 — 52.5 0.090 0.050 0.090 0.085 5068 LUSTER 0.085 UNCH 22186.2 0.085 — — 147.2 3.738 3.400 — — 9199 LYSAGHT 3.420 — — — 10.30 4.39 142.2 1.060 0.350 0.850 0.835 5098 MASTEEL 0.840 -0.010 404.4 0.841 13.00 — 205.4 0.660 0.475 0.600 0.555 7029 MASTER 0.570 UNCH 226.6 0.565 10.61 1.75 31.1 1.140 0.746 1.020 1.020 5152 MBL 1.020 UNCH 17 1.020 8.77 1.96 93.8 0.990 0.630 0.730 0.715 7004 MCEHLDG 0.730 UNCH 25 0.724 — — 32.4 0.660 0.175 0.395 0.385 3778 MELEWAR 0.395 0.005 1676 0.390 — — 89.1 0.613 0.485 0.520 0.520 5223 MENTIGA 0.520 UNCH 10 0.520 23.85 1.92 36.4 1.504 1.062 1.230 1.230 8192 MERCURY 1.230 UNCH 2 1.230 8.26 9.76 49.4 1.850 1.595 1.750 1.750 6149 METROD 1.750 -0.050 10 1.750 13.90 3.43 210.0 1.550 0.800 1.520 1.490 5001 MIECO 1.510 0.020 2422.2 1.508 8.18 — 317.1 0.110 0.060 0.095 0.090 7219 MINETEC 0.095 UNCH 396 0.093 — — 66.0 0.784 0.535 0.585 0.560 5576 MINHO 0.585 -0.005 92.9 0.579 11.65 — 128.5 4.490 2.210 4.080 4.030 5916 MSC 4.080 0.030 37.2 4.048 16.65 — 408.0 2.514 1.400 1.560 1.540 3883 MUDA 1.550 0.040 21 1.547 13.93 1.94 472.8 1.200 0.210 1.030 0.995 5087 MYCRON 1.010 0.010 940.2 1.011 9.09 — 286.4 0.200 0.045 0.050 0.050 7002 NAKA 0.050 -0.005 50 0.050 — — 2.8 0.645 0.100 0.240 0.220 5025 NWP 0.230 0.005 4340.8 0.228 — — 79.7 0.724 0.492 0.570 0.565 4944 NYLEX 0.565 -0.005 84.5 0.569 10.97 3.54 109.8 1.338 0.839 1.270 1.240 7140 OKA 1.240 -0.030 98.7 1.250 8.74 4.03 197.7 1.150 0.865 — — 5065 ORNA 0.950 — — — 8.92 3.16 71.5 0.095 0.050 0.070 0.070 7225 PA 0.070 UNCH 300 0.070 — — 66.3 7.300 5.887 7.170 7.110 5183 PCHEM 7.150 0.010 2843.7 7.149 21.80 2.38 57,200.0 2.045 1.472 — — 5271 PECCA 1.590 — — — 16.84 2.52 298.9 0.801 0.565 0.650 0.645 9997 PENSONI 0.650 0.005 33 0.650 8.08 4.62 84.3 7.060 4.966 7.020 6.990 5436 PERSTIM 7.000 -0.020 49.7 7.005 13.22 5.71 695.1 0.150 0.050 0.100 0.100 5146 PERWAJA 0.100 UNCH 910 0.100 — — 56.0 22.513 19.900 20.520 19.900 6033 PETGAS 19.900 -0.480 4285.8 20.027 23.33 3.02 39,376.8 6.934 3.510 4.210 4.120 3042 PETRONM 4.210 0.060 18.1 4.165 8.05 4.75 1,136.7 2.731 1.630 1.800 1.780 7095 PIE 1.790 0.010 123.5 1.788 24.32 1.34 687.4 1.680 0.871 1.600 1.600 7172 PMBTECH 1.600 UNCH 84.9 1.600 14.21 2.50 128.0 1.890 0.629 1.870 1.840 8869 PMETAL 1.870 0.020 3877.6 1.853 17.09 1.97 6,920.4 0.650 0.430 0.520 0.480 6637 PNEPCB 0.520 0.020 77.6 0.499 22.22 — 68.4 0.450 0.270 — — 8117 POLY 0.300 — — — 13.64 — 48.0 1.070 0.810 — — 8273 PPHB 0.950 — — — 6.55 — 104.4 0.380 0.300 0.330 0.330 9458 PREMIER 0.330 -0.005 3 0.330 66.00 — 111.2 1.050 0.396 0.990 0.970 9873 PRESTAR 0.975 -0.005 1240.2 0.980 7.82 2.05 184.0 0.835 0.635 0.835 0.810 7168 PRG 0.820 0.010 567.4 0.821 25.00 0.61 244.5 0.145 0.085 0.110 0.105 7123 PWORTH 0.110 UNCH 261.2 0.109 91.67 — 76.8 1.640 1.100 1.180 1.180 7544 QUALITY 1.180 UNCH 1 1.180 7.91 — 68.4 0.930 0.660 0.730 0.730 7498 RALCO 0.730 UNCH 40.2 0.730 — — 30.6 6.200 5.450 5.700 5.700 7765 RAPID 5.700 -0.080 0.1 5.700 — — 498.5 0.505 0.315 0.425 0.415 7232 RESINTC 0.425 -0.005 45 0.421 11.49 2.82 58.3 0.862 0.715 0.760 0.755 7803 RUBEREX 0.755 -0.015 175.2 0.760 10.23 2.65 173.1 4.240 3.456 4.220 4.220 5134 SAB 4.220 0.040 0.6 4.220 19.85 1.18 577.9 7.980 4.880 5.710 5.590 9822 SAM 5.600 -0.110 78.6 5.621 10.93 2.67 705.0

* Volume Weighted Average Price # PE is calculated based on latest 12 months reported Earnings Per Share

MarketsB U R S A M A L A Y S I A M A I N M A R K E T

2 6 WEDNESDAY JANUARY 18, 2017 • THEEDGE FINANCIAL DAILY



1.034 0.827 — — 7811 SAPIND 0.880 — — — 8.35 6.82 64.0 1.646 1.010 1.060 1.040 5170 SCABLE 1.060 0.020 116 1.054 12.65 5.66 336.1 3.585 2.697 3.410 3.290 7247 SCGM 3.400 0.110 156.9 3.366 20.69 2.65 448.8 0.895 0.530 — — 9237 SCIB 0.560 — — — — — 41.2 6.975 5.921 6.800 6.750 4731 SCIENTX 6.750 0.020 229.1 6.776 15.03 2.37 3,129.0 0.415 0.250 — — 7239 SCNWOLF 0.280 — — — — — 24.5 0.285 0.135 0.220 0.210 7366 SCOMIEN 0.215 0.005 289.8 0.213 — — 73.5 1.082 0.660 0.910 0.895 7073 SEACERA 0.910 0.015 1094 0.903 26.76 3.30 214.7 0.280 0.140 0.165 0.165 5145 SEALINK 0.165 UNCH 8 0.165 — — 82.5 0.455 0.250 0.325 0.325 5163 SEB 0.325 -0.005 3 0.325 — — 26.0 5.560 1.990 2.470 2.400 4324 SHELL 2.450 0.010 700.2 2.430 3.33 — 735.0 0.576 0.395 0.400 0.395 5181 SIGGAS 0.400 UNCH 227.9 0.398 18.35 3.00 75.0 0.745 0.500 — — 7115 SKBSHUT 0.670 — — — 77.01 — 26.8 1.440 1.083 1.350 1.330 7155 SKPRES 1.330 UNCH 3011.1 1.331 17.43 2.63 1,571.2 3.046 1.916 2.260 2.250 7248 SLP 2.260 0.020 12.2 2.256 22.94 1.33 559.0 0.740 0.585 0.625 0.585 7132 SMISCOR 0.625 0.030 9.7 0.585 — 4.00 28.0 1.430 0.690 1.290 1.270 5665 SSTEEL 1.270 -0.010 36.3 1.275 — — 535.7 0.415 0.065 0.075 0.075 7143 STONE 0.075 UNCH 6 0.075 — — 6.7 1.910 1.360 — — 6904 SUBUR 1.470 — — — — — 307.2 2.333 1.535 2.260 2.230 7207 SUCCESS 2.260 0.030 66.5 2.257 8.55 2.21 271.2 2.569 1.653 2.490 2.480 7235 SUPERLN 2.490 0.020 64.2 2.485 10.35 2.01 199.2 3.392 1.992 2.140 2.120 7106 SUPERMX 2.120 UNCH 192.4 2.122 19.15 2.83 1,441.9 4.667 3.365 4.160 4.110 5012 TAANN 4.150 0.020 456.8 4.139 11.99 2.21 1,846.1 0.545 0.253 0.400 0.385 4022 TADMAX 0.400 UNCH 155.7 0.394 — — 195.9 0.715 0.235 0.320 0.310 5149 TAS 0.310 -0.010 213 0.315 — — 55.8 15.100 12.500 12.660 12.620 4448 TASEK 12.640 -0.020 7.7 12.648 23.04 7.91 1,562.6 14.940 14.000 — — 4448P TASEK-PA 14.000 — — — — 7.86 4.7 0.190 0.090 0.110 0.110 5178 TATGIAP 0.110 UNCH 33 0.110 — — 17.1 0.460 0.220 0.460 0.460 7097 TAWIN 0.460 0.070 0.1 0.460 — — 29.6 2.920 1.020 2.220 2.200 7439 TECGUAN 2.200 -0.010 15.3 2.203 7.81 — 88.2 1.600 1.000 1.230 1.200 9741 TECNIC 1.230 0.010 43.8 1.219 — — 49.7 0.415 0.285 0.360 0.350 6378 TEKALA 0.360 -0.005 28 0.353 — — 55.1 4.550 2.721 4.370 4.340 7034 TGUAN 4.360 0.010 164.4 4.359 7.82 1.38 516.9 2.499 1.517 1.850 1.840 7374 TIENWAH 1.840 0.020 15.8 1.846 7.85 8.53 266.3 0.700 0.580 — — 7854 TIMWELL 0.640 — — — — — 57.0 2.020 1.521 1.630 1.600 7285 TOMYPAK 1.630 0.010 121.7 1.610 11.99 4.91 269.1 2.100 1.707 2.050 2.020 5010 TONGHER 2.050 0.030 14.2 2.039 12.84 7.32 322.7 6.825 4.130 5.230 5.140 7113 TOPGLOV 5.230 0.090 1499.7 5.181 21.43 2.77 6,564.0 0.680 0.495 — — 7173 TOYOINK 0.505 — — — 21.58 — 54.0 0.270 0.145 0.170 0.165 4359 TURIYA 0.170 0.010 15 0.165 — — 38.9 1.850 1.336 1.790 1.780 7100 UCHITEC 1.780 -0.020 299.7 1.780 12.46 6.18 789.8 6.754 3.331 3.800 3.770 7133 ULICORP 3.780 UNCH 99.7 3.796 14.72 3.17 548.9 1.460 0.890 1.230 1.190 7227 UMSNGB 1.230 UNCH 110.5 1.208 8.93 2.44 98.4 1.700 0.610 1.390 1.370 4995 VERSATL 1.380 -0.010 666.5 1.386 — — 161.9 1.490 1.130 1.470 1.440 6963 VS 1.460 0.010 1374.1 1.457 18.65 2.83 1,732.3 0.935 0.631 0.820 0.810 5142 WASEONG 0.820 UNCH 128.3 0.817 — 1.83 635.4 0.485 0.290 0.365 0.365 7226 WATTA 0.365 -0.015 9 0.365 — — 30.8 1.900 1.402 1.900 1.820 7111 WEIDA 1.850 -0.010 660.4 1.854 8.27 1.62 246.7 2.736 1.764 1.800 1.790 7231 WELLCAL 1.800 0.010 155.7 1.799 19.23 5.11 597.0 0.740 0.490 0.615 0.615 7050 WONG 0.615 UNCH 5 0.615 77.85 — 56.4 0.660 0.405 0.580 0.580 7025 WOODLAN 0.580 UNCH 20 0.580 11.24 — 23.2 2.287 1.882 2.010 2.000 5009 WTHORSE 2.010 UNCH 50 2.005 10.34 4.98 482.4 1.447 0.980 1.020 0.995 4243 WTK 1.010 -0.010 1283.9 1.000 12.30 2.47 486.2 1.170 0.830 1.050 1.040 7245 WZSATU 1.040 UNCH 125.8 1.040 15.34 1.92 362.8 1.080 0.780 0.810 0.805 5048 YILAI 0.805 0.005 26 0.805 16.84 — 128.8 0.400 0.160 0.260 0.255 7020 YKGI 0.260 UNCH 770.4 0.255 72.22 — 90.6 0.750 0.380 0.465 0.430 7014 YLI 0.460 0.030 323.9 0.449 14.84 — 47.4CONSTRUCTION 0.460 0.280 — — 7007 ARK 0.315 — — — — — 15.3 0.752 0.539 0.640 0.635 7078 AZRB 0.635 -0.005 121.7 0.636 12.60 3.15 307.0 0.720 0.572 0.650 0.650 6173 BDB 0.650 -0.005 5.1 0.650 6.96 6.15 197.5 0.590 0.360 0.420 0.405 5190 BENALEC 0.415 -0.005 1493.5 0.414 14.46 1.69 336.9 0.510 0.360 0.445 0.435 5932 BPURI 0.440 -0.010 177.1 0.437 — — 106.9 0.949 0.790 0.800 0.795 8761 BREM 0.795 -0.005 39.6 0.796 30.00 3.62 274.7 0.975 0.805 0.925 0.920 8591 CRESBLD 0.925 0.005 16.5 0.920 — 4.32 163.7 1.808 1.460 — — 7528 DKLS 1.480 — — — 6.43 2.03 137.2 1.990 0.949 1.980 1.950 5253 ECONBHD 1.980 0.030 476.1 1.978 15.25 2.02 1,059.3 2.600 1.010 2.540 2.410 8877 EKOVEST 2.520 0.090 4515.5 2.491 11.20 1.19 2,155.7 0.609 0.472 0.565 0.555 7047 FAJAR 0.560 -0.010 159.1 0.559 15.18 4.46 203.1 1.305 0.885 1.050 1.030 9261 GADANG 1.050 UNCH 3233.6 1.040 6.84 2.67 679.1 4.970 4.209 4.940 4.880 5398 GAMUDA 4.920 0.040 2395.9 4.919 18.94 2.44 11,927.8 1.200 0.780 0.925 0.900 5226 GBGAQRS 0.925 -0.005 184.8 0.911 22.67 — 361.6 0.980 0.710 0.810 0.800 5169 HOHUP 0.810 UNCH 135.1 0.806 3.71 — 303.6 2.103 1.580 1.640 1.630 6238 HSL 1.640 UNCH 10.3 1.635 13.58 1.46 955.6 3.534 3.043 3.390 3.310 3336 IJM 3.380 0.070 1990.8 3.369 20.89 2.07 12,185.5 0.804 0.565 0.605 0.600 5268 IKHMAS 0.600 -0.010 99.5 0.602 19.35 1.67 312.0 0.710 0.480 0.650 0.630 8834 IREKA 0.650 -0.005 16 0.638 — — 111.1 1.200 0.805 1.190 1.120 4723 JAKS 1.170 0.030 3637 1.170 9.50 — 512.9 0.365 0.195 0.360 0.335 9083 JETSON 0.355 0.015 1597.9 0.350 — — 66.7 2.487 1.612 2.230 2.200 7161 KERJAYA 2.230 0.010 155.2 2.217 6.06 1.79 1,136.5 2.260 1.336 2.130 2.100 5171 KIMLUN 2.120 -0.010 68 2.115 8.12 2.74 657.8 1.540 1.010 — — 9628 LEBTECH 1.510 — — — — — 206.1 1.270 0.660 0.950 0.920 5129 MELATI 0.920 0.005 22.1 0.924 3.64 1.90 110.4 0.415 0.240 — — 5006 MERGE 0.295 — — — 2950 — 19.8 1.470 0.983 1.270 1.240 9571 MITRA 1.260 0.010 998.7 1.257 8.48 3.97 843.8 0.895 0.370 0.850 0.835 7595 MLGLOBAL 0.845 -0.005 198.3 0.842 7.29 — 302.0 0.440 0.230 0.390 0.375 5924 MTDACPI 0.390 0.010 319.1 0.384 354.55 — 90.3 1.450 0.725 0.875 0.850 5085 MUDAJYA 0.865 -0.025 416.4 0.866 — — 477.8 2.470 2.034 2.370 2.350 5703 MUHIBAH 2.350 UNCH 922.8 2.351 11.93 2.13 1,133.0 0.640 0.322 0.620 0.610 8311 PESONA 0.620 0.005 3553.8 0.614 22.55 1.61 405.9 1.490 1.140 1.490 1.470 7055 PLB 1.490 0.010 6 1.478 — 0.67 136.0 1.389 1.034 1.260 1.240 5070 PRTASCO 1.240 -0.010 2004.8 1.247 8.34 5.65 526.6 0.140 0.095 0.120 0.115 7145 PSIPTEK 0.115 -0.005 85.4 0.115 8.85 — 36.5 3.653 3.013 3.400 3.400 9598 PTARAS 3.400 UNCH 15.8 3.400 22.74 5.88 556.8 0.763 0.405 0.620 0.570 5205 SENDAI 0.620 0.020 8424.6 0.593 — 0.81 479.9 1.740 1.261 1.700 1.680 5263 SUNCON 1.680 UNCH 2203.7 1.696 17.97 2.68 2,172.1 0.410 0.300 0.325 0.320 9717 SYCAL 0.320 -0.010 159.4 0.322 15.31 — 102.5 0.513 0.327 0.405 0.400 5054 TRC 0.400 UNCH 66 0.402 6.49 1.63 192.2 2.400 1.140 1.930 1.920 5622 TRIPLC 1.920 -0.010 30.8 1.920 5.75 — 130.4 0.610 0.430 0.465 0.460 5042 TSRCAP 0.465 -0.020 89.1 0.464 14.58 — 81.1 0.130 0.072 0.110 0.105 7070 VIZIONE 0.110 UNCH 6002.4 0.110 40.74 — 96.3 1.050 0.880 1.050 0.995 3565 WCEHB 1.030 0.035 1629.5 1.025 56.28 — 1,032.8 1.980 1.392 1.900 1.860 9679 WCT 1.880 UNCH 1699.2 1.880 18.49 1.60 2,373.5 0.855 0.550 0.565 0.560 7028 ZECON 0.565 0.005 46.7 0.564 1.87 — 67.3 0.250 0.100 0.150 0.140 2283 ZELAN 0.145 0.005 1480.4 0.144 — — 122.5TRADING SERVICES 0.495 0.185 0.380 0.370 5238 AAX 0.375 UNCH 15385 0.376 3.75 — 1,555.6 0.335 0.180 0.185 0.180 5166 AEGB 0.185 -0.005 3490.2 0.181 — 54.05 75.8 3.000 2.434 2.530 2.520 6599 AEON 2.520 -0.010 457.1 2.527 38.65 1.59 3,538.1 0.245 0.160 0.185 0.175 7315 AHB 0.180 UNCH 665.3 0.177 16.22 — 28.8 3.300 1.267 2.480 2.360 5099 AIRASIA 2.460 0.090 11868.3 2.450 3.22 1.63 6,846.1 7.300 5.353 6.230 6.150 5014 AIRPORT 6.220 0.050 2961.2 6.213 — 1.37 10,320.2 0.410 0.185 0.275 0.265 5115 ALAM 0.270 0.005 1840.5 0.270 — — 249.6 0.270 0.075 0.105 0.100 0159 AMEDIA 0.105 UNCH 1023.4 0.101 — — 25.1 9.528 7.400 7.460 7.450 6351 AMWAY 7.450 UNCH 3.3 7.453 25.39 3.36 1,224.7 2.420 1.981 — — 7083 ANALABS 2.340 — — — 9.77 1.28 140.5 0.235 0.025 0.040 0.035 5194 APFT 0.040 UNCH 669.6 0.039 — — 19.1 1.046 0.500 0.620 0.605 5210 ARMADA 0.615 0.005 5601.3 0.613 — 1.33 3,607.8 0.150 0.100 0.110 0.110 1481 ASB 0.110 UNCH 204 0.110 — 2.27 73.0 2.946 2.320 2.750 2.710 6399 ASTRO 2.730 -0.010 4028.1 2.730 20.82 5.01 14,222.0 5.200 4.105 4.890 4.820 7048 ATLAN 4.890 0.010 3 4.843 23.07 4.60 1,240.4 1.040 0.383 1.020 0.990 7579 AWC 1.010 0.020 3507.5 1.007 12.18 0.99 266.7 6.002 4.110 4.720 4.640 6888 AXIATA 4.640 -0.080 2103.6 4.681 31.96 3.66 41,627.6 0.407 0.230 0.355 0.345 5021 AYS 0.355 -0.005 455.6 0.350 8.22 5.15 135.0 0.815 0.605 0.645 0.640 7251 BARAKAH 0.645 UNCH 280.4 0.641 21.08 — 532.2 2.373 1.697 2.090 2.040 5248 BAUTO 2.090 0.050 373.5 2.060 14.57 4.98 2,409.0 0.545 0.385 0.425 0.410 7241 BHS 0.410 UNCH 178.2 0.414 — — 187.9 0.375 0.170 0.230 0.225 6998 BINTAI 0.230 UNCH 304.6 0.225 — — 49.4 6.912 6.222 — — 5032 BIPORT 6.280 — — — 19.42 3.82 2,888.8 2.000 1.065 1.880 1.800 5275 BISON 1.850 0.050 523.1 1.858 27.37 — 573.6 0.427 0.306 0.365 0.355 3395 BJCORP 0.355 -0.010 6733 0.359 — — 1,747.9 2.163 1.222 1.560 1.540 5196 BJFOOD 1.560 0.010 18.1 1.553 30.89 3.53 590.3 0.740 0.560 0.610 0.610 4219 BJLAND 0.610 -0.010 4.7 0.610 — — 3,050.2 0.445 0.205 0.290 0.280 6025 BJMEDIA 0.290 UNCH 18.5 0.284 — — 68.2 3.333 2.763 2.980 2.940 1562 BJTOTO 2.970 0.040 475.8 2.956 13.98 5.72 4,012.6 0.200 0.145 0.165 0.160 7036 BORNOIL 0.160 -0.005 11589.4 0.161 11.94 — 484.6 1.090 0.645 0.735 0.700 9474 BRAHIMS 0.730 0.025 145.9 0.727 — — 172.5 2.670 1.749 2.550 2.480 2771 BSTEAD 2.550 0.030 137.1 2.523 23.81 5.98 5,168.8 0.670 0.280 — — 5257 CARIMIN 0.375 — — — 58.59 — 87.7 2.020 1.300 — — 5245 CARING 1.360 — — — 42.37 1.10 296.1 3.774 2.850 — — 2925 CCB 2.940 — — — 6.22 1.70 296.2 1.044 0.744 0.930 0.905 7117 CENTURY 0.915 0.015 3881 0.918 17.20 4.37 352.0 0.489 0.372 — — 7209 CHEETAH 0.410 — — — 61.19 1.83 52.3 0.560 0.385 0.470 0.460 7016 CHUAN 0.460 -0.005 47.9 0.464 13.90 — 77.6 0.105 0.065 0.075 0.075 5104 CNI 0.075 UNCH 100 0.075 — 4.00 54.0 0.860 0.650 0.670 0.660 5136 COMPLET 0.660 -0.015 24 0.668 5.34 4.55 80.8 0.055 0.030 0.035 0.030 5037 COMPUGT 0.035 UNCH 404 0.031 23.33 — 74.7 2.250 1.522 2.180 2.110 5184 CYPARK 2.180 0.050 488.7 2.168 10.72 2.29 551.4 1.520 0.779 1.440 1.410 5276 DANCO 1.430 -0.020 762.5 1.429 14.67 1.05 213.1 0.095 0.050 0.070 0.065 0091 DAYA 0.065 UNCH 1575.1 0.068 — — 120.4 1.400 0.730 1.050 1.020 5141 DAYANG 1.040 UNCH 665.7 1.031 37.55 3.37 912.2 1.256 0.820 1.000 0.990 5132 DELEUM 1.000 0.005 58.5 0.997 14.45 4.75 400.0 0.895 0.525 0.700 0.685 7212 DESTINI 0.700 0.005 636.6 0.691 20.59 — 808.7 1.600 1.441 1.560 1.540 7277 DIALOG 1.550 UNCH 2995.3 1.549 25.54 1.42 8,347.9 6.670 3.604 4.510 4.500 5908 DKSH 4.510 -0.010 10.2 4.505 15.07 2.11 711.0 0.310 0.190 0.285 0.275 4456 DNEX 0.280 UNCH 5623 0.280 2.19 1.79 485.6 1.617 1.039 1.260 1.240 5216 DSONIC 1.250 UNCH 502.1 1.250 22.48 2.40 1,687.5 0.380 0.175 0.220 0.210 2097 EASTLND 0.215 UNCH 354.1 0.215 — — 52.8 1.239 0.445 0.700 0.690 5259 EATECH 0.700 0.005 785.7 0.696 8.47 3.21 352.8 0.340 0.200 — — 5036 EDARAN 0.250 — — — — — 15.0 0.255 0.165 0.220 0.205 7471 EDEN 0.215 0.010 1330.7 0.212 — — 66.9 3.980 2.958 3.260 3.250 1368 EDGENTA 3.260 0.010 4.1 3.256 30.19 4.60 2,711.1 0.324 0.220 0.255 0.245 0064 EFFICEN 0.255 UNCH 116.1 0.251 4.31 — 180.8

0.890 0.759 — — 5081 EIG 0.880 — — — 12.32 2.56 208.7 1.408 1.084 1.160 1.160 5208 EITA 1.160 0.020 2 1.160 9.63 3.45 150.8 1.370 1.100 1.190 1.170 5056 ENGTEX 1.170 -0.020 119.9 1.171 7.38 0.64 367.3 0.802 0.540 0.560 0.555 6939 FIAMMA 0.560 UNCH 58.7 0.559 11.55 4.46 296.7 0.479 0.395 0.405 0.400 9318 FITTERS 0.405 UNCH 492.8 0.405 45.00 1.48 194.6 1.349 1.100 — — 7210 FREIGHT 1.130 — — — 10.20 4.42 210.3 0.195 0.125 0.185 0.180 0128 FRONTKN 0.180 UNCH 6727.6 0.182 20.93 — 189.6 0.290 0.110 — — 9377 FSBM 0.200 — — — — — 27.2 2.800 2.170 2.570 2.530 5209 GASMSIA 2.570 0.020 650.3 2.551 26.66 3.41 3,299.9 1.760 1.452 1.740 1.700 0078 GDEX 1.710 0.010 1227.9 1.708 62.41 0.58 2,369.1 4.970 3.977 4.770 4.700 4715 GENM 4.740 0.010 3925.4 4.743 17.50 1.54 28,146.3 9.850 6.985 8.350 8.250 3182 GENTING 8.290 -0.090 1678 8.297 22.98 0.42 31,087.7 3.130 1.133 3.080 3.030 3204 GKENT 3.060 0.010 1680 3.057 14.54 2.55 1,149.1 0.510 0.300 0.475 0.460 7676 GUNUNG 0.460 -0.015 223 0.462 — — 108.6 4.290 2.197 4.260 4.170 7668 HAIO 4.250 UNCH 215.3 4.223 17.66 3.53 859.3 0.315 0.200 0.220 0.220 7253 HANDAL 0.220 -0.005 8.9 0.220 — — 35.2 9.420 6.186 8.940 8.830 3034 HAPSENG 8.920 0.090 166.3 8.900 21.13 3.92 22,208.0 1.315 0.755 0.810 0.805 2062 HARBOUR 0.805 UNCH 92.2 0.810 5.89 2.48 322.3 3.720 2.665 — — 5008 HARISON 3.300 — — — 12.89 4.55 226.0 0.015 0.005 0.010 0.005 7013 HUBLINE 0.005 UNCH 2825.1 0.005 — — 63.3 0.455 0.295 0.455 0.420 5255 ICON 0.445 0.020 12817.4 0.438 — — 523.8 6.759 6.150 6.340 6.280 5225 IHH 6.320 0.020 975.5 6.324 48.54 0.47 52,024.3 0.920 0.725 0.865 0.860 5614 ILB 0.865 -0.010 48 0.864 — 2.89 154.0 1.046 0.760 0.790 0.780 5673 IPMUDA 0.790 -0.045 12 0.783 — 3.80 57.3 1.939 1.340 1.780 1.750 0058 JCBNEXT 1.780 0.040 40.6 1.757 25.57 1.97 249.2 0.285 0.210 — — 8923 JIANKUN 0.265 — — — — — 40.2 0.430 0.295 0.350 0.295 8672 KAMDAR 0.295 -0.020 10.8 0.301 — — 58.4 0.390 0.180 0.210 0.210 5079 KBES 0.210 0.010 0.1 0.210 — — 26.5 1.897 1.630 1.750 1.740 6491 KFIMA 1.750 0.010 85.1 1.745 8.20 5.14 493.9 0.400 0.226 0.310 0.300 0151 KGB 0.305 UNCH 158.2 0.306 — 1.64 67.8 1.467 1.020 — — 5035 KNUSFOR 1.090 — — — — 1.83 108.6 4.328 4.040 4.160 4.150 5878 KPJ 4.160 0.010 370.4 4.159 35.59 1.57 4,424.4 1.380 0.923 1.240 1.220 5843 KPS 1.240 0.020 72.8 1.234 4.99 3.23 618.8 0.650 0.485 0.515 0.510 9121 KPSCB 0.510 -0.005 196.3 0.510 4.64 — 75.4 0.220 0.115 0.135 0.135 4847 KTB 0.135 -0.005 355 0.135 — — 54.4 0.460 0.232 0.435 0.425 6874 KUB 0.425 -0.005 1018.9 0.429 10.76 1.18 236.5 0.380 0.250 0.320 0.310 7170 LFECORP 0.310 -0.015 1142.6 0.315 30.39 — 56.3 0.735 0.420 0.465 0.450 8486 LIONFIB 0.465 UNCH 111.4 0.461 — — 107.7 1.849 1.376 1.520 1.500 5143 LUXCHEM 1.520 UNCH 28.1 1.504 8.95 4.61 418.5 2.455 2.080 2.100 2.080 3859 MAGNUM 2.100 0.020 1804.8 2.092 16.24 6.43 3,019.3 1.756 1.260 1.350 1.330 5264 MALAKOF 1.330 -0.010 1018.8 1.338 2.71 4.14 6,650.0 0.170 0.145 0.170 0.155 3514 MARCO 0.155 -0.015 15516.1 0.157 9.63 4.52 163.4 6.421 5.225 6.150 6.030 6012 MAXIS 6.070 0.050 1415 6.074 23.05 3.29 45,587.6 1.000 0.510 0.730 0.720 5077 MAYBULK 0.725 UNCH 118.6 0.727 — — 725.0 2.670 1.891 2.100 2.090 5983 MBMR 2.090 UNCH 41 2.093 11.75 2.87 817.0 1.450 0.865 1.350 1.240 7189 MBWORLD 1.350 0.110 486.6 1.305 190.14 — 124.0 1.471 1.010 1.090 1.070 4502 MEDIA 1.070 -0.010 1276.1 1.078 — 8.41 1,186.8 0.757 0.590 0.610 0.610 5090 MEDIAC 0.610 UNCH 22.8 0.610 12.22 7.02 1,029.2 0.795 0.570 — — 7234 MESB 0.640 — — — 24.06 — 26.9 2.450 1.618 2.410 2.400 3069 MFCB 2.400 UNCH 333.8 2.402 6.99 2.92 964.6 1.340 0.840 1.010 0.990 5186 MHB 1.000 0.015 330.1 1.001 — — 1,600.0 8.881 6.789 7.500 7.380 3816 MISC 7.400 -0.010 1266.5 7.414 11.77 4.39 33,032.1 2.450 1.580 2.290 2.280 2194 MMCCORP 2.290 0.010 917.7 2.288 — 1.66 6,973.2 0.466 0.205 0.235 0.235 0059 MMODE 0.235 -0.005 20 0.235 — 2.55 38.2 0.090 0.060 0.080 0.075 0043 MTRONIC 0.080 0.005 495 0.078 6.90 — 60.7 0.195 0.115 0.140 0.135 3891 MUIIND 0.135 UNCH 201.5 0.136 — — 395.9 0.299 0.195 0.235 0.225 3905 MULPHA 0.230 0.005 1731.3 0.230 20.72 — 735.1 1.670 1.385 1.590 1.560 0138 MYEG 1.590 0.040 4775.3 1.579 36.89 0.75 5,734.0 0.510 0.305 — — 9806 NATWIDE 0.470 — — — — — 56.5 0.115 0.065 0.090 0.085 4464 NICORP 0.085 -0.010 1297.5 0.089 2.33 — 73.4 0.893 0.640 0.700 0.670 5533 OCB 0.700 0.020 5.2 0.671 13.01 1.43 72.0 0.860 0.652 0.790 0.780 0172 OCK 0.785 UNCH 958.5 0.781 14.76 0.76 684.1 2.027 1.329 1.890 1.860 5201 OLDTOWN 1.880 0.020 139 1.881 15.03 3.19 870.9 0.120 0.070 0.090 0.085 3018 OLYMPIA 0.090 UNCH 20.5 0.090 — — 92.1 2.640 1.890 2.110 2.030 5260 OWG 2.110 0.100 1394.1 2.082 43.87 — 512.5 0.459 0.390 — — 8419 PANSAR 0.425 — — — 13.24 4.71 119.0 0.495 0.435 0.460 0.455 5125 PANTECH 0.455 -0.005 415.5 0.455 12.50 3.41 336.5 1.057 0.610 0.640 0.625 5657 PARKSON 0.635 0.005 672.3 0.633 — — 694.6 1.274 1.013 1.160 1.150 5041 PBA 1.150 UNCH 38 1.150 7.09 3.26 381.0 0.135 0.055 0.070 0.070 6254 PDZ 0.070 UNCH 2921 0.070 — — 60.9 1.304 0.881 0.970 0.965 5133 PENERGY 0.970 0.005 13.5 0.970 — 3.09 312.1 1.550 1.540 — — 7108 PERDANA 1.540 — — — — — 1,198.8 0.295 0.040 0.080 0.070 0047 PERISAI 0.080 0.010 19714.5 0.075 — — 100.9 0.220 0.115 0.175 0.165 7080 PERMAJU 0.165 -0.015 587 0.169 — — 32.3 1.727 1.413 1.580 1.580 5219 PESTECH 1.580 -0.010 164.9 1.580 27.67 1.11 1,183.4 25.650 21.786 23.800 23.420 5681 PETDAG 23.460 -0.300 222.3 23.523 31.40 2.56 23,306.4 0.250 0.030 — — 7027 PETONE 0.055 — — — — — 2.8 6.111 5.020 5.050 5.050 7081 PHARMA 5.050 0.030 0.1 5.050 20.93 3.96 1,309.9 0.215 0.125 0.175 0.165 7201 PICORP 0.170 UNCH 511.5 0.168 — 3.59 111.9 0.370 0.205 — — 7163 PJBUMI 0.245 — — — — — 12.3 4.170 1.968 4.050 3.910 4634 POS 4.010 0.020 784.9 4.005 28.77 2.92 3,138.9 3.049 1.690 2.210 2.190 5204 PRESBHD 2.190 -0.050 605 2.198 100.00 1.48 1,060.0 2.640 1.640 1.920 1.900 8346 PRKCORP 1.900 0.030 4.1 1.901 — — 190.0 0.210 0.155 0.170 0.160 0186 PTRANS 0.165 UNCH 3006.8 0.165 — — 188.6 1.100 0.756 0.855 0.845 5272 RANHILL 0.850 UNCH 138.1 0.850 11.15 4.47 755.1 0.325 0.150 0.310 0.300 0037 RGB 0.310 0.005 18661.1 0.307 15.35 1.61 412.0 0.450 0.315 0.330 0.330 8885 RPB 0.330 -0.010 15 0.330 — — 283.3 0.663 0.528 0.590 0.570 8567 SALCON 0.585 0.015 824.6 0.579 — 3.42 396.5 1.486 0.606 1.400 1.320 5147 SAMCHEM 1.400 0.010 7.6 1.386 24.60 3.21 190.4 0.150 0.105 0.135 0.130 9113 SANBUMI 0.130 -0.005 71 0.135 — — 29.4 2.372 1.824 2.160 2.150 0099 SCICOM 2.160 UNCH 9 2.154 17.35 4.17 767.8 0.220 0.090 0.160 0.155 7158 SCOMI 0.155 -0.005 4480.8 0.159 — — 297.2 0.245 0.130 0.195 0.185 7045 SCOMIES 0.195 0.005 783.6 0.191 — — 456.6 1.273 0.972 — — 7053 SEEHUP 1.080 — — — 4.93 6.67 56.4 1.177 0.959 1.120 1.100 9792 SEG 1.120 0.010 11.8 1.111 38.49 11.61 837.9 1.970 1.303 1.500 1.420 5250 SEM 1.460 0.010 842.5 1.459 30.54 1.58 1,800.7 8.600 6.769 8.520 8.450 4197 SIME 8.490 0.040 6832.9 8.489 20.76 3.18 57,739.1 0.930 0.660 — — 9431 SJC 0.660 — — — 18.13 1.52 26.8 2.180 1.290 1.680 1.660 5218 SKPETRO 1.670 0.010 6349.3 1.667 — 0.81 10,006.9 1.479 1.230 1.260 1.240 5242 SOLID 1.260 0.020 18.3 1.250 51.43 1.27 209.7 2.607 2.280 2.280 2.280 6084 STAR 2.280 UNCH 330.4 2.280 14.05 7.89 1,683.9 2.577 2.242 2.480 2.480 9865 SUIWAH 2.480 0.130 2.7 2.480 20.91 1.41 151.3 0.140 0.045 0.080 0.070 1201 SUMATEC 0.075 0.005 41571.8 0.075 10.87 — 290.0 2.320 1.793 2.030 1.980 6521 SURIA 2.030 UNCH 10.1 1.995 11.71 3.45 585.0 0.420 0.245 0.280 0.275 5173 SYSCORP 0.275 -0.010 110 0.280 94.83 — 330.0 0.370 0.275 — — 7228 T7GLOBAL 0.360 — — — — — 137.4 1.539 1.144 1.480 1.450 8524 TALIWRK 1.450 UNCH 201.1 1.465 18.86 5.52 1,753.8 1.650 1.372 1.540 1.530 5140 TASCO 1.530 -0.020 50.6 1.533 9.70 2.94 306.0 14.666 12.313 13.940 13.860 5347 TENAGA 13.900 -0.020 6229.5 13.917 10.65 2.30 78,567.4 1.732 1.370 1.440 1.430 8702 TEXCHEM 1.440 -0.010 11.9 1.431 — 13.89 178.7 0.240 0.060 0.155 0.145 7206 THHEAVY 0.145 UNCH 5631.7 0.149 — — 162.6 6.840 5.810 6.110 6.050 4863 TM 6.090 0.040 5871.1 6.094 28.17 3.51 22,885.8 0.990 0.630 0.940 0.930 0101 TMCLIFE 0.935 -0.005 278 0.931 84.23 0.13 1,621.0 1.760 1.095 1.580 1.570 8397 TNLOGIS 1.580 UNCH 159.9 1.577 6.92 3.16 670.5 0.550 0.330 0.500 0.500 7218 TOCEAN 0.500 UNCH 17.6 0.500 59.52 — 20.5 4.000 2.520 3.740 3.700 5711 TSTORE 3.740 -0.060 4.2 3.729 — 1.00 256.2 0.977 0.760 0.760 0.760 5167 TURBO 0.760 -0.030 20 0.760 26.76 6.58 82.1 3.000 2.490 — — 7137 UMS 3.000 — — — 14.79 2.00 122.1 1.100 0.720 0.890 0.880 5243 UMWOG 0.880 0.005 526.9 0.882 — — 1,902.6 1.228 1.006 1.110 1.100 7091 UNIMECH 1.110 0.010 26.2 1.108 13.88 3.00 144.4 0.600 0.365 — — 5754 UTUSAN 0.425 — — — — — 47.1 2.040 1.300 — — 7250 UZMA 1.760 — — — 14.21 — 512.0 0.815 0.630 — — 7240 VOIR 0.690 — — — 63.89 — 91.1 2.424 1.680 1.800 1.800 5016 WARISAN 1.800 0.070 2.4 1.800 — 3.61 121.0 0.515 0.410 — — 7692 WIDETEC 0.435 — — — 15.48 — 19.5 4.590 3.501 4.290 4.250 5246 WPRTS 4.270 0.010 1995.2 4.268 23.68 3.06 14,560.7 1.074 0.798 1.030 1.030 5267 XINHWA 1.030 UNCH 75.3 1.030 15.47 1.21 222.5 0.065 0.020 0.045 0.040 7122 YFG 0.045 0.005 1999.8 0.041 — — 27.4 3.144 2.376 3.030 3.000 7293 YINSON 3.010 0.010 542.5 3.010 16.78 0.66 3,289.3 1.370 0.705 1.260 1.240 7066 YONGTAI 1.250 UNCH 276.6 1.250 20.97 — 475.4 1.715 1.404 1.550 1.520 4677 YTL 1.530 0.010 6725.7 1.533 18.46 6.21 16,693.2FINANCE 15.460 10.305 15.460 15.200 5139 AEONCR 15.460 0.300 75.3 15.381 76.92 3.89 2,226.2 2.540 2.047 2.490 2.440 5185 AFFIN 2.460 0.020 600.5 2.455 9.75 3.25 4,779.7 4.197 2.949 3.760 3.710 2488 AFG 3.760 0.050 880.1 3.746 10.80 3.99 5,820.9 10.903 9.580 10.320 10.300 1163 ALLIANZ 10.300 UNCH 25.4 10.302 5.66 0.87 1,789.2 10.594 9.572 — — 1163PA ALLIANZ-PA 10.100 — — — — 1.07 885.2 4.588 3.855 4.470 4.400 1015 AMBANK 4.460 0.020 1332 4.444 10.67 3.48 13,443.3 1.824 1.350 1.350 1.350 5088 APEX 1.350 -0.030 6.2 1.350 19.57 3.70 288.3 4.270 3.074 4.220 4.150 5258 BIMB 4.210 -0.010 1864.2 4.203 11.39 3.09 6,688.3 9.430 7.748 8.880 8.870 1818 BURSA 8.880 UNCH 26 8.880 24.55 3.94 4,762.1 5.100 3.726 4.750 4.710 1023 CIMB 4.740 0.020 13125.7 4.736 11.56 4.01 42,036.1 0.420 0.310 0.360 0.350 2143 ECM 0.350 -0.010 59.4 0.353 79.55 — 100.3 1.195 1.111 1.160 1.140 5228 ELKDESA 1.140 UNCH 81.6 1.151 10.09 5.92 277.2 13.500 12.649 13.360 13.140 5819 HLBANK 13.240 0.140 1125.3 13.221 13.25 3.10 28,700.6 10.100 7.327 — — 5274 HLCAP 9.980 — — — 36.25 1.20 2,464.0 16.148 12.380 15.020 14.860 1082 HLFG 15.020 0.060 79.8 14.977 12.48 2.53 17,235.7 2.630 2.076 — — 6688 HWANG 2.610 — — — 18.76 1.15 666.0 0.785 0.635 0.785 0.775 3379 INSAS 0.775 UNCH 1200.1 0.780 3.11 1.29 537.3 0.990 0.843 0.950 0.945 3379PA INSAS-PA 0.950 UNCH 112.9 0.947 — 4.21 126.0 0.245 0.105 0.180 0.170 3441 JOHAN 0.175 -0.005 1210.9 0.174 — — 109.0 0.555 0.430 0.470 0.455 6483 KENANGA 0.465 0.005 27.4 0.466 10.40 — 336.0 17.300 14.541 16.840 16.800 8621 LPI 16.840 0.060 24.2 16.815 12.21 4.45 5,590.6 0.980 0.549 0.880 0.880 1198 MAA 0.880 UNCH 115.4 0.880 21.41 6.82 240.7 3.200 2.690 — — 1058 MANULFE 3.000 — — — 23.75 3.00 607.1 8.658 7.500 8.200 8.070 1155 MAYBANK 8.170 0.120 8137.3 8.162 13.29 6.12 83,278.4 1.128 0.685 1.120 1.050 1171 MBSB 1.120 0.070 38709.4 1.092 27.72 2.59 6,494.6 2.173 1.595 2.040 2.010 6459 MNRB 2.010 UNCH 52 2.021 35.64 — 642.4 1.560 1.160 1.260 1.250 5237 MPHBCAP 1.250 UNCH 53.3 1.256 16.64 — 893.8 1.330 1.241 1.270 1.260 6009 P&O 1.270 UNCH 226.1 1.269 — 6.69 312.4 20.160 17.221 20.080 20.000 1295 PBBANK 20.060 0.040 6769.6 20.047 14.85 2.89 77,875.7 1.470 0.667 1.420 1.410 9296 RCECAP 1.420 UNCH 313.2 1.418 8.26 2.46 494.3 6.217 4.514 4.970 4.860 1066 RHBBANK 4.940 0.080 886.1 4.946 8.50 1.01 19,809.6

MarketsB U R S A M A L A Y S I A M A I N M A R K E T


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0.600 0.435 0.500 0.485 4898 TA 0.490 UNCH 312.6 0.489 — 1.12 838.8 4.313 3.615 4.180 4.100 6139 TAKAFUL 4.150 0.040 178.9 4.161 19.57 3.78 3,406.9 1.720 1.063 1.440 1.420 5230 TUNEPRO 1.420 UNCH 872.8 1.427 12.28 3.52 1,067.5PROPERTIES 0.888 0.740 0.790 0.790 1007 AMPROP 0.790 UNCH 6.7 0.790 38.16 3.80 478.5 1.200 0.760 1.080 1.080 5959 A&M 1.080 UNCH 21.5 1.080 16.64 — 394.3 0.448 0.345 — — 1007PA AMPROP-PA 0.380 — — — — 5.26 110.7 0.210 0.145 0.160 0.160 4057 ASIAPAC 0.160 UNCH 395.2 0.160 1.85 — 158.8 0.600 0.415 0.440 0.440 6602 BCB 0.440 UNCH 20 0.440 6.09 — 181.5 0.665 0.440 0.585 0.560 9814 BERTAM 0.560 -0.030 9 0.574 — — 115.8 1.010 0.710 — — 3239 BJASSET 0.855 — — — — 1.17 951.7 1.340 0.900 1.300 1.210 5738 CHHB 1.300 0.020 4 1.254 — — 358.4 1.723 1.394 1.480 1.480 6718 CRESNDO 1.480 -0.010 2.2 1.480 6.59 3.38 415.1 1.629 1.201 — — 5049 CVIEW 1.500 — — — 6.48 6.67 150.0 2.376 2.063 2.160 2.160 5355 DAIMAN 2.160 0.020 3 2.160 22.31 2.31 458.3 0.910 0.505 0.560 0.545 3484 DBHD 0.545 -0.005 23.2 0.550 — — 168.6 1.838 1.364 1.590 1.580 3417 E&O 1.590 0.010 274 1.589 — 1.26 2,007.1 0.285 0.225 0.275 0.265 3557 ECOFIRS 0.270 -0.005 240 0.270 13.04 — 216.9 1.510 1.200 1.360 1.340 8206 ECOWLD 1.350 0.010 344 1.350 24.82 — 3,775.5 0.900 0.570 — — 6076 ENCORP 0.600 — — — 20.34 — 167.2 2.290 1.700 2.020 1.940 8613 ENRA 2.020 UNCH 3.4 1.987 23.85 1.49 275.1 0.870 0.710 0.790 0.785 6815 EUPE 0.790 UNCH 15 0.788 35.75 — 101.1 0.563 0.443 0.505 0.485 6041 FARLIM 0.505 0.005 573.1 0.500 3.37 3.96 70.9 0.827 0.680 0.700 0.690 5020 GLOMAC 0.700 0.005 117 0.696 3.45 5.71 509.5 0.438 0.361 0.390 0.385 9962 GMUTUAL 0.390 0.005 39 0.389 6.53 2.56 146.5 0.528 0.290 0.330 0.315 1147 GOB 0.325 0.005 1123 0.324 — 1.54 147.8 1.337 1.023 1.140 1.130 1503 GUOCO 1.140 UNCH 23.9 1.130 8.21 1.75 798.5 0.600 0.370 0.380 0.380 7010 HOOVER 0.380 -0.025 2.6 0.380 — — 15.2 1.432 1.050 1.090 1.080 5062 HUAYANG 1.080 -0.010 297.6 1.084 4.12 9.03 380.2 0.660 0.442 0.595 0.590 4251 IBHD 0.595 0.005 283 0.594 9.27 2.18 596.9 1.062 0.878 0.990 0.935 5084 IBRACO 0.990 0.060 3 0.939 12.60 3.54 491.4 2.658 2.171 2.450 2.430 1597 IGB 2.440 UNCH 433.8 2.440 10.54 4.10 3,330.1 2.570 1.949 2.150 2.130 5249 IOIPG 2.150 0.010 2796.1 2.148 7.78 3.72 9,510.8 0.500 0.340 0.485 0.465 5175 IVORY 0.475 0.010 327.6 0.472 20.83 — 232.8 1.140 0.755 0.890 0.870 1589 IWCITY 0.870 -0.005 122.7 0.875 — — 640.9 0.235 0.160 0.165 0.165 6769 JKGLAND 0.165 UNCH 392.2 0.165 6.45 1.82 125.1 0.060 0.040 0.060 0.050 3115 KBUNAI 0.055 -0.005 3352.6 0.055 — — 317.7 1.008 0.820 0.870 0.870 7323 KEN 0.870 UNCH 10 0.870 5.72 3.45 166.8 1.390 0.995 1.010 1.000 5038 KSL 1.010 UNCH 403.4 1.010 4.72 6.93 1,047.9 0.425 0.290 0.315 0.305 3174 L&G 0.315 0.010 889.3 0.308 4.22 6.35 352.5 1.368 1.110 1.140 1.130 8494 LBICAP 1.140 UNCH 43.2 1.131 4.09 6.14 89.2 1.790 1.274 1.750 1.720 5789 LBS 1.740 UNCH 1118.8 1.737 12.01 2.01 1,116.3 0.285 0.220 0.245 0.245 3573 LIENHOE 0.245 UNCH 41.8 0.245 — — 88.6 1.549 0.897 1.500 1.460 7617 MAGNA 1.470 -0.010 118.2 1.475 1.68 4.08 489.3 1.700 1.187 1.500 1.450 8583 MAHSING 1.500 0.050 192.4 1.477 10.27 4.33 3,614.1 0.768 0.551 0.690 0.680 6181 MALTON 0.690 0.005 301.3 0.685 8.07 3.62 309.4 2.607 2.072 2.400 2.390 5236 MATRIX 2.390 UNCH 79.5 2.392 8.16 6.13 1,367.5 1.260 0.750 0.940 0.940 5182 MCT 0.940 0.025 0.5 0.940 16.10 2.13 1,254.7 0.560 0.455 0.500 0.490 5040 MEDAINC 0.495 -0.005 151.2 0.496 — — 243.8 1.070 0.640 0.790 0.765 1694 MENANG 0.785 0.020 531.6 0.781 7.14 — 209.7 0.356 0.250 — — 8141 MJPERAK 0.290 — — — 3.62 7.38 74.5 2.970 1.982 2.950 2.880 6114 MKH 2.920 -0.020 104 2.913 5.97 2.40 1,226.6 0.395 0.270 0.285 0.280 8893 MKLAND 0.280 -0.005 568.9 0.282 19.05 10.71 338.0 0.250 0.085 — — 6548 MPCORP 0.140 — — — — — 40.3 1.440 1.020 1.430 1.400 1651 MRCB 1.430 0.030 3050.1 1.420 24.07 1.75 3,066.0 1.050 0.610 — — 9539 MUH 0.760 — — — 45.24 — 42.9 0.355 0.230 0.285 0.285 3913 MUIPROP 0.285 -0.015 2 0.285 16.29 — 217.8 2.630 1.350 1.660 1.620 5073 NAIM 1.650 0.020 104.1 1.642 — — 412.5 3.216 2.446 — — 5827 OIB 2.790 — — — 10.18 2.87 404.2 1.647 1.390 1.430 1.420 5053 OSK 1.430 UNCH 67.4 1.424 7.81 3.50 2,006.1 1.570 1.263 1.560 1.540 1724 PARAMON 1.540 -0.030 1058.5 1.541 10.91 5.36 651.3 0.585 0.280 0.515 0.510 6912 PASDEC 0.515 0.005 123 0.511 — — 106.1 1.776 1.550 1.570 1.570 5075 PLENITU 1.570 UNCH 23.5 1.570 11.84 2.87 599.0 0.285 0.220 0.250 0.250 2208 PTGTIN 0.250 UNCH 20 0.250 5.33 — 86.5 1.400 0.900 0.950 0.940 4596 SAPRES 0.950 UNCH 28 0.947 1.49 3.16 132.6 0.760 0.665 0.670 0.665 5207 SBCCORP 0.665 -0.005 18.7 0.669 — 0.69 156.2 1.051 0.785 0.845 0.825 2224 SDRED 0.845 UNCH 4 0.833 17.24 2.96 360.1 0.590 0.370 0.450 0.390 4286 SEAL 0.445 0.040 4789.6 0.418 61.81 — 108.1 3.026 2.571 — — 6017 SHL 2.850 — — — 8.86 7.02 690.1 0.175 0.130 0.160 0.150 4375 SMI 0.150 -0.010 257.5 0.155 18.99 — 31.5 0.869 0.690 0.750 0.730 5213 SNTORIA 0.750 0.015 17 0.734 11.00 2.67 366.8 5.400 4.420 4.430 4.420 1783 SPB 4.420 UNCH 6 4.428 22.55 2.71 1,518.8 3.560 2.588 3.220 3.200 8664 SPSETIA 3.210 0.010 230.6 3.209 13.44 5.19 9,159.8 1.040 0.810 0.990 0.975 3743 SUNSURIA 0.990 -0.005 61 0.983 19.60 — 790.8 3.188 2.790 3.040 3.010 5211 SUNWAY 3.030 0.010 1870 3.035 9.25 3.63 6,251.4 0.739 0.625 0.640 0.635 1538 SYMLIFE 0.640 0.005 314.5 0.636 9.01 3.13 198.4 0.280 0.215 0.275 0.265 5158 TAGB 0.275 0.010 1052.9 0.270 45.08 1.20 1,463.5 7.200 5.903 — — 2305 TAHPS 6.700 — — — 27.57 1.49 501.5 0.060 0.035 0.045 0.040 2259 TALAMT 0.045 0.005 628 0.043 — — 189.9 1.580 1.200 1.420 1.410 5191 TAMBUN 1.420 0.010 29 1.418 5.60 6.34 607.5 0.130 0.055 0.065 0.060 2429 TANCO 0.065 UNCH 147.2 0.064 — — 24.3 0.375 0.170 0.190 0.180 7889 THRIVEN 0.185 -0.010 131.7 0.186 — — 69.7 0.090 0.040 0.045 0.040 7079 TIGER 0.045 UNCH 2748.4 0.045 — — 62.6 1.930 1.350 1.740 1.680 5239 TITIJYA 1.710 0.030 383.7 1.711 9.31 0.29 689.7 1.149 0.923 1.030 1.010 5401 TROP 1.030 UNCH 438.8 1.021 17.46 6.80 1,490.9 1.250 0.907 1.110 1.090 5148 UEMS 1.100 -0.010 2434 1.099 32.35 1.45 4,991.2 2.770 1.896 2.460 2.410 5200 UOADEV 2.410 -0.010 275.5 2.440 8.41 6.22 3,934.3 1.206 0.935 0.970 0.970 2976 WINGTM 0.970 UNCH 1 0.970 42.73 3.09 472.7 1.279 0.846 — — 7003 Y&G 1.190 — — — 15.32 — 237.3 1.840 1.440 1.520 1.500 3158 YNHPROP 1.520 -0.010 216.3 1.507 22.93 — 804.1 0.665 0.550 0.575 0.570 2577 YTLLAND 0.575 UNCH 54.7 0.574 43.23 — 485.5MINING 1.280 1.150 — — 2186 KUCHAI 1.180 — — — — 0.72 146.0PLANTATIONS 0.367 0.195 — — 7054 AASIA 0.210 — — — — — 138.6 19.000 16.802 18.840 18.740 1899 BKAWAN 18.840 0.040 3.6 18.798 9.26 2.92 8,213.3 9.178 8.380 8.500 8.410 5069 BLDPLNT 8.410 -0.020 16 8.416 87.60 0.24 786.3 1.700 1.277 1.700 1.650 5254 BPLANT 1.690 0.040 907.5 1.686 15.31 8.28 2,704.0 0.970 0.620 0.910 0.895 8982 CEPAT 0.895 -0.005 207.8 0.900 18.80 1.68 285.0 7.880 7.253 — — 1929 CHINTEK 7.800 — — — 40.14 2.18 712.6 0.530 0.385 0.435 0.415 3948 DUTALND 0.435 0.005 388.3 0.428 — — 368.1 8.600 7.150 8.600 8.280 5029 FAREAST 8.600 0.100 4 8.543 11.32 2.91 1,216.0 2.520 1.293 1.750 1.700 5222 FGV 1.720 -0.030 7278.2 1.716 — 2.33 6,274.8 11.495 9.944 11.020 10.920 2291 GENP 11.000 0.060 314.2 10.987 38.26 0.45 8,734.8 0.675 0.500 0.620 0.615 7382 GLBHD 0.615 -0.005 70 0.619 2.32 — 137.1 1.580 1.099 1.210 1.210 2135 GOPENG 1.210 0.010 2 1.210 44.81 3.31 217.0 0.960 0.790 — — 7501 HARNLEN 0.840 — — — — — 155.8 2.670 2.155 2.660 2.650 5138 HSPLANT 2.650 -0.010 41.6 2.657 18.24 3.02 2,120.0 3.746 3.220 3.350 3.320 2216 IJMPLNT 3.350 UNCH 80.1 3.348 39.00 1.49 2,949.9 0.735 0.646 0.685 0.680 2607 INCKEN 0.685 -0.015 32.6 0.685 — 1.71 288.2 1.470 0.550 1.460 1.430 6262 INNO 1.440 -0.010 74.4 1.448 27.17 — 688.5 4.985 4.025 4.500 4.470 1961 IOICORP 4.490 0.030 1536.2 4.489 19.60 1.78 29,013.6 25.000 21.774 24.220 24.100 2445 KLK 24.200 0.100 2308.2 24.156 16.19 2.07 25,833.6 3.339 2.991 — — 2453 KLUANG 3.150 — — — 29.01 0.32 199.0 3.500 2.808 3.500 3.460 5027 KMLOONG 3.500 0.040 147.2 3.481 16.28 3.71 1,091.3 0.633 0.481 0.540 0.525 1996 KRETAM 0.530 -0.005 523.9 0.531 63.86 1.89 1,233.6 1.650 1.160 — — 6572 KWANTAS 1.540 — — — 40.00 — 480.0 1.750 1.300 1.500 1.400 4936 MALPAC 1.500 0.080 10 1.490 — — 112.5 0.980 0.770 0.925 0.920 5026 MHC 0.920 UNCH 40 0.922 35.94 1.63 180.8 2.360 1.922 — — 5047 NPC 2.250 — — — 5.35 0.44 270.0 4.434 3.693 4.080 4.080 2038 NSOP 4.080 UNCH 2 4.080 101.75 1.47 286.4 0.350 0.190 0.260 0.250 1902 PINEPAC 0.250 -0.010 73 0.260 — — 37.5 1.100 0.920 1.000 1.000 9695 PLS 1.000 -0.010 10 1.000 — — 326.7 0.610 0.470 0.505 0.505 5113 RSAWIT 0.505 UNCH 130.7 0.505 — — 716.3 4.015 3.346 — — 2542 RVIEW 3.850 — — — 55.00 1.56 249.7 3.179 2.900 3.060 3.060 2569 SBAGAN 3.060 UNCH 0.3 3.060 55.04 0.65 203.0 0.825 0.450 0.560 0.550 4316 SHCHAN 0.550 UNCH 23.2 0.557 35.71 — 63.3 4.686 3.292 3.890 3.790 5126 SOP 3.800 -0.070 164.7 3.815 12.34 1.24 2,166.4 2.060 1.700 1.750 1.750 5135 SWKPLNT 1.750 UNCH 36.2 1.750 26.44 4.29 490.0 0.793 0.626 0.730 0.720 2054 TDM 0.725 0.005 869.9 0.725 11.14 1.66 1,091.5 1.310 1.050 1.120 1.110 5112 THPLANT 1.120 UNCH 76.2 1.114 15.53 — 989.9 1.890 1.310 1.880 1.880 5251 TMAKMUR 1.880 UNCH 222.9 1.880 16.11 7.98 748.5 2.177 1.800 1.900 1.880 9059 TSH 1.900 UNCH 848.1 1.900 292.31 1.05 2,556.3 6.042 5.456 5.880 5.880 2593 UMCCA 5.880 UNCH 12 5.880 21.62 2.72 1,230.2 28.117 23.704 — — 2089 UTDPLT 27.000 — — — 18.59 1.48 5,619.6HOTELS 0.627 0.500 — — 5592 GCE 0.560 — — — — 3.57 110.3 1.010 0.680 0.720 0.710 1643 LANDMRK 0.720 UNCH 27.1 0.710 — — 346.2 0.345 0.115 0.135 0.130 1287 PMHLDG 0.135 UNCH 104 0.133 — — 125.4 5.839 4.774 5.260 5.170 5517 SHANG 5.170 -0.080 6 5.228 20.41 2.71 2,274.8TECHNOLOGY 0.800 0.585 — — 7031 AMTEL 0.600 — — — — — 29.6 0.295 0.180 0.220 0.210 5195 CENSOF 0.210 -0.010 1246.7 0.216 7.89 — 105.4 0.155 0.090 0.155 0.140 0051 CUSCAPI 0.150 0.015 8771.3 0.148 — — 65.3 0.405 0.250 0.320 0.315 7204 D&O 0.320 UNCH 786.5 0.318 32.99 — 316.7 0.260 0.110 0.245 0.235 8338 DATAPRP 0.245 0.005 2599.8 0.241 — — 103.2 0.200 0.150 0.165 0.160 0029 DIGISTA 0.160 UNCH 2739.3 0.161 5.63 — 82.8 1.710 1.330 1.390 1.370 5162 ECS 1.370 -0.020 30 1.387 8.87 4.38 246.6 1.949 0.791 1.370 1.350 0065 EFORCE 1.370 -0.010 35.4 1.350 48.07 2.19 283.4 1.500 0.902 1.500 1.400 0090 ELSOFT 1.470 0.070 204.4 1.434 13.78 3.29 399.4 0.990 0.710 0.910 0.900 0021 GHLSYS 0.905 -0.010 132.1 0.904 34.81 — 592.5 0.315 0.210 0.275 0.265 0082 GPACKET 0.270 -0.005 23788.2 0.269 — — 186.4 0.270 0.175 0.195 0.185 0056 GRANFLO 0.195 -0.005 74 0.191 — 2.56 94.2 5.793 2.686 3.950 3.680 7022 GTRONIC 3.930 0.210 1646.2 3.885 31.54 1.53 1,107.8 0.650 0.510 0.575 0.575 5028 HTPADU 0.575 0.005 71 0.575 — 3.48 58.2 3.580 2.515 3.540 3.520 0166 INARI 3.540 0.020 1546.7 3.533 22.28 2.23 3,437.9 0.165 0.075 0.135 0.125 9393 ITRONIC 0.135 0.005 209 0.131 — — 13.9 0.728 0.475 0.515 0.505 5161 JCY 0.510 0.005 1061.1 0.510 — 9.80 1,058.8 10.300 3.837 10.040 9.970 9334 KESM 10.000 UNCH 51.7 10.001 13.18 0.30 430.1 0.235 0.060 0.095 0.085 0143 KEYASIC 0.085 -0.005 313 0.092 — — 71.5 9.883 6.647 7.910 7.870 3867 MPI 7.880 -0.010 111.3 7.895 9.96 2.92 1,653.9 1.400 0.845 1.100 1.030 5011 MSNIAGA 1.030 -0.020 2 1.065 — — 62.2 0.735 0.352 0.720 0.700 0083 NOTION 0.720 0.020 4757.8 0.712 35.82 — 194.7 0.550 0.410 0.465 0.440 9008 OMESTI 0.450 0.005 251.4 0.444 — — 193.6

Ace Market YEAR YEAR DAY DAY CODE COUNTER CLOSING +/– VOL VWAP* PE# DY MKT CAP HIGH LOW HIGH LOW (RM) (RM) (‘000) (RM) (X) (%) (MIL)

0.320 0.210 0.280 0.280 0041 PANPAGE 0.280 UNCH 10.4 0.280 — — 67.6 1.570 0.560 1.450 1.430 7160 PENTA 1.440 UNCH 1272.4 1.439 11.09 — 211.1 0.475 0.235 0.290 0.270 9075 THETA 0.290 0.020 54.4 0.270 3.11 — 31.1 0.110 0.035 0.095 0.085 0118 TRIVE 0.090 -0.005 18429 0.090 — — 120.3 2.683 1.845 2.440 2.370 5005 UNISEM 2.440 0.030 2675.1 2.398 10.45 4.51 1,790.5 3.968 3.090 3.660 3.640 0097 VITROX 3.640 -0.020 90.7 3.649 15.42 0.82 854.5 0.810 0.615 0.790 0.780 0008 WILLOW 0.780 UNCH 150 0.783 10.30 2.56 193.4INFRASTRUCTURE PROJECT COMPANIES 5.048 4.151 4.950 4.880 6947 DIGI 4.950 0.060 10770.7 4.911 23.46 4.24 38,486.3 6.060 4.719 5.860 5.750 6645 LITRAK 5.850 0.070 81.3 5.817 14.46 3.42 3,075.5 1.480 0.880 0.955 0.930 6807 PUNCAK 0.940 -0.015 1666.2 0.941 — — 422.3 0.500 0.330 0.405 0.400 5078 SILKHLD 0.405 0.005 1183.6 0.403 — — 284.1 8.420 6.894 8.000 7.900 5031 TIMECOM 8.000 0.010 124 7.985 14.02 1.66 4,626.4 1.539 1.295 1.430 1.420 6742 YTLPOWR 1.430 0.010 2090.1 1.425 10.80 6.99 11,644.5CLOSED-END FUNDS 2.580 2.240 2.450 2.440 5108 ICAP 2.440 -0.020 1.9 2.445 10.84 — 341.6EXCHANGE TRADED FUNDS 1.124 1.070 — — 0800EA ABFMY1 1.110 — — — — 5.12 1,465.7 1.845 1.550 — — 0822EA CIMBA40 1.840 — — — — 3.57 2.5 1.425 1.015 — — 0823EA CIMBC50 1.380 — — — — — 15.2 1.785 1.645 — — 0820EA FBMKLCI-EA 1.710 — — — — 1.93 2.9 1.020 0.910 — — 0826EA METFAPA 1.010 — — — — — 19.2 0.952 0.850 — — 0825EA METFSID 0.936 — — — — 2.30 49.6 1.145 1.035 — — 0821EA MYETFDJ 1.065 — — — — 2.23 297.2 1.060 0.974 — — 0824EA MYETFID 1.035 — — — — 3.04 53.4REITS 1.090 0.960 0.995 0.985 4952 AHP 0.995 0.010 237 0.993 7.42 6.53 218.9 1.670 1.262 — — 5116 ALAQAR 1.590 — — — 16.37 4.86 1,157.9 1.070 0.880 1.060 1.030 5269 ALSREIT 1.040 UNCH 329.8 1.046 15.25 3.08 603.2 0.844 0.656 0.810 0.790 5120 AMFIRST 0.810 0.015 375.5 0.805 8.68 6.17 556.0 0.935 0.787 0.930 0.925 5127 ARREIT 0.930 UNCH 39 0.930 8.82 6.87 533.1 1.129 1.003 1.110 1.100 5130 ATRIUM 1.110 0.010 52.5 1.100 11.72 5.05 135.2 1.788 1.413 1.660 1.640 5106 AXREIT 1.640 0.010 2990.8 1.642 15.74 4.97 1,812.5 1.630 1.317 1.630 1.610 5180 CMMT 1.630 0.020 5535.7 1.617 19.18 5.02 3,311.3 1.669 1.399 1.610 1.610 5121 HEKTAR 1.610 0.010 231.4 1.610 292.73 6.52 645.0 1.710 1.244 1.710 1.690 5227 IGBREIT 1.700 0.010 1788.5 1.701 22.67 4.78 5,938.9 8.300 6.560 7.850 7.800 5235SS KLCC 7.830 0.020 1824.3 7.814 12.16 4.55 14,135.8 1.310 0.937 1.300 1.280 5123 MQREIT 1.300 0.020 2875.6 1.300 12.51 9.76 1,388.4 1.900 1.452 1.820 1.800 5212 PAVREIT 1.820 UNCH 100.1 1.812 19.44 4.56 5,501.0 1.809 1.339 1.780 1.720 5176 SUNREIT 1.780 0.040 4971.1 1.740 16.21 5.24 5,242.2 1.220 1.170 1.200 1.200 5111 TWRREIT 1.200 UNCH 15 1.200 11.99 5.78 336.6 1.870 1.470 1.830 1.790 5110 UOAREIT 1.790 0.020 3019.6 1.808 6.93 6.10 756.9 1.207 0.925 1.180 1.160 5109 YTLREIT 1.180 0.030 2570.3 1.174 368.75 7.32 2,011.2SPAC 0.720 0.670 — — 5234 CLIQ 0.720 — — — — — 454.3 0.745 0.595 0.665 0.640 5256 REACH 0.645 -0.010 6475.9 0.649 — — 824.2 0.480 0.425 — — 5241 SONA 0.475 — — — — — 670.1

MarketsB U R S A M A L A Y S I A M A I N M A R K E T . A C E M A R K E T


CONSUMER PRODUCTS 0.328 0.195 0.225 0.215 0179 BIOHLDG 0.220 Unch 5859.3 0.220 16.18 — 176.0 0.320 0.095 0.265 0.265 0170 KANGER 0.265 -0.005 364.7 0.265 13.25 — 211.6 0.350 0.200 0.230 0.230 0148 SUNZEN 0.230 Unch 195 0.230 — — 110.2 0.065 0.025 0.040 0.035 0095 XINGHE 0.040 0.005 1484.9 0.035 3.96 — 93.9INDUSTRIAL PRODUCTS 0.280 0.140 0.165 0.155 0105 ASIAPLY 0.165 Unch 1550.2 0.160 7.08 3.64 50.0 0.095 0.030 0.035 0.035 0072 AT 0.035 Unch 1590.1 0.035 — — 30.3 0.535 0.245 0.270 0.265 0163 CAREPLS 0.265 -0.005 754 0.265 530.00 1.13 128.1 0.149 0.080 0.135 0.130 0102 CONNECT 0.135 Unch 1995.3 0.131 — — 38.7 0.642 0.430 0.510 0.490 0100 ESCERAM 0.490 -0.010 262.5 0.496 11.58 1.22 100.7 0.545 0.250 0.310 0.300 0175 HHGROUP 0.300 -0.010 363 0.305 — — 92.6 0.125 0.065 0.085 0.080 0160 HHHCORP 0.085 Unch 559.8 0.085 — — 28.3 0.270 0.140 0.255 0.245 0162 IJACOBS 0.245 Unch 575 0.248 10.12 — 33.2 0.140 0.085 0.125 0.115 0024 JAG 0.120 Unch 6963.7 0.120 — — 137.3 0.175 0.120 0.140 0.135 0025 LNGRES 0.140 Unch 105 0.140 — — 33.9 0.150 0.040 0.050 0.045 0070 MQTECH 0.050 0.005 2780 0.048 — — 20.7 0.463 0.307 0.430 0.415 0049 OCNCASH 0.415 -0.005 1069.2 0.422 10.84 1.69 92.5 0.195 0.115 0.145 0.145 0038 PTB 0.145 Unch 1 0.145 21.01 — 21.8 0.190 0.060 0.070 0.065 0133 SANICHI 0.065 Unch 3242.8 0.065 6.84 — 55.8 0.060 0.035 0.045 0.040 0109 SCBUILD 0.040 -0.005 330 0.045 — — 35.2 0.155 0.100 0.135 0.130 0001 SCOMNET 0.130 -0.005 601 0.133 8.97 3.08 31.6 0.210 0.120 0.160 0.155 0028 SCOPE 0.155 -0.005 154 0.155 41.89 — 86.1 0.175 0.110 0.160 0.145 0055 SERSOL 0.150 Unch 1671.5 0.151 — — 32.3 0.239 0.171 0.205 0.195 0084 TECFAST 0.195 -0.010 191.1 0.200 13.64 2.56 33.4TECHNOLOGY 0.320 0.100 0.295 0.290 0018 ACCSOFT 0.290 -0.005 5789.2 0.295 — — 241.5 0.540 0.160 0.270 0.255 0181 AEMULUS 0.255 -0.010 824.8 0.261 — — 111.9 0.370 0.100 0.335 0.315 0119 APPASIA 0.335 0.020 657.1 0.324 — — 95.0 0.475 0.155 — — 0068 ASDION 0.210 — — — — — 24.4 1.190 0.710 1.010 0.990 0098 BAHVEST 0.990 -0.010 258 0.996 — — 438.8 0.075 0.030 0.035 0.035 0152 DGB 0.035 Unch 540 0.035 — — 17.1 0.070 0.020 0.040 0.040 0131 DGSB 0.040 Unch 299.5 0.040 17.39 — 54.2 0.130 0.050 0.055 0.055 0154 EAH 0.055 Unch 970 0.055 — — 82.0 0.335 0.180 0.200 0.195 0107 EDUSPEC 0.195 Unch 300.2 0.195 39.80 — 178.6 0.090 0.050 0.085 0.085 0116 FOCUS 0.085 Unch 7040 0.085 — — 66.1 0.875 0.815 0.845 0.840 0104 GENETEC 0.845 0.005 13.6 0.840 — — 29.7 0.550 0.440 0.505 0.495 0039 GFM 0.505 0.005 8026.4 0.501 — — 216.2 0.060 0.030 0.050 0.050 0045 GNB 0.050 0.005 248.8 0.050 — — 14.4 0.115 0.070 0.085 0.080 0074 GOCEAN 0.085 0.005 301 0.080 — — 22.4 0.075 0.040 0.050 0.050 0174 IDMENSN 0.050 0.005 300 0.050 — — 24.7 0.830 0.230 0.425 0.395 0023 IFCAMSC 0.415 0.020 86007.1 0.416 — 2.41 252.4 0.100 0.070 0.090 0.085 0094 INIX 0.090 Unch 5550.1 0.088 — — 20.8 0.240 0.100 0.135 0.130 0010 IRIS 0.135 0.005 12627.2 0.132 — — 303.4 0.824 0.450 0.470 0.470 0146 JFTECH 0.470 Unch 22 0.470 130.56 2.13 59.2 1.780 0.410 1.730 1.710 0127 JHM 1.720 0.020 323.7 1.721 14.30 — 212.8 0.315 0.130 0.175 0.165 0111 K1 0.170 0.005 5367 0.169 48.57 2.94 80.4 0.080 0.030 0.045 0.040 0036 KGROUP 0.040 -0.005 92.8 0.045 — — 32.8 0.355 0.155 0.335 0.320 0176 KRONO 0.330 0.005 2038.7 0.327 9.38 — 81.9 0.325 0.045 0.055 0.050 0017 M3TECH 0.050 -0.005 1089.2 0.053 — — 29.3 0.300 0.050 0.255 0.245 0075 MEXTER 0.250 0.005 2053.4 0.249 — — 50.2 0.710 0.420 — — 0155 MGRC 0.500 — — — 28.41 — 51.8 1.880 0.930 0.995 0.995 0126 MICROLN 0.995 0.030 3 0.995 — — 166.5 0.576 0.416 0.540 0.530 0112 MIKROMB 0.530 -0.010 508.1 0.531 15.54 2.08 162.6 0.135 0.060 — — 0085 MLAB 0.085 — — — — — 15.9 0.070 0.040 0.050 0.050 0034 MMAG 0.050 Unch 5300 0.050 — — 47.7 0.719 0.443 0.585 0.580 0113 MMSV 0.580 -0.005 82.5 0.580 12.18 3.45 94.5 0.245 0.060 0.065 0.060 0103 MNC 0.065 Unch 912 0.062 — — 24.6 0.265 0.145 0.195 0.190 0156 MPAY 0.190 Unch 1992.5 0.193 — — 135.0 0.195 0.065 0.075 0.065 0092 MTOUCHE 0.075 Unch 5408.6 0.066 14.15 — 19.1 0.976 0.660 0.720 0.660 0108 N2N 0.680 -0.040 639.8 0.681 27.76 2.94 324.0 0.060 0.015 0.025 0.025 0020 NETX 0.025 Unch 651 0.025 — — 31.3 0.080 0.035 0.040 0.035 0096 NEXGRAM 0.035 -0.005 969.2 0.037 10.94 — 65.9 0.125 0.075 0.100 0.090 0026 NOVAMSC 0.095 Unch 5180.9 0.094 79.17 — 64.9 0.760 0.555 0.615 0.615 0035 OPCOM 0.615 Unch 65.7 0.615 13.20 3.25 99.2 0.420 0.267 0.365 0.350 0040 OPENSYS 0.355 Unch 2222.9 0.359 18.11 2.82 105.8 0.730 0.140 0.205 0.190 0079 ORION 0.200 Unch 993.7 0.194 — — 26.6 0.110 0.035 0.065 0.060 0005 PALETTE 0.065 0.005 1999.2 0.060 12.75 — 20.8 0.225 0.135 0.190 0.175 0123 PRIVA 0.180 -0.005 5433 0.181 39.13 1.11 100.5 0.110 0.055 0.085 0.080 0007 PUC 0.085 Unch 7032.2 0.085 53.13 — 92.0 0.653 0.429 0.570 0.555 0106 REXIT 0.560 -0.005 328.1 0.559 14.70 7.14 106.0 0.060 0.010 — — 0135 SCN 0.010 — — — — — 2.0 0.479 0.225 0.285 0.275 0178 SEDANIA 0.280 Unch 1737.1 0.279 — 3.57 56.0 0.095 0.055 0.080 0.070 0060 SKH 0.080 0.010 80719.9 0.079 — — 44.4 0.260 0.160 0.185 0.180 0117 SMRT 0.185 Unch 153.8 0.183 — — 55.0 0.110 0.025 0.045 0.040 0169 SMTRACK 0.040 -0.005 774.6 0.041 — — 13.9 0.325 0.232 0.310 0.305 0093 SOLUTN 0.305 Unch 2065.2 0.308 11.05 4.36 92.8 0.165 0.080 0.115 0.115 0129 SRIDGE 0.115 -0.005 2.6 0.115 — — 13.9 0.255 0.140 0.245 0.230 0050 SYSTECH 0.240 0.005 1944 0.237 35.82 0.83 76.2 0.190 0.110 0.145 0.140 0132 TDEX 0.145 Unch 265 0.141 145.00 — 59.9 0.520 0.175 0.480 0.450 0120 VIS 0.465 0.010 3601.9 0.464 39.41 — 51.5 0.291 0.155 0.165 0.160 0069 VIVOCOM 0.165 0.005 14670.4 0.161 8.17 — 533.6 0.135 0.065 0.085 0.075 0066 VSOLAR 0.085 0.005 1259.1 0.080 — — 28.3 0.070 0.025 0.060 0.045 0141 WINTONI 0.055 0.005 12544 0.054 — — 28.2 0.160 0.080 0.130 0.115 0086 YGL 0.120 Unch 1479 0.125 600.0 — 23.2 0.600 0.505 — — 0009 YTLE 0.560 — — — 21.46 7.14 756.0TRADING SERVICES 0.300 0.150 — — 0122 AIM 0.260 — — — — — 69.2 0.125 0.060 — — 0048 ANCOMLB 0.095 — — — — — 45.0 0.060 0.035 0.055 0.055 0150 ASIABIO 0.055 Unch 12520 0.055 — — 59.0 0.275 0.160 0.190 0.180 0187 BCMALL 0.185 0.005 1522.7 0.183 — — 77.9 0.379 0.213 0.365 0.330 0011 BTECH 0.365 0.035 247 0.352 14.72 3.73 92.0 0.260 0.170 — — 0157 FOCUSP 0.210 — — — — — 34.7 0.665 0.390 0.430 0.420 0185 HSSEB 0.420 -0.015 124.8 0.422 11.67 — 134.0 0.790 0.330 — — 0147 INNITY 0.750 — — — 20.55 — 103.8 0.445 0.235 0.275 0.265 0180 KTC 0.270 0.005 1120.7 0.269 337.50 — 137.8 0.250 0.130 — — 0167 MCLEAN 0.155 — — — 5.05 — 27.7 0.515 0.320 0.350 0.320 0081 MEGASUN 0.350 0.020 50.1 0.320 17.50 — 66.5 0.230 0.155 — — 0153 OVERSEA 0.180 — — — — 1.67 44.4 0.225 0.135 0.160 0.160 0177 PASUKGB 0.160 -0.005 821.6 0.160 — — 59.2 0.335 0.230 — — 0006 PINEAPP 0.290 — — — — — 14.1 0.281 0.201 0.245 0.235 0171 PLABS 0.240 0.005 151 0.237 15.00 2.92 49.6 0.020 0.005 — — 0110 RA 0.005 — — — — — 4.8 0.370 0.160 0.185 0.180 0080 RAYA 0.180 Unch 277 0.181 — — 29.5 0.590 0.280 0.295 0.290 0032 REDTONE 0.290 -0.015 64 0.291 — 0.69 219.6 0.620 0.480 — — 0173 REV 0.570 — — — 9.28 — 76.7 2.179 1.610 — — 0158 SCC 1.650 — — — 10.42 6.06 70.6 0.213 0.135 0.180 0.170 0161 SCH 0.175 Unch 303 0.174 43.75 4.86 72.1 0.580 0.445 0.575 0.570 0137 STEMLFE 0.575 0.005 67.6 0.575 319.44 — 142.3 0.045 0.025 0.035 0.030 0140 STERPRO 0.030 Unch 13732 0.030 — — 29.7 1.490 0.955 1.120 1.120 0089 TEXCYCL 1.120 Unch 10 1.120 26.92 0.67 191.3 0.200 0.100 — — 0145 TFP 0.135 — — — 1350.0 — 27.7 0.215 0.100 0.105 0.100 0165 XOX 0.100 Unch 2574 0.104 — — 63.1FINANCE 0.530 0.395 0.470 0.445 0053 OSKVI 0.445 -0.035 7.5 0.462 5.47 — 87.9

MarketsB U R S A M A L A Y S I A E Q U I T Y D E R I V A T I V E S

WEDNESDAY JANUARY 18, 2017 • THEEDGE FINANCIAL DAILY 2 8

Bursa Malaysia Equity Derivatives

0.200 0.045 0.050 0.045 5238C1 AAX-C1 0.045 -0.005 700 0.375 0.350 17.33 10/07/2017

0.095 0.035 0.040 0.035 5238C2 AAX-C2 0.035 -0.010 4316 0.375 0.500 42.67 31/05/2017

0.130 0.055 0.060 0.060 5238C3 AAX-C3 0.060 -0.010 150 0.375 0.410 25.33 31/05/2017

0.100 0.085 0.085 0.085 5238C6 AAX-C6 0.085 -0.005 50 0.375 0.380 24.00 16/08/2017

0.100 0.030 0.030 0.030 5238CZ AAX-CZ 0.030 -0.005 100 0.375 0.450 28.00 27/03/2017

0.340 0.045 0.195 0.185 5238WA AAX-WA 0.185 Unch 1411.4 0.375 0.460 72.00 08/06/2020

0.240 0.050 0.230 0.220 0018WA ACCSOFT-WA 0.230 Unch 3091.3 0.290 0.100 13.79 18/01/2019

0.210 0.080 0.175 0.160 5185CU AFFIN-CU 0.165 0.005 2240.1 2.460 2.300 3.56 06/06/2017

0.150 0.050 0.070 0.065 7315WB AHB-WB 0.065 Unch 214.1 0.180 0.200 47.22 28/08/2019

0.835 0.185 0.415 0.415 509930 AIRASIAC30 0.415 0.015 20 2.460 2.000 15.04 31/01/2017

0.460 0.080 0.155 0.125 509934 AIRASIAC34 0.155 0.030 4239.2 2.460 2.000 0.20 28/02/2017

0.460 0.085 0.165 0.140 509935 AIRASIAC35 0.165 0.030 1280 2.460 2.000 1.42 17/02/2017

0.280 0.035 0.070 0.065 509938 AIRASIAC38 0.070 0.010 592 2.460 2.650 17.68 28/04/2017

0.320 0.045 0.060 0.050 509939 AIRASIAC39 0.060 0.010 248 2.460 2.700 17.07 17/03/2017

0.255 0.010 0.025 0.025 509940 AIRASIAC40 0.025 0.005 126 2.460 3.300 37.40 28/02/2017

0.205 0.080 0.120 0.105 509945 AIRASIAC45 0.120 0.005 1310 2.460 2.900 32.52 31/05/2017

0.245 0.110 0.170 0.150 509946 AIRASIAC46 0.165 0.020 2226.5 2.460 2.500 21.75 31/05/2017

0.160 0.070 0.140 0.125 509947 AIRASIAC47 0.135 0.010 2762 2.460 2.600 22.15 31/10/2017

0.090 0.090 0.090 0.090 509948 AIRASIAC48 0.090 -0.060 14 2.460 3.000 34.76 16/08/2017

0.220 0.185 0.220 0.185 509949 AIRASIAC49 0.215 0.005 160 2.460 2.150 13.62 31/07/2017

0.190 0.025 0.030 0.030 5014CP AIRPORT-CP 0.030 -0.005 10 6.220 6.450 7.07 28/04/2017

0.260 0.160 0.225 0.210 7609WA AJIYA-WA 0.215 0.005 5173.9 0.715 0.920 58.74 28/08/2021

0.220 0.085 0.205 0.205 1015CX AMBANK-CX 0.205 Unch 50 4.460 4.150 4.54 29/09/2017

0.045 0.005 0.010 0.005 0159WA AMEDIA-WA 0.010 Unch 151 0.105 1.100 957.14 02/01/2018

0.090 0.040 0.055 0.050 9342WA ANZO-WA 0.055 0.005 789.8 0.250 0.250 22.00 19/11/2019

0.090 0.040 0.070 0.060 9342WB ANZO-WB 0.070 0.015 84 0.250 0.250 28.00 25/08/2023

0.050 0.015 0.020 0.020 5194WA APFT-WA 0.020 0.005 12.1 0.040 0.400 950.00 13/07/2018

0.270 0.050 0.205 0.185 0119WA APPASIA-WA 0.195 Unch 3140.9 0.335 0.130 -2.99 23/12/2024

0.155 0.005 0.005 0.005 521018 ARMADA-C18 0.005 -0.005 350 0.615 0.680 11.79 31/01/2017

0.110 0.030 0.055 0.055 521020 ARMADA-C20 0.055 0.005 210 0.615 0.675 18.70 18/05/2017

0.120 0.100 0.110 0.100 521024 ARMADA-C24 0.105 Unch 425.5 0.615 0.600 14.63 30/11/2017

0.090 0.085 0.090 0.085 521025 ARMADA-C25 0.090 -0.110 2102.4 0.615 0.630 21.46 31/07/2017

0.240 0.060 0.145 0.125 0068WB ASDION-WB 0.145 0.020 6.4 0.210 0.500 207.14 24/03/2019

0.025 0.015 0.020 0.020 0150WA ASIABIO-WA 0.020 Unch 550 0.055 0.100 118.18 19/04/2024

0.175 0.055 0.100 0.090 0105WA ASIAPLY-WA 0.090 -0.010 125.5 0.165 0.100 15.15 13/12/2020

0.035 0.010 0.015 0.015 0072WA AT-WA 0.015 Unch 13.1 0.035 0.090 200.00 28/01/2019

0.030 0.020 0.020 0.020 0072WB AT-WB 0.020 -0.005 48 0.035 0.030 42.86 17/10/2019

0.140 0.095 0.140 0.140 688812 AXIATA-C12 0.140 0.010 50 4.640 4.750 14.44 28/08/2017

0.165 0.070 0.145 0.140 688815 AXIATA-C15 0.140 Unch 900 4.640 4.650 9.27 31/10/2017

0.260 0.180 0.220 0.215 688816 AXIATA-C16 0.215 -0.010 170 4.640 4.500 10.88 18/08/2017

0.195 0.015 0.025 0.015 4162CF BAT-CF 0.025 Unch 250.3 45.00 50.00 13.33 28/04/2017

0.195 0.005 0.005 0.005 5248CO BAUTO-CO 0.005 -0.005 95 2.090 2.272 9.23 31/01/2017

0.180 0.120 0.150 0.140 7241WA BHS-WA 0.145 Unch 60.5 0.410 0.600 81.71 18/10/2020

0.385 0.225 0.300 0.295 5258WA BIMB-WA 0.295 -0.005 560.2 4.210 4.720 19.12 04/12/2023

0.195 0.070 0.115 0.115 6998WA BINTAI-WA 0.115 -0.005 315.1 0.230 0.200 36.96 15/06/2020

0.130 0.095 0.120 0.115 0179WA BIOHLDG-WA 0.120 Unch 4121.9 0.220 0.220 54.55 05/01/2022

0.050 0.020 0.025 0.025 3395C2 BJCORP-C2 0.025 -0.005 1380 0.355 0.369 12.12 28/02/2017

0.160 0.060 0.080 0.075 3395WB BJCORP-WB 0.080 0.005 249.1 0.355 1.000 204.23 22/04/2022

0.165 0.055 0.065 0.060 3395WC BJCORP-WC 0.065 Unch 5257.8 0.355 1.000 200.00 29/05/2026

1.630 0.800 0.820 0.800 5196WA BJFOOD-WA 0.800 -0.050 55.4 1.560 0.700 -3.85 08/08/2017

0.070 0.035 0.060 0.060 7187WA BKOON-WA 0.060 Unch 190 0.135 0.200 92.59 07/07/2023

0.145 0.060 0.085 0.085 7036WB BORNOIL-WB 0.085 Unch 20 0.160 0.100 15.63 28/02/2018

0.125 0.070 0.090 0.085 7036WC BORNOIL-WC 0.090 0.005 2306.5 0.160 0.100 18.75 08/11/2025

0.105 0.040 0.085 0.075 7188WA BTM-WA 0.075 Unch 25 0.270 0.940 275.93 20/12/2019

0.210 0.010 0.015 0.015 1818C9 BURSA-C9 0.015 Unch 100 8.880 8.900 0.73 31/01/2017

1.330 0.950 0.985 0.985 7174WA CAB-WA 0.985 0.005 30 1.560 0.550 -1.60 08/02/2020

0.100 0.015 0.020 0.020 5195WA CENSOF-WA 0.020 Unch 10 0.210 0.460 128.57 18/07/2017

0.120 0.045 0.060 0.055 5195WB CENSOF-WB 0.060 -0.005 261.3 0.210 0.460 147.62 07/10/2019

0.225 0.100 0.130 0.125 102312 CIMB-C12 0.130 -0.020 625 4.740 4.500 5.91 17/03/2017

0.150 0.110 0.130 0.125 102317 CIMB-C17 0.130 Unch 485 4.740 4.750 11.18 31/05/2017

0.095 0.040 0.060 0.060 0102WA CONNECT-WA 0.060 0.005 0.1 0.135 0.100 18.52 17/09/2021

0.065 0.035 0.055 0.055 0102WB CONNECT-WB 0.055 -0.005 73.5 0.135 0.100 14.81 07/06/2021

0.065 0.020 0.060 0.040 0051WA CUSCAPI-WA 0.055 0.010 10525.8 0.150 0.270 116.67 24/04/2018

0.030 0.005 0.010 0.010 0152WA DGB-WA 0.010 Unch 300 0.035 0.110 242.86 22/04/2018

0.400 0.290 0.345 0.330 7277WA DIALOG-WA 0.345 0.015 1344.2 1.550 1.190 -0.97 10/02/2017

0.270 0.150 0.185 0.180 694714 DIGI-C14 0.180 0.015 55.3 4.950 4.600 0.20 28/04/2017

0.080 0.010 0.020 0.015 0029WA DIGISTA-WA 0.020 Unch 1982.4 0.160 0.130 -6.25 07/02/2017

0.095 0.045 0.065 0.055 4456WD DNEX-WD 0.060 -0.005 13238.2 0.280 0.500 100.00 30/07/2021

0.110 0.060 0.065 0.065 7114WA DNONCE-WA 0.065 Unch 73.2 0.240 0.250 31.25 25/11/2020

0.255 0.080 0.105 0.105 5265WA DOLPHIN-WA 0.105 Unch 70 0.370 0.800 144.59 29/03/2021

0.325 0.180 0.210 0.195 7169WA DOMINAN-WA 0.210 0.005 17.1 1.220 1.300 23.77 10/09/2020

0.070 0.035 0.040 0.035 7198WB DPS-WB 0.035 -0.005 320 0.080 0.100 68.75 15/01/2025

0.390 0.055 0.145 0.135 161922 DRBHCOMC22 0.145 0.005 998 1.200 1.000 1.46 17/02/2017

0.170 0.020 0.025 0.020 161923 DRBHCOMC23 0.025 -0.005 2490.3 1.200 1.300 13.96 28/02/2017

0.145 0.030 0.035 0.035 161925 DRBHCOMC25 0.035 -0.005 79 1.200 1.550 36.46 31/03/2017

0.140 0.030 0.055 0.050 161926 DRBHCOMC26 0.055 Unch 120.9 1.200 1.550 36.04 30/08/2017

0.170 0.105 0.140 0.135 161928 DRBHCOMC28 0.140 0.005 1147.1 1.200 1.050 16.67 30/06/2017

0.150 0.130 0.135 0.130 161930 DRBHCOMC30 0.135 -0.010 734.1 1.200 1.100 14.17 30/11/2017

0.100 0.095 0.100 0.095 161931 DRBHCOMC31 0.100 -0.100 250 1.200 1.250 26.67 31/07/2017

0.055 0.040 0.040 0.040 5216CS DSONIC-CS 0.040 -0.005 100 1.250 1.650 41.60 28/07/2017

0.105 0.100 0.105 0.100 5216CU DSONIC-CU 0.105 -0.095 104.6 1.250 1.300 25.00 31/07/2017

0.095 0.055 0.070 0.070 3417C5 E&O-C5 0.070 Unch 29 1.590 1.650 12.58 15/06/2017

0.260 0.110 0.145 0.135 3417WB E&O-WB 0.145 -0.005 2.8 1.590 2.600 72.64 21/07/2019

0.080 0.030 0.030 0.030 0154WC EAH-WC 0.030 Unch 20 0.055 0.100 136.36 18/06/2019

0.180 0.090 0.110 0.100 3557WC ECOFIRS-WC 0.110 0.005 83.6 0.270 0.300 51.85 10/09/2019

0.460 0.350 0.365 0.365 8206WA ECOWLD-WA 0.365 -0.010 26.8 1.350 2.080 81.11 26/03/2022

0.215 0.055 0.065 0.065 0107WA EDUSPEC-WA 0.065 Unch 55.5 0.195 0.180 25.64 24/12/2018

1.480 0.350 0.850 0.835 0065WA EFORCE-WA 0.835 -0.045 94 1.370 0.680 10.58 17/07/2019

0.755 0.425 0.555 0.545 8907WC EG-WC 0.555 0.005 244.1 0.890 0.500 18.54 03/11/2020

0.065 0.005 0.010 0.010 7182WA EKA-WA 0.010 -0.005 200 0.070 0.200 200.0 22/01/2019

1.430 0.230 1.340 1.190 8877WB EKOVEST-WB 1.340 0.140 2664 2.520 1.350 6.75 25/06/2019

0.545 0.305 0.350 0.335 5056WA ENGTEX-WA 0.350 -0.005 114.6 1.170 0.830 0.85 25/10/2017

0.750 0.040 0.195 0.155 7249WA EWEIN-WA 0.185 0.035 12439.1 0.780 0.610 1.92 09/06/2017

0.085 0.010 0.010 0.010 3689CB F&N-CB 0.010 Unch 21.8 23.32 24.80 7.20 30/06/2017

0.230 0.100 0.150 0.150 7047WB FAJAR-WB 0.150 Unch 240 0.560 0.700 51.79 24/09/2019

0.325 0.145 0.165 0.165 06502A FBMKLCI-H2A 0.165 0.005 6 1,662 1,600 -1.31 31/03/2017

0.360 0.190 0.215 0.210 06502D FBMKLCI-H2D 0.215 -0.005 903.2 1,663 1,620 0.64 28/04/2017

0.200 0.075 0.100 0.090 06502F FBMKLCI-H2F 0.095 Unch 638 1,662 1,680 5.02 30/06/2017

0.185 0.125 0.130 0.130 06502H FBMKLCI-H2H 0.130 0.005 20 1,662 1,658 4.45 30/06/2017

0.340 0.250 0.255 0.255 06502M FBMKLCI-H2M 0.255 Unch 10 1,662 1,570 -1.76 30/06/2017

0.130 0.005 0.015 0.010 65081 FBMKLCI-H81 0.010 -0.005 318.2 1,662 1,670 0.84 31/01/2017

0.155 0.040 0.065 0.060 65093 FBMKLCI-H93 0.060 -0.005 90 1,662 1,690 4.15 31/03/2017

0.635 0.120 0.180 0.155 8605WB FFHB-WB 0.155 -0.025 30 0.685 0.500 -4.38 30/03/2017

0.605 0.130 0.220 0.205 522212 FGV-C12 0.205 -0.010 2210.5 1.720 1.350 2.33 14/03/2017

0.705 0.115 0.215 0.210 522213 FGV-C13 0.210 -0.020 333 1.720 1.500 5.52 28/04/2017

0.490 0.070 0.120 0.120 522214 FGV-C14 0.120 -0.010 205 1.720 1.600 6.98 17/03/2017

0.360 0.020 0.035 0.035 522215 FGV-C15 0.035 -0.005 702.6 1.720 1.900 14.94 28/02/2017

0.255 0.025 0.040 0.040 522216 FGV-C16 0.040 -0.005 3242.3 1.720 1.950 20.35 09/05/2017

0.265 0.025 0.040 0.040 522217 FGV-C17 0.040 -0.015 100 1.720 2.200 33.49 31/03/2017

0.220 0.015 0.015 0.015 522219 FGV-C19 0.015 -0.005 264.8 1.720 2.600 53.34 31/03/2017

0.160 0.020 0.030 0.025 522221 FGV-C21 0.025 -0.005 870.5 1.720 2.550 51.16 30/08/2017

0.160 0.095 0.140 0.130 522222 FGV-C22 0.135 -0.005 226.6 1.720 1.650 17.91 30/06/2017

0.095 0.075 0.075 0.075 522223 FGV-C23 0.075 -0.010 90 1.720 1.850 22.82 31/07/2017

0.135 0.120 0.135 0.120 522224 FGV-C24 0.125 -0.075 2520 1.720 1.850 25.73 31/07/2017

0.135 0.065 0.080 0.080 9318WB FITTERS-WB 0.080 -0.005 34.1 0.405 1.000 166.67 12/10/2019

YEAR YEAR DAY DAY CODE WARRANTS CLOSE +/- VOL PARENT EXE PR’M EXPIRY HIGH LOW HIGH LOW (RM) (RM) (‘000) PRICE PRICE (%) DATE


0.480 0.230 0.445 0.430 9261WB GADANG-WB 0.435 -0.005 2042.1 0.435 1.060 243.68 29/11/2021

0.105 0.075 0.075 0.075 539829 GAMUDA-C29 0.075 -0.005 90 4.920 4.880 8.33 28/04/2017

0.070 0.055 0.060 0.060 539830 GAMUDA-C30 0.060 -0.010 185 4.920 5.180 11.38 28/04/2017

0.125 0.075 0.120 0.115 539831 GAMUDA-C31 0.115 Unch 70 4.920 4.900 6.61 29/09/2017

1.410 0.805 1.320 1.290 5398WE GAMUDA-WE 1.320 0.020 2352.5 4.920 4.050 9.15 06/03/2021

0.280 0.085 0.165 0.160 5226WA GBGAQRS-WA 0.165 -0.005 302 0.925 1.300 58.38 20/07/2018

0.500 0.340 0.370 0.370 3611WA GBH-WA 0.370 Unch 5 1.400 1.000 -2.14 07/04/2020

0.110 0.045 0.050 0.045 0078CC GDEX-CC 0.050 Unch 155 1.710 1.600 2.34 22/02/2017

0.260 0.095 0.160 0.145 471515 GENM-C15 0.150 Unch 884.4 4.740 4.400 2.32 31/03/2017

0.185 0.105 0.120 0.115 471517 GENM-C17 0.115 -0.020 45.5 4.740 4.800 9.76 28/04/2017

3.200 2.360 3.100 3.060 2291WA GENP-WA 3.060 0.020 102.2 11.000 7.750 -1.73 17/06/2019

0.190 0.020 0.040 0.035 318231 GENTINGC31 0.035 -0.005 79.3 4.740 8.300 81.01 31/03/2017

0.320 0.195 0.260 0.250 318233 GENTINGC33 0.260 -0.015 510 8.290 7.900 6.27 31/03/2017

2.380 0.835 1.480 1.450 3182WA GENTING-WA 1.460 -0.010 454.2 8.290 7.960 13.63 18/12/2018

0.195 0.070 0.105 0.100 1147WA GOB-WA 0.100 Unch 127.7 0.325 0.800 176.92 24/12/2019

0.065 0.025 0.030 0.025 0074WA GOCEAN-WA 0.025 -0.005 125 0.085 0.340 329.41 07/08/2019

0.045 0.025 0.040 0.030 7096WA GPA-WA 0.030 -0.005 6241.5 0.115 0.100 13.04 03/06/2025

0.200 0.095 0.175 0.175 7676WB GUNUNG-WB 0.175 Unch 111.3 0.460 0.400 25.00 02/10/2020

0.460 0.110 0.350 0.350 3034CU HAPSENG-CU 0.350 Unch 1 8.920 7.650 1.46 30/08/2017

0.460 0.170 0.260 0.260 2062WC HARBOUR-WC 0.260 -0.010 10 0.805 1.560 126.09 03/04/2021

1.320 0.830 1.260 1.240 5095WB HEVEA-WB 1.260 0.020 124 1.530 0.250 -1.31 28/02/2020

0.130 0.065 0.085 0.085 5072WB HIAPTEK-WB 0.085 Unch 930.3 0.300 0.500 95.00 23/06/2021

0.300 0.115 0.160 0.135 7213WB HOVID-WB 0.160 0.025 7838.7 0.300 0.180 13.33 05/06/2018

1.090 0.065 0.105 0.080 65154 HSI-C54 0.080 -0.005 2119 13,152 23,400 78.45 26/01/2017

0.955 0.075 0.155 0.145 65160 HSI-C60 0.155 0.010 987 13,153 24,200 85.05 27/02/2017

1.360 0.295 0.535 0.495 65162 HSI-C62 0.530 0.030 5637.3 13,153 22,800 76.97 27/02/2017

0.560 0.045 0.070 0.055 65166 HSI-C66 0.055 -0.005 173 13,153 26,000 98.05 30/03/2017

0.820 0.170 0.295 0.280 65168 HSI-C68 0.295 0.020 19 13,153 24,600 89.05 30/03/2017

0.510 0.150 0.270 0.255 65172 HSI-C72 0.265 0.010 3916.7 13,153 25,000 91.88 27/04/2017

0.865 0.335 0.570 0.540 65174 HSI-C74 0.570 0.025 835 13,152 23,600 83.33 27/04/2017

1.280 0.740 1.090 1.090 65176 HSI-C76 1.090 0.060 10 13,153 22,200 76.24 27/04/2017

0.650 0.320 0.525 0.500 65178 HSI-C78 0.525 0.025 184.9 13,152 24,000 86.06 29/05/2017

0.880 0.625 0.820 0.820 65186 HSI-C86 0.820 -0.055 1 13,152 23,000 80.48 29/06/2017

0.710 0.005 0.010 0.005 65161 HSI-H61 0.005 -0.005 1101.1 13,153 21,000 59.69 26/01/2017

1.040 0.090 0.120 0.090 65163 HSI-H63 0.090 -0.035 12186 13,152 22,400 70.92 26/01/2017

0.520 0.105 0.120 0.105 65165 HSI-H65 0.105 -0.020 368.9 13,152 20,600 57.34 27/02/2017

0.830 0.290 0.325 0.290 65167 HSI-H67 0.300 -0.030 13353.1 13,153 22,000 69.31 27/02/2017

1.270 0.745 0.790 0.775 65169 HSI-H69 0.785 -0.015 18 13,152 23,400 83.28 27/02/2017

1.100 0.645 0.655 0.650 65171 HSI-H71 0.650 -0.045 45 13,153 22,600 76.27 30/03/2017

0.850 0.490 0.525 0.500 65177 HSI-H77 0.500 -0.025 97 13,153 21,600 67.64 27/04/2017

1.140 0.820 0.835 0.835 65179 HSI-H79 0.835 -0.025 1.3 13,152 23,000 80.58 27/04/2017

2.080 1.320 1.430 1.410 65181 HSI-H81 1.410 -0.030 13 13,153 24,400 95.15 27/04/2017

0.735 0.400 0.425 0.405 65183 HSI-H83 0.405 -0.020 73.1 13,152 20,600 59.39 29/05/2017

0.870 0.680 0.695 0.680 65185 HSI-H85 0.680 -0.030 20 13,153 22,000 71.91 29/05/2017

1.590 1.430 1.470 1.470 65193 HSI-H93 1.470 Unch 0.6 13,153 23,800 91.00 29/06/2017

0.030 0.015 0.025 0.020 9601WD HWGB-WD 0.020 -0.005 114.7 0.060 0.180 233.33 15/03/2021

0.210 0.155 0.165 0.165 4251WA IBHD-WA 0.165 Unch 91.7 0.595 1.410 164.71 08/10/2019

3.200 2.710 3.100 3.100 0166WA INARI-WA 3.100 Unch 7.5 3.540 0.264 -4.97 04/06/2018

1.940 1.050 1.920 1.890 0166WB INARI-WB 1.910 0.020 371.2 3.540 1.600 -0.85 17/02/2020

0.030 0.015 0.025 0.025 0094WA INIX-WA 0.025 Unch 220 0.090 0.100 38.89 16/11/2020

0.220 0.155 0.195 0.185 3379WB INSAS-WB 0.185 Unch 1372.2 0.775 1.000 52.90 25/02/2020

0.135 0.080 0.080 0.080 196113 IOICORP-C13 0.080 -0.050 200 4.490 4.400 3.34 31/10/2017

0.200 0.110 0.145 0.130 8834WB IREKA-WB 0.145 Unch 30.1 0.650 1.000 76.15 25/06/2019

0.055 0.020 0.025 0.025 7183WA IRETEX-WA 0.025 Unch 2 0.195 0.800 323.08 10/06/2019

0.150 0.010 0.035 0.025 5175WA IVORY-WA 0.030 0.010 6284 0.475 0.750 64.21 26/04/2017

0.065 0.020 0.040 0.035 0024WA JAG-WA 0.035 Unch 4617.6 0.120 0.100 12.50 14/08/2019

0.130 0.105 0.115 0.115 5161C1 JCY-C1 0.115 Unch 50 0.510 0.550 19.12 18/08/2017

0.125 0.005 0.005 0.005 5161CX JCY-CX 0.005 Unch 100.1 0.510 0.600 18.63 14/03/2017

0.110 0.045 0.090 0.090 9083WB JETSON-WB 0.090 0.010 135 0.355 0.750 136.62 06/02/2019

0.525 0.205 0.475 0.465 7167WA JOHOTIN-WA 0.470 Unch 1664.6 1.230 0.850 7.32 21/11/2017

0.155 0.085 0.100 0.095 4383CL JTIASA-CL 0.095 -0.005 963.6 1.350 1.300 10.37 06/06/2017

0.205 0.070 0.090 0.080 5247CQ KAREX-CQ 0.090 0.015 229 2.500 2.200 -1.20 31/01/2017

0.110 0.105 0.110 0.105 5247CU KAREX-CU 0.110 -0.040 287.5 2.482 2.450 232,5 31/10/2017

0.025 0.010 0.015 0.010 3115WC KBUNAI-WC 0.015 Unch 1001.2 0.055 0.131 165.45 20/10/2023

1.550 0.680 1.310 1.300 7161WA KERJAYA-WA 1.310 -0.010 69.9 2.230 0.880 -1.79 20/12/2017

0.880 0.420 0.700 0.690 5171WA KIMLUN-WA 0.690 -0.010 10 2.120 1.680 11.79 12/03/2024

0.095 0.020 0.030 0.025 7164WA KNM-WA 0.025 -0.005 500 0.360 0.980 179.17 15/11/2017

0.445 0.070 0.085 0.085 7017WB KOMARK-WB 0.085 -0.010 506.7 0.285 0.300 35.09 21/01/2020

0.120 0.105 0.120 0.115 7153CQ KOSSAN-CQ 0.115 Unch 0.8 6.550 6.800 14.35 18/08/2017

0.810 0.410 0.430 0.430 5878WB KPJ-WB 0.430 -0.025 14.5 4.160 4.010 6.73 23/01/2019

0.555 0.450 0.480 0.480 9385WA LAYHONG-WA 0.480 -0.020 4.9 0.790 0.400 11.39 13/10/2021

0.375 0.105 0.110 0.105 8494WA LBICAP-WA 0.105 -0.005 175 1.140 1.000 -3.07 17/04/2018

0.760 0.315 0.715 0.700 5789WA LBS-WA 0.715 0.010 86 1.740 1.000 -1.44 11/06/2018

0.535 0.215 0.480 0.460 5789WB LBS-WB 0.460 Unch 694.6 1.740 1.250 -1.72 04/10/2020

0.090 0.040 0.070 0.065 8745WB LEWEKO-WB 0.070 -0.005 139.2 0.120 0.200 125.00 08/09/2020

0.220 0.150 0.170 0.165 7126WA LONBISC-WA 0.165 -0.010 53.1 0.750 1.000 55.33 26/01/2020

0.040 0.020 0.040 0.035 5068WA LUSTER-WA 0.040 0.005 1465.6 0.085 0.100 64.71 03/06/2022

0.045 0.020 0.040 0.040 5068WB LUSTER-WB 0.040 Unch 200 0.085 0.100 64.71 26/05/2023

0.060 0.015 0.025 0.020 0017WA M3TECH-WA 0.020 -0.005 1400.9 0.050 0.100 140.00 21/08/2019

0.735 0.210 0.635 0.615 7617WB MAGNA-WB 0.635 -0.015 113 1.470 0.900 4.42 04/09/2020

0.145 0.045 0.045 0.045 8583C5 MAHSING-C5 0.045 -0.050 60 1.500 1.650 15.10 31/03/2017

0.160 0.030 0.055 0.055 8583C6 MAHSING-C6 0.055 -0.015 3.1 1.500 1.650 13.67 31/07/2017

0.265 0.130 0.165 0.155 8583WB MAHSING-WB 0.165 Unch 29.7 1.500 1.440 7.00 16/03/2018

0.100 0.045 0.065 0.065 5264CT MALAKOF-CT 0.065 -0.010 80 1.330 1.500 17.67 31/10/2017

0.200 0.085 0.130 0.125 6181WB MALTON-WB 0.130 0.005 5.4 0.690 1.000 63.77 29/06/2018

0.015 0.005 0.010 0.005 5189WA MAXWELL-WA 0.010 Unch 420.1 0.025 0.400 1,540 24/03/2020

0.145 0.080 0.125 0.110 115524 MAYBANKC24 0.125 0.010 645.2 8.170 8.000 1.74 30/06/2017

0.480 0.185 0.410 0.400 5152WA MBL-WA 0.410 0.010 131.1 1.020 0.800 18.63 28/11/2022

0.225 0.020 0.035 0.035 5983WA MBMR-WA 0.035 -0.015 11.1 2.090 3.200 54.78 14/06/2017

0.405 0.130 0.175 0.145 1694WB MENANG-WB 0.170 0.020 1200.2 0.785 1.000 49.04 09/07/2019

0.185 0.010 0.120 0.115 0075WA MEXTER-WA 0.115 Unch 1093.8 0.250 0.130 -2.00 17/09/2018

0.760 0.305 0.710 0.705 3069WA MFCB-WA 0.705 0.005 53 2.400 2.220 21.88 08/04/2020

0.415 0.030 0.030 0.030 3662WB MFLOUR-WB 0.030 Unch 403.3 1.380 2.060 51.45 09/05/2017

0.135 0.045 0.110 0.100 5186C1 MHB-C1 0.100 -0.005 391.4 1.000 1.000 12.50 29/09/2017

0.100 0.030 0.050 0.040 5026WA MHC-WA 0.050 0.010 352.3 0.920 1.560 75.00 28/07/2017

0.355 0.175 0.210 0.205 5576WC MINHO-WC 0.210 0.010 98.4 0.585 0.500 21.37 02/08/2021

0.145 0.025 0.055 0.045 3816C8 MISC-C8 0.045 -0.005 1870.5 7.400 7.500 4.39 31/05/2017

0.625 0.330 0.455 0.455 9571WD MITRA-WD 0.455 0.005 31 1.260 1.090 22.62 23/08/2020

1.380 0.570 1.020 1.010 6114WB MKH-WB 1.010 -0.010 88.3 2.920 1.890 -0.68 29/12/2017

0.100 0.020 0.030 0.030 0085WA MLAB-WA 0.030 Unch 465 0.085 0.100 52.94 24/04/2020

0.030 0.020 0.025 0.025 0103WA MNC-WA 0.025 Unch 100 0.065 0.100 92.31 05/11/2021

0.070 0.020 0.020 0.020 0070WA MQTECH-WA 0.020 -0.005 200 0.050 0.100 140.00 21/11/2021

0.155 0.035 0.105 0.100 1651C7 MRCB-C7 0.105 0.005 801.4 1.430 1.220 0.00 31/03/2017

0.160 0.070 0.150 0.130 1651C9 MRCB-C9 0.150 0.005 2986.1 1.430 1.450 11.89 30/08/2017

0.165 0.085 0.105 0.100 1651WA MRCB-WA 0.105 0.005 2223.3 1.430 2.300 68.18 14/09/2018

0.030 0.005 0.005 0.005 0092WA MTOUCHE-WA 0.005 Unch 100 0.075 0.890 1,093 17/01/2018

0.085 0.015 0.020 0.020 0092WB MTOUCHE-WB 0.020 Unch 29 0.075 0.270 286.67 16/03/2020

0.330 0.150 0.265 0.265 0138C1 MYEG-C1 0.265 Unch 72 1.590 1.400 10.27 30/06/2017

0.200 0.195 0.200 0.195 13811 MYEG-C11 0.200 Unch 200 1.590 1.380 14.47 31/07/2017

0.180 0.080 0.090 0.080 0138C2 MYEG-C2 0.090 0.010 3631.2 1.590 1.767 20.55 28/04/2017

0.235 0.130 0.150 0.145 0138C3 MYEG-C3 0.150 0.005 177.7 1.590 1.533 12.16 28/04/2017

0.180 0.115 0.145 0.145 0138C8 MYEG-C8 0.145 0.010 50 1.590 1.567 13.73 31/10/2017

0.200 0.060 0.130 0.125 0138CZ MYEG-CZ 0.125 Unch 300 1.590 1.333 2.20 14/03/2017

0.040 0.015 0.025 0.020 0096WA NEXGRAM-WA 0.020 Unch 180.1 0.035 0.100 242.86 16/05/2022

0.030 0.010 0.020 0.020 0096WB NEXGRAM-WB 0.020 0.005 5 0.047 0.260 495.74 21/07/2023

0.040 0.015 0.020 0.020 0096WC NEXGRAM-WC 0.020 Unch 300 0.035 0.100 242.86 15/01/2024

0.060 0.005 0.020 0.020 7139WA NICE-WA 0.020 Unch 53 0.085 0.160 111.76 09/08/2017

0.105 0.010 0.095 0.065 0083WB NOTION-WB 0.080 0.015 18496.1 0.720 1.000 50.00 02/05/2017

0.270 0.150 0.225 0.215 0172WA OCK-WA 0.225 Unch 2344.8 0.785 0.710 19.11 15/12/2020

Main Market & Ace Market Warrants

MarketsB U R S A M A L A Y S I A E Q U I T Y D E R I V A T I V E S

WEDNESDAY JANUARY 18, 2017 • THEED G E FINANCIAL DAILY 2 9

Please refer to the bursa malaysia website for the prices of Loan stocks, bonds and overseas structure warrants

China — Shanghai shares snap fi ve-session losing streak as tech stocks rally

SHANGHAI: Shanghai’s benchmark stock index rose yesterday, snapping a fi ve-day losing streak, as small-caps staged a sharp afternoon rebound that let an index tracking them halt an eight-day slide. The blue-chip CSI 300 Index rose 0.21% or 6.91 points to 3,326.36. The Shanghai Composite Index also added 0.17% or 5.35 points to 3,108.77. Hong Kong’s benchmark Hang Seng Index, which on Monday suffered its biggest one-day loss in a month, added 0.54% or 122.82 points to 22,840.97. The Hong Kong China Enterprises Index edged up 0.37% or 36.1 points to 9,702.19. China’s start-up board ChiNext remained sluggish in the morning after slumping as much as 6.1% to a 16-month low on Monday, but reversed earlier losses after lunch and ended yesterday in heavy turnover. The rebound, which many say stemmed from views that recent falls were overdone, was led by ChiNext bellwether Leshi Information. It hit its 10% daily upside limit in its best day since June. The market apparently drew some support from news that China’s top securities regulator met with market participants on Saturday. It sought feedback on topics including

initial public offerings (IPOs), two sources told Reuters, amid an acceleration in listings that has weighed on share prices. News about the meeting fuelled speculation that regulators might slow the pace of IPOs to ease liquidity pressure on the market. Hong Kong shares bounced back yesterday from the previous day’s spill. Nearly all sectors gained ground, led by industrial stocks, which rose around 1.1%. But services stocks pulled back over 0.2%, as shares in Landing International Development Ltd tumbled more than 30% after the company proposed a capital reorganisation. Linus Yip, a Hong Kong-based strategist at First Shanghai Securities, said investors are taking a wait-and-see stance over concerns that the post-Trump election rally was overdone. He noted that gains also were capped by a weak mainland market as well as limited southbound capital fl ows ahead of the Lunar New Year at the end of January.

Japan — Nikkei falls to near six-week low on strong yen

TOKYO: Japan’s Nikkei Share Average fell to its lowest level in more than a month yesterday as a strong yen soured sentiment, while shares in Honda tumbled after it said an airbag made by Takata Corp had ruptured in one of its cars in Japan. The Nikkei ended 1.48% or 281.71 points

lower at 18,813.53, the weakest closing level since Dec 8. The broader Topix shed 1.4% to 1,509.1, while the JPX-Nikkei Index 400 declined 1.46% to 13,516.3. Honda Motor Co skidded 2.7% after it said the passenger-side airbag of one of its Fit compact multipurpose vehicles ruptured late last month, resulting in minor injury to the car’s driver. Investors were also bracing for a speech by UK Prime Minister Theresa May as well as Friday’s inauguration of US President-elect Donald Trump. “Europe is going to be dominating the headlines, and the focus is justifi ably on May’s speech, and also on the interviews that Trump gave to European newspapers,” said Stefan Worrall, director of Japan equity sales at Credit Suisse in Tokyo. Friday’s inauguration also remains fi xed on investors’ radar, as they weigh the potential fallout of Trump’s protectionist pledges against his other promises. Worrall said a clearer idea of how Trump is going to conduct his administration, and a greater understanding of the focus of his policy in the immediate post-inauguration period, are shifting investors’ focus. In an interview with German newspaper Bild, published on Monday, Trump criticised German carmakers and warned that he would impose a border tax of 35% on vehicles imported to the US market. “Optimism and hope are easing, and reality bites,” Worrall said.

Australia — Shares burdened by banks ahead of Brexit speech

SYDNEY: Australian shares lost traction yesterday as investors turned cautious ahead of a speech by British Prime Minister Theresa May to lay out plans to exit the European Union, which some traders fear will see Britain lose access to the bloc’s single market. The S&P/ASX 200 Index ended 0.85% or 49.021 points lower at 5,699.42. New Zealand’s benchmark S&P/NZX 50 Index closed 0.17% or 11.98 points lower at 7,062.96. Australia’s “big four” banks dominated losses, with National Australia Bank declining as much as 1.8% to a near three-week low. Iron ore pulled back from a three-year high, dragging index heavyweights South32 and Fortescue Metals Group down as much as 3.7% and 3.9% respectively. Global mining giant Rio Tinto slipped as much as 1.3%, even though its results were in line with expectations. It reported output and shipments for 2016 in line with its guidance and kept its targets for 2017 intact, expecting to ship 330 million to 340 million tonnes of iron ore. Bucking the trend, gold prices rose as investors rushed to the safe-haven asset, with Newcrest Mining up 1.7%. Dairy giant Fonterra Co-operative Group inched higher ahead of New Zealand Dairy prices and New Zealand Milk Auctions data due later in the day. — Reuters

Shanghai CompositeIndex points

3,087.842

Mar 1, 2010 Jan 17, 2017

1900

2875

3850

4825

5800

3,108.77+5.35

(+0.17%)

Hang SengIndex points

21,056.93

Mar 1, 2010 Jan 17, 2017

22,840.97+122.82

(+0.54%)15800

19075

22350

25625

28900

Nikkei 225Index points

10,172.06

Mar 1, 2010 Jan 17, 2017

8100

11275

14450

17625

20800

18,813.53-281.71(1.48%)

ASX 200Index points

4,686.53

Mar 1, 2010 Jan 17, 2017

5,699.420-49.021

(-0.85%)

3600

4400

5200

6000

Bursa Malaysia Equity Derivatives

0.160 0.060 0.100 0.095 7071WC OCR-WC 0.100 0.005 1533 0.475 0.500 26.32 24/07/2021

0.335 0.195 0.215 0.210 5053WC OSK-WC 0.215 0.005 3.6 1.430 1.800 40.91 22/07/2020

0.235 0.020 0.035 0.025 7052CF PADINI-CF 0.030 0.010 1926.1 2.440 2.900 21.31 30/06/2017

0.095 0.010 0.035 0.030 0005WA PALETTE-WA 0.030 -0.005 163.5 0.065 0.040 7.69 20/03/2018

0.190 0.105 0.170 0.165 5125WB PANTECH-WB 0.165 -0.005 1273.3 0.455 0.500 46.15 21/12/2021

0.270 0.145 0.215 0.205 5022WA PAOS-WA 0.215 0.010 225.9 0.540 0.500 32.41 14/12/2021

0.400 0.200 0.220 0.210 9997WB PENSONI-WB 0.210 -0.010 156.4 0.650 0.600 24.62 20/01/2024

0.035 0.010 0.020 0.015 5146WA PERWAJA-WA 0.020 Unch 1285.1 0.100 1.000 920.00 28/02/2022

0.420 0.120 0.385 0.370 8311WC PESONA-WC 0.380 Unch 2787.6 0.620 0.250 1.61 27/01/2020

0.205 0.015 0.020 0.015 6033CN PETGAS-CN 0.020 Unch 491.9 19.900 21.200 7.74 31/03/2017

0.595 0.130 0.570 0.565 8869CP PMETAL-CP 0.565 -0.020 20 1.870 1.107 -3.03 17/02/2017

1.490 0.353 1.470 1.450 8869WC PMETAL-WC 1.460 Unch 81.2 1.870 1.100 36.90 22/08/2019

1.060 0.615 0.860 0.845 7088WB POHUAT-WB 0.860 0.015 334.4 1.860 1.000 0.00 21/10/2020

0.370 0.195 0.220 0.205 4634C1 POS-C1 0.215 -0.045 180 4.010 3.600 4.79 28/02/2017

0.165 0.095 0.095 0.095 4634C2 POS-C2 0.095 -0.010 180 4.010 4.000 11.60 27/03/2017

0.480 0.130 0.480 0.450 7168WA PRG-WA 0.480 0.030 431.3 0.820 0.375 4.27 06/07/2019

0.095 0.040 0.065 0.055 7145WA PSIPTEK-WA 0.065 0.005 61 0.115 0.100 43.48 16/11/2019

0.060 0.020 0.045 0.045 0007WA PUC-WA 0.045 Unch 501.7 0.085 0.100 70.59 25/12/2024

0.035 0.015 0.030 0.020 0007WB PUC-WB 0.030 Unch 3908 0.085 0.100 52.94 15/02/2019

0.350 0.215 0.245 0.240 7134WA PWF-WA 0.245 Unch 44 0.740 0.620 16.89 20/07/2021

0.170 0.020 0.145 0.135 5256WA REACH-WA 0.140 Unch 30581.4 0.645 0.750 37.98 12/08/2022

0.115 0.030 0.055 0.055 1066CW RHBBANK-CW 0.055 0.005 50 4.940 5.000 5.67 31/05/2017

0.115 0.060 0.075 0.070 5270WA RSENA-WA 0.070 -0.005 301 0.435 0.500 31.03 01/12/2023

0.100 0.015 0.020 0.015 0133WC SANICHI-WC 0.020 Unch 425.7 0.065 0.210 253.85 24/09/2019

0.035 0.020 0.025 0.020 0133WD SANICHI-WD 0.020 Unch 1135 0.065 1.000 1,470 21/07/2019

0.020 0.005 0.005 0.005 0109WA SCBUILD-WA 0.005 Unch 70 0.040 0.050 37.50 16/06/2017

0.025 0.005 0.015 0.015 0109WB SCBUILD-WB 0.015 Unch 800 0.040 0.050 62.50 06/11/2019

0.105 0.055 0.080 0.080 0161WA SCH-WA 0.080 Unch 350 0.175 0.100 2.86 04/12/2021

0.100 0.050 0.070 0.070 0028WA SCOPE-WA 0.070 0.015 26.9 0.155 0.150 41.94 17/07/2020

0.415 0.020 0.100 0.090 7073WA SEACERA-WA 0.090 Unch 583.4 0.910 1.000 19.78 16/05/2017

0.405 0.160 0.350 0.280 7073WB SEACERA-WB 0.350 Unch 10.1 0.910 1.000 48.35 29/05/2019

0.135 0.070 0.120 0.110 0055WA SERSOL-WA 0.120 0.010 659 0.150 0.180 100.00 18/04/2023

0.465 0.210 0.230 0.215 7246WA SIGN-WA 0.230 -0.005 63 0.805 0.970 49.07 21/04/2021

0.150 0.145 0.145 0.145 419712 SIME-C12 0.145 -0.005 104 8.490 8.500 10.37 18/08/2017

0.225 0.115 0.205 0.200 4197C8 SIME-C8 0.205 Unch 463.7 8.490 7.750 3.36 31/07/2017

0.205 0.070 0.165 0.165 521829 SKPETROC29 0.165 Unch 15 1.670 1.400 3.59 31/05/2017

0.130 0.120 0.130 0.120 521839 SKPETROC39 0.130 -0.070 3070 1.670 1.850 27.90 31/07/2017

0.205 0.115 0.135 0.135 7155CB SKPRES-CB 0.135 0.005 519.9 1.330 1.300 7.89 06/06/2017

0.845 0.470 0.665 0.645 7155WA SKPRES-WA 0.665 0.010 1643.7 1.330 0.650 -1.13 27/06/2017

0.160 0.025 0.040 0.040 0117WA SMRT-WA 0.040 Unch 211.6 0.185 0.180 18.92 01/08/2017

0.230 0.100 0.205 0.200 0093WA SOLUTN-WA 0.200 Unch 94.4 0.305 0.200 31.15 04/07/2021

0.225 0.010 0.020 0.020 8664CU SPSETIA-CU 0.020 -0.005 75 3.210 3.200 0.93 31/01/2017

0.095 0.025 0.050 0.050 1201WA SUMATEC-WA 0.050 0.005 600 0.075 0.320 393.33 03/03/2021

0.065 0.020 0.045 0.035 1201WB SUMATEC-WB 0.045 0.005 16560.3 0.075 0.175 193.33 13/11/2018

0.105 0.015 0.020 0.020 710617 SUPERMX-C17 0.020 0.005 600.4 2.120 2.500 20.75 14/03/2017



0.160 0.045 0.050 0.045 710618 SUPERMX-C18 0.050 -0.005 857 2.120 2.200 9.67 28/04/2017

0.180 0.015 0.015 0.015 710619 SUPERMX-C19 0.015 -0.015 516 2.120 2.200 5.54 31/01/2017

0.135 0.135 0.135 0.135 710625 SUPERMX-C25 0.135 -0.065 200 2.120 2.150 17.33 31/07/2017

0.280 0.155 0.195 0.185 7082WB SYF-WB 0.190 Unch 1145.5 0.610 0.700 45.90 11/11/2019

0.235 0.125 0.135 0.135 1538WB SYMLIFE-WB 0.135 Unch 30 0.640 1.100 92.97 11/11/2020

0.250 0.185 0.230 0.230 5012CH TAANN-CH 0.230 0.005 200 4.150 3.650 10.12 13/07/2017

0.405 0.170 0.190 0.190 8524WB TALIWRK-WB 0.190 0.005 1.5 1.450 1.700 30.34 11/11/2018

0.955 0.620 0.765 0.765 5191WA TAMBUN-WA 0.765 -0.020 4 1.420 0.600 -3.87 30/05/2017

0.140 0.010 0.010 0.010 534728 TENAGA-C28 0.010 Unch 135 13.900 14.400 4.10 28/02/2017

0.150 0.100 0.145 0.100 534735 TENAGA-C35 0.100 -0.040 400 13.900 13.800 3.60 30/11/2017

0.580 0.260 0.370 0.310 7252WA TEOSENG-WA 0.370 -0.010 1.2 1.030 1.350 66.99 29/01/2020

3.560 1.700 3.030 3.000 7034WA TGUAN-WA 3.020 0.020 42 4.360 1.500 3.67 09/10/2019

0.110 0.055 0.065 0.065 7889WB THRIVEN-WB 0.065 -0.005 15 0.185 0.640 281.08 05/10/2020

0.020 0.005 0.005 0.005 7079WB TIGER-WB 0.005 Unch 400 0.045 0.170 288.89 23/12/2018

0.030 0.010 0.015 0.015 7079WC TIGER-WC 0.015 Unch 68 0.045 0.080 111.11 11/02/2021

0.090 0.025 0.025 0.025 486314 TM-C14 0.025 -0.005 200 6.090 6.700 11.04 29/09/2017

0.120 0.090 0.090 0.090 0101CB TMCLIFE-CB 0.090 -0.010 33.3 0.935 1.080 25.13 28/09/2017

0.315 0.170 0.270 0.260 0101WB TMCLIFE-WB 0.265 -0.005 417.3 0.935 0.750 8.56 21/06/2019

0.765 0.410 0.590 0.585 8397WC TNLOGIS-WC 0.585 Unch 35.9 1.580 1.000 0.32 26/12/2018

0.460 0.275 0.360 0.350 7285WA TOMYPAK-WA 0.350 -0.005 55 1.630 2.290 61.96 21/06/2021

0.160 0.035 0.040 0.035 7113C6 TOPGLOV-C6 0.040 0.005 1068.5 5.230 5.150 2.29 28/02/2017

0.260 0.175 0.195 0.195 7113C8 TOPGLOV-C8 0.195 -0.010 202.5 5.230 4.700 4.78 31/03/2017

0.390 0.230 0.280 0.260 5401WA TROP-WA 0.260 -0.010 25.1 1.030 1.000 22.33 06/12/2019

0.215 0.110 0.130 0.130 5042WB TSRCAP-WB 0.130 -0.010 3.8 0.465 0.700 78.49 28/12/2020

0.165 0.045 0.065 0.060 514831 UEMS-C31 0.065 Unch 1288 1.100 1.150 13.41 30/06/2017

0.110 0.110 0.110 0.110 514839 UEMS-C39 0.110 -0.090 160 1.100 1.050 15.45 31/07/2017

0.165 0.020 0.045 0.045 5243C7 UMWOG-C7 0.045 Unch 230 0.880 1.000 18.75 31/05/2017

0.200 0.070 0.100 0.095 7091WA UNIMECH-WA 0.095 Unch 60 1.110 1.500 43.69 18/09/2018

0.165 0.055 0.065 0.055 5005CQ UNISEM-CQ 0.065 Unch 525 2.440 2.250 2.87 14/03/2017

0.192 0.055 0.065 0.060 0069WB VIVOCOM-WB 0.065 Unch 4350.5 0.165 0.200 60.61 07/09/2018

0.228 0.075 0.090 0.085 0069WC VIVOCOM-WC 0.085 Unch 184.7 0.165 0.100 12.12 22/01/2020

0.042 0.021 0.035 0.030 7070WB VIZIONE-WB 0.035 0.010 75.2 0.110 0.200 113.64 20/06/2018

0.085 0.065 0.080 0.080 6963CJ VS-CJ 0.080 -0.005 30 1.460 1.380 10.96 28/07/2017

0.080 0.015 0.035 0.030 0066WA VSOLAR-WA 0.035 Unch 700.1 0.085 0.120 82.35 01/12/2017

0.455 0.195 0.300 0.285 6963WA VS-WA 0.290 -0.005 1029.2 1.460 1.650 32.88 06/01/2019

0.110 0.070 0.110 0.110 9679CZ WCT-CZ 0.110 0.005 100 1.880 2.000 15.16 31/10/2017

0.300 0.160 0.245 0.235 9679WD WCT-WD 0.235 -0.005 552.2 1.880 1.710 3.46 11/12/2017

0.235 0.160 0.200 0.195 9679WE WCT-WE 0.195 -0.010 573.5 1.880 2.080 21.01 27/08/2020

0.035 0.010 0.020 0.015 0141WA WINTONI-WA 0.020 Unch 3109 0.055 0.100 118.18 23/02/2019

0.655 0.490 0.575 0.560 7245WA WZSATU-WA 0.575 Unch 60.4 1.040 0.500 3.37 28/10/2024

0.025 0.005 0.015 0.010 5156WC XDL-WC 0.015 Unch 33.4 0.030 0.040 83.33 02/07/2018

0.095 0.010 0.010 0.010 5155WB XINQUAN-WB 0.010 Unch 965 0.080 0.880 1,012 27/03/2021

0.085 0.035 0.045 0.040 0165WA XOX-WA 0.040 Unch 950.8 0.100 0.200 140.00 10/02/2019

0.185 0.025 0.090 0.090 7020WB YKGI-WB 0.090 Unch 1603.9 0.260 0.500 126.92 28/05/2020

0.205 0.075 0.110 0.110 6742CW YTLPOWR-CW 0.110 -0.005 180 1.430 1.400 5.59 31/05/2017

0.450 0.300 0.340 0.340 6742WB YTLPOWR-WB 0.340 Unch 36.3 1.430 1.140 3.50 11/06/2018

0.215 0.005 0.015 0.010 7028WA ZECON-WA 0.015 0.005 200.1 0.565 1.060 90.27 03/03/2017

0.140 0.040 0.060 0.055 2283WA ZELAN-WA 0.060 0.005 106 0.145 0.250 113.79 25/01/2019

Main Market & Ace Market Warrants

MarketsI N S I D E R M O V E S . T R A D I N G T H E M E S . E V E N T S . F O R E X


Local events to watch out for today

While every eff ort is made to ensure accuracy, the information presented is not an exhaustive list and is not an offi cial record of shareholder fi lings. Direct and indirect share are combined due to space constraints. Readers who are interested should check the offi cial fi lings fi led with Bursa Malaysia. Note: * denotes Ace Market

AEON CO. (M) (268,700) ABERDEEN ASSET MANAGEMENT PLC 267,280,900 12/1 AND ITS SUBSIDIARIES, UKAIRASIA 800,000 EMPLOYEES PROVIDENT FUND BOARD 145,698,049 11/1AL-’AQAR HEALTHCARE REIT (1,059,200) EMPLOYEES PROVIDENT FUND BOARD 67,843,738 5 & 11/1ALLIANCE FINANCIAL GROUP (152,100) EMPLOYEES PROVIDENT FUND BOARD 252,450,140 11/1AMMB (1,531,400) EMPLOYEES PROVIDENT FUND BOARD 441,337,537 11/1AXIATA GROUP (3,061,011) EMPLOYEES PROVIDENT FUND BOARD 1,381,744,825 4 & 6/1AXIS REAL ESTATE (600,000) EMPLOYEES PROVIDENT FUND BOARD 136,865,764 11/1INVESTMENT TRUSTBORNEO AQUA HARVEST (500,000) AKINORI HOTANI 123,000 11/1CAPITALAND (M) MALL TRUST (500,000) EMPLOYEES PROVIDENT FUND BOARD 191,895,100 11/1CIMB GROUP (200,000) DATO’ LEE KOK KWAN 2,279,365 12 & 13/1EKOVEST (3,955,000) KOTA JAYASAMA 82,622,061 9,10 & 11/1GAMUDA (382,500) EMPLOYEES PROVIDENT FUND BOARD 287,122,205 11/1GAMUDA (471,700) LEMBAGA TABUNG HAJI 135,663,400 12 & 13/1GENTING PLANTATIONS 429,100 EMPLOYEES PROVIDENT FUND BOARD 103,047,800 11/1HARBOUR-LINK GROUP 6,842,900 WONG SIONG SHE 235,094,086 13/1HARTALEGA (608,600) EMPLOYEES PROVIDENT FUND BOARD 125,821,300 10 & 11/1HONG LEONG BANK (320,200) EMPLOYEES PROVIDENT FUND BOARD 273,281,377 11/1HOVID 300,000 GOH TIAN HOCK 2,365,830 11/1IGB CORPORATION (300,000) EMPLOYEES PROVIDENT FUND BOARD 72,595,472 11/1IGB REAL ESTATE (1,566,300) EMPLOYEES PROVIDENT FUND BOARD 247,077,413 11/1INVESTMENT TRUSTIHH HEALTHCARE 1,147,000 EMPLOYEES PROVIDENT FUND BOARD 823,069,627 11/1INARI AMERTRON 632,100 EMPLOYEES PROVIDENT FUND BOARD 70,710,825 11/1KPJ HEALTHCARE (1,804,000) EMPLOYEES PROVIDENT FUND BOARD 137,605,795 10/1KUALA LUMPUR KEPONG (220,900) EMPLOYEES PROVIDENT FUND BOARD 156,062,888 11/1MALAYAN BANKING 5,000,000 AMANAHRAYA TRUSTEES 3,628,377,208 11/1 - SKIM AMANAH SAHAM BUMIPUTERAMALAYAN BANKING (3,551,500) EMPLOYEES PROVIDENT FUND BOARD 1,499,173,967 9,10 & 11/1MUHIBBAH ENGINEERING (M) (934,300) LEMBAGA TABUNG HAJI 47,242,300 9,10,11 & 13/1ORION IXL (1,000,000) ABDUL RANI BIN ACHMED ABDULLAH 285,072 9/1ORION IXL 1,000,000 YAHYA BIN RAZALI 1,001,000 9/1PANTECH GROUP 2,000,000 DATO’ CHEW TING LENG 140,456,714 13/1PANTECH GROUP (2,000,000) TAN ANG ANG 13,207,240 13/1PANTECH GROUP (3,000,000) TO TAI WAI 13,513,840 13/1PAVILION REAL ESTATE (500,000) EMPLOYEES PROVIDENT FUND BOARD 197,319,403 11/1INVESTMENT TRUSTPETRONAS CHEMICALS GROUP 1,063,100 EMPLOYEES PROVIDENT FUND BOARD 870,080,443 11/1PETRONAS GAS (172,900) EMPLOYEES PROVIDENT FUND BOARD 207,172,632 11/1PPB GROUP (390,000) EMPLOYEES PROVIDENT FUND BOARD 86,360,915 11/1PRESTAR RESOURCES (660,000) MD NAHAR BIN NOORDIN 2,092,400 11/1PRG 210,500 DATO’ LUA CHOON HANN 50,278,200 11 & 12/1PUBLIC BANK 723,400 EMPLOYEES PROVIDENT FUND BOARD 482,189,263 11/1RGB INTERNATONAL (2,000,000) CHUAH KIM CHIEW 26,367,994 11/1SAPURAKENCANA PETROLEUM (4,700,000) EMPLOYEES PROVIDENT FUND BOARD 741,927,194 11/1SASBADI (300,000) EMPLOYEES PROVIDENT FUND BOARD 16,643,800 11/1SCICOM (MSC) (1,180,200) EMPLOYEES PROVIDENT FUND BOARD 10/1SIME DARBY 5,947,800 AMANAHRAYA TRUSTEES 2,757,337,210 10 & 11/1 - SKIM AMANAH SAHAM BUMIPUTERASYARIKAT TAKAFUL MALAYSIA 292,400 EMPLOYEES PROVIDENT FUND BOARD 95,771,400 11/1THE STORE CORPORATION 734,209 TYS CONSOLIDATED SDN 57,072,874 9,10,11 12 & 13/1TOP GLOVE CORPORATION 731,200 EMPLOYEES PROVIDENT FUND BOARD 112,237,346 11/1UEM SUNRISE (1,499,600) LEMBAGA TABUNG HAJI 333,280,900 12 & 13/1UMW (503,300) EMPLOYEES PROVIDENT FUND BOARD 183,701,556 11/1UPA CORPORATION 262,800 CHUA NGEUN LOK 44,209,591 12/1UZMA (131,400) LEMBAGA TABUNG HAJI 27,882,500 12/1WCT 384,000 EMPLOYEES PROVIDENT FUND BOARD 98,687,250 11/1WCT (341,500) LEMBAGA TABUNG HAJI 124,233,121 12 & 13/1WZ SATU 500,000 LEMBAGA TABUNG HAJI 32,239,100 12 & 13/1YINSON (300,000) EMPLOYEES PROVIDENT FUND BOARD 153,938,700 11/1

COMPANY SHARES ACQUIRED DIRECTOR/SUBSTANTIAL SHARES HELD TRANSACTION (DISPOSED) SHAREHOLDER AFTER CHANGE DATE

Insider moves (Filings on Jan 16, 2017)

Insider Moves show what substantial shareholders are doing with their stakes, which could be a signal of their views on the company’s outlook.

Note: Run your fi nger down the left-hand side until you reach the country of origin you plan to exchange. Then move your fi nger until that line intersects with the vertical column of the currency you wish to buy. The fi gure is how much you will get. The above rates are subject to change and provided by Thompson Reuters.

• SWS Capital Bhd’s annual general meeting at Classic Hotel, 9th Floor, Classic Ballroom, Jalan Ali, Muar, Johor at 10am.

• Launching of Agro Capital Management Bhd’s Chef Wan special recipe book at Ruyi & Lyn Restaurant, Bangsar Shopping Centre, Jalan Maarof, Bukit Bandaraya, Kuala Lumpur at 10.30am.

• Asia Public Policy Forum is being hosted in Malaysia for the fi rst time. Co-hosted by the Harvard Kennedy School and the Jeff rey

Cheah Institute on Southeast Asia, the focus this year is on education. It is a two-day forum at Sunway University, from 9am to 5.30pm today and from 9am to 12.45pm tomorrow.

• HSS Engineers Bhd’s annual corporate cocktail reception at Banquet Hall, TPC Kuala Lumpur (formerly Kuala Lumpur Golf & Country Club), Jalan 1/170D, off Jalan Bukit Kiara, Kuala Lumpur at 6.30pm.

Foreign exchange rates NZ EURO US SWISS BRIT CANADA BRUNEI S’PORE AUST M’SIA CHINA BANGL’H DENM’K UAE INA INDIA JAPAN NORWAY PHIL QATAR SAUDI SWEDEN THAI HK

NZ $ 0.672 0.719 0.720 0.591 0.937 1.020 1.020 0.952 3.2117 4.929 56.933 4.996 2.642 9,601 48.855 81.159 6.072 35.763 2.619 2.698 6.391 25.384 5.578

EURO 1.488 1.071 1.071 0.879 1.395 1.518 1.519 1.417 4.7802 7.336 84.738 7.436 3.932 14,291 72.715 120.794 9.038 53.229 3.897 4.015 9.513 37.781 8.303

US $ 1.390 0.934 1.001 0.821 1.303 1.418 1.419 1.323 4.4650 6.852 79.150 6.946 3.672 13,348 67.920 112.829 8.442 49.719 3.640 3.750 8.886 35.290 7.755

SWISS FR 1.389 0.933 0.999 0.821 1.302 1.417 1.418 1.323 4.4619 6.847 79.095 6.941 3.670 13,339 67.873 112.751 8.436 49.684 3.638 3.748 8.879 35.266 7.750

STERLING £ 1.692 1.137 1.217 1.218 1.587 1.726 1.727 1.611 5.4357 8.342 96.358 8.456 4.471 16,250 82.686 137.359 10.277 60.528 4.432 4.566 10.817 42.962 9.441

CANADA $ 1.067 0.717 0.767 0.768 0.630 1.088 1.088 1.015 3.4259 5.257 60.730 5.329 2.818 10,242 52.114 86.572 6.477 38.148 2.793 2.878 6.818 27.077 5.950

BRUNEI $ 0.980 0.659 0.705 0.706 0.579 0.919 1.000 0.933 3.1484 4.832 55.811 4.898 2.590 9,412 47.892 79.559 5.953 35.058 2.567 2.645 6.265 24.884 5.468

SINGAPORE $ 0.980 0.658 0.705 0.705 0.579 0.919 1.000 0.933 3.1475 4.830 55.795 4.896 2.589 9,410 47.879 79.537 5.951 35.048 2.566 2.644 6.264 24.877 5.467

AUSTRALIA $ 1.050 0.706 0.756 0.756 0.621 0.985 1.072 1.072 3.3738 5.177 59.807 5.248 2.775 10,086 51.321 85.255 6.379 37.568 2.751 2.834 6.714 26.666 5.860

MALAYSIA RM 0.311 0.209 0.224 0.224 0.184 0.292 0.318 0.318 0.296 1.0000 1.535 17.727 1.556 0.822 2,990 15.212 25.270 1.891 11.135 0.815 0.840 1.990 7.904 1.737

100 CHINESE RMB 20.289 13.632 14.594 14.604 11.988 19.021 20.697 20.703 19.314 65.1630 1,155 101.369 53.596 194,807 991.238 1,647 123.205 725.605 53.130 54.735 129.678 515.029 113.181

100 BANGLAD’H TAKA 1.756 1.180 1.263 1.264 1.038 1.647 1.792 1.792 1.672 5.6412 8.657 8.776 4.640 16,865 85.812 142.551 10.666 62.816 4.599 4.738 11.226 44.586 9.798

100 DANISH KRONER 20.015 13.448 14.397 14.407 11.826 18.764 20.418 20.424 19.054 64.2830 98.65 1,140 52.872 192,176 977.85 1,624 121.54 715.81 52.41 54.00 127.93 508.07 111.65

100 UAE DIRHAM 37.856 25.435 27.230 27.249 22.367 35.489 38.617 38.628 36.037 121.5826 186.58 2,155 189.14 363,476 1,849 3,072 229.88 1,354 99.13 102.13 241.96 960.95 211.18

1000 INA RUPIAH 0.104 0.070 0.075 0.075 0.062 0.098 0.106 0.106 0.099 0.3345 0.513 5.930 0.520 0.275 5.088 8.453 0.632 3.725 0.273 0.281 0.666 2.644 0.581

100 INDIA RUPEE 2.047 1.375 1.472 1.473 1.209 1.919 2.088 2.089 1.949 6.5739 10.088 116.534 10.226 5.407 19,653 166.121 12.429 73.202 5.360 5.522 13.082 51.958 11.418

100 JAPAN YEN 1.232 0.828 0.886 0.887 0.728 1.155 1.257 1.257 1.173 3.9573 6.073 70.150 6.156 3.255 11,830 60.197 7.482 44.065 3.227 3.324 7.875 31.277 6.873

100 NORWEGIAN KRONER 16.468 11.064 11.845 11.854 9.730 15.438 16.799 16.804 15.677 52.8900 81.166 938 82.277 43.501 158,117 804.545 1,337 588.943 43.123 44.426 105.254 418.027 91.864

100 PHILIPPINE PESO 2.796 1.879 2.011 2.013 1.652 2.621 2.852 2.853 2.662 8.9805 13.782 159.196 13.970 7.386 26,848 136.608 226.935 16.980 7.322 7.543 17.872 70.979 15.598

100 QATAR RIYAL 38.188 25.658 27.469 27.488 22.563 35.800 38.956 38.967 36.353 122.6480 188.217 2,174 190.794 100.876 366,661 1,866 3,099 231.893 1,366 103.022 244.076 969.373 213.027

100 SAUDI RIYAL 37.068 24.905 26.663 26.682 21.902 34.750 37.813 37.824 35.287 119.0508 182.697 2,110 185.198 97.918 355,907 1,811 3,008 225.091 1,326 97.067 236.917 940.942 206.779

100 SWEDISH KRONOR 15.646 10.512 11.254 11.262 9.244 14.668 15.960 15.965 14.894 50.2500 77.114 890.772 78.170 41.330 150,224 764.386 1,270 95.009 559.546 40.971 42.209 397.161 87.279

100 THAI BAHT 3.939 2.647 2.834 2.836 2.328 3.693 4.019 4.020 3.750 12.6523 19.416 224.285 19.682 10.406 37,825 192.463 319.721 23.922 140.886 10.316 10.628 25.179 21.976

100 HK$ 17.926 12.044 12.895 12.903 10.592 16.806 18.287 18.292 17.065 57.5740 88.354 1,020.603 89.563 47.354 172,120 875.797 1,455 108.856 641.100 46.942 48.361 114.575 455.048

STOCK HIGH LOW CLOSE VOLUME (RM) (RM) (RM) ('000)

SUPERMX-C18 0.050 0.045 0.050 857LBICAP-WA 0.110 0.105 0.105 175SMISCOR 0.625 0.585 0.625 9.7HSI-H85 0.695 0.680 0.680 20AAX-CZ 0.030 0.030 0.030 100HSI-H61 0.010 0.005 0.005 1101.1DRBHCOMC23 0.025 0.020 0.025 2490.3MEGASUN 0.350 0.320 0.350 50.1PETGAS 20.520 19.900 19.900 4285.8ARMADA-C24 0.110 0.100 0.105 425.5SUPERMX-C22 0.100 0.100 0.100 8FGV-C23 0.075 0.075 0.075 90SIGGAS 0.400 0.395 0.400 227.9N2N 0.720 0.660 0.680 639.8HSI-H65 0.120 0.105 0.105 368.9

This table shows stocks that are trading near their year low. This could suggest a build-up in selling momentum, or the possibility that bargain hunting could set in later.

STOCK HIGH LOW CLOSE VOLUME (RM) (RM) (RM) ('000)

MAGNI 4.830 4.540 4.810 1118.9TAWIN 0.460 0.460 0.460 0.1PLB 1.490 1.470 1.490 6WEIDA 1.900 1.820 1.850 660.4GPA 0.125 0.110 0.115 5949.6PRG-WA 0.480 0.450 0.480 431.3AEONCR 15.460 15.200 15.460 75.3WCEHB 1.050 0.995 1.030 1629.5PRG 0.835 0.810 0.820 567.4ARMADA-C25 0.090 0.085 0.090 2102.4CUSCAPI 0.155 0.140 0.150 8771.3AIRASIAC48 0.090 0.090 0.090 14FAREAST 8.600 8.280 8.600 4ICON 0.455 0.420 0.445 12817.4KOSSAN-CQ 0.120 0.115 0.115 0.8

This table shows stocks that are trading near their year high. This could suggest a build-up in buying momentum, or the possibility that profi t-taking activities could set in later.

Trading themes

Stocks closest to year high Stocks closest to year low

UK productivity growth yet to even touch pre-crisis average

The US dollar against bitcoin and the yuan

MarketsF U T U R E S . M O N E Y M A R K E T . C O M M O D I T I E S

3 1


Index futures

FUTURES FAIR VALUECONTRACT DAYS TO EXPIRY KLIBOR DIVIDEND FAIR VALUE

FUTURES ROLL OVER BID OFFER CLOSE

JAN/FEB -0.5 -1.5 -0.5

INDEX AND FUTURES OPEN CHANGE INCONTRACT LAST CHANGE VOLUME INTEREST OPEN INTEREST

Money market

Commodities

FEB/MAR 58FEB/APR 96FEB/MAY 147MAR/APR 38

CPO FUTURES INDICATIVE ROLL-OVER

CPO/SOYOIL FUTURES BASIS (USD)CURRENT -74.293 MONTHS AVERAGE -96.516 MONTHS AVERAGE -90.50

OPEN CHANGE INCONTRACT LAST CHANGE VOLUME INTEREST OPEN INTEREST

FEB-17 3,255 48 1,299 10,994 -283MAR-17 3,197 54 9,964 47,730 -3,641APR-17 3,159 49 18,565 55,169 6,730MAY-17 3,108 47 4,567 36,378 1,164JUN-17 3,051 47 1,169 9,195 348

Palm oil futures trade higher on tight supplies

CPO prices react to various factors including soyoil prices, weather conditions and stockpiles. Open interest shows either increasing or decreasing market participation.

Oil rises on weaker US dollar; Saudi to cut output

METAL & PRECIOUS METALSTIN US$/TON KLTM 21,050 -50COPPER USC/IBS CMX 2.6395 -0.0505GOLD US$/TROY OZ CMX 1,217.50 21.30PLATINUM US$/TROY OZ NYMEX 992.30 6.90PALLADIUM US$/TROY OZ NYMEX 757.00 7.15SILVER USC/TROY OZ CMX 17.08 0.35ALUMINIUM RMB/TON SHF 13,365 -75ZINC RMB/TON SHF 22,050 -775

ENERGYLIGHT CRUDE OIL US$/BBL NYMEX 53.23 0.86HEATING OIL USC/GAL NYMEX 1.6962 0.0341NATURAL GAS US$/MMBTU NYMEX 3.442 0.046BRENT CRUDE US$/BBL ICE 56.64 0.78GAS OIL US$/TON ICE 497.50 10.50

CRUDE PALM OIL RM/TON MDEX 3,159 49RUBBER SEN/KG MRB 980.50 -30.50CORN USC/BSH CBOT 361.25 2.75SOYBEANS USC/BSH CBOT 1,063.75 17.50WHEAT USC/BSH CBOT 427.25 1.25LIVE CATTLE USC/IBS CME 117.93 1.45COCOA US$/TON NYBOT 2,165 -30COFFEE USC/IBS NYBOT 151.80 0.10SUGAR USC/IBS NYBOT 20.39 0.04COTTON USC/IBS NYC 73.67 0.40

AGRICULTURE UNIT EXCHANGE LAST PRICE CHANGE

Rubber - M’sia SMR 20

Sen/Kg

Jan 7, 2007 Jan 17, 2017

200

625

1050

1475

1900

980.50(-30.50)

SGS & ITS EXPORT ESTIMATES (TONNES)SHIPMENT DAYS

1 - 10TH DAYS1- 15TH DAYS1 - 20TH DAYS1 - 25TH DAYSFULL MONTH

OCT’16 NOV’16 DEC’16

404/421 348/355 306/326 633/628 514/521 465/481 806/801 730/735 607/629 998/991 998/991 827/845 1,296/1,289 1,130/1,152 1,110/1,087

MALAYSIAN PALM OIL BOARD

PRODUCTIONEXPORT STOCKS

FKLI

Index points Open Interest

Jan 4, 2010

2000

24000

46000

68000

90000

1220

1410

1600

1790

1980

Jan 17, 2017

1,665.50(+2.00)

Klibor

Implied interest rate (%)

Oct 1, 2000

3.45(Unch)

Jan 17, 2017

1.5

2.5

3.5

4.5

Centrifuged Latex

Sen/Kg

Jan 7, 2007

722.50(+17.50)

Jan 17, 2017

300

500

700

900

1100

CPO futures

FBM KLCI futures

JAN7 96.55 — — —FEB7 96.55 — — —MAR7 96.55 — — —JUN7 96.50 — — —SEP7 96.46 — — —DEC7 96.41 — — —MAR8 96.41 — — —JUN8 96.41 — — —SEP8 96.41 — — —DEC8 96.41 — — —MAR9 96.41 — — —JUN9 96.41 — — —SEP9 96.41 — — —DEC9 96.41 — — —MAR0 96.41 — — —JUN0 96.41 — — —SEP0 96.41 — — —DEC0 96.41 — — —MAR1 96.41 — — —JUN1 96.41 — — —SEP1 96.41 — — —DEC1 96.41 — — —TOTAL 0 0

MONTH SETTLEMENT CHANGE VOLUME OPEN PRICE INTEREST

Klibor

Malaysian palm oil futures rose more than 1% in trade yesterday, earlier tracking gains in rival oilseed soy and supported by bullish sentiment on tight market supplies. Benchmark palm oil futures for April delivery on Bursa Malaysia Derivatives had risen 1.6% to RM3,159 a tonne by the end of the trading session. Traded volumes stood at 38,068 lots of 25 tonnes each. Palm oil output may rise by 12% this year to 19.4 million tonnes from 17.4 million tonnes in 2016, the Malaysian Palm Oil Board said at a conference in Kuala Lumpur. “Physical market prices are very high; there is no oil in the market,” said a futures trader based in Kuala Lumpur. Another trader had earlier said the market in the morning was supported by stronger performing soyoil on the Chicago Board of Trade (CBOT). Th e March soybean oil contract on the CBOT rose 1%, while the May soybean oil contract on the Dalian Commodity Exchange was up 0.8%. Chicago soybean futures also rose as heavy rains across Argentina’s central crop belt raised concerns over yield losses. Palm oil is poised to leave a wedge and develop a trend, as it is approaching the upper trend line of the pattern, according to Wang Tao, a Reuters market analyst for commodities and energy technicals. — Reuters

SEP’16 OCT’16 NOV’16 DEC’16

1,715 1,678 1,575 1,474 1,451 1,431 1,370 1,268 1,547 1,574 1,656 1,665

MPOB FFB REF PRICE (MILL GATE PRICE)

NORTH 20.00% 786 19.00% 753 18.00% 721SOUTH 20.00% 792 19.00% 760 18.00% 727CENTRAL 20.00% 785 19.00% 753 18.00% 720EAST COAST 20.00% 786 19.00% 754 18.00% 722SABAH 22.00% 764 21.00% 735 20.00% 705SARAWAK 22.00% 771 21.00% 741 20.00% 711

REGION GRADE A GRADE B GRADE C OER (RM/TON) OER (RM/TON) OER (RM/TON)

(IN RM/TON) JAN’17 FEB’17 MAR’17

CPO DELD 3,270 NO TRADE NO TRADEPK EX-MILL 3,862 NO TRADE NO TRADECPKO DELD 8,184 NO TRADE NO TRADERBD P.OIL FOB NO TRADE NO TRADE NO TRADE RBD P.OLEIN FOB NO TRADE NO TRADE NO TRADERBD P. STEARIN FOB NO TRADE NO TRADE NO TRADE

MPOB Palm oil physical

Oil prices rose yesterday, supported by a falling US dollar and Saudi Arabia saying it would adhere to Opec’s commitment to cut output. Th e benchmark US Brent crude was up 78 US cents at US$56.64 per barrel, while US West Texas Intermediate crude was up 86 US cents at US$53.23 per barrel. Traders are also watching rising US output, as this could off set supply cuts elsewhere. “Th e market is focused on the build in US production which is nearly up to nine million barrels per day (bpd) — up from 8.5 million bpd last June and close to 2014 production levels,” said Michael McCarthy, chief market strategist at Sydney’s CMC Markets. “With US crude clearly above US$50 a barrel, we are getting a supply-side response which is pushing production higher,” he said. — Reuters

Commodities

consecutive session. Bucking the trend, Vietnam gained 1%, led up by fi nancials and consumer staples. — Agencies

CPO & Open Interest

CPO RM/tonne Open Interest

Jan 6, 2008 Jan 17, 2017

10000

57500

105000

152500

200000

1200

1950

2700

3450

4200

(+49)3,159

CPO vs Soyoil

CPO RM/tonne Soyoil US$/Ibs

Jan 6, 2008 Jan 17, 2017

0.3647(RM3,586/tonne)

3,159(+49) 0.0000

0.1825

0.3650

0.5475

0.7300

1100

2425

3750

5075

6400

Th e US dollar was down for the seventh day in the past 10 yesterday, while the pound climbed off a three-month low before a keynote speech on Brexit from Britain’s prime minister Th eresa May. Th e shift had been most pronounced against the yen and the US dollar dropped 0.9% to a fi ve-week low of ¥113.04. That came in tandem with a 0.5% fall against the euro, which was buying US$1.0661. European Central Bank fi gures showed eurozone banks expect a pickup in loan demand, while European car sales rose sharply in December. Th e pound was up over 1% at US$1.2187 and 0.5% against the euro at 87.95 pence per euro as Britain’s strongest infl ation data in 2½-years also gave it a lift. — Reuters

Greenback loses altitude while strong inflation boosts sterling

Th e FBM KLCI futures contracts on Bursa Malaysia Derivatives closed higher yesterday, lifted by a fi rmer cash market. Th e underlying benchmark FBM KLCI ended 4.19 points higher at 1,663.03. Spot month January 2017 and February 2017 gained two points each to 1,665.5 and 1,664.5 respectively; March 2017 advanced three points to 1,661 and June 2017 added 6.5 points to 1,657. Turnover was higher at 5,452 lots from Monday’s 4,061 lots, while open interest widened to 30,769 contracts from 29,277 contracts previously. In Southeast Asia, the Philippines closed 1.6% lower for a fi fth straight session of losses and its biggest losing streak since November 2016. Singapore dipped marginally, and Indonesia closed lower for a seventh

FBM KLCI futures contracts rise on stronger cash market

Crude Oil

US$/bbl

Apr 10, 2007 Jan 17, 2017

53.23(+0.86)

20.00

53.75

87.50

121.25

155.00

Gold

US$/troy oz

Aug 31, 2008 Jan 17, 2017

1,217.50(+21.30)

700

1020

1340

1660

1980

Long Rolls - KLCI futures

Index points

Jan 4, 2010 Jan 17, 2017

-0.50(Unch)

-35.00

-21.75

-8.50

4.75

18.00

US Dollar

USD Index

Oct 2, 2006

71.0

79.5

88.0

96.5

105.0 100.570(-0.610)

Jan 17, 2017

FBMKLCI 1,663.03 4.19 121M JAN 17 1,665.50 2.00 5,079 28,971 89FEB 17 1,664.50 2.00 311 1,062 100MAR 17 1,661.00 3.00 55 601 -4JUN 17 1,657.00 6.50 7 134 -2TOTAL 5,452 30,768 183

JAN 17 15 2.02 0.00 2.02FEB 17 43 6.05 5.87 0.18ROLL’S FAIR -1.84


Markets Y O U R D A I L Y F I N A N C I A L M A R K E T S R O U N D U P

F U T U R E S . M O N E Y M A R K E T . C O M M O D I T I E S PA G E 3 1

I N S I D E R M O V E S . T R A D I N G T H E M E S . E V E N T S . F O R E X PA G E 3 0

G L O BA L M A R K E T S PA G E 2 9

M A I N M A R K E T . A C E M A R K E T L I ST I N G PA G E 2 5RESEARCH: TAI TS [[email protected]; SUGUMARAN [[email protected]]

CONTRACT SETTLEMENT CHANGE HIGH LOW

KUALA LUMPUR: Th e FBM KLCI rose 4.19 points or 0.3% to 1,663.03 yesterday on bargain hunting, after the index’s 13.66-point drop on Monday. Inter-Pacific Research Sdn Bhd research head Pong Teng Siew told theedgemarkets.com that the FBM KLCI’s decline on Monday was an opportunity for bargain hunting by institutional investors. “Th e underlying sentiment is still bullish. Liquidity will improve, but I don’t think it will last past late February or March. Th e market is cautious,” Pong said. World markets have been taking their cue from Brexit concerns. Reuters reported that the pound hovered near three-month lows versus the US dollar yesterday, and stocks were mostly weaker as investors waited for British Prime Minister Th eresa May to lay out plans to exit the European Union (EU), amid fears Britain will lose access to the single market. According to advance extracts released by her offi ce, May will tell an audience including foreign diplomats and Britain’s own Brexit negotiating team: “We seek a new and equal partnership, between an independent, self-governing, global Britain and our friends and allies in the EU.” Investors were in risk-off mode ahead of May’s speech and US President-elect Donald Trump’s upcoming inauguration on Friday, said Victor Felix, an analyst at AB Capital Securities. Safe havens such as the yen, gold and treasuries, gained in turn. — by Wong Ee Lin

FBM KLCI closes 0.3% higher on bargain hunting

KLCI CHANGE CLOSE VOLUME POINTS (RM) (RM) ('000)MAYBANK 2.01 0.120 8.170 8137.3DIGI.COM 0.77 0.060 4.950 10770.7MAXIS 0.62 0.050 6.070 1415.0RHB BANK 0.53 0.080 4.940 886.1HONG LEONG BANK 0.50 0.140 13.240 1125.3SIME DARBY 0.45 0.040 8.490 6832.9IJM CORPORATION 0.42 0.070 3.380 1990.8HAP SENG CONSOLIDATED 0.37 0.090 8.920 166.3IOI CORPORATION 0.32 0.030 4.490 1536.2CIMB GROUP 0.29 0.020 4.740 13125.7IHH HEALTHCARE 0.27 0.020 6.320 975.5PUBLIC BANK 0.26 0.040 20.060 6769.6PETRONAS DAGANG -0.49 -0.300 23.460 222.3GENTING -0.56 -0.090 8.290 1678.0AXIATA GROUP -1.18 -0.080 4.640 2103.6PETRONAS GAS -1.56 -0.480 19.900 4285.8SUB-TOTAL 3.01 OTHERS 1.18 GRAND TOTAL 4.19

1,670.00 1,661.00 1,669.00 1,660.50 1,666.50 1,657.00

Market movers

DOW JONES 19,885.73 -5.27S&P 500 2,274.64 4.20NASDAQ 100 5,059.51 18.08FTSE 100 7,327.13 -10.68AUSTRALIA 5,699.42 -49.02CHINA 3,108.77 5.35HONG KONG 22,840.97 122.82INDIA 27,225.64 -62.53

INDONESIA 5,266.94 -3.07JAPAN 18,813.53 -281.71KOREA 2,071.87 7.70PHILIPPINES 7,123.33 -115.12SINGAPORE 3,012.77 -0.35TAIWAN 9,354.53 62.20THAILAND 1,566.84 -4.96VIETNAM 684.71 6.77

CLOSE CHANGE CLOSE CHANGE

World equity indices

TURNOVER CHANGE CHANGE PRICE PE DIVIDEND (‘000) (RM) (%) (RM) RATIO YIELD (%)

Daily top 20 active stocks

BAT 45.000 0.360AEONCR 15.460 0.300MAGNI 4.810 0.280GTRONIC 3.930 0.210LAFMSIA 7.200 0.180PADINI 2.440 0.150HLBANK 13.240 0.140EKOVEST-WB 1.340 0.140SUIWAH 2.480 0.130MAYBANK 8.170 0.120ASIAFLE 3.600 0.110MBWORLD 1.350 0.110

NESTLE 74.120 -1.580PETGAS 19.900 -0.480PANAMY 31.500 -0.300PETDAG 23.460 -0.300ARMADA-C25 0.090 -0.110SAM 5.600 -0.110DIN040000223 99.900 -0.100DRBHCOMC31 0.100 -0.100DSONIC-CU 0.105 -0.095GENTING 8.290 -0.090UEMS-C39 0.110 -0.090SHANG 5.170 -0.080

UP CHANGE CLOSE (RM)

DOWN CHANGE CLOSE (RM)

Top gainers and losers (ranked by RM)

AKNIGHT 0.160 146.15IVORY-WA 0.030 50.00ZECON-WA 0.015 50.00PADINI-CF 0.030 50.00VIZIONE-WB 0.035 40.00NEXGRAM-WB 0.020 33.33APFT-WA 0.020 33.33SUPERMX-C17 0.020 33.33SCOPE-WA 0.070 27.27ANZO-WB 0.070 27.27MHC-WA 0.050 25.00AIRASIAC40 0.025 25.00

ARMADA-C25 0.090 -55.00MAHSING-C5 0.045 -52.63HSI-H61 0.005 -50.00DRBHCOMC31 0.100 -50.00ARMADA-C18 0.005 -50.00BAUTO-CO 0.005 -50.00SUPERMX-C19 0.015 -50.00DSONIC-CU 0.105 -47.50UEMS-C39 0.110 -45.00AIRASIAC48 0.090 -40.00IOICORP-C13 0.080 -38.46FGV-C24 0.125 -37.50

UP CHANGE CLOSE (%)

DOWN CHANGE CLOSE (%)

Top gainers and losers (ranked by percentage)

FBM KLCI & KLCI futures intraday

Daily FBM KLCI

FBM KLCI sensitivity*

FBM KLCI futures

IVORY-WA 0.030 50.00ZECON-WA 0.015 50.00PADINI-CF 0.030 50.00VIZIONE-WB 0.035 40.00NEXGRAM-WB 0.020 33.33APFT-WA 0.020 33.33SUPERMX-C17 0.020 33.33SCOPE-WA 0.070 27.27ANZO-WB 0.070 27.27MHC-WA 0.050 25.00AIRASIAC40 0.025 25.00AIRASIAC34 0.155 24.00

ARMADA-C25 0.090 -55.00MAHSING-C5 0.045 -52.63HSI-H61 0.005 -50.00DRBHCOMC31 0.100 -50.00ARMADA-C18 0.005 -50.00BAUTO-CO 0.005 -50.00SUPERMX-C19 0.015 -50.00DSONIC-CU 0.105 -47.50UEMS-C39 0.110 -45.00AIRASIAC48 0.090 -40.00IOICORP-C13 0.080 -38.46FGV-C24 0.125 -37.50

UP CHANGE CLOSE (%)

DOWN CHANGE CLOSE (%)

Top gainers and losers - warrants (ranked by percentage)

SKH 80,720 14.29 0.010 0.080 0.080 0.070OCR-PA 23,566 15.79 0.015 0.110 0.110 0.100STERPRO 13,733 0.00 0.000 0.030 0.035 0.030EWEIN-WA 12,439 23.33 0.035 0.185 0.195 0.155CUSCAPI-WA 10,526 22.22 0.010 0.055 0.060 0.040CUSCAPI 8,771 11.11 0.015 0.150 0.155 0.140IVORY-WA 6,284 50.00 0.010 0.030 0.035 0.025TM 5,871 0.66 0.040 6.090 6.110 6.050MTOUCHE 5,409 0.00 0.000 0.075 0.075 0.065MMAG 5,300 0.00 0.000 0.050 0.050 0.050AJIYA-WA 5,174 2.38 0.005 0.215 0.225 0.210SEAL 4,790 9.88 0.040 0.445 0.450 0.390EKOVEST 4,516 3.70 0.090 2.520 2.540 2.410CENTURY 3,881 1.67 0.015 0.915 0.930 0.905AEGB 3,490 -2.63 -0.005 0.185 0.185 0.180CMSB 3,114 2.52 0.100 4.070 4.100 3.960

STOCK VOLUME CHANGE CHANGE CLOSE HIGH LOW ('000) (%) (RM) (RM) (RM) (RM)

Table above is from Reuters Volume break 3x 5-day average volume, meaning the total number of shares traded for a particular counter on the previous trading day is more than triple the average volume for the last 5 trading days. The table captures the build-up of interest in these companies and is thus a gauge of market expectations for these counters.

UNUSUAL M ARKET ACTIVITIES

* How stock price changes affected the index on the previous trading day

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Moving average - 20-dayKL Composite Index

Volume (’mil)

Jan 2, 2008

1,663.03(+4.19)

Jan 17, 2017

1,648.70

820.0

1102.5

1385.0

1667.5

1950.0

0

300

600

900

1660

1661

1662

1663

1664

1665

1666

1667

1668

1669

1670

17:1516:3015:3014:3012:4511:3010:309:308:45

Index point

KL Composite Index

KLCI futures1,665.50

(+2.00)

1,663.03(+4.19)

Published by The Edge Communications Sdn Bhd (266980-X) Level 3, Menara KLK, No 1, Jalan PJU 7/6, Mutiara Damansara, 47810 Petaling Jaya, Selangor, Malaysia.Printed by Ultimate Print Sdn Bhd (62208-H) Lot 2, Jalan Sepana 15/3, Off Persiaran Selangor, Seksyen 15, 40200 Shah Alam, Selangor, Malaysia.

JAN 17 1,665.50 2.00FEB 17 1,664.50 2.00MAR 17 1,661.00 3.00

A short saying often contains much wisdom.— Sophocles

MATANG 303,914.8 0.010 7.69 0.140 — 0.00HIBISCS 92,275.1 0.035 7.78 0.485 — 0.00IFCAMSC 86,007.1 0.020 5.06 0.415 — 2.53SKH 80,719.9 0.010 14.29 0.080 — 0.00SUMATEC 41,571.8 0.005 7.14 0.075 10.14 0.00MBSB 38,709.4 0.070 6.67 1.120 25.99 2.76REACH-WA 30,581.4 UNCH UNCH 0.140 — 0.00GPACKET 23,788.2 -0.005 -1.82 0.270 — 0.00OCR-PA 23,565.6 0.015 15.79 0.110 — 0.00LUSTER 22,186.2 UNCH UNCH 0.085 — 0.00PERISAI 19,714.5 0.010 14.29 0.080 — 0.00RGB 18,661.1 0.005 1.64 0.310 15.10 1.64NOTION-WB 18,496.1 0.015 23.08 0.080 — 0.00TRIVE 18,429.0 -0.005 -5.26 0.090 — 0.00SUMATEC-WB 16,560.3 0.005 12.50 0.045 — 0.00MARCO 15,516.1 -0.015 -8.82 0.155 10.56 4.12AAX 15,385.0 UNCH UNCH 0.375 3.75 0.00HOVID 15,339.6 0.015 5.26 0.300 14.54 3.51VIVOCOM 14,670.4 0.005 3.13 0.165 7.92 0.00FPGROUP 13,823.8 UNCH UNCH 0.740 0.11 0.00

1,663.03 4.19 5,035.87 21.13 3,012.77 0.35 18,813.53 281.71 22,840.97 122.82 19,885.73 5.27 1,663.03 4.19 5,035.87 21.13 3,012.77 0.35 18,813.53 281.71 22,840.97 122.82 19,885.73 5.27 KLCI FBM ACE FTSTI NIKKEI HANG SENG DOW JONES 1,663.03 4.19 5,035.87 21.13 3,012.77 0.35 18,813.53 281.71 22,840.97 122.82 1,663.03 4.19 5,035.87 21.13 3,012.77 0.35 18,813.53 281.71 22,840.97 122.82

wednesday january 18, 2017 issue 2333/2017...

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