HIBISCS : Hibiscus Petroleum Bhd shares rose 3.85% in active trade this morning after its unit SEA Hibiscus Sdn Bhd successfully achieved first oil after drilling and completing the SJ-105A well on July 16, which is part of the North Sabah Production Sharing Contract (North Sabah PSC). At 9.07am, Hibiscus rose 4 sen to RM1.08 with 5.98 million shares done for a market capitalisation of RM1.72 billion. This is the first of three infill wells being drilled as part of the St Joseph infill drilling project in Malaysia, which is part of the 2011 North Sabah Enhanced Oil Recovery PSC. SEA Hibiscus assumed operatorship of the North Sabah PSC on March 31, 2018, as a 50% joint-venture (JV) working interest partner with Petronas Carigali Sdn Bhd, The Edge has said. Oil is like a wild animal. Whoever captures it has it.
Well, whatever it may be…Tycoon Tan Sri Syed Mokhtar Albukhary may have already owned a 19.72% stake in Malaysia’s oldest Malay daily Utusan Melayu (M) Bhd before the acquisition earlier this week by Nilam Setar Sdn Bhd that’s linked to him, according to The Edge. I think we should look at the market value of our investments the same way we look at the market value of our homes.
Oh wow… President Donald Trump, his company and three of his children must face a class-action lawsuit in which people claim they were scammed into spending money on fraudulent, multilevel marketing ventures and a dubious live-seminar program, Bloomberg has said. The lawsuit is Doe v. Trump Corp., 18-cv-9936, U.S. District Court, Southern District of New York (Manhattan). I did this, I did that, I didn’t do this, I didn’t do that. Phew!
MIC Youth chief R. Thinalan today said that the government should not fund electoral watchdog Bersih 2.0 since it was no longer politically neutral. Thinalan was commenting on a statement by prominent lawyer Datuk Ambiga Sreenevasan, who suggested that the government should provide funding for Bersih for its electoral monitoring activities. Thinalan said due to Bersih’s affiliation with the Pakatan Harapan government, the electoral reform group can no longer claim to be non-partisan, according to MMO. Well Ambiga, that was a real goofy thing to do.
Affin Hwang Capital foresees the escalating US-China trade war to possibly lead to a global recession in 2020, posing downside risks to Malaysia. Recession is when a neighbour loses his job. Depression is when you lose yours. – Harry S. Truman
Supporters of Perak PKR chairman Farhash Wafa Salvador Rizal Mubarak can be seen gathering in front of Dang Wangi police district headquarters in light of his impending release. They were seen carrying banners and shouting “Free Farhash”, the STAR has said. Isn’t it strange how people are selective about the truth they want to see or hear?
Bursa Malaysia weak market. A market with few buyers and many sellers and a declining trend in prices. Tonight I can write the saddest lines. I loved Bursa, and sometimes Bursa loved me too. Tears are words that need to be written.
Good or bad, hard to say. Trading in Scomi securities to be halted from 9am pending material announcement. Scomi was last traded at nine sen. This morning, the Edge Financial Daily, citing sources said prominent businessman Tan Sri Wan Azmi Wan Hamzah and former Renong Bhd’s managing director Datuk Mohd Zakhir Siddiqy are buying substantial stakes in financially stressed Scomi Group. I took a breath and went on about my day.
My friend there are no ifs, or buts, or maybes. Is it bad that I only want to be rich together?
OMG! Stock market down again. The FBM KLCI was down 0.13% at the midday break today, while indices on the local stock exchange were mixed. It looks like the gloomy outlook for Malaysian stocks isn’t likely to end anytime soon.
MOU. ARBB has signed two memoranda of understanding yesterday for projects worth at least US$120mil (RM499.8mil). As far as I know. It is not a legally binding document but signals the intention of all parties to move forward with a contract.
Whew! AirAsia is currently experiencing an IT system outage, which is impacting several systems, including airasia.com and the AirAsia mobile app, according to the budget airline. We are not amused!.
Sleepy Stocks. MTDACPI plans to expand its construction and property business by acquiring 100% equity interest in Orangebeam Construction Sdn Bhd and Orangebeam Development Sdn Bhd from the Putrajaya Perdana group, the STAR has said. Are this news for real? I don’t know, and I don’t know anybody who does know. I took a breath and went on about my day.
International investors snapped up stocks listed on Bursa Malaysia for the third consecutive week last week, with net buying rising 34% to RM230.2 million from RM171.7 million in the prior week, according to MIDF Amanah Investment Bank Bhd Research (MIDF Research).. TheEdge has said. Hmmm… let me think. Good or bad?
London Biscuit Bhd tumbled over 35% this morning after it was classified as an affected listed issuer under Practice Note 17 (PN17). The confectionery manufacturer tumbled 35.42%, or 8.5 sen to its record low of 15.5 sen, with 39 million shares traded. London Biscuits became a PN17 company after it defaulted on a debt payment of RM9.83mil to Bank of Nova Scotia Bhd on July 3, the STAR has said. I feared the worst when I saw LONBISC tumble to the floor so early in the morning. But how can I sell something I don’t own?
The FBM KLCI stayed muted at mid-morning today, tracking struggling regional markets. At 10am, the FBM KLCI was up 1.93 points to 1,679.57. Gainers led losers by 226 to 207, while 307 counters traded unchanged. Volume was 659.09 million shares valued at RM241.37 million, TheEdge has said. There is little hope of success. It appears as though the superpowers will be staying on the sidelines, rather than taking an active role in this conflict.
Aha! Turkish President Tayyip Erdogan sacked the governor of the central bank on Saturday as differences between them deepened over the timing of interest rate cuts to revive the recession-hit economy, according to Reuters. So that’s your secret plan!
Say what? Earlier this week, businessman Tan Sri Syed Mokhtar Albukhary acquired an 11.1% stake in media outfit Media Prima Bhd, TheEdge has said. If history is any guide, Syed Mokhtar will eventually inject his own assets, which could include the MPH group which is involved in publishing and the retailing of books, The Malaysian Reserve, a publication focused on business and Percetakan Nasional Malaysia Bhd (PNMB). This sort of speculation is going to intensify.
Are you wondering how to stop buying things we don’t need? Lazada is expecting an increase in traffic during its first ever mid-year mega sale festival, to be held on July 12, 2019 across six markets in Southeast Asia. Add to cart, hit send, and wait for it to arrive. We all buy things from time to time that we don’t really need.