KLCI wavers early Monday, key Asian markets down - Business News

KUALA LUMPUR: Blue chips wavered early Monday while key Asian markets fell as investors worried the US Federal Reserve could raise interest rates and this could see funds shifting out of equities into bonds.At 9.51am, the FBM KLCI was up 0.34 points or 0.02% to 1,846.73. Turnover was 471.96 million shares valued at RM162.56mil. There were 192 gainers, 299 losers and 304 counters unchanged.Asian share markets slipped into the red on Monday as caution gripped investors in a week in which the Federal Reserve is likely to hike US interest rates and perhaps signal that as many as three more lie in store for the rest of the year, Reuters reported.Japan's Nikkei extended early losses to drop 1.3% as exporters were undermined by recent broad-based gains in the yen.MSCI's broadest index of Asia-Pacific shares outside Japan eased 0.5%, while Australia's main index lost 0.2%.At Bursa Malaysia, Nestle fell RM2.40 to RM128.60, Dutch Lady 98 sen to RM66.52, Heineken 70 sen to RM20.70, Ajinomoto 34 sen lower at RM22.12 and BAT 18 sen lower at RM27.50. However, F&N gained 18 sen to RM32 and Brahims 12.5 sen to 45.5 sen.Petron lost 10 sen to RM9.60, MPI nine sen to RM9.46 and Hartalega eight sen to RM11.72.Magni-Tech was the top gainer, up 40 sen to RM5.46. Scientex 15 sen to RM8.20, LC Titan gained 10 sen to RM6.29, VS Industry nine sen to RM2.74 while Borneo Aqua Harvest and Pos Malaysia added eight sen each to RM1.41 and RM3.90.

Source:The Star

March 19, 2018 02:03 UTC

Eco World International boosts UK presence with 6 new sites, GDV RM6b - Business News

KUALA LUMPUR: Eco World International (EWI) boosted its presence in the UK with the completion of stage one in its joint venture with Be Living Holdings Limited to add six new sites in London with gross development value (GDV) of £1.1bil (RM6bil).EWI said on Monday this will bring total remaining GDV to slightly more than double remaining GDV of £1.01bil (as at Oct 31, 2017) from its ongoing UK projects.It also said it had signed definitive agreements for the stage two acquisitions. This will potentially add another six sites with an estimated GDV of £1.5bil.“Upon completion of the acquisition of the stage two sites, the group’s total number of projects in the UK will increase from three when it was listed around this time last year to 15 in total,” it said.These corporate exercises enable EWI to make significant progress towards realising its ambitions to become a local UK developer.EWI president and CEO Datuk Teow Leong Seng said: “The completion of the stage one Acquisitions marks the start of a new era for EWI in the UK.“Going forward, we are well positioned to grow our UK business strongly to meet both local and international demand in the traditional open market sale (OMS) subsector as well as rising institutional demand in the built-to-rent (BTR) subsector,” he said.EWI said the above joint-venture with Be Living, a sister company of prominent UK contractor & developer Willmott Dixon Holdings Limited, will open up more markets• Access to the mid-mainstream market with the capability to supply homes at price points ranging from £500 psf to £800 psf that an average income earner in London is able to afford;Immediate entry into the Built-to-Rent subsector which has seen rapid growth due to the substantial increase in the size of the private rental sector.This will greatly increase the breadth, depth and resilience of the Group’s UK business through the:• extension of its geographical reach from its current Central London locations to Greater London and the South-East of England;• expansion of its product range at price points covering the mid, upper-mid and prime residential market segments, and• widening the group’s customer base beyond individual homeowners and investors to institutional funds looking to acquire BTR properties in good locations.

Source:The Star

March 19, 2018 01:41 UTC

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