The merger of Islamic banking units in Malaysia is crucial as the market is becoming overcrowded with the players hungry for growth, outgoing BIMB Holdings Bhd group chief executive officer Datuk Seri Zukri Samat proposed.

He said the creation of a couple of mega Islamic banks could rival not only other Islamic banks in the country, but also the ‘big boys’ from the conventional side such as Maybank and CIMB.

On a larger scale, mega Islamic banks will have huge potential to spread their wings off the Malaysian shores into Indonesia, Cambodia and Singapore to become a regional champion, he said.

“All together, we have 16 banks offering Islamic financial products. For a small country like Malaysia, it’s a bit overcrowded. So long as we are small and fragmented, it is difficult to grow.

“Probably there could be some form of merger among Islamic banks, just like the conventional banks did during the 1997 financial crisis. The time is right for a merger,” he told Bernama.

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Based on corporate announcements and news flow today, stocks in focus on Monday (May 29) may include: CAP, Hibiscus, Mah Sing, Icon, Serba Dinamik, KPJ, RCE Capital, Econpile, BHIC, Titijaya, Tropicana, Pestech, Mitrajaya, MCT, Kenanga and PIE Industrial.

China Automobile Parts Holdings Ltd (CAP) will miss the deadline to submit the financial results for its first quarter ended March 31, 2017, adding that it is unsure on when it can submit the report. Its counter risks suspension of trading should it fail to submit the report by June 8.

Earlier, its auditor PKF has retracted its audit report for the year ended Dec 31, 2015, the first time in Malaysia an auditor has renounced reliability of a given prior audit opinion involving a public-listed firm.

Shares of Hibiscus Petroleum Bhd were suspended upon its request this afternoon, pending an announcement. The shares last traded 1.5 sen lower at 41 sen.

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Shares of BUMI ARMADA BERHAD (5210.KL) is moving on volatility today -3.21% or -0.025 rom the open. The BM listed company saw a recent bid of 0.755 on 17627000 volume.

Investors may be trying to decide if stocks will make new highs before the year is out, and whether or not the bull market will celebrate its 9th anniversary next year. The tricky part is prognosticating the short term picture. Investors may not be comfortable enough to go all in, but they may not want to get bearish given the solid economic backdrop. Will there be a big breakout given the strength of earnings and economic growth? Will investors just become numb to the headlines and decide to focus on the positive economic picture? It is always wise to remember that the market can have a correction at any time for any reason. If the political landscape gets even more dysfunctional, then it may be enough of a driver to spur a correction.

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NetX Holdings Berhad announced its subscription of shares in Flavours of Malaysia (FoM) on Thursday, May 25.

NetX’s subscription of FoM’s shares represent 51% of the issued and paid-up share capital, for a cash consideration sum of RMB 3 million (RM1.87 million).

FoM is a wholly-owned foreign enterprise company incorporated under the laws of China and has its business operations in Shenzhen, China and intends to expand by establishing fulfilment centres in HangZhou together with NetX.

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Wall Street rose, while the US dollar and bond yields fell on Wednesday after Federal Reserve meeting minutes signalled a gradual approach to interest rate hikes, and oil prices dipped on a draw of US gasoline stocks that was smaller than expected. The DJIA rose 74.51 points, or 0.36%, to 21,012.42, the S&P 500 gained 5.97 points, or 0.25%, to 2,404.39 and the Nasdaq added 24.31 points, or 0.4%, to 6,163.02. - Reuters

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The FBM KLCI remained in positive territory at the midday break today but managed only limited gains as sellers overtook buyers in line with the regional markets.

At 12.30pm, the FBM KLCI rose 3.24 points to 1,770.41. The index had earlier risen to its intra-morning high of 1,772.21.

Losers overtook gainers by 493 to 340,while 363 counters traded unchanged. Volume was 1.93 billion shares valued at RM1.67 billion.

The top gainers included British American Tobacco (M) Bhd, Dutch Lady Milk Industries Bhd, Fraser & Neave Holdings Bhd, Win Tai Malaysia Bhd, Petronas Gas Bhd, Malaysia Airports Holdings Bhd, Tasek Corporation Bhd, Kuala Lumpur Kepong Bhd, MBM Resources Bhd and Tasco Bhd.

The actives included AirAsia X Bhd, Luster Industries Bhd, Borneo Oil Bhd, Key Alliance Group Bhd, Frontken Corp Bhd, NetX Holdings Bhd, AirAsia Bhd and Green Packet Bhd.

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Shares of DUTALAND BERHAD (3948.KL) are moving on volatility today -1.87% or $-0.01 from the open. The BM listed company saw a recent bid of $0.525 and 1757700 shares have traded hands in the session.

Digging deeping into the DUTALAND BERHAD (3948.KL) ‘s technical indicators, we note that the Williams Percent Range or 14 day Williams %R currently sits at -25.00. The Williams %R oscillates in a range from 0 to -100. A reading between 0 and -20 would point to an overbought situation. A reading from -80 to -100 would signal an oversold situation. The Williams %R was developed by Larry Williams. This is a momentum indicator that is the inverse of the Fast Stochastic Oscillator.

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The FBM KLCI fell at the midday break as sellers outpaced buyers, following the sentiment turning weak after the UK was rattled by a possible terror strike.

At 12.30pm, the FBM KLCI dipped 3.72 points to 1,771.23. The index had started the day higher before reversing its gains. It had risen to its intra-morning high of 1,777.23.

Losers hammered gainers by 627 to 248, while 307 counters traded unchanged. Volume was 1.54 billion shares valued at RM1.12 billion.

The top losers included Petronas Gas Bhd, British American Tobacco (M) Bhd, Malaysian Pacific Industries Bhd, UMS Holdings Bhd, Lafarge Malaysia Bhd, Tasek Corporation Bhd, Petron Malaysia Refining & Marketing Bhd, Kossan Rubber Industries Bhd and Hong Leong Financial Group Bhd.

The actives included Luster Industries Bhd, AirAsia X Bhd, Globaltec Formation Bhd, Priceworth International Bhd, Dagang NeXchange Bhd, Visdynamics Holdings Bhd, Tiger Synergy Bhd and NetX Holdings Bhd.

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The FBM KLCI pared some of its gains at mid-morning today as local investors’ attention turned toward domestic corporate earnings.

At 10.09am, the FBM KLCI was up 3.50 points to 1,771.78. The index had earlier risen to a high of 1,773.96.

The top gainers included Petronas Gas Bhd, Petronas Dagangan Bhd, ViTrox Corp Bhd, Hengyuan Refining Company Bhd, Choo Bee Metal Industries Bhd, Mudajaya Group Bhd, Ann Joo Resources Bhd, Tong Herr Resources Bhd, Suiwah Corporation Bhd and newly listed CabNet Holdings Bhd.

The actives included Key Alliance Group Bhd, AirAsia X Bhd, Frontken Corp Bhd, Dagang NeXchange Bhd, Nexgram Holdings Bhd, Borneo Oil Bhd, Hibiscus Petroleum Bhd and NetX Holdings Bhd.

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Magnum Bhd announced a double setback yesterday - a decline in first-quarter (Q1) profit and a claim from the taxman.
In a filing with Bursa Malaysia, the numbers forecast operator said it and its unit Magnum Holdings Sdn Bhd (MHSB) were served with notices of assessment with penalty of RM476.47mil from the the Director General of Inland Revenue (DGIR).
The DGIR ordered Magnum to pay RM22.71mil for years of assessment 2008 and 2011-2015 and MHSB to fork out RM453.75mil.

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The Return on Invested Capital (aka ROIC) Score for JAKS Resources Berhad (KLSE:JAKS) is 3.005723. The Return on Invested Capital is a ratio that determines whether a company is profitable or not. It tells investors how well a company is turning their capital into profits. The ROIC is calculated by dividing the net operating profit (or EBIT) by the employed capital. The employed capital is calculated by subrating current liabilities from total assets. Similarly, the Return on Invested Capital Quality ratio is a tool in evaluating the quality of a company’s ROIC over the course of five years. This is calculated by dividing the five year average ROIC by the Standard Deviation of the 5 year ROIC. The ROIC 5 year average is calculated using the five year average EBIT, five year average (net working capital and net fixed assets).

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Deep diving into the technical levels for PETRON MALAYSIA REFINING & MARKETING BHD (3042.KL), we note that the equity currently has a 14-day Commodity Channel Index (CCI) of 84.43. Active investors may choose to use this technical indicator as a stock evaluation tool. Used as a coincident indicator, the CCI reading above +100 would reflect strong price action which may signal an uptrend. On the flip side, a reading below -100 may signal a downtrend reflecting weak price action. Using the CCI as a leading indicator, technical analysts may use a +100 reading as an overbought signal and a -100 reading as an oversold indicator, suggesting a trend reversal. Get daily Information - http://sgx-nifty.blogspot.in/p/sgx-malaysia-uae-free-trial-form.html

The FBM KLCI rose at the midday break today, as investors were encouraged by Malaysia’s firmer economic performance in the first quarter ended March 31 this year.

The Malaysian economy grew at 5.6% in the first quarter of 2017, against 4.5% a year earlier, driven by the manufacturing and agriculture sectors.

At 12.30pm, the FBM KLCI rose 3.12 points to 1,770.29.
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