FBM KLCI gains amid mixed Asian markets, eyes US-China trade talks
The FBM KLCI rose 6.26 points, or 0.4% to 1,563.24 after moving between its intraday high of 1,565.44 and low of 1,554.95.
On the broader market, gainers trounced losers by 513 to 480, while 511 counters were unchanged. About 2.54 billion shares, valued at RM2.2bil, changed hands.
Malaysian Pacific Industries was the top gainer, jumping RM1.32 to RM21.50, followed by Nestle, which rose RM1.02 to RM88.52, F&N, which gained 50 sen to RM28 and Hong Leong Bank climbed 24 sen to RM19.34.
Among the decliners, Khind slid 54 sen to RM1.66, Mega First fell 14 sen to RM3.45, Tenaga Nasional lost 14 sen to RM13.66 and PIE declined 12 sen to RM3.73.
NexG, one of the most actively traded counters, had its intraday short selling (IDSS) suspended for the day.
Its share price plunged 29.91%, or 16 sen to 37.5 sen with 188.03 million shares traded.
Meanwhile, the ringgit was quoted at 4.2325, up 0.18% against the US dollar, and at 3.2957, up 0.25% against the Singapore dollar.
Around the region, MSCI's Asia ex-Japan stock index was firmer by 0.31%.
South Korea's Kospi ended 0.1% lower at 3,206.77 while Hong Kong's Hang Seng index closed up 0.19% at 24,906.81.
China's blue-chip CSI300 index rose 0.43% to 4,122.51 and the Shanghai Composite Index added 0.34% to 3,647.55.
Japanese markets closed for the Mountain Day holiday.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Star
5 hours ago
- The Star
DRB-Hicom plans to acquire Spirit Malaysia
PETALING JAYA: DRB-Hicom Bhd plans to acquire the Malaysian operations of aerospace manufacturer Spirit AeroSystems – the world's largest standalone aerostructures company with an enterprise value of US$95.2mil. In a statement, the conglomerate said its wholly-owned subsidiary, Composites Technology Research Malaysia Sdn Bhd (CTRM) had entered into a conditional share purchase agreement with Spirit AeroSystems Inc and Spirit AeroSystems International Holdings, Inc. The acquisition is expected to be completed by year-end, making Spirit AeroSystems Malaysia Sdn Bhd (Spirit Malaysia) a wholly-owned subsidiary of CTRM. The purchase consideration is set to be fully satisfied in cash, which is expected to be funded through bank borrowings. Based on the latest audited consolidated financial statements for financial year 2024, Spirit Malaysia posted a profit after tax of RM70.1mil and net assets of RM770.5mil. According to DRB-Hicom, the acquisition represents a strategic opportunity to further enhance CTRM's competitive position in the aerospace industry by enhancing its aerostructures expertise. 'This would contribute towards improved scale, efficiency, and growth in various areas that would elevate CTRM's presence in key aerospace programmes,' the company said. The conglomerate added that it would also deepen its relationships with global original equipment manufacturers, while expanding CTRM's relationships with Airbus for its A220, A320, and A350 programmes, and with Boeing on the 737 and 787 programmes. 'At the same time, CTRM will enhance its presence across the supply chain and be better positioned for long-term competitiveness and sustainable growth in an increasingly challenging and dynamic aerospace market,' DRB-Hicom said. CTRM is known for developing and producing aircraft composites components for aerospace and non aerospace applications as well as offering a range of support services such as testing laboratory facilities, composites engineering and supplier management services. Spirit Malaysia supplies key components and other assemblies for Airbus and Boeing marquee programmes, including A220, A320/A321, A350, B737 and B787. In addition to its aerospace composite and metallic assembly expertise, it also provides engineering services, supply chain management services and shared services. Spirit Malaysia is also a key customer of CTRM, contributing 54.1% towards the latter's consolidated revenue for the financial year ended Dec 31, 2024. The acquisition followed news of Boeing receiving regulatory approval from the UK's Competition and Markets Authority for its planned acquisition of Wichita-based Spirit AeroSystems. According to reports, this meant investigations will not continue on to 'phase two'. Initial investigation began in June 2025 and had a deadline for the end of this month. The deal is reportedly expected to be completed in the fourth quarter of this year. At market close yesterday, DRB-Hicom's share price was 82 sen.
The Star
5 hours ago
- The Star
PETRONAS sharpens its focus
KUALA LUMPUR: With Brent crude prices hovering around US$65 per barrel and expectations that this modest environment will linger, Petroliam Nasional Bhd (PETRONAS) is rethinking how it runs its business. For the national oil company, the challenge is as much about efficiency as it is about endurance – sustaining liquidity, funding long-term capital expenditure, and meeting hefty dividend commitments to the federal government. Executive vice-president and chief executive officer of upstream business Mohd Jukris Abdul Wahab made it clear that the company's survival and competitiveness depend on more than incremental changes. 'Looking at the outlook of the price today, it is hovering around US$64–US$65 per barrel. We expect the outlook could remain at this level for quite some time,' he said during an editors' briefing here yesterday. 'One of the things that we are currently doing is to review our operational efficiencies and cost efficiencies. The way we have done things over the past 50 years may not necessarily keep us competitive in the years ahead,' he added. That review is reaching into the very core of how PETRONAS operates. No stone is left unturned – from maintenance schedules and field operations to logistics, procurement, and the way offshore and onshore facilities are managed. 'Can we do this at a lower cost? Can we do this faster than what we did before? Can we cut the time by half?' These are the questions currently being asked, Mohd Jukris explained, signalling a willingness to dismantle decades-old processes if they no longer give the company a competitive edge. Global supply chain disruptions, exacerbated by tariff impositions, have added urgency to this exercise. 'We can't be telling people not to impose tariffs on us – it's impossible,' he said. 'The only thing that we can do is to respond internally... Some fundamental changes have to happen in terms of how we do things,' he added. Mohd Jukris pointed out that while PETRONAS remains a national oil company, it acts and competes like an international oil company (IOC). 'We have come a long way and can stand shoulder-to-shoulder with other IOCs. But to stay relevant, we must continue to review and reshape our portfolio, like other major players in the industry,' he said. For PETRONAS, every efficiency gained directly strengthens its financial resilience and its ability to invest for the future. Mohd Jukris added that PETRONAS regularly subjects its global assets to rigorous tests, requiring a break-even oil price of US$50 per barrel or less and a unit production cost below US$6. Assets that fail to meet these parameters face difficult questions about their place in the portfolio. This approach has already led to significant changes, including the sale of gas assets in Azerbaijan and the scaling back of operations in Mexico, where PETRONAS exited eight offshore exploration blocks. He emphasised that partnerships play a crucial role in this recalibration. 'Partnerships bring not only capital but also new operating philosophies and standards,' Mohd Jukris said. He said collaborating with operators who can manage certain assets more efficiently is one of the best ways to unlock value. 'We have to bring partners to collaborate with us. Make sure that the partners take some of the risk. In this industry, we can't operate in isolation.' He added that these strategic alliances not only help advance energy innovation but also strengthen PETRONAS' competitive edge while creating new growth opportunities for local energy players. 'With our CCS (carbon capture and storage) hubs gaining momentum, we are unlocking even greater potential for Malaysian businesses to lead in energy transition. 'This is how we are powering progress – building a sustainable energy ecosystem that benefits Malaysia and beyond.' Even as it trims and streamlines, PETRONAS is keeping an eye on strategic growth opportunities. Canada has become a central pillar in its liquefied natural gas (LNG) ambitions, with 50 trillion cu ft (TCF) of gas reserves. 'We are very keen on expanding our presence in Canada, as opposed to the news that we are leaving the country. 'With 50 TCF (of gas reserves), we can support several more LNG projects as the resource size is not the issue,' he added. PETRONAS is a major equity partner in LNG Canada, which has a US$40bil (RM169.38bil) LNG facility and is involved in the North Montney joint venture upstream gas project. He also noted good progress in Suriname and other markets. 'We have entered into joint study agreements in Indonesia, Vietnam, Turkmenistan and Oman. 'These are some of the work that we are currently doing to make sure that the funnel will always be filled by (new) exploration discoveries,' he explained. > TURN TO PAGE 2 For Mohd Jukris, the review exercise also aims to position PETRONAS for an energy market expected to be more complex, competitive and volatile by 2035. 'We have to be cognisant of what is happening around us, namely geopolitics, jurisdictional changes, shifting policies, and global conflicts,' he said. 'The future is going to be very complex and challenging. We need to ask ourselves how we want to position PETRONAS. 'We have to meet the targets that we set for ourselves over the next 10 years. It is then that the portfolio is going to be ready for transformation,' he added. Mohd Jukris shared that PETRONAS is embarking on an ambitious expansion that will grow its international portfolio by 60% over the next decade, building on its existing 40% to 50% global presence. He added that from its first platform in Kertih to its growing ventures in Canada and other international markets, this global network serves as a powerful engine for progress. 'Malaysia remains a core part of our investment portfolio and we are committed to this market. Our recent successful discoveries in Peninsular Malaysia further reinforce our long-term strategy and confidence in the region,' Mohd Jukris said.
The Star
6 hours ago
- The Star
Hybrid rice project launched at Nepal's sci-tech park
KATHMANDU, Aug. 11 (Xinhua) -- Experimental seedlings of hybrid rice varieties were transplanted into Nepal South Agricultural Science and Technology Park on Monday, as part of efforts to help the South Asian country achieve food self-sufficiency. The first batch of 37 high-yield varieties will land at the hybrid rice demonstration zone of the park, which is located in the town of Rampur in Bharatpur city in south-central Nepal. Speaking at the inauguration ceremony, Chinese Ambassador to Nepal Chen Song described the project as the result of hard work for more than two years, calling it another progress in agricultural cooperation between the two countries on the 70th anniversary of diplomatic ties. Chen noted that improving agricultural productivity and enhancing food self-sufficiency has become a global focus, and the promotion of China's hybrid rice technology is a key area in global agricultural technology cooperation and a key component of China's current global governance approach. "China hopes to help more developing countries, including Nepal, achieve food self-sufficiency through international cooperation and technological exchange, thereby promoting the shared development of global agriculture," added Chen. Agriculture is the backbone of Nepal's economy and provides a livelihood to a large portion of the population. "I believe that by using improved varieties of seeds, farmers will be able to increase their production, contribute to poverty alleviation, and achieve the goal of sustainable development by becoming self-reliant in rice," Mayor of Bharatpur Renu Dahal said at the inauguration ceremony. "These seeds will provide the potential for self-reliant agriculture, prosperous farmers and food security in the future," she added, expecting the program to reach farms in the local district as well as across the country. The park was developed with the support of China-South Asian Countries Poverty Alleviation and Cooperative Development Center and implemented by Nepal's Agriculture and Forestry University based in Bharatpur and Chongqing Academy of Agricultural Sciences.
