<div class=newsTextDataWrapInner><p>KUALA LUMPUR (Jan 3): RHB Retail Research said Tomei Consolidated Bhd is set to propel towards the 52-week high as it rebounded above the RM1.24 previous breakout on improved volume on Tuesday.</p></div>

<div class=newsTextDataWrapInner><p>In a trading stocks note on Wednesday, the research house said that if the breakout sustains, the stock will likely advance towards the 52-week high level at the RM1.35 resistance, followed by RM1.73 – its historical high.</p></div>

<div class=newsTextDataWrapInner><p>“Conversely, a drop below the RM1.20 support would invalidate the bullish setup, falling below the 21-day simple moving average line,” it said.</p></div><div class=inPageAd id=div-gpt-ad-inpage></div>

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RHB Retail Research said Tomei Consolidated Bhd is set to propel towards the 52-week high as it rebounded above the RM1.24 previous breakout on improved volume on Tuesday.

Tomei set to propel towards 52-week high, says RHB Retail Research 

Spiking ocean shipping rates, vessel backups at seaports and empty container shortages — issues that wreaked havoc on global trade during the Covid pandemic supply-chain crisis — are back as the industry enters its busy season.

Red Sea diversions, tariff risks send ocean shipping soaring

Nvidia could soon surpass Apple to become the world's second-most valuable company, as the biggest beneficiary of the surge in adoption of AI applications takes on the iPhone maker that has been the largest Wall Street firm by market value for years.

Nvidia set to overtake Apple as world's second-most valuable company

The S&P 500 and the Nasdaq gave up early gains on Friday and were set to snap their five-week winning streaks, as investors evaluated the timing of rate cuts from the Federal Reserve following an inflation report largely in line with estimates.

After opening marginally higher, the indexes dropped to a two-week low, weighed by megacap growth names such as Alphabet, Amazon.com and Nvidia, which lost between 1.1 % and 2.6 %.

S&P 500, Nasdaq drop as investors weigh Fed moves after inflation data

The Malaysian Anti-Corruption Commission (MACC) is conducting an extensive investigation into allegations surrounding contract awards involving a minister's husband.

An MACC source said this follows several new complaints received regarding the appointment of a minister's husband to provide proof of concept for a transport project by the Selangor Government

MACC to probe new leads on contract allegations involving minister's husband

The Putrajaya Line MRT service, which experienced disruptions due to communication system issues, has been restored as of 9.48pm on Friday night.

Rapid Rail Sdn Bhd (Rapid Rail), in a statement, informed that the Putrajaya Line MRT service had faced schedule delays starting from 7.22pm due to a signalling system disruption.

Putrajaya line MRT service restored at 9.48pm after communication system issues

The construction industry needs to adopt digital technology such as artificial intelligence (AI), to reduce reliance on low-skilled foreign workers.

Deputy Prime Minister Datuk Seri Fadillah Yusof stated that this would not only empower local contractors but also help bridge the productivity gap, ensuring they remained competitive on the international stage.

Construction industry must adopt digital technology, reduce reliance on foreign workers — Fadillah

As the ‘Silicon Valley of the East’ with business friendly policies and a robust electric and electronic (E&E) ecosystem, Penang is ready to anticipate more high-impact investments from China in the years to come, said Chief Minister Chow Kon Yeow.

With robust E&E ecosystem, Penang anticipates more high-impact investment from China

The federal government on Friday expressed support for the long-overdue construction of a bridge linking Labuan island to mainland Sabah, pending comprehensive reports on its implications.

Prime Minister Datuk Seri Anwar Ibrahim, however, emphasised the need to update the existing technical study to reflect current conditions.

Federal govt supports Labuan-Sabah bridge proposal, calls for updated technical study

Malaysia must adopt a rational approach in responding to calls from non-governmental organisations (NGOs) to withdraw from a US-led maritime military exercise that includes the participation of the Israeli army.

Prime Minister Datuk Seri Anwar Ibrahim emphasised the need for thorough consideration of the matter and its potential implications.

Anwar urges caution on calls for Malaysia’s withdrawal from US-led maritime exercise

A weekly round-up of tanker and dry bulk market (May 31, 2024)

Baltic Exchange shipping updates: May 31, 2024

Most read this week - Stay up to date with the biggest news and latest trending topics by checking out the top 10 articles of the week. 

Most read this week

<p>UEM Sunrise Bhd (KL:UEMS) has partnered with Logos Infrastructure Holdco Pte Ltd to explore the opportunity to develop a data centre campus in Gerbang Nusajaya, Johor.</p>


UEM Sunrise and Logos sign MOU to develop data centre campus in Johor

<p>Public Bank’s wholly-owned subsidiary Public Mutual has declared distributions of more than RM56 million for three funds as at May 31, 2024.</p>


Public Mutual declares distributions of over RM56m for three funds

<p>Petroliam Nasional Bhd (Petronas) posted a 10.5% drop in first quarter net profit from a year earlier while flagging a prolonged volatile pricing landscape.</p>


Petronas 1Q profit drops 11% amid volatile pricing landscape

<p>Genting Malaysia Bhd (KL:GENM), which operates the Genting Highlands resorts, said on Friday it has issued debt papers totalling RM1.3 billion under two programmes.</p>


Genting Malaysia raises RM1.3b from medium-term notes issuances

<p>Before he was arrested this month for allegedly running what’s likely the world’s largest cybercrime computer network, Wang YunHe enjoyed a lavish lifestyle in Singapore.</p>


Singapore wealth flows face renewed scrutiny in superhacker case

<p>theedgemalaysia.com highlighted two stocks with positive momentum and seven stocks with negative momentum at Bursa Malaysia's afternoon close on Friday. &nbsp;</p>


Hup Seng, PTT Synergy, Notion VTec, Panasonic, JCY, HCK, Kerjaya Prospek, Mah Sing, LB Aluminium

<p>Major economies grappling with housing crises will struggle to crank up the supply of affordable homes in coming years, according to a <em>Reuters</em> poll of property analysts who said more government intervention was needed to improve the situation.</p>


Affordable housing to stay out of reach in major economies due to lack of supply

<p>AME Elite Consortium Bhd (KL:AME) is buying three parcels of freehold land, measuring 37.5 acres, in Kulai, Johor for RM106.17 million to develop an industrial cluster.</p>


AME Elite buys more land in Johor for industrial cluster development

<p>China has agreed to extend the visa exemption period for Malaysian tourists from 15 to 30 days, according to Deputy Prime Minister Datuk Seri Dr Ahmad Zahid Hamidi.</p>

<p>Zahid, who is also the rural and regional development minister, announced this during the celebration of the 50th anniversary of the establishment of diplomatic relations between Malaysia and China, here, on Friday.</p>


China to extend visa exemption period for Malaysian tourists to 30 days, says Zahid

<p>Two former directors of MMAG Holdings Bhd’s (KL:MMAG) 95%-owned air cargo logistics unit, M Jets International Sdn Bhd (MJets), have been charged with dishonest misappropriation of property.</p>


Former directors of MMAG’s air cargo unit charged with dishonest misappropriation of property 

<p>SEG International Bhd’s (KL:SEG) minority shareholders should reject the takeover offer from managing director Tan Sri Clement Hii, according to its independent adviser.</p>


Independent adviser tells SEG shareholders to reject takeover offer

<p>Singapore designated nine companies, including ST Logistics Pte Ltd and Shell plc’s local unit, as critical to the economy, a classification that will heighten government oversight on any takeover moves involving these firms.</p>


Singapore designates ST Logistics, Shell among critical entities

<p>Berjaya Corp Bhd's (KL:BJCORP) net profit in the third quarter jumped over 200 times to a nine-year high, thanks largely to divestment and accounting gains.</p>


Berjaya Corp's 3Q net profit jumps to nine-year high on disposal, accounting gains

<p>Businessman Datuk Ricky Wong Shee Kai, who has been absent from the country since 2019, is not a fugitive, according to his lawyers from the law firm Messrs Shafee &amp; Co.</p>


Law firm denies Ricky Wong is a fugitive; SC says there are two arrest warrants issued against him

<p>Tenaga Nasional Bhd's (KL:TENAGA) net profit fell 28.6% to RM715.7 million in the first quarter ended March 31, 2024 (1QFY2024) from RM1 billion a year ago, due to foreign exchange translation losses and higher tax expenses.</p>

<p>Quarterly earnings per share fell to 12.37 sen in 1QFY2024 from 17.42 sen in 1QFY2023, the electricity utility's bourse filing showed. No dividend was announced for the quarter.</p>


Tenaga's net profit falls 29% in 1Q due to forex losses and higher taxes

<p>(May 31): Tesla Inc shareholders are being urged by proxy adviser Institutional Shareholder Services to reject chief executive officer Elon Musk’s US$56 billion (RM263.6 billion) compensation plan, setting up another hurdle for the electric carmaker’s board.</p>

<p>ISS said the pay package, in...

Tesla shareholders advised by proxy adviser to reject Musk’s pay package

<p>A summary of how key Bursa Malaysia indices and the ringgit performed on Friday.</p>


FBM KLCI drops 0.47% to 1,596.68 on May 31, 2024

<p>Serba Dinamik Holdings Bhd (KL:SERBADK) said on Friday it will appeal to Bursa Malaysia Securities against the regulator's decision to de-list the troubled oil and gas services provider from the exchange.</p>

<p>Bursa Securities had on Thursday notified Serba Dinamik that it would be delisted on June 5, after rejecting the Practice Note 17 (PN17) group's request for an additional six months to submit a regularisation plan.</p>


Serba Dinamik to appeal delisting decision

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