Written by Surin Murugiah
Tuesday, 04 August 2009 07:36
KUALA LUMPUR: Shares on the FBM KLCI are likely to open higher on improved sentiment on Aug 4 as European markets hit a nine-month high yesterday on improved corporate earnings, underpinned by the firmer close on Wall Street.
The European stock exchanges were also boosted by stronger commodity prices, as crude oil gained almost 2% to stay above the US$70 per barrel mark.
Overnight, the Wall Street closed higher, as the broader S&P 500 index crossed the psychological-important 1,000 for the first time in nine months, buoyed by data on the manufacturing sector which showed the economy was recovering,
At Bursa, there could see some buying interest returning after the week began on a negative note, with the index falling 3.59 points to 1,171.31 yesterday due to some mild profit taking.
Among the stocks to watch, SIME DARBY BHD [ SIME 8.300 0.070 (0.851%) Stock Summary
Time & Sales
Historical Prices
Business Summary
Announcement
] and RAMUNIA HOLDINGS BHD [ RAMUNIA 0.620 0.015 (2.479%) ] are likely to see some movement today after Sime Darby Engineering Bhd said it would acquire the Teluk Ramunia Fabrication Yard for RM560 million cash from Ramunia.
Commodities including PLANTATION [ PLANTATION 5,663.490 52.150 (0.929%) Stock Summary
Time & Sales
Historical Prices
Business Summary
Announcement
]s could see rising interest following the run-up yesterday after the crude palm oil futures rose RM106 to RM2,295.
LION CORPORATION BHD [ LIONCOR 0.480 -0.005 (-1.031%) ] announced yesterday Megasteel Sdn Bhd, a major subsidiary, is currently in default in payments in respect of credit facility granted by Bank Pembangunan Malaysia Bhd and the syndicated term loan facility granted by the syndicated term loan lenders.
AIRASIA BHD [ AIRASIA 1.490 -0.050 (-3.247%) ] proposed to place out a maximum 481.14 million shares or 20% of its paid-up to raise up to RM601.43 million, based on a illustrative price of RM1.25 per share.
The low-cost carrier said the proceeds would be used to repay part of its borrowings, finance its working capital requirement and defray expenses relating the proposed private placement. The proceds from the placement would be part of its target to bolster its cash reserves to RM1 billion.
Based on the issue price of RM1.25 per placement share, it was a discount of 3.1% to the five-day weighted average market price of AirAsia shares up to and including July 27 of RM1.29.
ASTRO ALL ASIA NETWORKS PLC [ ASTRO 3.480 0.010 (0.288%) Stock Summary
Time & Sales
Historical Prices
Business Summary
Announcement
] raised its stake in India’s South Asia FM Ltd (SAFL) from 6.98% to 20% for approximately RM60.55 million in its bid to tap into the strong potential for advertising revenue there.
Astro on Aug 3 said the Indian radio advertising market size stood at RM643.44 million as at end-2008 and reach RM1.25 billion by 2013.
KLCC PROPERTY HOLDINGS BHD [ KLCCP 3.200 0.020 (0.629%) Stock Summary
Time & Sales
Historical Prices
Business Summary
Announcement
], which posted a 3.9% increase in net profit to RM96.8 million for its first quarter ended June 30, 2009 from RM93.2 million a year ago, yesterday said its revenue rose due to increase in revenue from higher rentals from office building, retail mall and revenue from car park operations.
However, KLCCP said it expected the slower economic activity currently being experienced to continue to impact demand for its hotel and retail activities in the current financial year.
Subscribe to:
Post Comments (Atom)