Written by Joseph Chin
Thursday, 24 September 2009 07:52
KUALA LUMPUR: The cautious close on Wall Street overnight, despite the Federal Reserve's upgrading of its assessment of the US economy, is expected to see key Asian markets putting up a lacklustre performance on Thursday, Sept 24.
The Fed said it would slow its purchases of mortgage debt to extend that program's life until the end of March, in a move toward withdrawing the central bank's extraordinary support for the economy and markets during the contraction. It also held its benchmark overnight lending rates at close to zero percent.
The Dow Jones industrial average shed 0.83%, to 9,748.55. The Standard & Poor's 500 Index declined 1.01% to 1,060.87. The Nasdaq Composite Index lost 0.69% to 2,131.42.
At Bursa Malaysia, stocks to watch include MULTI-PURPOSE HOLDINGS BHD [] (MPHB), BERJAYA CORPORATION BHD [] (BCorp), AMDB BHD [] and DIALOG GROUP BHD [].
MPHB's unit Magnum Corporation yesterday launched its jackpot game called 4D Jackpot in a bid to regain market share from its legitimate rivals as well as black market players.
BCorp and a Brunei-based contractor have jointly submitted a joint bid to the Brunei Economic Development Board to undertake a waste management project in that country.
AMDB's unit Walleng Enterprises Sdn Bhd is targeting property in London for investments after subscribing for 60% of British Virgin Islands-incorporated Westlink Global Investments Ltd.
Walleng had on Sept 23 subscribed for 60 shares of 1 sterling pound each in Westlink, or 60% at par cash. After the subscription, Walleng had committed to provide shareholders advances of up to 13.5 million pound sterling (RM80 million) to Westlink.
In Dialog Group, the company has started operations of phase one of Langsat Terminal (One) Sdn Bhd, which is a joint venture between the company, MISC BHD [] and Puma Energy Asia Pacific BV.
HAP SENG CONSOLIDATED BHD [] is selling its wholly owned subsidiary Hap Seng Consolidated Financial Lease & Rental (China) Co Ltd for US$30.29 million (RM105.11 million) cash, booking in a gain of RM36 million, in a related party transaction.