Written by Loong Tse Min
Tuesday, 26 January 2010 07:42
KUALA LUMPUR: Stocks are expected to perk up on Tuesday, Jan 26 after several days of losses as U.S. stocks snapped a three-day slide on signs that Federal Reserve Chairman Ben Bernanke would win a US Senate vote for a second term.
According to Reuters, US lawmakers looked likely to approve Bernanke's nomination after the White House defended his record fighting the financial crisis in an effort to rally votes.
The Dow Jones industrial average gained 23.88 points, or 0.23 percent, to 10,196.86. The Standard & Poor's 500 Index gained 5.02 points, or 0.46 percent, to 1,096.78. The Nasdaq Composite Index gained 5.51 points, or 0.25 percent, to 2,210.80.
At Bursa Malaysia, stocks to watch include EON CAPITAL BHD [] (EONCap), HONG LEONG BANK BHD [], VASTALUX ENERGY BHD [], MUDAJAYA GROUP BHD [] and DRB-HICOM BHD [].
Bank Negara’s monetary policy meeting starts Tuesday economists expect the central bank to maintain the overnight policy rate (OPR) at its historical low of 2%.
EON Capital states Hong Leong Bank's RM4.92 billion takeover proposal or at RM7.10 per share as "significantly" undervaluing the targeted banking group.
EONCap chairman Tan Sri Syed Anwar Jamalullail said it had "sought clarification" from Hong Leong Bank yesterday on a range of details in its acquisition proposal, with a particular focus on valuation.
Vastalux has had its Petroliam Nasional Bhd’s licence suspended by the national oil company. However, it is seek clarification from Petronas and is appealing for a reinstatement of the licence.
Mudajaya is looking into a JV with Saudi Arabia’s Modern Electro-Mechanical Projects Ltd (Mepco) and a Saudi citizen Mubarak Abdullah Mohammed Al Khafra to set up a specialist equipment procurement contracting company.
Mudajaya’s 75%-owned Mudajaya Corporation Bhd had inked a memorandum of understanding (MoU) with Mepco and Mubarak with the intention of setting up the joint venture company that would be known as Mudajaya Power and Water Ltd.
DRB-Hicom Bhd confirmed that it is in preliminary talks with Bahrain-based Al-Baraka Banking Group with a view to divesting its stake in Bank Muamalat.
AE MULTI HOLDINGS BHD [] (AEM) will issue 8.45 million shares to Chia Chor Meng at 50.5 sen per share under its proposed private placement, which is 9.09% of the company’s enlarged paid-up share capital of RM46.47 million comprising 92.94 million shares after the exercise. The stock closed 31 sen higher at RM1.41 yesterday, with 24.4 million shares done.
DAYANG ENTERPRISE HOLDINGS BHD [] has secured an RM8.5 million job from Petronas Carigali Sdn Bhd for the provision of hook-up and commissioning of Petronas Carigali’s facilities at the Tangga Barat cluster development project phase 1.
Ariantec Global Bhd executive director Chen Kong Kheng disposed of 36.25 million shares representing a 6.37% stake in the company on Jan 22.
The shares were disposed off in the open market. The share price closed at seven sen that day.
After the disposal, Chen’s direct stake was reduced to 100 million shares or 17.58%.