Written by Joseph Chin
Wednesday, 10 February 2010 08:09
KUALA LUMPUR: Key regional markets, which managed to stage a mild technical rebound on Tuesday, Feb 9, may extend their gains on Wednesday as European Union countries are likely to put together a rescue plan for heavily indebted Greece.
On Wall Street, the Dow Jones industrial average rose 150.25 points, or 1.52 percent, to 10,058.64. The Standard & Poor's 500 Index added 13.78 points, or 1.30 percent, to 1,070.52. The Nasdaq Composite Index gained 24.82 points, or 1.17 percent, to 2,150.87.
Reuters reported a that euro zone members had decided in principle to help out debt-stricken Greece, calming investors worried about a threat to global economic stability.
At Bursa Malaysia, with the market closing off its early low, there could also be a technical rebound on oversold counters including PUBLIC BANK BHD [], as corporate earnings have shown an improvement.
Stocks to watch include MALAYAN BANKING BHD [], TASEK CORPORATION BHD [], Fraser & Neave Holdings Bhd, Eastern & Oriental Bhd (E&O) and HAP SENG CONSOLIDATED BHD []
Maybank posted a strong second quarter net profit of RM993.50 million, up 35.3% from the RM734.56 million a year ago on improved loan volume and it declared an interim dividend of 11 sen per share.
Tasek proposed to distribute 63 sen cash for every share held after it announced its earnings of RM16.24 million for the fourth quarter ended Dec 31, 2009.
F&N posted net profit of RM77.74 million in the first quarter ended Dec 31, 2009 underpinned by its soft drinks division and dairies division.
E&O has sold 50% of the units it put up for sale from the first block of the RM1.8 billion Quayside seafront luxury condominiums that was officially launched last Sunday.
PLANTATION [] and auto player Hap Seng plans to sell 35% of Hap Seng Star Sdn Bhd (formerly Si Khiong Star Sdn Bhd) to Hong Kong-based Pacific Star Automobile Ltd for RM103.8 million cash.
Meanwhle, news reports said Bank Negara is believed to have rejected MULPHA INTERNATIONAL BHD []'s plan to buy a stake in EON CAPITAL BHD [].
