Written by Joseph Chin
Thursday, 11 February 2010 07:57
KUALA LUMPUR: The stocks market is expected to be cautious and volume could be thin on Thursday, Feb 11 ahead of the long break ahead next week for the Chinese New Year while overseas markets, including the US did not offer much leads.
On Wall Street, U.S. stocks dipped on Wednesday as worries over Federal Reserve Chairman Ben Bernanke's strategy after the economy recovers offset optimism about a possible rescue for debt-burdened Greece, according to Reuters.
The Dow Jones industrial average was down 20.26 points, or 0.20%, at 10,038.38. The Standard & Poor's 500 Index was down 2.39 points, or 0.22%, at 1,068.13. The Nasdaq Composite Index was down 3.00 points, or 0.14%, at 2,147.87.
At Bursa Malaysia, Stocks to watch on Thursday include NOTION VTEC BHD [], IJM Corp Bhd, Fraser & Neave Holdings Bhd and GADANG HOLDINGS BHD []. Also on the watch list are CB INDUSTRIAL PRODUCT HOLDING [] Bhd and AirAsia.
Notion Vtec's net profit doubled to RM14.19 million in its first quarter ended Dec 31, 2009 (1QFY10) from RM7.24 million due to a recovery in all business segments and favourable foreign exchange rates.
The government has allowed the concession period for IJM Corp Bhd's Bersraya highway to be extended by eight years to offset the abolishment of the Salak Jaya toll plaza and restructuring of the toll rates.
CB Industrial Product unit Modipalm Engineering Sdn Bhd has been awarded a US$8.34 million (RM28.6 million) contract by Indonesia's PT Hutan Sawit Lestari.
Fraser & Neave sealed a five-year exclusive deal worth an estimated RM600 million with Allexcel Trading Sdn Bhd to distribute and sell Red Bull energy drink in Malaysia.
Gadang plans to raise a minimum of RM25 million via a proposed renounceable two-call rights issue of up to 78.68 million new shares at an indicative issue price of RM1 per share on the basis of two rights shares for every three existing shares.
AirAsia has inked agreements towards setting up Vietnam as its fourth country base after Malaysia, Thailand and Indonesia.
Astro B.yond's high-definition (HD) broadcast has been well received by the market as indicated by the growing number of pay-TV subscribers converting to the new Internet protocol-ready box, said Measat Broadcast Network Systems Sdn Bhd chief operating officer Henry Tan.
