Written by Yong Min Wei & Joseph Chin
Friday, 05 February 2010 07:37
KUALA LUMPUR: The sharp overnight fall on Wall Street will weigh on key regional markets on Friday, Feb 5 while on Bursa Malaysia, the recent corporate events involving PETRA PERDANA BHD [] and EON CAPITAL BHD [] should provide excitement to the market.
On Wall Street, the Dow briefly fell below the crucial 10,000 mark on Thursday, Feb 4 as stocks suffered their worst losses in more than nine months.
The Dow Jones industrial average fell 268.37 points, or 2.61 percent, to close at 10,002.18. The Standard & Poor's 500 Index dropped 34.17 points, or 3.11 percent, to close at 1,063.11. The Nasdaq Composite Index lost 65.48 points, or 2.99 percent, to close at 2,125.43.
At Bursa, stocks to watch are Petra Perdana, EONCap, KNM GROUP BHD [], MUDAJAYA GROUP BHD [] Kwantas Corp Bhd and BURSA MALAYSIA BHD [].
At Petra Perdana's EGM which ended early Friday after 14 hours, Datuk Tengku Ibrahim Petra, his wife Datin Nariza Hajjar Hashim and two others were removed by shareholders as board members. Their adversaries, led its executive director Shamsul Saad, won the day.
In EON Capital, Rin Kei Mei, who holds a 15.4% stake, has called for the appointment of eight additional directors to its board, presumably to push through Tan Sri Quek Leng Chan's continuing quest for a takeover of the banking group.
KNM’s founder and managing director Lee Swee Eng, via BlueFire Capital Group, has proposed to buy up KNM at 90 sen per share, which is 15 sen higher than its last closing price.
BlueFire, an entity controlled by Lee -- who is also a major shareholder of KNM -- to acquire the entire business and undertakings of KNM.
Mudajaya's JV with Bina Rezeki has secured a RM241.29 million contract from Boulevard Plaza Sdn Bhd for the 'Boulevard Plaza Development' project in Putrajaya.
Kwantas’ unit has proposed to acquire a 1,360ha parcel of leasehold land in Kinabatangan, Sabah, for RM83.80 million cash from Dataran Indah Jaya Sdn Bhd.
Bursa’s net profit for the 4Q ended Dec 31, 2009, jumped 612% to RM96.31 million from RM13.52 million a year ago mainly due to the RM76 million gain on disposal of its 25% stake in Bursa Malaysia Derivatives.
The stock exchange operator’s registered revenue of RM157.39 million versus RM71.11 million while basic earnings per share rose to 18.2 sen from 2.6 sen previously. Bursa also recommended dividend of 9 sen per share for 4Q09 compared with 7.8 sen in 4Q08.
