Written by Joseph Chin
Saturday, 24 April 2010 21:25
KUALA LUMPUR: Blue chips may rise this coming week, starting Monday, April 26 with trading interest seen in banking stocks and also oil and gas (O&G) players, riding on the strong crude oil price.
On Wall Street, US stocks rose to a 19-month high on Friday, April 23 as Merck eased concerns about the impact of healthcare reform, saying its costs will be relatively low, according to Reuters.
Energy shares lifted the broad market after oil rose 1.7 percent to above $85 a barrel on positive economic data.
The Dow Jones industrial average advanced 69.99 points, or 0.63 percent, to 11,204.28. The Standard & Poor's 500 Index rose 8.61 points, or 0.71 percent, to 1,217.28. The Nasdaq Composite Index added 11.08 points, or 0.44 percent, to 2,530.15.
At Bursa Malaysia, the 30-stock index managed to gain 10 points to end the week at 1,336.78 despite intermittent profit taking while market capitalisation was up RM10 billion.
HONG LEONG BANK BHD [] and EON CAPITAL BHD [] are expected to see trading interest after both banking groups submitted their applications to Bank Negara Malaysia for the corporate exercise which would see HL Bank buying EON Cap.
HL Bank also proposed to raise RM1.6 billion via a rights issue to strengthen its capital base.
O&G companies and related support players could see sustained trading interest, underpinned by the strong oil price. Light crude oil on Nymex rose 1.7% to above US$85 a barrel on positive economic data from the US.
In Plentitude Bhd, the Singapore-based Fields Equity Management Ltd has emerged a major shareholder with 19.59% or 26.44 million shares. The shares were acquired in an off-market deal on April 20.
COASTAL CONTRACTS BHD [] has recommended a first and final tax exempt dividend of 12% and a special tax exempt dividend of 13% (or 5 sen net per ordinary share), for FY ended Dec 31, 2009.
The dividend entitlement and payment date will be determined and announced by the company in due course.
Meanwhile, TOP GLOVE CORPORATION BHD [] does not see any material implication following the infringement claims by Tillotson. The world’s largest glove maker said the claims are only confined to sales of nitrile gloves in the state of Georgia, US, which is not material to the total turnover of the Group
UBG BHD []’s disposal of UBG Petroleum (Thailand) Ltd to PearlOil (Siam) Ltd (a wholly-owned subsidiary of Pearl Energy Ltd) for US$19.21 million has been deferred to April 27 or another date to be agreed by the proposed seller and buyer.
Atis Corp Bhd plans to acquire as much as 53% stake in property developer MUTIARA GOODYEAR DEVELOPMENT [] Bhd (MGD) for not more than 97 sen a share.
Atis said the acquisition would be undertaken through a complex corporate exercise, and the total price tag of RM117 million would be satisfied via a combination of shares swap and cash.
1 comments:
The stand you took here is worth a praise.