Written by Lam Jian Wyn
Thursday, 29 April 2010 07:57
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KUALA LUMPUR: Investors could heave a sigh of relief on Thursday, April 29 after the volatile day on Wednesday on widening concerns about possible debt defaults in Europe.
A firmer overnight close on Wall Street would provide some support to key regional markets after the Federal Reserve pointed to signs of strength in the economy.
However, the gains by US stocks were relatively marginal, but still better than key European bourses and Asian markets roiled by fears of sovereign debt defaults.
The Dow Jones industrial average rose 0.48% to 11,045.27 while the broader S&P 500 added 0.65% to 1,191.36 and the Nasdaq Composite Index unchanged at 2,471.73.
Stocks to watch out for on Bursa Malaysia are the 17 companies or their subsidiaries and joint ventures pre-qualified to be the main contractors for the multi-billion-ringgit LRT extension projects in the Klang Valley.
They are Sunway CONSTRUCTION [] Sdn Bhd, Fajarbaru Builder Sdn Bhd – Signatium Construction Sdn Bhd JV, WCT – Sinohydro JV, IJM Construction Sdn Bhd, Ranhill – CCCC JV, Muhibbah Engineering Sdn Bhd, Gamuda Berhad and UEM BUILDERS BHD [] – Intria Bina Sdn Bhd JV.
The others are MMC- Zelan JV, MRCB Engineering Sdn. Bhd, TRC Synergy’s Trans Resources Corporation Sdn Bhd, BINA PURI HOLDINGS BHD []’s BPHB – Tim Sekata JV, Zabima – Leighton JV, Mudajaya Corporation Bhd, MTDC – Persys JV, Loh & Loh Constructions Sdn Bhd and Ahmad Zaki Sdn Bhd.
Also on the watch list are ANN JOO RESOURCES BHD [] which posted a net profit of RM41.48 million for its first quarter (1Q) March 31, 2010 versus a net loss of RM38.86 million a year earlier on the back of a more than doubling of revenue to RM473.94 million from RM220.12 million.
Revenue rose due to higher steel prices and a twofold increase in sales tonnage buoyed by economic growth and accelerated steel consumption in the domestic and international markets, it said yesterday in notes accompanying the results. Basic earnings per share stood at 8.26 sen. No interim dividend was declared.
ADVANCED PACKAGING TECHNOLOGY [] [] (M) Bhd has proposed a capital repayment of 50 sen per share to its shareholders at a date to be determined later via a share capital reduction. It said the par value of its shares would be reduced to 50 sen each from RM1.
Based on its paid-up capital of RM41 million comprising 41 million shares — excluding 1.66 million treasury shares — as at April 20, 2010, the total cash to be distributed will be about RM19.67 million.
Nagamas International Bhd and a company from China, are exploring the possibility of jointly develop 200 acres (80 hectares) of land in Bernam Jaya, Selangor, into logistic, industrial, educational and eco-parks as well as other developmental use.
PLUS Expressways Bhd has proposed to acquire a 20% stake or 3.33 million shares in Touch ‘N Go Sdn Bhd (TnG) from UEM LAND HOLDINGS BHD [] for RM33.41 million cash. PLUS said the acquisition would improve its value chain as well as to broaden its recurring earnings base, which was derived primarily from the expressway business.
SEALINK INTERNATIONAL BHD [] board has recommended a final single tier dividend of four sen per share, amounting to RM20 million for the financial year ended Dec 31, 2009.
MBf Holdings (MBfH) Bhd's controlling shareholder and CEO Tan Sri Ninian Mogan Lourdenadin said he will not revise his offer to privatise the company after shareholders rejected his offer at an EGM on Tuesday.
SUNWAY HOLDINGS BHD [] has proposed to acquire a 33.37-acre (13.35 hectares) parcel of leasehold land in Subang Jaya, Selangor from Taman Equine Riding Sdn Bhd for RM37.73 million cash.