Written by Joseph Chin
Tuesday, 28 September 2010 08:00
KUALA LUMPUR: Stocks on Bursa Malaysia may take a breather on Tuesday, Sept 28 in line with key regional markets, after US stocks slipped on Monday.
On Wall Street, investors took a break from a four-week rally, but they remained optimistic the advance would resume as a flurry of deals suggested companies were seeing value in the market, according to Reuters.
The Dow Jones industrial average was down 48.22 points, or 0.44%, at 10,812.04. The Standard & Poor's 500 Index was down 6.51 points, or 0.57%, at 1,142.16. The Nasdaq Composite Index was down 11.45 points, or 0.48%, at 2,369.77.
At Bursa Malaysia, stocks to watch would be REDTONE INTERNATIONAL BHD [], TALIWORKS CORPORATION BHD [], SUNWAY CITY BHD [], water-related companies in Selangor and Kimlun Corporation Bhd.
REDtone subsidiary REDTone Marketing Sdn Bhd has a secured a 20MHz block on the 2.6GHz broadband wireless spectrum.
The 2.6GHz spectrum will allow it to roll out high-speed broadband services, that is long-term evolution and 4G, and enable it to further strengthen its offerings to this core segment.
Taliworks’s 70% owned Eco3 Tech has sealed a 30-year concession with China’s Ningdong Energy for a waste water treatment plant. The contract is worth RM66.84 million.
Eco3 has been granted an exclusive right during the concession period to build, operate and maintain the industrial waste water treatment and recycled water plant and recycled water piping in the Ningdong Energy Chemical Base Meihua Industrial Park, Ningxia Province.
Sunway City plans to undertake residential projects on Penang island with an estimated gross development value of RM800 million.
SunCity said the land, measuring 81 acres, will be acquired for RM38.765 million for the purpose of residential development. When fully developed, the proposed acquisition will provide SunCity with an estimated GDV of RM800 million.
The Edge FinancialDaily reports a water tariff hike of between 15% and 20% may be in the offing for Syarikat Bekalan Air Selangor Sdn Bhd (Syabas), sources said.
It also reports that cash-rich Asia File Corp Bhd is on a lookout for acquisitions in the US to make inroads into the American market. However, the Penang-based stationery and file maker has decided to hold back its expansion in Europe.
Kimlun has secured a contract from of SP SETIA BHD [] to build two blocks of 25-storey apartments in Bandar Nusajaya, Johor.
Kimlun said its unit Kimlun Sdn Bhd had on Sept 24 received the letter of award from Bukit Indah (Johor) Sdn Bhd, a unit of SP Setia.