Stocks to watch: HWGB, Ingress, Harbour-Link, tech stocks

Written by Joseph Chin
Wednesday, 13 October 2010 06:15

KUALA LUMPUR: Key regional markets are expected to advance on Wednesday, Oct 13, underpinned by fresh optimism on Wall Street that the Federal Reserve once again flood markets with cheap cash to further boost growth.

On Wall Street, the Dow Jones industrial average gained 10.06 points, or 0.09%, to 11,020.40. The Standard & Poor's 500 Index rose 4.45 points, or 0.38%, to 1,169.77.

The Nasdaq Composite Index added 15.59 points, or 0.65%, to 2,417.92 after Intel Corp announced stronger-than-expected third-quarter results and a forecast for better sales in the fourth quarter.

At Bursa Malaysia, stocks to watch on Wednesday include HO WAH GENTING BHD [] [] (HWGB), INGRESS CORPORATION BHD [], HARBOUR-LINK GROUP BHD [], KYM Group Bhd, TECHNOLOGY []-related stocks and JCY International Bhd.

STAR PUBLICATIONS (M) BHD [] will also attract interest after it declared special dividends of 47.9 sen less tax and 4.7 sen per share, tax exempt for the year ending Dec 31, 2010.

The expectation that HWGB’s tin mine will commence production soon has lifted its share price to a 16-month high of 29 sen on Monday before it eased to 26.5 sen yesterday. Trading volume hit 50 million shares in the past two trading days.

More details in The Edge FinancialDaily.

Ingress has received letter of intents from PROTON HOLDINGS BHD [] to supply roof drip mouldings and door sash parts. Ingress said the supply for the mouldings would start by the fourth quarter of FY ending Jan 31, 2012 for five years.

Ingress expected the project to generate total revenue of RM7.5 million. Total investment for the project is estimated to be RM200,000 in tooling.

For the sash project, it said the project is forecast to generate total revenue of approximately RM50 million whilst the total investment in tooling and equipment is expected to cost RM16 million.

Harbour-Link has accepted a letter of acceptance from PEC (Malaysia) Sdn Bhd for the civil work inside the hydrocarbon storage and distribution plant at Tanjung Bin, Johor for RM25 million.

KYM had resolved and settled the RM120 million owing to United Overseas Bank (Malaysia) Bhd and RHB Investment Bank Bhd. It’s 54% Harta Makmur Sdn Bhd had disposed of 16 parcels of land of 409 acres (or 1.65 million square metres) to Vale International S.A. and also disposed of 13 parcels of leasehold PROPERTIES [] (with an unexpired lease period of 80 years) measuring 756 acres.

Intel’s stronger-than-expected third-quarter results should stir up interest in tech-related companies including Unisem and MPI.

JCY International Bhd executive director Chatar Singh will provide the company’s business overview, track record and development plans at 12.45pm on Wednesday.

The hard-disk drive manufacturer's share price has come under selling pressure on concerns of decline in demand while there could a preference for solid-state drives. Its retail offer price was RM1.60 when listed on Feb 25 and it closed at 95 sen on Tuesday.