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Written by Joseph Chin of theedgemalaysia.com
Tuesday, 05 April 2011 08:20
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KUALA LUMPUR: Stocks on Bursa Malaysia could trade in a narrow range on Tuesday, April 4 after the lacklustre overnight close on Wall Street.
In New York, The S&P 500 met tough resistance on Monday, failing to break a level that has held since mid-February and ending flat even as a spate of deals and underlying strength in the economy spurred optimism.
But caution ahead of earning season held volume to its lowest level this year and suggested the recent rally may be fading.
The Dow Jones industrial average rose 23.31 points, or 0.19 percent, to end at 12,400.03. The Standard & Poor's 500 Index was up just 0.46 of a point, or 0.03 percent, at 1,332.87. The Nasdaq Composite Index was down 0.41 of a point, or 0.01 percent, at 2,789.19.
Stocks watch are STAR PUBLICATIONS (M) BHD [], MALAYSIAN RESOURCES CORP [] Bhd (MRCB) and ASIA PACIFIC LAND BHD [] (AP Land).
The Edge FinancialDaily reports on Tuesday that existing projects, particularly those in the flagship KL Sentral area, will continue to drive growth at Malaysian Resources Corp Bhd (MRCB) in the coming year, as it aims to grow its pre-tax profit by 55% for FY11 ending Dec 31.
Having seen its cash pile diminish significantly, Star Publications (M) Bhd is proposing to raise up to RM750 million from the capital market to boost its war chest. The amount makes the proposed exercise Star Publications' largest fund-raising effort to date.
Asia Pacific Land Bhd said CONSTRUCTION [] of its ¥5.8 billion (RM208.6 million) Shiki Niseko ski resort in Hokkaido, Japan is on track despite the recent earthquake and tsunami which hit northeast Japan last month.
Meanwhile, SIME DARBY BHD []’s PLANTATION []s unit, Sime Darby Plantation Sdn Bhd, TENAGA NASIONAL BHD [] (Tenaga) and Mitsui & Co Ltd have signed a Memorandum of Understanding to study the feasibility of potential biogas projects at palm oil mills owned by Sime Darby Plantation.
The joint feasibility study will scrutinise in detail the technical feasibility, financial viability and preliminary development works for implementation of potential biogas power generation projects.
Sime Darby Plantation Executive Vice President Franki Anthony Dass said the feasibility study would begin with eight palm oil mills, which has the capacity to generate between 1.3Mw and 1.5Mw daily.
ALIRAN IHSAN RESOURCES BHD []’s unit has been awarded a RM28.3 million contract by Pengurusan Aset Air Berhad (PAAB) to upgrade the Semangar Water Treatment Plant in Kota Tinggi, Johor.
Its unit Southern Water TECHNOLOGY [] Sdn Bhd had accepted a letter of acceptance from PAAB for the proposed upgrading, rehabilitation and extension of the existing Semangar water treatment plant.
It said the project was expected to be completed within 14 months or on 10 June 2012.