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Written by Joseph Chin of theedgemalaysia.com
Friday, 08 April 2011 07:45
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KUALA LUMPUR: Regional markets could start off on a cautious note on Friday, April 8 after Wall Street slipped overnight as a major aftershock in Japan reignited fears about its nuclear power crisis.
The Dow Jones industrial average was down 17.26 points, or 0.14%, at 12,409.49. The Standard & Poor's 500 Index was down 2.03 points, or 0.15%, at 1,333.51. The Nasdaq Composite Index was down 3.68 points, or 0.13%, at 2,796.14.
Reuters reported that investors’ greater faith in the U.S. economy's steady path held losses in check. A rise in retail stocks after better-than-expected March chain-store sales limited broader market declines as the data added to evidence of a sustained economic recovery.
Stocks to watch on Bursa Malaysia include MALAYSIAN RESOURCES CORP [] Bhd (MRCB), Tatt Giap Group Bhd, BOUSTEAD HOLDINGS BHD [] and Lion Corp Bhd.
MRCB expects to reap about RM300 million from a proposed mixed development project in Setapak, Kuala Lumpur. It proposed to acquire a company, 59 iNC Sdn Bhd, which has the rights to develop 27.41 acres of land in Setapak here, from RM110 million.
It planned to undertake a mixed development project, comprising commercial and residential PROPERTIES [], with a gross development value (GDV) of RM1.5 billion.
“At a total development cost of approximately RM1.2 billion, the expected profits to be derived from the said development amount to about RM300 million representing 20% of the GDV,” MRCB said.
The Edge FinancialDaily reports Nippon Steel Corp, the world's fourth largest steelmaker, says it intends to raise its stake in Tatt Giap subsidiary Nippon EGalv Steel Sdn Bhd, which manufactures electro-galvanised steel.
Boustead Holdings has set aside RM1 billion in capital expenditure this year to expand the businesses it recently acquired, PHARMANIAGA BHD [] and MHS Aviation Bhd, to boost group earnings.
Lion Corp is seeking the approval from the lenders to defer the repayment of its bonds and the coupon on loan stocks from April 30 to July 31.
The deferment involved the redemption of the outstanding nominal value of the Lion Corp B(a) bonds, class B (b) bonds amounting to RM54.35 million; repayment of the outstanding nominal value of the B debts amounting to US$100,000.
Sozo Global Limited has entered into a memorandum of understanding (MoU) with Halal Industry Development Corporation Sdn Bhd (HDC) to co-operate towards promoting and developing the Halal market.
Fitch Ratings affirmed IOI Corp Bhd's long-term foreign currency issuer default rating (IDR) at 'BBB+'. The outlook is stable.
The ratings agency said the senior unsecured rating on its US$500 million notes due 2015, guaranteed by IOI Corp, had also been affirmed at 'BBB+'.