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Written by Joseph Chin of theedgemalaysia.com
Wednesday, 04 May 2011 00:27
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KUALA LUMPUR:Sentiment could remain cautious in key regional markets including Malaysia on Wednesday, May 4 after US stocks fell on Tuesday as investors questioned the sustainability of the rally in light of fresh worries about earnings growth in the coming quarters.
Reuters reported investors targeted recent top performers, particularly energy shares, which were also hit by a fall in oil prices. The Dow Jones industrial average .DJI edged up 0.15 points, or 0.00 percent, to 12,807.51. The Standard & Poor's 500 .SPX fell 4.60 points, or 0.34 percent, to 1,356.62. The Nasdaq Composite Index .IXIC lost 22.46 points, or 0.78 percent, to 2,841.62.
At Bursa, stocks which could see trading interest on Wednesday,following the corporate developments include RAMUNIA HOLDINGS BHD [], Sunway Real Estate Investment Trust (REIT), TRICUBES BHD [], Atis Corp Bhd and FITTERS DIVERSIFIED BHD [].
Ramunia has proposed a capital reCONSTRUCTION [] and rights issue to uplift from the Practice Note 17 status.
The proposed share premium reduction will give rise to a credit of between RM98.31 million and RM100.69 million whilst the reduction of 25 sen in par value from each existing share of 50 sen each will give rise to a credit between RM185.32 million and RM244.65 million.
Sunway REIT posted net profit of RM43.73 million for the third quarter ended March 31, 2011. Gross revenue was RM82.3 million and net property income RM61.0 million.
For the quarter ended March 31, 2011, Sunway REIT made a provision of approximately 100% of the realised distributable income amounting to RM45.6 million or 1.70 sen per unit payable on June 9, 2011.
Commerce TECHNOLOGY [] Ventures Sdn. Bhd has ceased to be a substantial shareholder of Tricubes Bhd after it disposed of 14.5 million shares from April 24 to 27.
Filings to Bursa Malaysia showed it sold 1.165 million shares on April 25 and 5.0 million shares on April 26. It sold 8.335 million shares on April 27.
The recent transactions reduced its stake to 6.20 million shares.
Atis faces suspension from May 10 until further notice after it failed to submit its annual audited financial statements for FY ended Dec 31, 2010.
A Bursa Securities circular on Tuesday, May 3 said Atis failed to submit the statement to Bursa Malaysia Securities Bhd for public release within the stipulated timeframe.
Also facing the same face is ACE Market listed H-DISPLAYS (MSC) BHD [] after it failed to submit its annual audited accounts for financial year ended Dec 31, 2010.
Fitters Diversified Bhd faces suspension on May 10 after it also failed to submit its annual audited financial statements for FY ended Dec 31, 2010.
Bursa Securities said Fitters failed to submit its annual audited accounts for FY ended Dec 31, 2010 for public release within the stipulated timeframe. It said the company’s securities will be suspended with effect from May 10, until further notice.
Fitters, had last Friday, said the board was disappointed that the external auditors had at 4.30pm that day that they could not finalise the audited financial statements (AFS) by that day. The auditors assured the company the said AFS would be completed by May 6.
“After discussing with the external auditors, the board does not expect the said AFS to have any material changes to the fourth quarter results announced on Feb 14, 2011,” it said.
The selling pressure on SUMATEC RESOURCES BHD [] could continue after it triggered the criteria pursuant to Practice Note No. 17 of the Main Market Listing Requirements of Bursa Securities.
EQUATOR LIFE SCIENCE BHD [] triggered the criteria pursuant to Guidance Note 3 of the ACE Market Listing Requirements.