» » Stocks to Watch Petra, MAS, MISC

Stocks to Watch Petra, MAS, MISC


Business & Markets 2012
Written by Chong Jin Hun of theedgemalaysia.com   
Tuesday, 03 April 2012 19:26


KUALA LUMPUR (Apr 3): There is still room for the FBM KLCI to trade higher, according to analysts, as technical trading dynamics improve in anticipation of more positive updates by the government ahead of Malaysia’s general election.
Analysts said the 30-stock index has breached the 1,600 point level; hence, the possibility that the FBM KLCI will reach the next hurdle of 1,620 points.
The benchmark added 2.85 points to close at a fresh all-time high of 1,606.63 points on Tuesday.
Stocks to watch on Wednesday include PETRA ENERGY BHD [], Y.S.P.SOUTHEAST ASIA HOLDING [] Bhd, SARAWAK OIL PALMS BHD [] (SOPB), MALAYSIAN AIRLINE SYSTEM BHD [] (MAS) and MISC BHD [].
Petra Energy has signed a memorandum of understanding with Baker Hughes (M) Sdn Bhd to undertake oil and gas projects in Malaysia.
Y.S.P. plans to reward shareholders with a single-tier first and final dividend of six sen per ordinary share for financial year ended Dec 31, 2011.
SOPB is diversifying into the shipping business following a joint venture (JV) agreement with Shin Yang Shipping Corp Bhd.
MAS has called off its plans to set up a short-haul regional premium airline, and will instead provide such services via an operating unit under the company.
Malaysian Rating Corp Bhd (MARC) has revised the outlook of MISC’s Islamic bonds to negative from stable. The revision has taken into account the shipping firm’s weaker financials, according to MARC.
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