| Business & Markets 2012 |
| Written by surin murugiah of theedgemlaysia.com |
| Saturday, 12 May 2012 13:28 |
More volatility could be in store for US stocks next week as investors grapple with less certainty about the US economic outlook and a new blow to the financial sector after JPMorgan Chase's trading loss, accordig to Reuters. Europe is expected to keep investors jumpy as well, with inconclusive results from the recent Greek election and the country's future appearing more worrisome it said. Affin Investment Bank Bhd vice president and head of retail research Dr Nazri Khan said Going forward, global equity markets including FBM KLCI were expected to trend lower pressured by weaker US jobs data, weaker Chinese trade data and political risk over the European new leadership (with anti-austerity groups winning France and a serious election deadlock in Greece) to solve the debt crisis. Among the stocks that could be in focus are Kimlun Corporation Bhd, MALAYSIA BUILDING SOCIETY BHD [] (MBSB), Catcha Media Bhd, Malaysian Smelting Corporation Bhd and CSC Steel Holdings Bhd Kimlun Corp secured a RM148.54 million apartment CONSTRUCTION [] contract from Esquire Corner Sdn Bhd in Selangor. In a statement on Bursa Malaysia on Friday, it said that it had received a letter of award from Esquire for the construction of apartments and ancillary buildings in Shah Alam, Selangor. MBS's net profit for the first quarter ended March 31, 2012 rose 16.3% to RM79.42 million from RM68.28 million a year earlier, due to higher net income from Islamic banking operation via personal financing. The company said on May 11 that its revenue jumped 28.66% to RM378.88 million from RM294.49 million in 2011 Catcha was recently named as among the 30 top small cap companies by OSK Investment Research in its 2012 edition of theTop Malaysian Small Cap Companies: 30 Jewels. Catcha media chief executive officer Patrick Grove in a statement Friday said the company was honoured to be picked by OSK to be among the Malaysian top 30 companies to closely watch as longer‐term" winners" in the small cap space. Malaysian Smelting Corp's net profit declined 79.94% to RM5.67 million in its first quarter ended Mar 31 from RM28.27 million a year ago, dragged down by continuing losses in its Indonesian operations. In a statement on Bursa Malaysia on Friday, it said that revenue rose 4.61% to RM771.90 million from RM737.87 million a year earlier. CSC's net profit fell 76.90% to RM5.55 million for its first quarter ended Mar 31, 2012 from RM24.03 million after sales volumes dropped coupled with lower average selling prices. In a statement on Bursa Malaysia, it said that revenue declined 21.47% to RM242.19 million from RM308.40 million a year ago. |
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