Business & Markets 2012
Written by Surin Murugiah of theedgemalaysia.com
Monday, 24 December 2012 18:16
KUALA LUMPUR (Dec 24): The FBM KLCI could extend its gains on Boxing Day on Wednesday, on the back of some year-end window dressing activities that saw the local index test the all-time high of 1,675 on Monday.
World stock, commodity and currency markets were steady on Monday, as the holiday lull set in across markets and offset tensions over the US budget dispute, according to Reuters.
With only UK, French, Dutch and Spanish stock markets open in Europe and trading shortened ahead of Christmas celebrations, the FTSEurofirst300 opened almost flat at 1138.35 points to leave the MSCI index of global stocks virtually unchanged at 339.87, it said.
With limited corporate announcements lately, the stocks that could be in focus on Wednesday and later this week are XOX Bhd; NAIM HOLDINGS BHD []; and tycoon Tan Sri Syed Mokhtar Al-Bukhary-owned TRADEWINDS (M) BHD [], Tradewinds PLANTATION []s Bhd and PADIBERAS NASIONAL BHD [] (Bernas), which will resume trading on Wednesday after having requested for a trading halt last Friday.
Mobile virtual network operator (MVNO) XOX was issued an unusual market activity (UMA) query by Bursa Securities on Monday, on the sharp rise in price and volume of the company's shares recently.
In this respect, the company is requested to make an announcement for public release after making enquiry with its directors and major shareholders seeking the cause of the unusual market activity in its shares.
In an exclusive interview with theedgemalaysia.com last Thursday, chief executive officer Ng Kok Heng denied a local newspaper report of XOX's takeover by local tycoon Syed Mokhtar.
RAM Ratings has reaffirmed the respective AA3 and P1 ratings of Naim's RM500 million Islamic medium-term notes programme and RM100 million Islamic commercial papers programme.
In a statement Monday, the credit rating agency said that the outlook on the long-term rating is maintained at negative.
"Naim's current businesses are still largely based in Sarawak, exposing it to geographical concentration risk. As such, any upside potential from its two main divisions is limited by the performance of the state's property and CONSTRUCTION [] markets," said RAM in the statement.
Syed Mokhtar has offered minority shareholders RM9.30 for every share in Tradewinds he does not already own, while offering RM4.03 and RM3.25 per share each in Tradewinds Plantations and Bernas respectively.
In a notice to shareholders on Bursa Malaysia on Monday, his privately-owned vehicles Perspective Land Sdn Bhd, Kelana Ventures Sdn Bhd, Seaport Terminal (Johor) Sdn Bhd and Acara Kreatif Sdn Bhd (joint offerors) offered a conditional take-over to acquire all the remaining shares in Tradewinds not already owned by the joint offerors at RM9.30 per share.