Written by Joseph Chin
Wednesday, 15 July 2009 23:55
KUALA LUMPUR: The market is expected to continue its upward trend on July 16, underpinned by strong interest in blue chips, especially big capitalised stocks including banks and plantations.
Sentiment on Bursa Malaysia has perked up over the past two days, shored up by the firmer Wall Street and fresh batch of analysts reports about a recovery in the US and Europe, especially China and Singapore.
In the US, stocks jumped on Wednesday with the S&P 500 racking up its three best days since March, sparked by results from bellwether Intel Corp that lifted hopes for a rebound in technology spending and improved corporate profitability. Reuters said in a sign that consumers might be faring better than feared, U.S. credit card companies said defaults and delinquencies were lower in June than expected.
China is scheduled to announce its GDP data in the morning.
The 11-month high close on Bursa Malaysia saw the 30-stock FBM KLCI closing just below the key 1,100 level. However, more fresh economic data and stronger corporate news will be needed for the FBM KLCI to stay above the 1,100 level.
A firmer recovery in the economies will see greater focus on bank stocks, which of course led the rally on Wednesday.
Plantation stocks could also attract fresh interest, with the third-month crude palm oil futures staying firmly above the RM2,000 level. IOI Corp, KL Kepong and Sime Darby would be stocks to watch.
In Goh Ban Huat, Tan Sri Tan Hua Choon, or Robert Tan, was given more time by the Securities Commission (SC) to despatch his offer document in his takeover for the company. Prior to the extension, he was required to despatch the document tomorrow.
Tan had announced his takeover offer on June 25, for the remaining 69.55% stake he did not already own in GBH, at RM1.25 a share. His interest rose to 33.11% following the announcement of the offer.
Merge Energy will be uplifted from classification as an amended Practice Note 17 company. Bursa Securities decided to approve the company’s application for upliftment from the PN17 status without having to submit a plan to regularise its condition.
In Magna Prima, the company had proposed to acquire 5.56 acres of freehold land and 16.78 acres of leasehold land in Gombak for RM40.5 million for property development projects.
Sindora Bhd sold four million shares which was its 40% equity interest in Willis (Malaysia) Sdn Bhd for US$4 million (RM14.2 million) cash.
Wednesday, 15 July 2009 23:55
KUALA LUMPUR: The market is expected to continue its upward trend on July 16, underpinned by strong interest in blue chips, especially big capitalised stocks including banks and plantations.
Sentiment on Bursa Malaysia has perked up over the past two days, shored up by the firmer Wall Street and fresh batch of analysts reports about a recovery in the US and Europe, especially China and Singapore.
In the US, stocks jumped on Wednesday with the S&P 500 racking up its three best days since March, sparked by results from bellwether Intel Corp that lifted hopes for a rebound in technology spending and improved corporate profitability. Reuters said in a sign that consumers might be faring better than feared, U.S. credit card companies said defaults and delinquencies were lower in June than expected.
China is scheduled to announce its GDP data in the morning.
The 11-month high close on Bursa Malaysia saw the 30-stock FBM KLCI closing just below the key 1,100 level. However, more fresh economic data and stronger corporate news will be needed for the FBM KLCI to stay above the 1,100 level.
A firmer recovery in the economies will see greater focus on bank stocks, which of course led the rally on Wednesday.
Plantation stocks could also attract fresh interest, with the third-month crude palm oil futures staying firmly above the RM2,000 level. IOI Corp, KL Kepong and Sime Darby would be stocks to watch.
In Goh Ban Huat, Tan Sri Tan Hua Choon, or Robert Tan, was given more time by the Securities Commission (SC) to despatch his offer document in his takeover for the company. Prior to the extension, he was required to despatch the document tomorrow.
Tan had announced his takeover offer on June 25, for the remaining 69.55% stake he did not already own in GBH, at RM1.25 a share. His interest rose to 33.11% following the announcement of the offer.
Merge Energy will be uplifted from classification as an amended Practice Note 17 company. Bursa Securities decided to approve the company’s application for upliftment from the PN17 status without having to submit a plan to regularise its condition.
In Magna Prima, the company had proposed to acquire 5.56 acres of freehold land and 16.78 acres of leasehold land in Gombak for RM40.5 million for property development projects.
Sindora Bhd sold four million shares which was its 40% equity interest in Willis (Malaysia) Sdn Bhd for US$4 million (RM14.2 million) cash.