Written by Surin Murugiah
Tuesday, 15 December 2009 00:00
KUALA LUMPUR: Asian equity markets could take further cue from US and European stock exchanges that opened higher as Abu Dhabi bailed out troubled Dubai.
Asian markets including Bursa Malaysia on Dec 14 gained after the Abu Dhabi government committed US$10 billion (RM34.1 billion) to the Dubai Financial Support Fund.
The news came as a relief for investors rattled by events in the past month with the Dubai World crisis, especially those exposed to Dubai-based projects.
On the Bursa Malaysia, stocks that could be in focus on Dec 15 include LCL CORPORATION BHD [], UNITED MALACCA BHD [], MILUX CORPORATION BHD [] and SAAG CONSOLIDATED (M) BHD [].
The development in the Middle East could be positive for LCL Corp shares that have been severely under pressure as its exposure to Dubai is immense.
Milux Corp shares could attract some interest after it said that its unit T H Hin Sdn Bhd had secured a US$75.35 million government contract to supply regulator sets and gas stoves in Indonesia for the period of February to November 2010.
United Malacca declared a gross interim dividend of 10 sen per share after it posted net profit RM19.35 million in 2Q ended Oct 31, 2009 from RM19.04 million a year earlier. The company said should the current level crude palm oil (CPO) price be sustained, it could expect a good performance.
SAAG announced that it plans to undertake a private placement of up to 10% of its paid-up share capital, an exercise which may see the power plant builder raising as much as RM45.37 million.
SAAG said the money would finance working capital needs for its power plant CONSTRUCTION [] project in Bangladesh's Adamjee Export Processing Zone, as well as towards strengthening its balance sheet.