Written by Darlene Liew
Thursday, 15 April 2010 07:43
KUALA LUMPUR: Key regional markets are expected to advance on Thursday, April 15 as sentiment should be underpinned by US stocks’ fifth straight day of gains.
The Dow Jones industrial average was up 103.69 points, or 0.94 percent, at 11,123.11. The Standard & Poor's 500 Index was up 13.35 points, or 1.12 percent, at 1,210.65. The Nasdaq Composite Index was up 38.87 points, or 1.58 percent, at 2,504.86, according to Reuters.
The report said stronger-than-expected corporate results and March retail sales pushed the S&P 500 past 1,200 for the first time in 18 months. Dow components Intel Corp and JPMorgan Chase & Co paced the market after both posted better-than-expected results.
At Bursa Malaysia, stocks to watch are KNM GROUP BHD [], OSK PROPERTY HOLDINGS BHD [], IJM Corp Bhd and MAMEE-DOUBLE DECKER (M) BHD [].
Also on the watch list would be Impressive Edge, UBG BHD [], glove makers, tech-related stocks like MALAYSIAN PACIFIC INDUSTRIES [], Unisem, JCY and Eng Teknologi.
KNM Group Bhd major shareholder and managing director Lee Swee Eng failed in his bid, with two foreign partners, to acquire the oil and gas sector fabricator’s business.
KNM said the company and the bidders were unable to agree on the pricing of the proposed transaction and thereby, the proposal had lapsed.
In February, Lee via his private vehicle BlueFire Capital Group Ltd, together with the two foreign parties GS Capital Partners VI Fund LP and Mettiz Capital Ltd, had offered to acquire KNM’s entire business and undertakings for about RM3.5 billion or 90 sen a share.
OSK Property Holdings Bhd aims to launch several projects across the peninsula worth RM700 million this year, said its executive director and chief operating officer Gerard Tan Boon Chuan.
IJM Corp Bhd has secured two CONSTRUCTION [] contracts in Sarawak valued at RM246.7 million from the Public Works Department to build two access roads in Kapit.
Mamee-Double Decker (M) Bhd has committed to a dividend policy by distributing a minimum of 50% of group net profit to shareholders. It also recommended a final dividend of 5 sen plus special 2 sen per ordinary share tax for its financial year ended Dec 31, 2009. The dividend would be payable on June 25.
Impressive Edge Corp (M) Sdn Bhd (IEC), a major shareholder of IMPRESSIVE EDGE GROUP BHD [], has requested the former to undertake a selective capital repayment exercise.
UBG is selling its sub-subsidiary UBG Petroleum (Thailand) Ltd to Pearl Energy Ltd for US$19.21 million (RM61.47 million).
On Wednesday, Intel’s positive forecast helped buoy tech-related stocks MPI, Unisem, Globetronics JCY International Bhd. Interest could continue amidst expectations of stronger chip sales against improving global demand.