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Stocks on Bursa Malaysia could see some recovery with some support for PLANTATION [] stocks on Tuesday, Oct 11 after crude palm oil (CPO) futures ended the day on a higher note while the overnight rally on Wall Street could spur on buying of battered down blue chips.
The CPO for third-month delivery rose RM21 to close at RM2,793 per tonne on Monday. This was despite the weaker close for selected blue chip plantations due to the higher stockpile and lower exports.
Maybank Investment Bank Research said while the Budget 2012 proposals had no major impact on listed plantation companies in Malaysia, it did add to the appeal of Malaysian plantation stocks given Felda Global’s position as the world’s largest palm oil player, with total planted acreage exceeding that of Sime Darby’s.
On Wall Street, U.S. stocks jumped 3 percent on Monday, extending gains into a second week as a pledge by German and French leaders boosted hopes that the euro-zone debt crisis may be resolved, Reuters reported.
The Dow Jones industrial average surged 330.06 points, or 2.97 percent, to end at 11,433.18. The Standard & Poor's 500 Index climbed 39.43 points, or 3.41 percent, to 1,194.89. The Nasdaq Composite Index shot up 86.70 points, or 3.50 percent, to close at 2,566.05.
Other stocks to watch on Tuesday are BINA PURI HOLDINGS BHD [], TSH RESOURCES BHD [], S P Setia and Maxis Bhd.
Bina Puri’s current unbuilt order book grew to RM2.73 billion to date after its unit secured a RM20.4 million from the Jabatan Perumahan Negara for a housing project in Dengkil. Its unit Puri CONSTRUCTION [] Sdn Bhd has accepted the letter of award for the Taman Topaz project.
TSH has proposed a bonus issue on a one-for-one basis of up to 416.64 million new shares. TSH said the proposed bonus issue will be effected by way of capitalisation of up to RM208.323 million from the company’s share premium, asset revaluation reserve and retained earnings.
Permodalan Nasional Bhd (PNB) has given an assurance that S P Setia Bhd chief executive officer Tan Sri Liew Kee Sin would continue to lead the property company as its CEO.
“The existing management team will also continue to manage the company,” according to a joint statement by PNB and S P Setia.
Maxis Bhd says it is unaffected by Central Bureau of Investigation of India’s proposed probe into Maxis Communications Bhd (MCB) of Aircel Ltd, India in 2006. MCB also owns 74% of Aircel.
Meanwhile, MCB said it was aware of investigations being made by the CBI for some time now and has extended its full co-operation.
“MCB absolutely denies any wrongdoing. The acquisition of Aircel was a commercial, arms length transaction between a willing seller and a willing buyer. Indeed, MCB paid the asking price demanded by the seller, Siva Ventures Limited,” it said.
The CPO for third-month delivery rose RM21 to close at RM2,793 per tonne on Monday. This was despite the weaker close for selected blue chip plantations due to the higher stockpile and lower exports.
Maybank Investment Bank Research said while the Budget 2012 proposals had no major impact on listed plantation companies in Malaysia, it did add to the appeal of Malaysian plantation stocks given Felda Global’s position as the world’s largest palm oil player, with total planted acreage exceeding that of Sime Darby’s.
On Wall Street, U.S. stocks jumped 3 percent on Monday, extending gains into a second week as a pledge by German and French leaders boosted hopes that the euro-zone debt crisis may be resolved, Reuters reported.
The Dow Jones industrial average surged 330.06 points, or 2.97 percent, to end at 11,433.18. The Standard & Poor's 500 Index climbed 39.43 points, or 3.41 percent, to 1,194.89. The Nasdaq Composite Index shot up 86.70 points, or 3.50 percent, to close at 2,566.05.
Other stocks to watch on Tuesday are BINA PURI HOLDINGS BHD [], TSH RESOURCES BHD [], S P Setia and Maxis Bhd.
Bina Puri’s current unbuilt order book grew to RM2.73 billion to date after its unit secured a RM20.4 million from the Jabatan Perumahan Negara for a housing project in Dengkil. Its unit Puri CONSTRUCTION [] Sdn Bhd has accepted the letter of award for the Taman Topaz project.
TSH has proposed a bonus issue on a one-for-one basis of up to 416.64 million new shares. TSH said the proposed bonus issue will be effected by way of capitalisation of up to RM208.323 million from the company’s share premium, asset revaluation reserve and retained earnings.
Permodalan Nasional Bhd (PNB) has given an assurance that S P Setia Bhd chief executive officer Tan Sri Liew Kee Sin would continue to lead the property company as its CEO.
“The existing management team will also continue to manage the company,” according to a joint statement by PNB and S P Setia.
Maxis Bhd says it is unaffected by Central Bureau of Investigation of India’s proposed probe into Maxis Communications Bhd (MCB) of Aircel Ltd, India in 2006. MCB also owns 74% of Aircel.
Meanwhile, MCB said it was aware of investigations being made by the CBI for some time now and has extended its full co-operation.
“MCB absolutely denies any wrongdoing. The acquisition of Aircel was a commercial, arms length transaction between a willing seller and a willing buyer. Indeed, MCB paid the asking price demanded by the seller, Siva Ventures Limited,” it said.
