KUALA LUMPUR: Blue chips are expected to trade in a tight range on Wednesday, July 28 after the S&P 500 snapped a three-day winning streak on Tuesday.
Mixed earnings reports and a fall in consumer confidence weighed on the broader index, according to Reuters but analysts said US stocks were taking a breather and the rally could pick back up.
Economic data was mixed. Home prices rose in May, but labor-market worries took July consumer confidence to its lowest since February.
The Dow Jones industrial average added 12.26 points, or 0.12%, to 10,537.69. The Standard & Poor's 500 Index dipped 1.17 points, or 0.10%, to 1,113.84. The Nasdaq Composite Index shed 8.18 points, or 0.36%, to close at 2,288.25.
Stocks to watch on Bursa Malaysia include Ivory PROPERTIES [] Bhd, which will make its debut. Other counters include CHUAN HUAT RESOURCES BHD [], GLOBETRONICS TECHNOLOGY [] BHD [] and PETRONAS DAGANGAN BHD [].
Also other counters which could see trading activity with downside pressure include MUDAJAYA GROUP BHD [], STAMFORD COLLEGE BHD [] and Kenmark Industrial Co (M) Bhd.
Ivory Properties, an established developer with a strong track record in Penang, will be listed at an offer price of RM1.
AmResearch's fair value is RM1.75 per share pegged to a 35% discount to its estimated net asset value of RM2.70 per share.
'Our fair value implies a forward PR of 7 times, backed by strong three-year earnikng CAGR of 63% over FY10F to FY12F,' it said.
Chuan Huat proposed a corporate exercise which includes a bonus issue, renounceable rights issue and increase in authorised share capital. The bonus issue would involve one bonus shares for every three shares held,
The proposed renounceable rights issue of 41.78 million five-year warrants 2010/2015 on the basis of one warrant for every four shares held after the proposed bonus issue at an issue price of 2 sen per warrant.
Chuan Huat said it planned to increase the authorised share capital from RM100 million comprising 200 million shares to RM500 million comprising one billion shares by the creation of an additional 800 million shares.
Globetronics Technology Bhd net profit jumped 108% to RM7.59 million for the second quarter ended June 30, 2010 from RM3.64 million a year ago, due to mainly to continuous higher volume loadings from its key customers.
Revenue rose 31% to RM69.11 million from RM52.61 million, it said on Tuesday, July 27. Earnings per share rose to 2.87 sen from 1.39 sen a year earlier.
For the six months ended June 30, revenue rose by 41.8% to RM129.32 million from RM90.68 million, while net profit was up 2.6 times to RM13.74 million from RM3.84 million in 2009.
Petronas Dagangan is allocating close to RM500 million as capital expenditure for this year, the large chunk of which be invested in its retail segment. About 75% to 85% of the capex will be channelled towards the retail segment.
The retail and commercial segments contribute around 46% to 47% each to the group's revenue, with 5% coming from the liquefied petroleum gas (LPG).
Stamford College, which saw RM6.2 million erased from its market capitalisation on Tuesday after its share price fell to the lowest since May 31 when Bursa Malaysia Securities rejected its revamp plan.
The company, which faces suspension on Aug 3. On Monday, the company said Bursa Securities had rejected its application for the proposed regularisation plan which involved steel manufacturing.
Mudajaya also could see trading interest as investors await more details from the company following the recent news reports about it being under investigation by the Securities Commission.
Kenmark faces suspension on Monday, Aug 9, after its application for more time from Bursa Malaysia Securities to issue the audited financial statements for FY ended March 31, 2010 (AFS 2010) was rejected.
Mixed earnings reports and a fall in consumer confidence weighed on the broader index, according to Reuters but analysts said US stocks were taking a breather and the rally could pick back up.
Economic data was mixed. Home prices rose in May, but labor-market worries took July consumer confidence to its lowest since February.
The Dow Jones industrial average added 12.26 points, or 0.12%, to 10,537.69. The Standard & Poor's 500 Index dipped 1.17 points, or 0.10%, to 1,113.84. The Nasdaq Composite Index shed 8.18 points, or 0.36%, to close at 2,288.25.
Stocks to watch on Bursa Malaysia include Ivory PROPERTIES [] Bhd, which will make its debut. Other counters include CHUAN HUAT RESOURCES BHD [], GLOBETRONICS TECHNOLOGY [] BHD [] and PETRONAS DAGANGAN BHD [].
Also other counters which could see trading activity with downside pressure include MUDAJAYA GROUP BHD [], STAMFORD COLLEGE BHD [] and Kenmark Industrial Co (M) Bhd.
Ivory Properties, an established developer with a strong track record in Penang, will be listed at an offer price of RM1.
AmResearch's fair value is RM1.75 per share pegged to a 35% discount to its estimated net asset value of RM2.70 per share.
'Our fair value implies a forward PR of 7 times, backed by strong three-year earnikng CAGR of 63% over FY10F to FY12F,' it said.
Chuan Huat proposed a corporate exercise which includes a bonus issue, renounceable rights issue and increase in authorised share capital. The bonus issue would involve one bonus shares for every three shares held,
The proposed renounceable rights issue of 41.78 million five-year warrants 2010/2015 on the basis of one warrant for every four shares held after the proposed bonus issue at an issue price of 2 sen per warrant.
Chuan Huat said it planned to increase the authorised share capital from RM100 million comprising 200 million shares to RM500 million comprising one billion shares by the creation of an additional 800 million shares.
Globetronics Technology Bhd net profit jumped 108% to RM7.59 million for the second quarter ended June 30, 2010 from RM3.64 million a year ago, due to mainly to continuous higher volume loadings from its key customers.
Revenue rose 31% to RM69.11 million from RM52.61 million, it said on Tuesday, July 27. Earnings per share rose to 2.87 sen from 1.39 sen a year earlier.
For the six months ended June 30, revenue rose by 41.8% to RM129.32 million from RM90.68 million, while net profit was up 2.6 times to RM13.74 million from RM3.84 million in 2009.
Petronas Dagangan is allocating close to RM500 million as capital expenditure for this year, the large chunk of which be invested in its retail segment. About 75% to 85% of the capex will be channelled towards the retail segment.
The retail and commercial segments contribute around 46% to 47% each to the group's revenue, with 5% coming from the liquefied petroleum gas (LPG).
Stamford College, which saw RM6.2 million erased from its market capitalisation on Tuesday after its share price fell to the lowest since May 31 when Bursa Malaysia Securities rejected its revamp plan.
The company, which faces suspension on Aug 3. On Monday, the company said Bursa Securities had rejected its application for the proposed regularisation plan which involved steel manufacturing.
Mudajaya also could see trading interest as investors await more details from the company following the recent news reports about it being under investigation by the Securities Commission.
Kenmark faces suspension on Monday, Aug 9, after its application for more time from Bursa Malaysia Securities to issue the audited financial statements for FY ended March 31, 2010 (AFS 2010) was rejected.
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