KUALA LUMPUR:'' The FBM KLCI is likely to extend its third-straight day of losses on Friday, Aug 13, which saw RM8 billion wiped out from the market capitalization, reducing it to RM1.086 trillion.
The FBM KLCI futures closed at 1,346, or three points below the cash market's 1,349.33. The weaker closing on Wall Street will continue to weigh on the local market and also key regional bourses.
U.S. stocks ended down for a third straight day on Thursday as an unexpected rise in jobless claims and a sobering revenue outlook from Cisco underscored the hurdles to economic recovery.
Thursday's drop comes a day after all three major indexes posted their worst percentage declines in more than a month, erasing gains for the year in the aftermath of a gloomier outlook from the US Federal Reserve.
The Dow Jones industrial average slipped 58.88 points, or 0.57%, to 10,319.95. The Standard & Poor's 500 Index dropped 5.86 points, or 0.54%, to 1,083.61. The Nasdaq Composite Index tumbled 18.36 points, or 0.83%, to 2,190.27. However, as at 7.50am, the DJIA futures is up 22 points or 0.21% to 10,293.
Stocks to watch on Bursa Malaysia include EON CAPITAL BHD [], GADANG HOLDINGS BHD [], Pacific & Orient Bhd (P&O) and JT INTERNATIONAL BHD [] (JTI).
EON Cap reported a strong set of earnings for the second quarter ended June 30. It reported net profit of RM113.3 million, up 15.8% from the first quarter. But the earnings declined from RM124.60 million from a year ago when there was a one-off tax writeback.
Gadang Holdings Bhd is stepping up its CONSTRUCTION [] ventures, having put in over RM2 billion in tenders for mostly government projects.
Meanwhile, it was reported that Bank Negara has approved Prudential Holdings Ltd to begin negotiations to acquire a stake in P&O. P&O shares rallied on Thursday on expectations of the approval.
JTI posted RM33.56 million in net profit for the second quarter ended June 30, up 12% from RM29.97 million a year ago, riding on the higher cigarette prices.
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Revenue rose 3.3% to RM298.51 million from RM288.89 million. Earnings per share were 12.83 sen. It declared an interim dividend of 15 sen a share. The increase in revenue and profit before tax were attributed to higher sales volume and cigarette prices.
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Genting Singapore plc's'' UK operation, which it is divesting to Genting Malaysia Bhd, saw an improved business volume in the second quarter ended June 30, 2010.
The FBM KLCI futures closed at 1,346, or three points below the cash market's 1,349.33. The weaker closing on Wall Street will continue to weigh on the local market and also key regional bourses.
U.S. stocks ended down for a third straight day on Thursday as an unexpected rise in jobless claims and a sobering revenue outlook from Cisco underscored the hurdles to economic recovery.
Thursday's drop comes a day after all three major indexes posted their worst percentage declines in more than a month, erasing gains for the year in the aftermath of a gloomier outlook from the US Federal Reserve.
The Dow Jones industrial average slipped 58.88 points, or 0.57%, to 10,319.95. The Standard & Poor's 500 Index dropped 5.86 points, or 0.54%, to 1,083.61. The Nasdaq Composite Index tumbled 18.36 points, or 0.83%, to 2,190.27. However, as at 7.50am, the DJIA futures is up 22 points or 0.21% to 10,293.
Stocks to watch on Bursa Malaysia include EON CAPITAL BHD [], GADANG HOLDINGS BHD [], Pacific & Orient Bhd (P&O) and JT INTERNATIONAL BHD [] (JTI).
EON Cap reported a strong set of earnings for the second quarter ended June 30. It reported net profit of RM113.3 million, up 15.8% from the first quarter. But the earnings declined from RM124.60 million from a year ago when there was a one-off tax writeback.
Gadang Holdings Bhd is stepping up its CONSTRUCTION [] ventures, having put in over RM2 billion in tenders for mostly government projects.
Meanwhile, it was reported that Bank Negara has approved Prudential Holdings Ltd to begin negotiations to acquire a stake in P&O. P&O shares rallied on Thursday on expectations of the approval.
JTI posted RM33.56 million in net profit for the second quarter ended June 30, up 12% from RM29.97 million a year ago, riding on the higher cigarette prices.
''
Revenue rose 3.3% to RM298.51 million from RM288.89 million. Earnings per share were 12.83 sen. It declared an interim dividend of 15 sen a share. The increase in revenue and profit before tax were attributed to higher sales volume and cigarette prices.
''
Genting Singapore plc's'' UK operation, which it is divesting to Genting Malaysia Bhd, saw an improved business volume in the second quarter ended June 30, 2010.
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