KUALA LUMPUR: Key regional markets are expected to be lacklustre on Tuesday, Aug 17 in the absence of strong newsflow from the US market where the key indices closed unchanged.
On Wall Street, investors found little reason to buy stocks on Monday, as the Dow and S&P 500 ended barely changed, suggesting that even several days of losses have not convinced institutions share prices are attractive.
The Dow Jones industrial average was down 1.14 points, or 0.01 percent, at 10,302.01. The Standard & Poor's 500 Index was up 0.13 point, or 0.01 percent, at 1,079.38. The Nasdaq Composite Index was up 8.39 points, or 0.39 percent, at 2,181.87.
At Bursa Malaysia, stocks to watch include GREEN PACKET BHD [], MTD CAPITAL BHD [], MALAYSIAN AIRLINE SYSTEM BHD [] (MAS) and Berjaya Corp Bhd (BCorp).
Green Packet's net loss for the 2Q ended June 30,2010 widened to RM35.63 million from net loss RM27.87 million a year ago despite a 51% increase in revenue to RM90 million, mainly attributed to the higher amortisation and depreciation cost in relation to the aggressive rollout of broadband infrastructure to date.
Revenue rose 59% to RM90 million from RM56.47 million a year ago due to growth in the wireless subscribers base for its wireless broadband service that accounted for nearly 65% of the total revenue.
Green Packet said its main revenue contributor, the broadband and voice business segments, is projected to be competitive but further strong growth in demand globally over the next few years is expected.
In MTD Capital, its South Luzon Expressway project faced another roadblock with the imposition of a temporary restraining order issued by the Philippines Supreme Court. The order was issued to prevent an increase in the toll charges on the highway in addition to a 12% value-added tax which started on Monday.
The new toll rates would be 250% higher than the oil rates and were agreed upon by the government on the grounds the highway would be upgraded. More details on the impact of the order in The Edge FinancialDaily.
Meanwhile, in MAS, after two quarters of profitability, the national carrier swung into the red with a net loss of RM534.7 million for the second quarter ended June 30, 2010 (2QFY10) compared to net profit of RM875.7 million a year ago.
MAS posted net loss mainly due to higher fuel expenditure.'' It recorded a lower operating loss of RM285.6 million for the second quarter ended 30 June 2010 (Quarter ended 30 June 2009: RM425.6 million loss).
The lower operating loss was mainly due to higher incremental operating revenue as compared to operating expenses, it said.
However, the carrier is targeting operating profit RM100 million-RM325 million for the full year 2010, while its On Time Performance target for the Company is 84.7% to 87%.
Berjaya Corp Bhd (BCorp) confirmed it is currently in talks with Singapore-based Kim Eng Holdings Ltd for the latter to take up a strategic investment in its stockbroking arm, Inter-Pacific Securities Sdn Bhd (Inter-Pac).
The heated takeover battle for Singapore-listed Parkway Holdings has created a windfall for a little known Malaysian beneficiary. Low profile PLANTATION [] and property player Keck Seng Malaysia Bhd is set to reap a large amount of cash, amounting to RM327.49 million, from the proposed disposal of its 3.13% stake in Parkway Holdings Ltd.
SILVER BIRD GROUP BHD []'s unit Stanson Marketing Sdn Bhd has signed an MoU with KPF Holdings Sdn Bhd (KPFH), a unit of Koperasi Permodalan Felda Malaysia Bhd and Consortium Fresh Food Quality Bhd (CFFQ) to establish a strategic partnership.
Silver Bird said CFFQ would be used as a special purpose vehicle to undertake the purchase and collection of essential agriculture-based foods from all sources including FELDA settlers and other farmers and thereafter to deliver the essential agriculture-based foods to designad regional hubs including the Gedung Makanan Negara (GMN) for processing and packaging.
PUNCAK NIAGA HOLDINGS BHD [] has entered into a joint venture agreement with India-based P&C CONSTRUCTION []s (P) Ltd t and will be the lead partner to jointly participate in an international competitive tender for a pipeline conveyance system project in Mangalore, India.
On Wall Street, investors found little reason to buy stocks on Monday, as the Dow and S&P 500 ended barely changed, suggesting that even several days of losses have not convinced institutions share prices are attractive.
The Dow Jones industrial average was down 1.14 points, or 0.01 percent, at 10,302.01. The Standard & Poor's 500 Index was up 0.13 point, or 0.01 percent, at 1,079.38. The Nasdaq Composite Index was up 8.39 points, or 0.39 percent, at 2,181.87.
At Bursa Malaysia, stocks to watch include GREEN PACKET BHD [], MTD CAPITAL BHD [], MALAYSIAN AIRLINE SYSTEM BHD [] (MAS) and Berjaya Corp Bhd (BCorp).
Green Packet's net loss for the 2Q ended June 30,2010 widened to RM35.63 million from net loss RM27.87 million a year ago despite a 51% increase in revenue to RM90 million, mainly attributed to the higher amortisation and depreciation cost in relation to the aggressive rollout of broadband infrastructure to date.
Revenue rose 59% to RM90 million from RM56.47 million a year ago due to growth in the wireless subscribers base for its wireless broadband service that accounted for nearly 65% of the total revenue.
Green Packet said its main revenue contributor, the broadband and voice business segments, is projected to be competitive but further strong growth in demand globally over the next few years is expected.
In MTD Capital, its South Luzon Expressway project faced another roadblock with the imposition of a temporary restraining order issued by the Philippines Supreme Court. The order was issued to prevent an increase in the toll charges on the highway in addition to a 12% value-added tax which started on Monday.
The new toll rates would be 250% higher than the oil rates and were agreed upon by the government on the grounds the highway would be upgraded. More details on the impact of the order in The Edge FinancialDaily.
Meanwhile, in MAS, after two quarters of profitability, the national carrier swung into the red with a net loss of RM534.7 million for the second quarter ended June 30, 2010 (2QFY10) compared to net profit of RM875.7 million a year ago.
MAS posted net loss mainly due to higher fuel expenditure.'' It recorded a lower operating loss of RM285.6 million for the second quarter ended 30 June 2010 (Quarter ended 30 June 2009: RM425.6 million loss).
The lower operating loss was mainly due to higher incremental operating revenue as compared to operating expenses, it said.
However, the carrier is targeting operating profit RM100 million-RM325 million for the full year 2010, while its On Time Performance target for the Company is 84.7% to 87%.
Berjaya Corp Bhd (BCorp) confirmed it is currently in talks with Singapore-based Kim Eng Holdings Ltd for the latter to take up a strategic investment in its stockbroking arm, Inter-Pacific Securities Sdn Bhd (Inter-Pac).
The heated takeover battle for Singapore-listed Parkway Holdings has created a windfall for a little known Malaysian beneficiary. Low profile PLANTATION [] and property player Keck Seng Malaysia Bhd is set to reap a large amount of cash, amounting to RM327.49 million, from the proposed disposal of its 3.13% stake in Parkway Holdings Ltd.
SILVER BIRD GROUP BHD []'s unit Stanson Marketing Sdn Bhd has signed an MoU with KPF Holdings Sdn Bhd (KPFH), a unit of Koperasi Permodalan Felda Malaysia Bhd and Consortium Fresh Food Quality Bhd (CFFQ) to establish a strategic partnership.
Silver Bird said CFFQ would be used as a special purpose vehicle to undertake the purchase and collection of essential agriculture-based foods from all sources including FELDA settlers and other farmers and thereafter to deliver the essential agriculture-based foods to designad regional hubs including the Gedung Makanan Negara (GMN) for processing and packaging.
PUNCAK NIAGA HOLDINGS BHD [] has entered into a joint venture agreement with India-based P&C CONSTRUCTION []s (P) Ltd t and will be the lead partner to jointly participate in an international competitive tender for a pipeline conveyance system project in Mangalore, India.
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