KUALA LUMPUR: Investors are expected to stay on the sidelines on Wednesday, Aug 25 after US markets fell for the fourth straight day on concerns the economic recovery is even weaker than had been feared.
The Dow and S&P 500 racked up their fourth day of losses in a row after an industry group reported that sales of U.S. existing homes in July fell to their slowest pace in 15 years.
The Dow Jones industrial average fell 133.96 points, or 1.32%, to 10,040.45. The Standard & Poor's 500 Index shed 15.49 points, or 1.45%, to 1,051.87. The Nasdaq Composite Index lost 35.87 points, or 1.66%, to 2,123.76.
The broad Russell 2000 index was down 1.2%at 595.59, but held above its July intraday low of 587.67.
At Bursa Malaysia, which saw the FBM KLCI extending to a fresh 30-month high, there could be some profit taking again. The broader market reflects the investors' caution despite the late buying of Axiata which pushed the 30-stock index higher,
Investors will have a lot of corporate news to digest on Wednesday but yesterday's batch of results were somewhat disappointing, including from MALAYSIAN RESOURCES CORP [] Bhd (MRCB).
Stocks to watch are QL RESOURCES BHD [], LONDON BISCUITS BHD [], TENAGA NASIONAL BHD [], Genting Malaysia Bhd, IOI Corp Bhd, MMC Corp Bhd and RHB CAPITAL BHD [].
The Edge FinancialDaily reports QL Resources is looking to more "egg-citing" times ahead. Having acquired a controlling stake in a local egg-producing rival, the spotlight now falls on QL Resources' overseas expansion as it pursues organic growth, and positions itself for potential acquisition opportunities.
The Edge FinancialDaily also reported that London Biscuits Bhd incurred a loss of RM230,000 when it disposed its entire stake of 23.86% in poultry player LAY HONG BHD [] to QL Resources Bhd for RM11.85 million.
The government has offered Tenaga Nasional to develop the first unit of 1,000MW coal-fired power plant on the power giant's existing power plant site in Manjung, Perak. Tenaga said the main fuel would be coal and commercial operation date is March 1, 2015.
Genting Malaysia Bhd shareholders have approved a resolution to acquire Genting Singapore plc's operations in the UK for ''340 million. At the EGM on Tuesday, the approval for the acquisition was 60.39%, or 1.177 billion shares.
MRCB reported a marginal 1.67% increase in earnings at RM12.24 million in the second quarter ended June 30, 2010 compared with RM12.04 million a year ago. Revenue shrank 24.5% to RM173.87 million from RM230.24 million.
MMC Corp Bhd posted profit of RM187.17 million for the second quarter ended June 30, 2010, which was 25.3% higher compared with RM149.35 million a year ago.
Profit attributable to owners of the company was RM88.12 million when compared with only RM5.85 million a year ago. However, profit attributable to minority interest declined to RM99.05 million from RM143.50 million.
RHB Capital's earnings rose 12.4% to RM339.03 million in the second quarter ended June 30, 2010 from RM301.53 million a year ago.
Pre-tax profit was RM447.95 million, up 11.9% from RM400.06 million a year ago. Revenue was 8% higher at RM1.44 billion compared with RM1.34 billion.
The Dow and S&P 500 racked up their fourth day of losses in a row after an industry group reported that sales of U.S. existing homes in July fell to their slowest pace in 15 years.
The Dow Jones industrial average fell 133.96 points, or 1.32%, to 10,040.45. The Standard & Poor's 500 Index shed 15.49 points, or 1.45%, to 1,051.87. The Nasdaq Composite Index lost 35.87 points, or 1.66%, to 2,123.76.
The broad Russell 2000 index was down 1.2%at 595.59, but held above its July intraday low of 587.67.
At Bursa Malaysia, which saw the FBM KLCI extending to a fresh 30-month high, there could be some profit taking again. The broader market reflects the investors' caution despite the late buying of Axiata which pushed the 30-stock index higher,
Investors will have a lot of corporate news to digest on Wednesday but yesterday's batch of results were somewhat disappointing, including from MALAYSIAN RESOURCES CORP [] Bhd (MRCB).
Stocks to watch are QL RESOURCES BHD [], LONDON BISCUITS BHD [], TENAGA NASIONAL BHD [], Genting Malaysia Bhd, IOI Corp Bhd, MMC Corp Bhd and RHB CAPITAL BHD [].
The Edge FinancialDaily reports QL Resources is looking to more "egg-citing" times ahead. Having acquired a controlling stake in a local egg-producing rival, the spotlight now falls on QL Resources' overseas expansion as it pursues organic growth, and positions itself for potential acquisition opportunities.
The Edge FinancialDaily also reported that London Biscuits Bhd incurred a loss of RM230,000 when it disposed its entire stake of 23.86% in poultry player LAY HONG BHD [] to QL Resources Bhd for RM11.85 million.
The government has offered Tenaga Nasional to develop the first unit of 1,000MW coal-fired power plant on the power giant's existing power plant site in Manjung, Perak. Tenaga said the main fuel would be coal and commercial operation date is March 1, 2015.
Genting Malaysia Bhd shareholders have approved a resolution to acquire Genting Singapore plc's operations in the UK for ''340 million. At the EGM on Tuesday, the approval for the acquisition was 60.39%, or 1.177 billion shares.
MRCB reported a marginal 1.67% increase in earnings at RM12.24 million in the second quarter ended June 30, 2010 compared with RM12.04 million a year ago. Revenue shrank 24.5% to RM173.87 million from RM230.24 million.
MMC Corp Bhd posted profit of RM187.17 million for the second quarter ended June 30, 2010, which was 25.3% higher compared with RM149.35 million a year ago.
Profit attributable to owners of the company was RM88.12 million when compared with only RM5.85 million a year ago. However, profit attributable to minority interest declined to RM99.05 million from RM143.50 million.
RHB Capital's earnings rose 12.4% to RM339.03 million in the second quarter ended June 30, 2010 from RM301.53 million a year ago.
Pre-tax profit was RM447.95 million, up 11.9% from RM400.06 million a year ago. Revenue was 8% higher at RM1.44 billion compared with RM1.34 billion.
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