KUALA LUMPUR: While key Asian markets may stage a recovery on Thursday, Sept 9 after the firmer overnight close on Wall Street, trading on Bursa Malaysia is expected to rather quiet as trading will be closed for the afternoon session in conjunction with the eve of Hari Raya Aidilfitri.
US and European stock markets rose on Wednesday, as worries about Europe's debt problems eased, allowing the euro to recover part of Tuesday's losses.
The Dow Jones industrial average closed up 46.32 points, or 0.45%, at 10,387.01, while the Standard Poor's 500 Index rose 7.03 points, or 0.64%, to 1,098.87. The Nasdaq Composite Index finished with gains of 19.98 points, or 0.9%, at 2,228.87.
At Bursa Malaysia, stocks could consolidate in thin trade ahead of the long weekend for the Hari Raya holidays. Trading on the equities market will be closed from 12.30pm onwards; and derivatives trading will be closed from 12.45pm onwards. Clearing Settlement and Depository services will continue and close as usual on Thursday. The Exchange will resume operations on Monday, Sept 13.
Economic data to be released on Thursday include the July industrial production index, July manufacturing sales value and jobs.
Economists said July IPI rose 5.7% on-year compared with 9.4% on-year in June. They said annual growth in factory output is likely to have slowed further in July from June's performance due to export growth easing and dissipating low-base effects from 2009.
Stocks to watch include George Kent (M) Bhd, Puncak Niaga Holdings Bhd and water-related companies in Selangor, Berjaya Corp Bhd and Tan Chong Motor Holdings Bhd.
The Edge FinancialDaily reports in the Thursday edition that George Kent is bidding for more than RM1 billion worth of domestic and overseas projects for its infrastructure investments, water and construction (IWC) division. It expects this division to be the main income generator for the group in the near future.
Meanwhile, the Malaysian Rating Corporation Bhd (MARC) has downgraded the ratings of 10 debt notes issued by players in the Selangor water sector and cautioned of further downgrades in the absence of progress in industry restructuring.
Those issuers affected were Syarikat Bekalan Air Selangor Sdn Bhd (Syabas), Puncak Niaga Holdings Bhd and Syarikat Pengeluar Air Selangor Sdn Bhd (SPLASH).
The ratings agency said the recent regulatory and operating environment uncertainties had challenged the perception of strong implicit government support and highly predictable cash flow the water sector has historically enjoyed.
"This may have negative long-term implications for similar private-initiated infrastructure financings in the future, particularly from the angle of investor receptivity," it said.
MARC said urgent intervention by the federal and/or state government of Selangor was required to prevent a freefall of the current ratings in the following months.
Berjaya Corp Bhd and Ribhan Nurhidayah Contractor's joint bid for Brunei's energy efficient waste management system was unsuccessful. BCorp said the tender, which was submitted to the Brunei Economic Development Board, was unsuccessful.
Tan Chong Motor's unit Tan Chong Industrial Equipment Sdn Bhd has signed an exclusive completely knocked-down (CKD) franchise and distribution agreement with Xi'an Silver Bus Corp.
Tan Chong said the 10-year deal involved the assembly and distribution of CKD buses under the Silver Bus brand in Malaysia and such other countries as Tan Chong Industrial Equipment and Silver Bus may agree.
"The assembly and distribution of Silver Bus vehicles will be carried out using the existing business structure of TCIE thus enabling it to expand its product range into Chinese luxury coaches with minimal capital expenditure investment," it said.
US and European stock markets rose on Wednesday, as worries about Europe's debt problems eased, allowing the euro to recover part of Tuesday's losses.
The Dow Jones industrial average closed up 46.32 points, or 0.45%, at 10,387.01, while the Standard Poor's 500 Index rose 7.03 points, or 0.64%, to 1,098.87. The Nasdaq Composite Index finished with gains of 19.98 points, or 0.9%, at 2,228.87.
At Bursa Malaysia, stocks could consolidate in thin trade ahead of the long weekend for the Hari Raya holidays. Trading on the equities market will be closed from 12.30pm onwards; and derivatives trading will be closed from 12.45pm onwards. Clearing Settlement and Depository services will continue and close as usual on Thursday. The Exchange will resume operations on Monday, Sept 13.
Economic data to be released on Thursday include the July industrial production index, July manufacturing sales value and jobs.
Economists said July IPI rose 5.7% on-year compared with 9.4% on-year in June. They said annual growth in factory output is likely to have slowed further in July from June's performance due to export growth easing and dissipating low-base effects from 2009.
Stocks to watch include George Kent (M) Bhd, Puncak Niaga Holdings Bhd and water-related companies in Selangor, Berjaya Corp Bhd and Tan Chong Motor Holdings Bhd.
The Edge FinancialDaily reports in the Thursday edition that George Kent is bidding for more than RM1 billion worth of domestic and overseas projects for its infrastructure investments, water and construction (IWC) division. It expects this division to be the main income generator for the group in the near future.
Meanwhile, the Malaysian Rating Corporation Bhd (MARC) has downgraded the ratings of 10 debt notes issued by players in the Selangor water sector and cautioned of further downgrades in the absence of progress in industry restructuring.
Those issuers affected were Syarikat Bekalan Air Selangor Sdn Bhd (Syabas), Puncak Niaga Holdings Bhd and Syarikat Pengeluar Air Selangor Sdn Bhd (SPLASH).
The ratings agency said the recent regulatory and operating environment uncertainties had challenged the perception of strong implicit government support and highly predictable cash flow the water sector has historically enjoyed.
"This may have negative long-term implications for similar private-initiated infrastructure financings in the future, particularly from the angle of investor receptivity," it said.
MARC said urgent intervention by the federal and/or state government of Selangor was required to prevent a freefall of the current ratings in the following months.
Berjaya Corp Bhd and Ribhan Nurhidayah Contractor's joint bid for Brunei's energy efficient waste management system was unsuccessful. BCorp said the tender, which was submitted to the Brunei Economic Development Board, was unsuccessful.
Tan Chong Motor's unit Tan Chong Industrial Equipment Sdn Bhd has signed an exclusive completely knocked-down (CKD) franchise and distribution agreement with Xi'an Silver Bus Corp.
Tan Chong said the 10-year deal involved the assembly and distribution of CKD buses under the Silver Bus brand in Malaysia and such other countries as Tan Chong Industrial Equipment and Silver Bus may agree.
"The assembly and distribution of Silver Bus vehicles will be carried out using the existing business structure of TCIE thus enabling it to expand its product range into Chinese luxury coaches with minimal capital expenditure investment," it said.
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