KUALA LUMPUR: Key Asian markets are expected to see cautious trading on Wednesday, Sept 1 on lingering concerns about the economic outlook despite firmer US consumer confidence.
US consumer confidence rose modestly in August and US home prices gained more than expected in June, easing some worries the economy is headed for another downturn soon, according to Reuters.
On Wall Street, US stocks ended little changed in choppy trading on Tuesday, closing out an August the bulls would like to forget
TECHNOLOGY [] stocks weighed on the broader market, dragging the Nasdaq lower and capping any efforts by the Dow and S&P 500 to move higher.
Broadcom Corp slumped 6.4 percent while the PHLX semiconductor index fell 1.9 percent to its lowest level in 10 months, as analysts picked that Intel Corp's revenue warning of last Friday would not be the last for the sector.
Reuters reported the Dow Jones industrial average edged up 4.99 points, or 0.05 percent, to 10,014.72. The Standard & Poor's 500 ticked up 0.41 point, or 0.04 percent, to 1,049.33. The Nasdaq Composite slipped 5.94 points, or 0.28 percent, to close at 2,114.03.
At Bursa Malaysia, stocks to watch include tech-related counters after the decline on Wall Street, Berjaya Corp Bhd, Maxis Bhd, MUDAJAYA GROUP BHD [] and oil and gas-related counters. Other companies which could see some trading interest are Muhibbah Engineering Bhd, ORIENTAL HOLDINGS BHD [] and KKB ENGINEERING BHD [].
Berjaya Corp and Kim Eng Holdings Ltd called off their discussions where the latter was to be a strategic investor in Inter-Pacific Securities Sdn Bhd.
Berjaya Corp said 'both parties have mutually agreed to discontinue discussions on the possible partnership' where Kim Eng would emerge as a 'strategic investor in the stockbroking business of Inter-Pacific Securities'.
Maxis posted net profit of RM532 million in the second quarter ended June 30, 2010 and it expects higher revenue growth momentum, underpinned by the encouraging demand for broadband and mobile Internet access.
Maxis' operating profit was RM720 million while earnings per share were 7.10 sen. It declared an interim dividend of 8.0 sen per share.
Oil and gas related companies involved in the infrastructure could see some trading interest after Samsung Engineering Co., South Korea's largest industrial plant builder clinched a US$770 million order to build a petrochemical plant in Sabah.
Under the deal with Petronas Carigali Sdn Bhd, Samsung Engineering will complete the plant by December 2013.
Meanwhile, Mudajaya provided a detailed outlook on how it would finance its operations in India following several queries from Bursa Malaysia Securities.
Mudajaya said it would use cash surplus of RM295 million and its own funds, which may include profits generated by 80%-owned MIPP International Ltd (MIPP) to inject an additional RM631 million in RKM Powergen Private Ltd (RKM).
The RM631 million was the balance of its total investment obligation in RKM of RM871 million.
RKM is a special purpose vehicle set up to undertake a 4 x 360MW coal-based independent power plant (IPP) in Chhattisgarh, India. The RM631 million would be injected over the next two years.
Muhibbah Engineering secured a RM124.4 million contract for the proposed Offshore Marine Centre at Tuas South Avenue 8 in Singapore. The contract was awarded by Jurong Town Corporation and the project is scheduled to commence in September 2010.
Oriental Holdings was cautious about the outlook and said the performances of the PLANTATION [] subsidiaries may be impacted by the volatility of both crude palm oil (CPO) price and foreign exchange but the poor weather condition may affect the level of crop production.
It posted a 75% decline in its earnings at RM22.57 million for the second quarter ended June 30 compared with RM91. 23 million a year ago as it was impacted by a weaker plantation sector.
KKB Engineering's subsidiary Harum Bidang Sdn Bhd has secured a RM114 million contract from CMS Infra Trading Sdn Bhd to supply steel pipes.
Harum Bidang was issued a letter of award by CMS Infra for the supply and delivery of various concrete line mild steel pipes and mechanical couplings.
''
US consumer confidence rose modestly in August and US home prices gained more than expected in June, easing some worries the economy is headed for another downturn soon, according to Reuters.
On Wall Street, US stocks ended little changed in choppy trading on Tuesday, closing out an August the bulls would like to forget
TECHNOLOGY [] stocks weighed on the broader market, dragging the Nasdaq lower and capping any efforts by the Dow and S&P 500 to move higher.
Broadcom Corp slumped 6.4 percent while the PHLX semiconductor index fell 1.9 percent to its lowest level in 10 months, as analysts picked that Intel Corp's revenue warning of last Friday would not be the last for the sector.
Reuters reported the Dow Jones industrial average edged up 4.99 points, or 0.05 percent, to 10,014.72. The Standard & Poor's 500 ticked up 0.41 point, or 0.04 percent, to 1,049.33. The Nasdaq Composite slipped 5.94 points, or 0.28 percent, to close at 2,114.03.
At Bursa Malaysia, stocks to watch include tech-related counters after the decline on Wall Street, Berjaya Corp Bhd, Maxis Bhd, MUDAJAYA GROUP BHD [] and oil and gas-related counters. Other companies which could see some trading interest are Muhibbah Engineering Bhd, ORIENTAL HOLDINGS BHD [] and KKB ENGINEERING BHD [].
Berjaya Corp and Kim Eng Holdings Ltd called off their discussions where the latter was to be a strategic investor in Inter-Pacific Securities Sdn Bhd.
Berjaya Corp said 'both parties have mutually agreed to discontinue discussions on the possible partnership' where Kim Eng would emerge as a 'strategic investor in the stockbroking business of Inter-Pacific Securities'.
Maxis posted net profit of RM532 million in the second quarter ended June 30, 2010 and it expects higher revenue growth momentum, underpinned by the encouraging demand for broadband and mobile Internet access.
Maxis' operating profit was RM720 million while earnings per share were 7.10 sen. It declared an interim dividend of 8.0 sen per share.
Oil and gas related companies involved in the infrastructure could see some trading interest after Samsung Engineering Co., South Korea's largest industrial plant builder clinched a US$770 million order to build a petrochemical plant in Sabah.
Under the deal with Petronas Carigali Sdn Bhd, Samsung Engineering will complete the plant by December 2013.
Meanwhile, Mudajaya provided a detailed outlook on how it would finance its operations in India following several queries from Bursa Malaysia Securities.
Mudajaya said it would use cash surplus of RM295 million and its own funds, which may include profits generated by 80%-owned MIPP International Ltd (MIPP) to inject an additional RM631 million in RKM Powergen Private Ltd (RKM).
The RM631 million was the balance of its total investment obligation in RKM of RM871 million.
RKM is a special purpose vehicle set up to undertake a 4 x 360MW coal-based independent power plant (IPP) in Chhattisgarh, India. The RM631 million would be injected over the next two years.
Muhibbah Engineering secured a RM124.4 million contract for the proposed Offshore Marine Centre at Tuas South Avenue 8 in Singapore. The contract was awarded by Jurong Town Corporation and the project is scheduled to commence in September 2010.
Oriental Holdings was cautious about the outlook and said the performances of the PLANTATION [] subsidiaries may be impacted by the volatility of both crude palm oil (CPO) price and foreign exchange but the poor weather condition may affect the level of crop production.
It posted a 75% decline in its earnings at RM22.57 million for the second quarter ended June 30 compared with RM91. 23 million a year ago as it was impacted by a weaker plantation sector.
KKB Engineering's subsidiary Harum Bidang Sdn Bhd has secured a RM114 million contract from CMS Infra Trading Sdn Bhd to supply steel pipes.
Harum Bidang was issued a letter of award by CMS Infra for the supply and delivery of various concrete line mild steel pipes and mechanical couplings.
''
No comments:
Post a Comment