KUALA LUMPUR: Key Asian markets may rise in cautious trade on Friday, Sept 17, including Bursa Malaysia which resumes trading, after US stocks closed mostly flat on mixed data on Thursday.
The Dow Jones industrial average gained 22.10 points, or 0.21 percent, to 10,594.83. The Standard & Poor's 500 Index dropped 0.40 points, or 0.04 percent, to 1,124.67. The Nasdaq Composite Index gained 1.93 points, or 0.08 percent, to 2,303.25.
Reuters reports that investors were not keen to snap up US stocks amid mixed economic data and a cautious forecast from economic bellwether FedEx kept the market locked in its recent tight trading range.
Shares in FedEx Corp fell 3.7 percent to $82.72 after the company, seen as a proxy for economic demand because of the wide swath of industries it serves, forecast quarterly profit below Wall Street's expectations and warned the recovery may slow.
A drop in initial jobless benefit claims to a two-month low in the most recent week was not enough to lift stocks, while a gauge of business activity in the U.S. Mid-Atlantic region showed a contraction for a second straight month in September.
However, a Reuters poll of institutional investors and strategists found U.S. stocks are expected to make strong gains before year-end as worries about a second recession subside.
Stocks to watch on Friday include telco players Maxis Bhd, Telekom Malaysia and DiGi.com, Bonia Corp Bhd, BINA PURI HOLDINGS BHD [] and Ivory PROPERTIES [] Group Bhd.
InsiderAsia, whose report appears in The Edge FinancialDaily, said despite the cellular market's relative saturation ' with penetration rate estimated at roughly 116% ' key players continued to chalk up positive subscriber growth in 2Q10.
This saw the net increase for 1H 2010 increase to 1,515,000 subscribers for Maxis, Celcom and DiGi.
The Edge FinancialDaily also highlights fashion retailer Bonia Corp Bhd's latest acquisition of a 70% stake in Singapore-based Jeco Pte Ltd.
The report said this may prove to be quite a gem as it adds more brands and a new money-spinner to its stable.
The Edge FinancialDaily reports that Paramount Corp Bhd will be in a position to dish out a special dividend as a result of the RM131 million proceeds raised from the sale of its 20% stake in Jerneh Insurance Bhd.
Meanwhile, Bina Puri's order book increased to RM2.57 billion to date after it secured a contract to build the proposed 13-storey Plaza Merdeka commercial complex/hotel along Pearl Street, Kuching for RM95.69 million.
It had accepted a letter of award from Rakyat Elite Sdn Bhd for the project which was expected to be completed within 19 months.
The recent award saw the group's current book order stands at RM2.57 billion as at to date.'' The group had managed to secure new projects worth RM1.62 billion in 2010.
Ivory Properties plans to build residential condominiums and commercial complex with a with an estimated gross development value (GDV) of RM368 million on a proposed site in Tanjong Tokong, Penang island
Ivory intends to develop the land under a proposed project named 'City Mall' consisting of approximately 175 units residential condominiums and commercial shopping complex with an estimated GDV of RM368 million'' and estimated gross development cost of RM173 million.
The expected profit before tax to be derived from the development is RM154 million, it said.
PETRA PERDANA BHD []'s renounceable rights issue of up to 122.76 million new 50 sen shares, of the basis of three rights shares for every eight shares held, has been fixed at 59 sen.
The corporate exercise, which includes one warrant for every two rights shares, included the fixing of the exercise price of the warrants at RM1 each. The entitlement date has been fixed on Oct 1.
The Dow Jones industrial average gained 22.10 points, or 0.21 percent, to 10,594.83. The Standard & Poor's 500 Index dropped 0.40 points, or 0.04 percent, to 1,124.67. The Nasdaq Composite Index gained 1.93 points, or 0.08 percent, to 2,303.25.
Reuters reports that investors were not keen to snap up US stocks amid mixed economic data and a cautious forecast from economic bellwether FedEx kept the market locked in its recent tight trading range.
Shares in FedEx Corp fell 3.7 percent to $82.72 after the company, seen as a proxy for economic demand because of the wide swath of industries it serves, forecast quarterly profit below Wall Street's expectations and warned the recovery may slow.
A drop in initial jobless benefit claims to a two-month low in the most recent week was not enough to lift stocks, while a gauge of business activity in the U.S. Mid-Atlantic region showed a contraction for a second straight month in September.
However, a Reuters poll of institutional investors and strategists found U.S. stocks are expected to make strong gains before year-end as worries about a second recession subside.
Stocks to watch on Friday include telco players Maxis Bhd, Telekom Malaysia and DiGi.com, Bonia Corp Bhd, BINA PURI HOLDINGS BHD [] and Ivory PROPERTIES [] Group Bhd.
InsiderAsia, whose report appears in The Edge FinancialDaily, said despite the cellular market's relative saturation ' with penetration rate estimated at roughly 116% ' key players continued to chalk up positive subscriber growth in 2Q10.
This saw the net increase for 1H 2010 increase to 1,515,000 subscribers for Maxis, Celcom and DiGi.
The Edge FinancialDaily also highlights fashion retailer Bonia Corp Bhd's latest acquisition of a 70% stake in Singapore-based Jeco Pte Ltd.
The report said this may prove to be quite a gem as it adds more brands and a new money-spinner to its stable.
The Edge FinancialDaily reports that Paramount Corp Bhd will be in a position to dish out a special dividend as a result of the RM131 million proceeds raised from the sale of its 20% stake in Jerneh Insurance Bhd.
Meanwhile, Bina Puri's order book increased to RM2.57 billion to date after it secured a contract to build the proposed 13-storey Plaza Merdeka commercial complex/hotel along Pearl Street, Kuching for RM95.69 million.
It had accepted a letter of award from Rakyat Elite Sdn Bhd for the project which was expected to be completed within 19 months.
The recent award saw the group's current book order stands at RM2.57 billion as at to date.'' The group had managed to secure new projects worth RM1.62 billion in 2010.
Ivory Properties plans to build residential condominiums and commercial complex with a with an estimated gross development value (GDV) of RM368 million on a proposed site in Tanjong Tokong, Penang island
Ivory intends to develop the land under a proposed project named 'City Mall' consisting of approximately 175 units residential condominiums and commercial shopping complex with an estimated GDV of RM368 million'' and estimated gross development cost of RM173 million.
The expected profit before tax to be derived from the development is RM154 million, it said.
PETRA PERDANA BHD []'s renounceable rights issue of up to 122.76 million new 50 sen shares, of the basis of three rights shares for every eight shares held, has been fixed at 59 sen.
The corporate exercise, which includes one warrant for every two rights shares, included the fixing of the exercise price of the warrants at RM1 each. The entitlement date has been fixed on Oct 1.
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