KUALA LUMPUR: Bursa Malaysia may continue to see some consolidation on Tuesday, Sept 7 in the holiday-shortened week but some optimism could come from overseas markets and US President Barrack Obama's US$50 billion stimulus plan.
Wall Street was closed on Monday for Labor Day.
At Bursa Malaysia, stocks to watch include TELEKOM MALAYSIA BHD [], AFFIN HOLDINGS BHD [], MTD CAPITAL BHD [], RHB CAPITAL BHD [] and CHANGHUAT CORPORATION BHD [].
The Edge FinancialDaily on Tuesday reported Tan Sri Quek Leng Chan, who is known for his well-timed investment strategy, is bullish on the stock market ' if the forecast of his flagship Guoco Group Ltd on the global economic outlook ' is anything to go by.
Telekom Malaysia has decided to dispose of its 15.39% stake in MEASAT GLOBAL BHD [] for RM252 million or RM4.20 per share. It is the second largest shareholder in Measat.
The stake, comprising of 60.02 million shares, would be disposed at RM4.20, a premium of 40 sen or 10.53% to the last traded market price on July 27, 2010.
In a separate announcement, Measat Global Network Systems Sdn Bhd (MGNS) extended the closing date and time for acceptance of the takeover offer from 5pm on Wednesday, Sept 8 to 5pm on Sept 22.
MGNS said the notice of the revised closing date would be posted to the holders of the offer shares accordingly.
Meanwhile, Affin decided not to proceed with its rationalisation plans to position its Islamic arm as a standalone unit under the holding company after taking into consideration the business model and corporate structure of the banking subsidiaries ' Affin Bank Bhd, Affin Investment and Affin Islamic Bank Bhd ' going forward in the immediate to medium term.
MTD Capital Bhd stands to gain RM34.02 million for its 67.18 acres in Melaka which has been compulsorily acquired by the state government.
Under the acquisition, MTD will receive RM38.64 million for the land in which its original investment cost was RM4.62, based on RM1.58 per sq ft.
MTD said its unit Metacorp Development Sdn Bhd had accepted the State Government's offer to compulsorily acquire five pieces of land measuring 67.181 acres under the Land Acquisition Act, 1960 for a total consideration of RM38.64 million.
Hwang DBS Vickers Research said the corporate scene seems to be rather quiet too with little price-sensitive news flows in the limelight.
'One notable exception is RHB Capital. After running up by 29 sen or 4.2% yesterday on speculation that it might be merging with one local banking giant, buying interest on the stock would likely taper off today as its major shareholder EPF has denied that any merger talks are currently in progress,' it said.
Bursa Malaysia Securities Bhd publicly reprimanded Changhuat Corporation Bhd for breaching the Main Market listing requirements and ordered it to carry out a limited review on its quarterly report submissions.
Bursa Securities said Changhuat was also required to carry out a limited review on its quarterly report submissions.
Wall Street was closed on Monday for Labor Day.
At Bursa Malaysia, stocks to watch include TELEKOM MALAYSIA BHD [], AFFIN HOLDINGS BHD [], MTD CAPITAL BHD [], RHB CAPITAL BHD [] and CHANGHUAT CORPORATION BHD [].
The Edge FinancialDaily on Tuesday reported Tan Sri Quek Leng Chan, who is known for his well-timed investment strategy, is bullish on the stock market ' if the forecast of his flagship Guoco Group Ltd on the global economic outlook ' is anything to go by.
Telekom Malaysia has decided to dispose of its 15.39% stake in MEASAT GLOBAL BHD [] for RM252 million or RM4.20 per share. It is the second largest shareholder in Measat.
The stake, comprising of 60.02 million shares, would be disposed at RM4.20, a premium of 40 sen or 10.53% to the last traded market price on July 27, 2010.
In a separate announcement, Measat Global Network Systems Sdn Bhd (MGNS) extended the closing date and time for acceptance of the takeover offer from 5pm on Wednesday, Sept 8 to 5pm on Sept 22.
MGNS said the notice of the revised closing date would be posted to the holders of the offer shares accordingly.
Meanwhile, Affin decided not to proceed with its rationalisation plans to position its Islamic arm as a standalone unit under the holding company after taking into consideration the business model and corporate structure of the banking subsidiaries ' Affin Bank Bhd, Affin Investment and Affin Islamic Bank Bhd ' going forward in the immediate to medium term.
MTD Capital Bhd stands to gain RM34.02 million for its 67.18 acres in Melaka which has been compulsorily acquired by the state government.
Under the acquisition, MTD will receive RM38.64 million for the land in which its original investment cost was RM4.62, based on RM1.58 per sq ft.
MTD said its unit Metacorp Development Sdn Bhd had accepted the State Government's offer to compulsorily acquire five pieces of land measuring 67.181 acres under the Land Acquisition Act, 1960 for a total consideration of RM38.64 million.
Hwang DBS Vickers Research said the corporate scene seems to be rather quiet too with little price-sensitive news flows in the limelight.
'One notable exception is RHB Capital. After running up by 29 sen or 4.2% yesterday on speculation that it might be merging with one local banking giant, buying interest on the stock would likely taper off today as its major shareholder EPF has denied that any merger talks are currently in progress,' it said.
Bursa Malaysia Securities Bhd publicly reprimanded Changhuat Corporation Bhd for breaching the Main Market listing requirements and ordered it to carry out a limited review on its quarterly report submissions.
Bursa Securities said Changhuat was also required to carry out a limited review on its quarterly report submissions.
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