KUALA LUMPUR: Key Asian markets including Bursa Malaysia are expected to open on a cautious note on Friday, Oct 15 after the slightly weaker close on Wall Street on concerns a widening foreclosure crisis could undermine the market's strength over the last five weeks.
Prime Minister Datuk Seri Najib Razak will announce the Budget 2011 proposals in Parliament at 4pm.
Economists expect him to announce some reforms and incentives for the private sector which will be the main driver for economic growth. Expectations are a slower but sustainable economic growth in 2011 while the government also seeks to reduce the fiscal deficit.
On Wall Street, the Dow Jones industrial average dipped 1.51 points, or 0.01%, to 11,094.57. The Standard & Poor's 500 dropped 4.29 points, or 0.36%, to 1,173.81. The Nasdaq Composite shed 5.85 points, or 0.24%, to 2,435.38.
A Reuters report said the foreclosure issues, which have been brewing for weeks, were being used as an excuse for investors to pull back from the solid gains since the beginning of September.
At Bursa Malaysia, stocks to watch are the'sin'sectors, including gaming and brewery stocks on expectations of higher taxes, the property sector and banks may see some tightening measures to rein in speculation in the secondary property markets.
PLUS EXPRESSWAYS BHD [] is due to announce about possible changes in its stakeholders. The Edge FinancialDaily reports the Employees Provident Fund (EPF) and Khazanah Nasional Bhd will undertake to buy all the assets and liabilities of PLUS Expressways Bhd for some RM23 billion or RM4.60 per share.
Khazanah already owns a 16.7% stake in PLUS. UEM Group Bhd, which is also owned by Khazanah, holds another 38.5%, making a total of 55.24% or 2.76 billion shares. EPF has a 12.27% stake or 613.47 million shares in PLUS. Together, EPF and Khazanah own a 67.5% stake in the toll road operator.
The Edge FinancialDaily also reports that after weathering a two-year slowdown in the global oil & gas (O&G) industry, things seem to be looking up for oil engineering specialist UZMA BHD [].
The company, whose expertise is in upstream activities, is now at the forefront to benefit from the US$2 billion (RM6.16 billion) budget that Petroliam Nasional Bhd (Petronas) has allocated for domestic explorations over the next three years.
CypARK RESOURCES BHD [] will be listed on the Main Market of Bursa Malaysia at 8.30am. Its offer price is RM1.10.
The High Court has allowed Export-Import Bank of Malaysia Bhd's winding-up petition of Kenmark Industrial Co (M) Bhd. Kenmark said the court had allowed Messrs Deloitte Corporate Solutions Sdn Bhd to be liquidators of the company.
On June 8, 2010, EXIM Bank had served a notice claiming RM16.31 million owing to the bank pursuant to a line of revolving pre-shipment and post shipment supplier credit facility of RM15 million granted to the company.
Sales of Perodua cars for January-September 2010 jumped 15% to 141,100 units from 122,900 units a year ago, prompting an upbeat Perusahaan Otomobil'' Kedua Sdn Bhd to expect sales for this year to exceed its revised target of 185,000 units.
PROTON HOLDINGS BHD [] unveiled an all new mid-sized four door Sedan, "Inspira", with a starting price of RM79,888, following its collaboration with Mitsubishi Motors Corporation (MMC).
K-ONE TECHNOLOGY [] BHD [] has secured a contract, totaling RM60 million, to manufacture US-based Diversey Inc's non-chemicals category equipment for industrial cleaning application.
K-One said on Thursday, Oct 14 the contract is for three years to manufacture Diversey's products including the floor care machines, dosing and dispensing equipment.
K-Star Sports Ltd's unit Fujian Jinjiang Dixing Shoes Plastics Co. Ltd secured a book order of about RM124.9 million during its recently concluded its Spring/ Summer 2010 Sales Fair, which was 24% above last year.
Out of the total orders of the orders generated, 90.6% was generated from the sales of their footwear with the balance accounting from their apparel and accessories products.
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Prime Minister Datuk Seri Najib Razak will announce the Budget 2011 proposals in Parliament at 4pm.
Economists expect him to announce some reforms and incentives for the private sector which will be the main driver for economic growth. Expectations are a slower but sustainable economic growth in 2011 while the government also seeks to reduce the fiscal deficit.
On Wall Street, the Dow Jones industrial average dipped 1.51 points, or 0.01%, to 11,094.57. The Standard & Poor's 500 dropped 4.29 points, or 0.36%, to 1,173.81. The Nasdaq Composite shed 5.85 points, or 0.24%, to 2,435.38.
A Reuters report said the foreclosure issues, which have been brewing for weeks, were being used as an excuse for investors to pull back from the solid gains since the beginning of September.
At Bursa Malaysia, stocks to watch are the'sin'sectors, including gaming and brewery stocks on expectations of higher taxes, the property sector and banks may see some tightening measures to rein in speculation in the secondary property markets.
PLUS EXPRESSWAYS BHD [] is due to announce about possible changes in its stakeholders. The Edge FinancialDaily reports the Employees Provident Fund (EPF) and Khazanah Nasional Bhd will undertake to buy all the assets and liabilities of PLUS Expressways Bhd for some RM23 billion or RM4.60 per share.
Khazanah already owns a 16.7% stake in PLUS. UEM Group Bhd, which is also owned by Khazanah, holds another 38.5%, making a total of 55.24% or 2.76 billion shares. EPF has a 12.27% stake or 613.47 million shares in PLUS. Together, EPF and Khazanah own a 67.5% stake in the toll road operator.
The Edge FinancialDaily also reports that after weathering a two-year slowdown in the global oil & gas (O&G) industry, things seem to be looking up for oil engineering specialist UZMA BHD [].
The company, whose expertise is in upstream activities, is now at the forefront to benefit from the US$2 billion (RM6.16 billion) budget that Petroliam Nasional Bhd (Petronas) has allocated for domestic explorations over the next three years.
CypARK RESOURCES BHD [] will be listed on the Main Market of Bursa Malaysia at 8.30am. Its offer price is RM1.10.
The High Court has allowed Export-Import Bank of Malaysia Bhd's winding-up petition of Kenmark Industrial Co (M) Bhd. Kenmark said the court had allowed Messrs Deloitte Corporate Solutions Sdn Bhd to be liquidators of the company.
On June 8, 2010, EXIM Bank had served a notice claiming RM16.31 million owing to the bank pursuant to a line of revolving pre-shipment and post shipment supplier credit facility of RM15 million granted to the company.
Sales of Perodua cars for January-September 2010 jumped 15% to 141,100 units from 122,900 units a year ago, prompting an upbeat Perusahaan Otomobil'' Kedua Sdn Bhd to expect sales for this year to exceed its revised target of 185,000 units.
PROTON HOLDINGS BHD [] unveiled an all new mid-sized four door Sedan, "Inspira", with a starting price of RM79,888, following its collaboration with Mitsubishi Motors Corporation (MMC).
K-ONE TECHNOLOGY [] BHD [] has secured a contract, totaling RM60 million, to manufacture US-based Diversey Inc's non-chemicals category equipment for industrial cleaning application.
K-One said on Thursday, Oct 14 the contract is for three years to manufacture Diversey's products including the floor care machines, dosing and dispensing equipment.
K-Star Sports Ltd's unit Fujian Jinjiang Dixing Shoes Plastics Co. Ltd secured a book order of about RM124.9 million during its recently concluded its Spring/ Summer 2010 Sales Fair, which was 24% above last year.
Out of the total orders of the orders generated, 90.6% was generated from the sales of their footwear with the balance accounting from their apparel and accessories products.
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