KUALA LUMPUR: Stocks on Bursa Malaysia may be range bound on Friday, Nov 12 after the FBM KLCI snapped its recent gains on Thursday, as investors took some money off the table in key index-linked stocks while Wall Street closed on a softer note.
Local economic data to watch is Bank Negara Malaysia's monetary policy committee meeting and its decision on interest rates later on Friday.
At the Sept 2 meeting, the central bank maintained the overnight policy rate at 2.75%. Economists say the central bank will only raise the OPR next year and expectations are an increase of 50 to 75 basis points to ensure inflation remains well contained.
On Wall Street, the Dow Jones industrial average fell 73.94 points, or 0.65%, to 11,283.10. The Standard & Poor's 500 Index shed 5.17 points, or 0.42%, to 1,213.54. The Nasdaq Composite Index lost 23.26 points, or 0.90%, to 2,555.52.
Reuters reported Cisco's discouraging outlook dragged Wall Street lower on Thursday, but the market fought back in a sign the bullish trend remains intact
Stocks to watch include MALAYAN BANKING BHD [], GENTING BHD [], PPB GROUP BHD [] and MBM RESOURCES BHD [].
For a purchase that spurred so much criticism back in 2008 for its high price, Maybank's acquisition of PT Bank Internasional Indonesia Tbk (BII) may prove critics wrong as BII's share price rallied to record highs with investors continuing to warm up to Indonesia's exciting growth story.
Genting Bhd is expected to see lower contribution for 3QFY10 ended Sept 30 from across the causeway compared with the preceding quarter.
Genting Singapore, which operates one of the two casinos, reported slightly lower earnings. Its EBITDA for the third quarter was S$347.6 million, down from S$731.8 million in the three months ended in June.
The Singapore casino reported revenue of S$731.8 million in 3Q, down from S$860.8 million in 2Q.
PPB Group's third quarter (3Q) earnings are expected to come in below analysts' forecasts given the plunge in the net profit of Wilmar International Ltd, a key revenue contributor to the group.
PPB's share price fell to the lowest since Oct 22 after the disappointing results from Wilmar.
MBM Resources' earnings rose 52% to RM34.2 million from a year ago, underpinned by stronger vehicle sales. Revenue rose 30.3% to RM388.7 million on-year.
Local economic data to watch is Bank Negara Malaysia's monetary policy committee meeting and its decision on interest rates later on Friday.
At the Sept 2 meeting, the central bank maintained the overnight policy rate at 2.75%. Economists say the central bank will only raise the OPR next year and expectations are an increase of 50 to 75 basis points to ensure inflation remains well contained.
On Wall Street, the Dow Jones industrial average fell 73.94 points, or 0.65%, to 11,283.10. The Standard & Poor's 500 Index shed 5.17 points, or 0.42%, to 1,213.54. The Nasdaq Composite Index lost 23.26 points, or 0.90%, to 2,555.52.
Reuters reported Cisco's discouraging outlook dragged Wall Street lower on Thursday, but the market fought back in a sign the bullish trend remains intact
Stocks to watch include MALAYAN BANKING BHD [], GENTING BHD [], PPB GROUP BHD [] and MBM RESOURCES BHD [].
For a purchase that spurred so much criticism back in 2008 for its high price, Maybank's acquisition of PT Bank Internasional Indonesia Tbk (BII) may prove critics wrong as BII's share price rallied to record highs with investors continuing to warm up to Indonesia's exciting growth story.
Genting Bhd is expected to see lower contribution for 3QFY10 ended Sept 30 from across the causeway compared with the preceding quarter.
Genting Singapore, which operates one of the two casinos, reported slightly lower earnings. Its EBITDA for the third quarter was S$347.6 million, down from S$731.8 million in the three months ended in June.
The Singapore casino reported revenue of S$731.8 million in 3Q, down from S$860.8 million in 2Q.
PPB Group's third quarter (3Q) earnings are expected to come in below analysts' forecasts given the plunge in the net profit of Wilmar International Ltd, a key revenue contributor to the group.
PPB's share price fell to the lowest since Oct 22 after the disappointing results from Wilmar.
MBM Resources' earnings rose 52% to RM34.2 million from a year ago, underpinned by stronger vehicle sales. Revenue rose 30.3% to RM388.7 million on-year.
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