Wednesday, November 24, 2010

#Stocks to watch:* MRCB, IJM Land, Lion Industries, Multi Sports, Gadang, MPHB

KUALA LUMPUR: Key Asian markets are expected to stay volatile with downside bias on Wednesday, 24 after Wall Street closed sharply lower on worries about rising tension in the Koreans conflict and on euro-zone debt.

Reuters reported South Korea warned of retaliation if North Korea took more aggressive steps after Pyongyang fired artillery shells at a South Korean island, in one of the heaviest attacks in the area since the Korean War ended in 1953. The iShares MSCI South Korea Index Fund fell 5.4%.

The Dow Jones industrial average lost 142.21 points, or 1.27%, to 11,036.37. The Standard & Poor's 500 fell 17.11 points, or 1.43 percent, to 1,180.73. The Nasdaq Composite dropped 37.07 points, or 1.46 percent, to 2,494.95.

Stocks to watch on Bursa Malaysia are MALAYSIAN RESOURCES CORP []oration Bhd (MRCB) and IJM Land Bhd. Also in focus will be Lion Industries Bhd, Multi Sports Holdings Bhd, GADANG HOLDINGS BHD [] and MULTI-PURPOSE HOLDINGS BHD [].

MRCB and IJM Land have proposed merger exercise, which will create the country's second largest property player after the enlarged UEM LAND HOLDINGS BHD [], with a market capitalisation exceeding RM7 billion and a land bank of over 9,000 acres.

Lion Industries reported net loss of RM18.7 million in the first quarter ended Sept 30, 2010 due to a decline in volume of steel sold and higher raw materials.

Revenue declined 19.2% to RM1.09 billion from RM1.35 billion. Loss per share was 2.6 sen compared with earnings per share of 9.78 sen.

Multi Sports Holdings' earnings jumped 50.2% to RM16.46 million in the third quarter ended Sept 30, 2010 from RM10.96 million a year ago.

Revenue rose 17% to RM70.28 million from RM60.06 million. Earnings per share were 4.41 sen compared with 3.48 sen.

Gadang is bidding for several engineering and CONSTRUCTION [] projects totalling more than RM2 billion and the company anticipates stronger earnings for the financial year 2011 ended May 31.

MPHB posted net profit of RM86.49 million in the third quarter ended Sept 30, up 70% from RM50.73 million a year, boosted by its gaming and stockbroking operations. Revenue was 4.6% higher at RM850.7 million compared with RM813.24 million a year ago.

MUDAJAYA GROUP BHD [] net profit rose 31.8% to RM46.55 million for the third quarter ended Sept 30, 2010 from RM35.32 million a year ago, mainly due increased level of activities.

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