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KUALA LUMPUR: Fresh corporate news and continued flow of liquidity into the market should underpin market sentiment on Wednesday, Nov 10 after the FBM KLCI rose to an all-time high of 1,526 on Tuesday.
On Wall Street, stocks fell for a second day on Tuesday as selling accelerated into the close, led by sharp losses in bank and metal stocks.
In a market ripe for profit-taking, sellers had a number of triggers late in the session to unload shares. The biggest negatives were a sudden decline in the euro and a late-day slump in the Treasury market, according to Reuters.
The Dow Jones industrial average slid 60.09 points, or 0.53%, to 11,346.75. The Standard & Poor's 500 Index dropped 9.85 points, or 0.81%, to 1,213.40. The Nasdaq Composite Index lost 17.07 points, or 0.66%, to close at 2,562.98.
Stocks to watch on Wednesday include OSK HOLDINGS BHD [], MALAYAN BANKING BHD [] (Maybank), PPB Holdings Bhd, IJM Corp Bhd, HARTALEGA HOLDINGS BHD [] and standalone brokerages and BURSA MALAYSIA BHD [].
The Edge FinancialDaily reported on Wednesday Maybank is rumoured to be keen on acquiring OSK Holdings Bhd, which is on an expansion trail in the Asean region, in a move to beef up the former's investment banking arm. OSK shares surged on Tuesday.
PPB shares could retreat after Wilmar International, the world's biggest listed palm oil PLANTATION [] firm, posted a worse-than-expected 60% fall in its third quarter as margins weakened but said it remained bullish about the future.
IJM Corp reported its joint venture -- Kiara Teratai-IJM'' -- has accepted a contract to design, build and equip the National Cancer Institute for a contract sum of RM690 million.
The contract was awarded by Kiara Teratai Sdn Bhd, which has a 60% stake in JV and IJM CONSTRUCTION [] Sdn Bhd 40%.
The project involves the construction of a hospital block and the completion date of the project is Aug 31, 2013.
Hartalega posted net profit of RM47.09 million in the second quarter ended Sept 30, 2010 from RM33.1 million a year ago as it benefited from an increase in demand and larger production capacity.
Revenue rose 37% to RM184.31 million from RM134.57 million.
Earnings per share were 12.96 sen compared with 9.11 sen a year ago. It declared an interim dividend of four sen per share.
Brokerages and stock market operator Bursa Malaysia Bhd could see rising interest after the FBM KLCI reached a new all-time higher. Volume of trades has also increased as investors seek higher returns from equities instead of bank deposits.
BINTULU PORT HOLDINGS BHD [] has secured a RM28.47 million contract from Bunga Tenaga Sdn Bhd to provide a vessel and crew for Bintulu Port Sdn Bhd.
The delivery period of the 45 tones ship-handling tug and crew would be 18 months.
SALCON BHD []'s unit has secured a RM52.46-million contract from Air Kelantan Sdn Bhd to refurbish and upgrade the water treatment plants in the state.
The contract duration is 20 months from the date of site possession. The contract included upgrading and construction of the Pintu Geng water treatment in Kota Bharu.
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''
KUALA LUMPUR: Fresh corporate news and continued flow of liquidity into the market should underpin market sentiment on Wednesday, Nov 10 after the FBM KLCI rose to an all-time high of 1,526 on Tuesday.
On Wall Street, stocks fell for a second day on Tuesday as selling accelerated into the close, led by sharp losses in bank and metal stocks.
In a market ripe for profit-taking, sellers had a number of triggers late in the session to unload shares. The biggest negatives were a sudden decline in the euro and a late-day slump in the Treasury market, according to Reuters.
The Dow Jones industrial average slid 60.09 points, or 0.53%, to 11,346.75. The Standard & Poor's 500 Index dropped 9.85 points, or 0.81%, to 1,213.40. The Nasdaq Composite Index lost 17.07 points, or 0.66%, to close at 2,562.98.
Stocks to watch on Wednesday include OSK HOLDINGS BHD [], MALAYAN BANKING BHD [] (Maybank), PPB Holdings Bhd, IJM Corp Bhd, HARTALEGA HOLDINGS BHD [] and standalone brokerages and BURSA MALAYSIA BHD [].
The Edge FinancialDaily reported on Wednesday Maybank is rumoured to be keen on acquiring OSK Holdings Bhd, which is on an expansion trail in the Asean region, in a move to beef up the former's investment banking arm. OSK shares surged on Tuesday.
PPB shares could retreat after Wilmar International, the world's biggest listed palm oil PLANTATION [] firm, posted a worse-than-expected 60% fall in its third quarter as margins weakened but said it remained bullish about the future.
IJM Corp reported its joint venture -- Kiara Teratai-IJM'' -- has accepted a contract to design, build and equip the National Cancer Institute for a contract sum of RM690 million.
The contract was awarded by Kiara Teratai Sdn Bhd, which has a 60% stake in JV and IJM CONSTRUCTION [] Sdn Bhd 40%.
The project involves the construction of a hospital block and the completion date of the project is Aug 31, 2013.
Hartalega posted net profit of RM47.09 million in the second quarter ended Sept 30, 2010 from RM33.1 million a year ago as it benefited from an increase in demand and larger production capacity.
Revenue rose 37% to RM184.31 million from RM134.57 million.
Earnings per share were 12.96 sen compared with 9.11 sen a year ago. It declared an interim dividend of four sen per share.
Brokerages and stock market operator Bursa Malaysia Bhd could see rising interest after the FBM KLCI reached a new all-time higher. Volume of trades has also increased as investors seek higher returns from equities instead of bank deposits.
BINTULU PORT HOLDINGS BHD [] has secured a RM28.47 million contract from Bunga Tenaga Sdn Bhd to provide a vessel and crew for Bintulu Port Sdn Bhd.
The delivery period of the 45 tones ship-handling tug and crew would be 18 months.
SALCON BHD []'s unit has secured a RM52.46-million contract from Air Kelantan Sdn Bhd to refurbish and upgrade the water treatment plants in the state.
The contract duration is 20 months from the date of site possession. The contract included upgrading and construction of the Pintu Geng water treatment in Kota Bharu.
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