KUALA LUMPUR: Stocks on Bursa Malaysia are expected to advance on Thursday, Nov 25 after Wall Street rallied on positive economic data from the US but worries about Ireland's ability to meet the tough IMF-EU austerity proposal could keep gains in check.
On Wednesday,'' Wall Street rallied as stock investors put aside worries about swirling global problems turning to improvement in the labor market and signs consumers are ready to open their wallets ahead of the biggest shopping day of the year.
Reuters reported ''new claims for unemployment benefits hit their lowest level in more than two years last week while consumer spending rose for a fourth straight month in October, suggesting the economy is nearing a self-sustaining recovery.
The Dow Jones industrial average jumped 150.91 points, or 1.37 percent, to 11,187.28. The Standard & Poor's 500 Index rose 17.62 points, or 1.49 percent, to 1,198.35. The Nasdaq Composite Index gained 48.17 points, or 1.93 percent, to 2,543.12.
Stocks to watch on Thursday include SUNWAY HOLDINGS BHD [] and SUNWAY CITY BHD []'s multi-billion ringgit merger, NAIM HOLDINGS BHD [], MMC Corp Bhd and KNM GROUP BHD [].
Also in focus would be BINA PURI HOLDINGS BHD [], SARAWAK OIL PALMS BHD [], PLUS Expressway Bhd and MISC BHD [].
Sunway Holdings and Sunway City will be merged under a proposed exercise undertaken by Sunway Sdn Bhd, which is controlled by Tan Sri Jeffrey Cheah Fook Ling. This would involve'' RM4.5 billion in cash and share swap.
The exercise entails Newco offering RM2.60 per Sunway share, RM1.50 per Sunway warrant and RM5.10 per SunCity share and RM1.29 per SunCity warrant.
Naim Holdings' earnings jumped 72% to RM36.94 million in the quarter ended Sept 30, 2010 from RM21.39 million a year ago mainly due to higher sales of PROPERTIES [] and substantial completion of certain CONSTRUCTION [] projects.
Revenue slipped 2.4% to RM140.99 million from RM144.46 million. Earnings per share were 15.59 sen compared with 9.03 sen. It declared dividend of 5.0 sen a share.
MMC Corp Bhd's net profit for the third quarter ended Sept 30 surged 32% to RM117.8mil from RM88.7mil a year ago due to better performance from some divisions.
It said in a filing with Bursa Malaysia yesterday that revenue for the period was RM2.23bil against RM2.17bil while earnings per share stood at 3.87 sen versus 2.91 sen previously.
KNM Group Bhd saw its third quarter bottomline improve by 75% to RM56.09 million from RM31.92 million a year ago. Pre-tax profit was RM41.03 million while there was also tax incentive of RM19.54 million.
Bina Puri Holdings is teaming up with a Chinese association to develop a two acre site in Jalan Pasar, which guarantees investment return of RM40.6 million in 14 years.
Bina Puri will be investing RM16.0 million which is the estimated construction cost.
Sarawak Oil Palms' earnings doubled to RM49.23 million in the third quarter ended Sept 30 from RM24.85 million a year ago, as it benefited from higher prices for crude palm oil and palm kernel.
PLUS Expressway's earnings rose 12.2% to RM349.67 million in the third quarter ended Sept 30, 2010 from RM311.57 million a year ago. Revenue was 7% higher at RM872.64 million compared with RM815.17 million while earnings per share were 6.99 sen versus 6.23 sen.
MISC reported net profit of RM369.36 million in the second quarter ended Sept 30, 2010 as it benefited from the improvement in the restructured liner business and increased profitability from the heavy engineering business.
However, pretax profit of RM416.29 million in 2Q fell 11.7% from RM471.3 million in 1Q due to higher losses from chemical business and petroleum business recording nominal loss in the quarter.
On Wednesday,'' Wall Street rallied as stock investors put aside worries about swirling global problems turning to improvement in the labor market and signs consumers are ready to open their wallets ahead of the biggest shopping day of the year.
Reuters reported ''new claims for unemployment benefits hit their lowest level in more than two years last week while consumer spending rose for a fourth straight month in October, suggesting the economy is nearing a self-sustaining recovery.
The Dow Jones industrial average jumped 150.91 points, or 1.37 percent, to 11,187.28. The Standard & Poor's 500 Index rose 17.62 points, or 1.49 percent, to 1,198.35. The Nasdaq Composite Index gained 48.17 points, or 1.93 percent, to 2,543.12.
Stocks to watch on Thursday include SUNWAY HOLDINGS BHD [] and SUNWAY CITY BHD []'s multi-billion ringgit merger, NAIM HOLDINGS BHD [], MMC Corp Bhd and KNM GROUP BHD [].
Also in focus would be BINA PURI HOLDINGS BHD [], SARAWAK OIL PALMS BHD [], PLUS Expressway Bhd and MISC BHD [].
Sunway Holdings and Sunway City will be merged under a proposed exercise undertaken by Sunway Sdn Bhd, which is controlled by Tan Sri Jeffrey Cheah Fook Ling. This would involve'' RM4.5 billion in cash and share swap.
The exercise entails Newco offering RM2.60 per Sunway share, RM1.50 per Sunway warrant and RM5.10 per SunCity share and RM1.29 per SunCity warrant.
Naim Holdings' earnings jumped 72% to RM36.94 million in the quarter ended Sept 30, 2010 from RM21.39 million a year ago mainly due to higher sales of PROPERTIES [] and substantial completion of certain CONSTRUCTION [] projects.
Revenue slipped 2.4% to RM140.99 million from RM144.46 million. Earnings per share were 15.59 sen compared with 9.03 sen. It declared dividend of 5.0 sen a share.
MMC Corp Bhd's net profit for the third quarter ended Sept 30 surged 32% to RM117.8mil from RM88.7mil a year ago due to better performance from some divisions.
It said in a filing with Bursa Malaysia yesterday that revenue for the period was RM2.23bil against RM2.17bil while earnings per share stood at 3.87 sen versus 2.91 sen previously.
KNM Group Bhd saw its third quarter bottomline improve by 75% to RM56.09 million from RM31.92 million a year ago. Pre-tax profit was RM41.03 million while there was also tax incentive of RM19.54 million.
Bina Puri Holdings is teaming up with a Chinese association to develop a two acre site in Jalan Pasar, which guarantees investment return of RM40.6 million in 14 years.
Bina Puri will be investing RM16.0 million which is the estimated construction cost.
Sarawak Oil Palms' earnings doubled to RM49.23 million in the third quarter ended Sept 30 from RM24.85 million a year ago, as it benefited from higher prices for crude palm oil and palm kernel.
PLUS Expressway's earnings rose 12.2% to RM349.67 million in the third quarter ended Sept 30, 2010 from RM311.57 million a year ago. Revenue was 7% higher at RM872.64 million compared with RM815.17 million while earnings per share were 6.99 sen versus 6.23 sen.
MISC reported net profit of RM369.36 million in the second quarter ended Sept 30, 2010 as it benefited from the improvement in the restructured liner business and increased profitability from the heavy engineering business.
However, pretax profit of RM416.29 million in 2Q fell 11.7% from RM471.3 million in 1Q due to higher losses from chemical business and petroleum business recording nominal loss in the quarter.
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