KUALA LUMPUR: Key regional markets will have to brace for more volatility on Wednesday, Dec 1 after US stocks fell in a choppy session on Tuesday.
Reuters reported the euro zone's troubles showed no signs of abating as news that Portugal could be downgraded reignited selling in a high-volume flurry at the close.
The Dow Jones industrial average dropped 46.47 points, or 0.42%, to 11,006.02. The Standard & Poor's 500 Index fell 7.21 points, or 0.61%, to 1,180.55. The Nasdaq Composite Index lost 26.99 points, or 1.07%, to 2,498.23.
At Bursa Malaysia, the FBM KLCI closed down 0.72% or 10.72 points at 1,485.23 on Tuesday.
OSK Research had, in its market outlook issued on Tuesday, that 'a break below the 1,488 pt-level will likely invite strong selling pressure'.
'However, the market can still avoid from falling further by maintaining a posture at above the 1,488 pt-level and stage a breakout from the downtrend channel,' it said.
Stocks to watch are JCY International Bhd, SAPURACREST PETROLEUM BHD [], Maxis Bhd, KECK SENG (M) BHD [], Kulim (Malaysia) Bhd and MTD CAPITAL BHD [].
Hard-disk drive manufacturer JCY posted net losses of RM22.55 million in the fourth quarter ended Sept 30, 2010 following a decline in the average selling price (ASP) and adverse foreign exchange losses.
Revenue declined 3% to RM485.97 million from RM501.21 million a year ago while loss per share was 1.1 sen compared with earnings per share of 3.59 sen.
JCY, in its outlook, said consumer spending in the US and Europe was still weak and the on-going debt crisis of some of the European countries had continued to affect the recovery of the demand for HDD products.
SapuraCrest Petroleum Bhd and its joint venture partner have landed a US$160 million (RM504 million) contract from PTTEP Australasia (Ashmore Cartier) Pty Ltd (PTTEPAAA) for the provision of offshore transportation and CONSTRUCTION [] activities for PTTEPAAA's Montara Development project'' in Australia.
Maxis registered net profit of RM601 million on the back of RM2.21 billion in revenue for the third quarter ended Sept 30 and expects wireless broadband, Internet access, non-voice services to drive revenue.
Keck Seng proposed a corporate exercise involving a one for two bonus issue which would involve the bonus issue of up to 119.709 million new shares.
Kulim's net profit for 3QFY10 ended Sept 30 surged five-fold to RM284.66 million from RM43.71 million a year ago mainly due to after-tax gains of RM151.61 million from the sale of its oleochemical business during the quarter.
MTD Capital, Malaysia's second largest highway operator and owner, could rake in at least RM150 million in annual toll revenue from the South Luzon Expressway (SLEX) in the Philippines next year if higher toll rates there are implemented in January 2011.
KONSORTIUM LOGISTIK BHD [] registered losses of RM24.57 million in the third quarter ended Sept 30 from net profit of RM7.08 million a year ago following writedowns and provisions totaling RM33.5 million.
Revenue rose 25.8% to RM77.2 million from RM61.34 million. Loss per share was 10.58 sen compared with earnings per share of 3.10 sen.
''
Reuters reported the euro zone's troubles showed no signs of abating as news that Portugal could be downgraded reignited selling in a high-volume flurry at the close.
The Dow Jones industrial average dropped 46.47 points, or 0.42%, to 11,006.02. The Standard & Poor's 500 Index fell 7.21 points, or 0.61%, to 1,180.55. The Nasdaq Composite Index lost 26.99 points, or 1.07%, to 2,498.23.
At Bursa Malaysia, the FBM KLCI closed down 0.72% or 10.72 points at 1,485.23 on Tuesday.
OSK Research had, in its market outlook issued on Tuesday, that 'a break below the 1,488 pt-level will likely invite strong selling pressure'.
'However, the market can still avoid from falling further by maintaining a posture at above the 1,488 pt-level and stage a breakout from the downtrend channel,' it said.
Stocks to watch are JCY International Bhd, SAPURACREST PETROLEUM BHD [], Maxis Bhd, KECK SENG (M) BHD [], Kulim (Malaysia) Bhd and MTD CAPITAL BHD [].
Hard-disk drive manufacturer JCY posted net losses of RM22.55 million in the fourth quarter ended Sept 30, 2010 following a decline in the average selling price (ASP) and adverse foreign exchange losses.
Revenue declined 3% to RM485.97 million from RM501.21 million a year ago while loss per share was 1.1 sen compared with earnings per share of 3.59 sen.
JCY, in its outlook, said consumer spending in the US and Europe was still weak and the on-going debt crisis of some of the European countries had continued to affect the recovery of the demand for HDD products.
SapuraCrest Petroleum Bhd and its joint venture partner have landed a US$160 million (RM504 million) contract from PTTEP Australasia (Ashmore Cartier) Pty Ltd (PTTEPAAA) for the provision of offshore transportation and CONSTRUCTION [] activities for PTTEPAAA's Montara Development project'' in Australia.
Maxis registered net profit of RM601 million on the back of RM2.21 billion in revenue for the third quarter ended Sept 30 and expects wireless broadband, Internet access, non-voice services to drive revenue.
Keck Seng proposed a corporate exercise involving a one for two bonus issue which would involve the bonus issue of up to 119.709 million new shares.
Kulim's net profit for 3QFY10 ended Sept 30 surged five-fold to RM284.66 million from RM43.71 million a year ago mainly due to after-tax gains of RM151.61 million from the sale of its oleochemical business during the quarter.
MTD Capital, Malaysia's second largest highway operator and owner, could rake in at least RM150 million in annual toll revenue from the South Luzon Expressway (SLEX) in the Philippines next year if higher toll rates there are implemented in January 2011.
KONSORTIUM LOGISTIK BHD [] registered losses of RM24.57 million in the third quarter ended Sept 30 from net profit of RM7.08 million a year ago following writedowns and provisions totaling RM33.5 million.
Revenue rose 25.8% to RM77.2 million from RM61.34 million. Loss per share was 10.58 sen compared with earnings per share of 3.10 sen.
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