KUALA LUMPUR: The market is expected to be range bound on Monday, Dec 6 after the marginal weaker close on Wall Street with the focus on Europe's debt crisis. The FBM KLCI closed around the crucial 1,500 level last Friday on mild profit taking activities as the broader market displayed some caution.
The Dow Jones industrial average fell 11.80 points, or 0.10 percent, at 11,350.61. The Standard & Poor's 500 Index lost 1.05 points, or 0.09 percent, at 1,220.48. The Nasdaq Composite Index rose 6.21 points, or 0.24 percent, at 2,585.56
Reuters reported employment barely grew in November. Nonfarm payrolls rose by 39,000, much less than forecast. The unemployment rate unexpectedly jumped to a seven-month high of 9.8 percent, the Labor Department said.
But recent data, including retail sales and other labor reports, have raised optimism the recovery remains on track after hitting a soft patch in the summer when fears of a double-dip recession drove stocks sharply lower.
At Bursa Malaysia, stocks to watch include MALAYAN BANKING BHD [], KENCANA PETROLEUM BHD [], PETRA ENERGY BHD [], ALAM MARITIM RESOURCES BHD [] and RAMUNIA HOLDINGS BHD [].
Malayan Banking Bhd has been granted an extension until June 1, 2011 to complete its sell-down of its stake in PT Bank Internasional Indonesia.
Indonesia's Badan Pengawas Pasar Modal and Lembaga Keuangan (Bapepam) had granted the extension for Maybank -- which owns 97.5% of BII which it had acquired in 2008 -- to fulfill requirement.
Kencana Petroleum Bhd plans to raise RM350 million from a corporate exercise which includes the issuance of debt papers with detachable warrants.
Kencana proposed to issue up to five years nominal value Islamic Securities with detachable warrants on a 'bought deal' basis with AmInvestment Bank as the primary subscriber.
Petra Energy Bhd's unit Petra Resources Sdn Bhd secured a RM400 million contract from Petronas Carigali Sdn Bhd (PCSB) for the provision of hook-up and commissioning of the latter's offshore facilities.
Work for Petronas Carigali included onshore preparation works, onshore pre-fabrication and yard commissioning (if any), and onshore and offshore hook-up.
Alam Maritim Resources Bhd said it was not in favour of a proposed debt restructuring scheme proposed by VASTALUX ENERGY BHD []'s (VEB) debt-ridden subsidiary Vastalux Sdn Bhd (VSB) during a meeting with the creditors.
Under the scheme, Alam Maritim is part of the 'unsecured scheme creditors class 2' with RM146.81 million in total debts.
VSB proposed that 20% be settled through issuance of 117.5 million new shares in VEB, 50% to be settled through issuance of 293.62 million redeemable cumulative unsecured loan stocks (RCULS) while the remaining 30% to be waivered.
Ramunia Holdings Bhd's unit O&G Works Sdn Bhd (OGW) is teaming up with Dongnam Marine Crane Co Ltd (DMC) from South Korea to undertake the joint manufacturing of cranes.
The Dow Jones industrial average fell 11.80 points, or 0.10 percent, at 11,350.61. The Standard & Poor's 500 Index lost 1.05 points, or 0.09 percent, at 1,220.48. The Nasdaq Composite Index rose 6.21 points, or 0.24 percent, at 2,585.56
Reuters reported employment barely grew in November. Nonfarm payrolls rose by 39,000, much less than forecast. The unemployment rate unexpectedly jumped to a seven-month high of 9.8 percent, the Labor Department said.
But recent data, including retail sales and other labor reports, have raised optimism the recovery remains on track after hitting a soft patch in the summer when fears of a double-dip recession drove stocks sharply lower.
At Bursa Malaysia, stocks to watch include MALAYAN BANKING BHD [], KENCANA PETROLEUM BHD [], PETRA ENERGY BHD [], ALAM MARITIM RESOURCES BHD [] and RAMUNIA HOLDINGS BHD [].
Malayan Banking Bhd has been granted an extension until June 1, 2011 to complete its sell-down of its stake in PT Bank Internasional Indonesia.
Indonesia's Badan Pengawas Pasar Modal and Lembaga Keuangan (Bapepam) had granted the extension for Maybank -- which owns 97.5% of BII which it had acquired in 2008 -- to fulfill requirement.
Kencana Petroleum Bhd plans to raise RM350 million from a corporate exercise which includes the issuance of debt papers with detachable warrants.
Kencana proposed to issue up to five years nominal value Islamic Securities with detachable warrants on a 'bought deal' basis with AmInvestment Bank as the primary subscriber.
Petra Energy Bhd's unit Petra Resources Sdn Bhd secured a RM400 million contract from Petronas Carigali Sdn Bhd (PCSB) for the provision of hook-up and commissioning of the latter's offshore facilities.
Work for Petronas Carigali included onshore preparation works, onshore pre-fabrication and yard commissioning (if any), and onshore and offshore hook-up.
Alam Maritim Resources Bhd said it was not in favour of a proposed debt restructuring scheme proposed by VASTALUX ENERGY BHD []'s (VEB) debt-ridden subsidiary Vastalux Sdn Bhd (VSB) during a meeting with the creditors.
Under the scheme, Alam Maritim is part of the 'unsecured scheme creditors class 2' with RM146.81 million in total debts.
VSB proposed that 20% be settled through issuance of 117.5 million new shares in VEB, 50% to be settled through issuance of 293.62 million redeemable cumulative unsecured loan stocks (RCULS) while the remaining 30% to be waivered.
Ramunia Holdings Bhd's unit O&G Works Sdn Bhd (OGW) is teaming up with Dongnam Marine Crane Co Ltd (DMC) from South Korea to undertake the joint manufacturing of cranes.
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