KUALA LUMPUR: Key Asian markets are expected to advance on Thursday, Jan 13 after US stocks ended solidly higher on Wednesday as the easing of European debt fears sparked a broad advance.
Banks and commodity-related shares led the advance. The Dow Jones industrial average was up 83.48 points, or 0.72 percent, at 11,755.36. The Standard & Poor's 500 Index was up 11.47 points, or 0.90 percent, at 1,285.95. The Nasdaq Composite Index was up 20.50 points, or 0.75 percent, at 2,737.33.
According to Reuters, investors expect further flows into equities on speculation the economy will strengthen.
At Bursa Malaysia, stocks to watch are AFFIN HOLDINGS BHD [], FABER GROUP BHD [], NAIM HOLDINGS BHD [] and Green Packet.
Affin's share price rose its 10-year high on Wednesday at RM3.59, despite its management dispelling rumours of a takeover by CIMB Group Holdings Bhd. Later, CIMB stated it is not involved in any discussions relating to a possible acquisition or merger with Affin Bank or any of its related companies. Its shares may see some selling pressure.
Also in focus would be Faber, which could also see some selling pressure. Faber's Abu Dhabi-based subsidiary Faber Ltd Liability Co. (FLCC) has been notified that two of its contracts with an estimated value of RM184 million have not been renewed.
The first contract was to improve and maintain the facilities at Madinat Zayed ' Zone-1 and the estimated value was RM129 million.'' It will cease with effect from June 1, 2011
Faber also said FLCC's contract to provide civil, mechanical and electrical maintenance services in Madinat Zayed and Liwa, with a combined annual contract price of RM55 million, had not been renewed.'' The services would cease from April 3, 2011.
Naim Holdings moved a further step ahead for the Sabah Oil and Gas project after signing a memorandum of understanding (MoU) on the relevant works involving oil and gas facilities.
Its unit Naim Engineering Sdn Bhd had signed the MoU with Sabah Oil & Gas Contractor Association (SOGCA) and Dewan Perniagaan Melayu Malaysia Negeri Sabah.
The MoU was to record certain basic understanding reached between the parties to participate in the relevant works of the O&G facilities under the contract secured recently for the engineering, procurement, CONSTRUCTION [] and commissioning of the project.
Meanwhile, Green Packet plans to invest RM250 million in 2011 to expand its sites from 1,000 now to 1,600. Each site has about three base stations.'' Group managing director CC Puan said this would increase its coverage to about 52% of the population of West Malaysia by the end of this year, from about 45% of the population at present.
Shares in ASIA PACIFIC LAND BHD [] (AP Land), a property to PLANTATION []s group, settled at 42.5 sen on Wednesday despite receiving an offer from Low Chuan Holdings Sdn Bhd to buy its entire business for the equivalent of 45 sen a share.
TENAGA NASIONAL BHD [] (TNB) has signed two agreements for the Ulu Jelai Hydroelectric project and the total value of the contracts is RM2.15 billion. The project will involve building a dam and installing two hydro turbines and generators in an underground power station with a total installed capacity of 372MW in Cameron Highlands.
Banks and commodity-related shares led the advance. The Dow Jones industrial average was up 83.48 points, or 0.72 percent, at 11,755.36. The Standard & Poor's 500 Index was up 11.47 points, or 0.90 percent, at 1,285.95. The Nasdaq Composite Index was up 20.50 points, or 0.75 percent, at 2,737.33.
According to Reuters, investors expect further flows into equities on speculation the economy will strengthen.
At Bursa Malaysia, stocks to watch are AFFIN HOLDINGS BHD [], FABER GROUP BHD [], NAIM HOLDINGS BHD [] and Green Packet.
Affin's share price rose its 10-year high on Wednesday at RM3.59, despite its management dispelling rumours of a takeover by CIMB Group Holdings Bhd. Later, CIMB stated it is not involved in any discussions relating to a possible acquisition or merger with Affin Bank or any of its related companies. Its shares may see some selling pressure.
Also in focus would be Faber, which could also see some selling pressure. Faber's Abu Dhabi-based subsidiary Faber Ltd Liability Co. (FLCC) has been notified that two of its contracts with an estimated value of RM184 million have not been renewed.
The first contract was to improve and maintain the facilities at Madinat Zayed ' Zone-1 and the estimated value was RM129 million.'' It will cease with effect from June 1, 2011
Faber also said FLCC's contract to provide civil, mechanical and electrical maintenance services in Madinat Zayed and Liwa, with a combined annual contract price of RM55 million, had not been renewed.'' The services would cease from April 3, 2011.
Naim Holdings moved a further step ahead for the Sabah Oil and Gas project after signing a memorandum of understanding (MoU) on the relevant works involving oil and gas facilities.
Its unit Naim Engineering Sdn Bhd had signed the MoU with Sabah Oil & Gas Contractor Association (SOGCA) and Dewan Perniagaan Melayu Malaysia Negeri Sabah.
The MoU was to record certain basic understanding reached between the parties to participate in the relevant works of the O&G facilities under the contract secured recently for the engineering, procurement, CONSTRUCTION [] and commissioning of the project.
Meanwhile, Green Packet plans to invest RM250 million in 2011 to expand its sites from 1,000 now to 1,600. Each site has about three base stations.'' Group managing director CC Puan said this would increase its coverage to about 52% of the population of West Malaysia by the end of this year, from about 45% of the population at present.
Shares in ASIA PACIFIC LAND BHD [] (AP Land), a property to PLANTATION []s group, settled at 42.5 sen on Wednesday despite receiving an offer from Low Chuan Holdings Sdn Bhd to buy its entire business for the equivalent of 45 sen a share.
TENAGA NASIONAL BHD [] (TNB) has signed two agreements for the Ulu Jelai Hydroelectric project and the total value of the contracts is RM2.15 billion. The project will involve building a dam and installing two hydro turbines and generators in an underground power station with a total installed capacity of 372MW in Cameron Highlands.
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