KUALA LUMPUR: After three straight days of gains on Bursa Malaysia which sent the FBM KLCI surging to fresh record highs, investors could be taking some profit, especially it being settlement day on Thursday, Jan 5 after the huge increase in trading volume.
However, the firmer overnight close on Wall Street and the strong foreign buying of banks and key blue chips on Bursa Malaysia could absorb the profit taking activities.
The FBM KLCI displayed its resilience on Wednesday when it managed to snap out of the earlier losses to close at a fresh historic high of 1,566.17, up 14.28 points or 0.92%. The intra-day high was 1,571.85
On Wall Street, the creation of three times as many private-sector jobs as expected turned Wall Street's early losses into gains on Wednesday, Jan 5, extending a rally investors worried had come too far too fast.
U.S. private employers added 297,000 jobs in December, a report by the ADP Employer Services showed, which was nearly three times what economists forecast and the biggest jump on record for ADP, which has data going back to 2000.
The Dow Jones industrial average gained 31.71 points, or 0.27 percent, to 11,722.89. The Standard & Poor's 500 Index rose 6.36 points, or 0.50 percent, to 1,276.56. The Nasdaq Composite Index added 20.95 points, or 0.78 percent, to 2,702.20.
Stocks to watch on Thursday include Maxwell International Holdings Bhd, MTD CAPITAL BHD [], TENAGA NASIONAL BHD [] and banks.
The Edge FinancialDaily reports a meeting between the various investors who had parked their money with financially troubled SJ Asset Management Sdn Bhd (SJAM) is likely to be held in the afternoon.
Maxwell International Holdings ' a China-based sports footwear manufacturer ' will be listed on Thursday. Its offer of 20 million new shares was undersubscribed, with applications for 18.015 million shares.'' The IPO consisted of a public issue of 63.75 million new 40 sen shares at an offer price of 54 sen each.
MTD Capital Bhd's subsidiary MTD Manila Expressways Inc imposition of the 290% toll rate hike along the South Luzon Expressway in the Philippines faces a legal suit.
MTD Manila Expressways had received a petition for the issuance of a temporary restraining order and/or status quo to restrain the implementation of the toll rate hike of 3.024 pesos or 22 sen per km initial toll rate hike.
The suit was filed by Ernesto B. Francisco, Jr in the Supreme Court Philippines against the Toll Regulatory Board of Philippines, MTD Manila Expressways, Manila Toll Expressways System, Inc and the South Luzon Tollway Corp.
The Edge FinancialDaily also reports that the severe flooding in Australia has resulted in a dip in Tenaga Nasional Bhd's (TNB) share price on the back of rising coal prices following a supply disruption, although this could represent an opportunity to accumulate shares in the national utility company, say some analysts.
Banks including CIMB, Maybank and Public Bank could continue to be in focus after foreign funds snapped up their shares on expectations of a firm recovery of the economy and a stronger ringgit.
Auto sales in Malaysia are forecast to inch up 4.1% to 623,000 units from a year ago, supported by the launch of new models and a stable economic outlook, said global consulting outfit Frost & Sullivan.
CHUAN HUAT RESOURCES BHD []'s rights issue of 41.79 million warrants was oversubscribed by 16.45 times.
The total acceptances and excess applications received for the rights issue was for 729.26 million, or 1,745.10% of the 41.79 million warrants available.
However, the firmer overnight close on Wall Street and the strong foreign buying of banks and key blue chips on Bursa Malaysia could absorb the profit taking activities.
The FBM KLCI displayed its resilience on Wednesday when it managed to snap out of the earlier losses to close at a fresh historic high of 1,566.17, up 14.28 points or 0.92%. The intra-day high was 1,571.85
On Wall Street, the creation of three times as many private-sector jobs as expected turned Wall Street's early losses into gains on Wednesday, Jan 5, extending a rally investors worried had come too far too fast.
U.S. private employers added 297,000 jobs in December, a report by the ADP Employer Services showed, which was nearly three times what economists forecast and the biggest jump on record for ADP, which has data going back to 2000.
The Dow Jones industrial average gained 31.71 points, or 0.27 percent, to 11,722.89. The Standard & Poor's 500 Index rose 6.36 points, or 0.50 percent, to 1,276.56. The Nasdaq Composite Index added 20.95 points, or 0.78 percent, to 2,702.20.
Stocks to watch on Thursday include Maxwell International Holdings Bhd, MTD CAPITAL BHD [], TENAGA NASIONAL BHD [] and banks.
The Edge FinancialDaily reports a meeting between the various investors who had parked their money with financially troubled SJ Asset Management Sdn Bhd (SJAM) is likely to be held in the afternoon.
Maxwell International Holdings ' a China-based sports footwear manufacturer ' will be listed on Thursday. Its offer of 20 million new shares was undersubscribed, with applications for 18.015 million shares.'' The IPO consisted of a public issue of 63.75 million new 40 sen shares at an offer price of 54 sen each.
MTD Capital Bhd's subsidiary MTD Manila Expressways Inc imposition of the 290% toll rate hike along the South Luzon Expressway in the Philippines faces a legal suit.
MTD Manila Expressways had received a petition for the issuance of a temporary restraining order and/or status quo to restrain the implementation of the toll rate hike of 3.024 pesos or 22 sen per km initial toll rate hike.
The suit was filed by Ernesto B. Francisco, Jr in the Supreme Court Philippines against the Toll Regulatory Board of Philippines, MTD Manila Expressways, Manila Toll Expressways System, Inc and the South Luzon Tollway Corp.
The Edge FinancialDaily also reports that the severe flooding in Australia has resulted in a dip in Tenaga Nasional Bhd's (TNB) share price on the back of rising coal prices following a supply disruption, although this could represent an opportunity to accumulate shares in the national utility company, say some analysts.
Banks including CIMB, Maybank and Public Bank could continue to be in focus after foreign funds snapped up their shares on expectations of a firm recovery of the economy and a stronger ringgit.
Auto sales in Malaysia are forecast to inch up 4.1% to 623,000 units from a year ago, supported by the launch of new models and a stable economic outlook, said global consulting outfit Frost & Sullivan.
CHUAN HUAT RESOURCES BHD []'s rights issue of 41.79 million warrants was oversubscribed by 16.45 times.
The total acceptances and excess applications received for the rights issue was for 729.26 million, or 1,745.10% of the 41.79 million warrants available.
No comments:
Post a Comment