KUALA LUMPUR: Stocks on Bursa Malaysia could snap its losing streak on Thursday, Jan 27, on expectations investors' sentiment perk up after Dow Jones industrial average rose above the psychologically important 12,000. The FBM KLCI had on Wednesday fell for the sixth day, the longest since July 5 last year on foreign selling of key stocks with high foreign shareholdings.
On Wall Street, the Dow Jones industrial average edged up 8.25 points, or 0.07 percent, to end at 11,985.44. The Standard & Poor's 500 Index advanced 5.45 points, or 0.42 percent, to 1,296.63. The Nasdaq Composite Index gained 20.25 points, or 0.74 percent, to 2,739.50.
Reuters said the Dow rose above the psychologically important 12,000 for the first time since June 2008, but ended slightly lower as the 30-stock average was held in check by Boeing Co.
The S&P 500 closed at a 29-month high on Wednesday led by gains in tech and commodity shares, as investors largely ignored the U.S. Federal Reserve's lukewarm economic assessment. The stock market had little reaction to the Fed, which said high unemployment still justifies a $600 billion bond-buying program that has helped equities rally in the last few months.
Back homes, Bank Negara is scheduled to release its monetary policy statement after market close and economists expect it to keep the overnight policy rate unchanged.
Stocks to watch on Thursday are Muhibbah Engineering Bhd, RANHILL BHD [], SAPURACREST PETROLEUM BHD [], Fraser & Neave Holdings Bhd's (F&N) and CI Holdings Bhd.
Muhibbah and its consortium partner Perunding Ranhill Worley Sdn Bhd have secured a RM1.07 billion contract from PETRONAS GAS BHD [] under the LNG Regasification Project.
The contract was for the engineering, procurement, CONSTRUCTION [], installation and commissioning (EPCIC) alliance for the LNG Regasification Unit, Island Berth and Subsea Pipeline of the LNG Regasification Project. Under the contract, the consortium will undertake the construction of the LNG Regasification Unit, Island Berth and Subsea Pipeline within the vicinity of the Sungai Udang Port in Melaka.
SapuraCrest secured a US$31.5 million contract from Petroliam Nasional Bhd's subsidiary to install offshore facilities in the Andaman Sea. Its unit TL Offshore Sdn Bhd had received a letter of award from Petronas subsidiary PC Myanmar (Hong Kong) Ltd for the transportation and installation of offshore facilities for the Yetagun Phase 4 development.
The Edge FinancialDaily reports Fraser & Neave Holdings Bhd's (F&N) foray into property development paid off well when it recently sold the second phase of Fraser Business Park in Pudu for RM63 million, which netted the group a gain of RM29.6 million.
CI Holdings Bhd posted net profit of RM11.27 million in the second quarter ended Dec 31, 2011, an increase of 42% from RM7.9 million a year ago, mainly due to further economies of scale and prudent cost management.
Revenue rose 28% to RM146.65 million from RM114.50 million a year ago while earnings per share were 7.94 sen compared with 5.57 sen. It declared dividend of five sen a share.
CI Holdings said the group's revenue increased 28% on-year, 'due mainly to the beverages division's continued growth in its non-carbonated portfolio, strong growth in isotonic beverages, successful promotional campaigns and an aggressive distribution drive'
The Edge FinancialDaily also reports the recent sharp rise in cocoa prices has brought a windfall for GUAN CHONG BHD [], which had earlier stocked up on the soft commodity at substantially lower prices. The company's profit margin has already widened substantially to 6.7 pct for the nine-month period ended Sept 30, 2010, from 1.8 pct in the previous corresponding period.
On Wall Street, the Dow Jones industrial average edged up 8.25 points, or 0.07 percent, to end at 11,985.44. The Standard & Poor's 500 Index advanced 5.45 points, or 0.42 percent, to 1,296.63. The Nasdaq Composite Index gained 20.25 points, or 0.74 percent, to 2,739.50.
Reuters said the Dow rose above the psychologically important 12,000 for the first time since June 2008, but ended slightly lower as the 30-stock average was held in check by Boeing Co.
The S&P 500 closed at a 29-month high on Wednesday led by gains in tech and commodity shares, as investors largely ignored the U.S. Federal Reserve's lukewarm economic assessment. The stock market had little reaction to the Fed, which said high unemployment still justifies a $600 billion bond-buying program that has helped equities rally in the last few months.
Back homes, Bank Negara is scheduled to release its monetary policy statement after market close and economists expect it to keep the overnight policy rate unchanged.
Stocks to watch on Thursday are Muhibbah Engineering Bhd, RANHILL BHD [], SAPURACREST PETROLEUM BHD [], Fraser & Neave Holdings Bhd's (F&N) and CI Holdings Bhd.
Muhibbah and its consortium partner Perunding Ranhill Worley Sdn Bhd have secured a RM1.07 billion contract from PETRONAS GAS BHD [] under the LNG Regasification Project.
The contract was for the engineering, procurement, CONSTRUCTION [], installation and commissioning (EPCIC) alliance for the LNG Regasification Unit, Island Berth and Subsea Pipeline of the LNG Regasification Project. Under the contract, the consortium will undertake the construction of the LNG Regasification Unit, Island Berth and Subsea Pipeline within the vicinity of the Sungai Udang Port in Melaka.
SapuraCrest secured a US$31.5 million contract from Petroliam Nasional Bhd's subsidiary to install offshore facilities in the Andaman Sea. Its unit TL Offshore Sdn Bhd had received a letter of award from Petronas subsidiary PC Myanmar (Hong Kong) Ltd for the transportation and installation of offshore facilities for the Yetagun Phase 4 development.
The Edge FinancialDaily reports Fraser & Neave Holdings Bhd's (F&N) foray into property development paid off well when it recently sold the second phase of Fraser Business Park in Pudu for RM63 million, which netted the group a gain of RM29.6 million.
CI Holdings Bhd posted net profit of RM11.27 million in the second quarter ended Dec 31, 2011, an increase of 42% from RM7.9 million a year ago, mainly due to further economies of scale and prudent cost management.
Revenue rose 28% to RM146.65 million from RM114.50 million a year ago while earnings per share were 7.94 sen compared with 5.57 sen. It declared dividend of five sen a share.
CI Holdings said the group's revenue increased 28% on-year, 'due mainly to the beverages division's continued growth in its non-carbonated portfolio, strong growth in isotonic beverages, successful promotional campaigns and an aggressive distribution drive'
The Edge FinancialDaily also reports the recent sharp rise in cocoa prices has brought a windfall for GUAN CHONG BHD [], which had earlier stocked up on the soft commodity at substantially lower prices. The company's profit margin has already widened substantially to 6.7 pct for the nine-month period ended Sept 30, 2010, from 1.8 pct in the previous corresponding period.
No comments:
Post a Comment