KUALA LUMPUR: Key regional markets could extended their gains on Tuesday, Jan 4 after investors' sentiment was bolstered by the firmer US market following positive data from the US, Europe and China.
Reuters reported the Dow Jones industrial average gained 93.24 points, or 0.81%, to close at 11,670.75 on Monday. The broader Standard & Poor's 500 Index rose 14.23 points, or 1.13%, to 1,271.87 a a new two-year high. The Nasdaq Composite Index climbed 38.65 points, or 1.46%, to 2,691.52, its highest in nearly 10 years.
However, some investors think caution may be warranted in the short term. While the uptrend remained in tact, the market has become overstretched in the short term, with the 14-day relative strength index suggesting the S&P 500 could struggle from here, according to Reuters.
At Bursa Malaysia, the FBM KLCI started the first trading day on Monday, Jan 3, 2011 on a strong note, with the 30-stock index closing at the all-time high of 1,533, underpinned by buying interest in heavyweights including PLANTATION [] stocks.
The KLCI closed 14.51 points or 0.96% higher at 1,533.42. Turnover was a hefty 1.61 billion shares valued at RM2.09 billion. Advancing counters beat decliners 664 to 195 Regional equities markets rose'' between 0.3% and 1.43%.
Stocks to watch on Tuesday are SUNWAY HOLDINGS BHD [], PETRA ENERGY BHD [], Maxbiz Corp Bhd and PARKSON HOLDINGS BHD [] and MK Land.
Also in focus would be NV Multi Corp Bhd. NV Multi proposed a special dividend comprising of a gross dividend of 20.8 sen per share and a single-tier dividend of 32.7 sen per share. The ex-date is Jan 13 and the entitlement date is Jan 17.
MK LAND HOLDINGS BHD [] is selling two plots of leasehold land in Sungei Buloh, Selangor to Foster Estate Sdn Bhd for RM130 milion cash to unlock the value of the land which it had no immediate plans to develop. It is selling 18.54 acres for RM100.78 million and 8.32 acres of land for RM29.21 million.
MK Land said the proposals were expected to be completed by the end of 2011.
Sunway Holdings has secured two contracts totaling RM218.82 million which are for the expansion of a Universiti Teknologi Mara campus and a proposed link bridge in the heart of Kuala Lumpur.
The Edge FinancialDaily reports on Tuesday that Petra Energy is close to bagging a RM100 million contract from Murphy Oil for hook up and commissioning works, sources say. It is learnt that Petra Energy could make an announcement to the local bourse soon after ironing out a few minor issues
Maxbiz resumes trading on Tuesday. Bursa Malaysia Securities Bhs has directed the company make an immediate announcement in accordance with Paragraph 4.0 of PN 17 that it has triggered the prescribed criterion under paragraph 2.1(f) of PN 17.
Bursa Securities had granted an extension until Dec 27, 2010 for Messrs. Gomez & Co to complete and submit its PN 17 assessment report to Bursa but the said report was not submitted to Bursa Securities by the due date.
Hence, Bursa Securities deemed the company had failed to comply with the requirements and obligations as stated in the Bursa Securities' letters dated Nov 10, Dec 9 and Dec 24,'' 2010 respectively.
Parkson is expanding into Cambodia after it received a certificate of commercial registration from the government there to set up Parkson Cambodia Holdings Co., Ltd Parkson Cambodia will operate department stores in Cambodia.
TELEKOM MALAYSIA BHD [] and Axiata Group Bhd have jointly decided to appoint KPMG Corporate Services Sdn Bhd as forensic accountants to assist in an internal probe over alleged payments received by TM staff.
TM said on Monday, Jan 3, 2011 that Shearn Delamore & Co. was appointed the legal adviser.
Reuters reported the Dow Jones industrial average gained 93.24 points, or 0.81%, to close at 11,670.75 on Monday. The broader Standard & Poor's 500 Index rose 14.23 points, or 1.13%, to 1,271.87 a a new two-year high. The Nasdaq Composite Index climbed 38.65 points, or 1.46%, to 2,691.52, its highest in nearly 10 years.
However, some investors think caution may be warranted in the short term. While the uptrend remained in tact, the market has become overstretched in the short term, with the 14-day relative strength index suggesting the S&P 500 could struggle from here, according to Reuters.
At Bursa Malaysia, the FBM KLCI started the first trading day on Monday, Jan 3, 2011 on a strong note, with the 30-stock index closing at the all-time high of 1,533, underpinned by buying interest in heavyweights including PLANTATION [] stocks.
The KLCI closed 14.51 points or 0.96% higher at 1,533.42. Turnover was a hefty 1.61 billion shares valued at RM2.09 billion. Advancing counters beat decliners 664 to 195 Regional equities markets rose'' between 0.3% and 1.43%.
Stocks to watch on Tuesday are SUNWAY HOLDINGS BHD [], PETRA ENERGY BHD [], Maxbiz Corp Bhd and PARKSON HOLDINGS BHD [] and MK Land.
Also in focus would be NV Multi Corp Bhd. NV Multi proposed a special dividend comprising of a gross dividend of 20.8 sen per share and a single-tier dividend of 32.7 sen per share. The ex-date is Jan 13 and the entitlement date is Jan 17.
MK LAND HOLDINGS BHD [] is selling two plots of leasehold land in Sungei Buloh, Selangor to Foster Estate Sdn Bhd for RM130 milion cash to unlock the value of the land which it had no immediate plans to develop. It is selling 18.54 acres for RM100.78 million and 8.32 acres of land for RM29.21 million.
MK Land said the proposals were expected to be completed by the end of 2011.
Sunway Holdings has secured two contracts totaling RM218.82 million which are for the expansion of a Universiti Teknologi Mara campus and a proposed link bridge in the heart of Kuala Lumpur.
The Edge FinancialDaily reports on Tuesday that Petra Energy is close to bagging a RM100 million contract from Murphy Oil for hook up and commissioning works, sources say. It is learnt that Petra Energy could make an announcement to the local bourse soon after ironing out a few minor issues
Maxbiz resumes trading on Tuesday. Bursa Malaysia Securities Bhs has directed the company make an immediate announcement in accordance with Paragraph 4.0 of PN 17 that it has triggered the prescribed criterion under paragraph 2.1(f) of PN 17.
Bursa Securities had granted an extension until Dec 27, 2010 for Messrs. Gomez & Co to complete and submit its PN 17 assessment report to Bursa but the said report was not submitted to Bursa Securities by the due date.
Hence, Bursa Securities deemed the company had failed to comply with the requirements and obligations as stated in the Bursa Securities' letters dated Nov 10, Dec 9 and Dec 24,'' 2010 respectively.
Parkson is expanding into Cambodia after it received a certificate of commercial registration from the government there to set up Parkson Cambodia Holdings Co., Ltd Parkson Cambodia will operate department stores in Cambodia.
TELEKOM MALAYSIA BHD [] and Axiata Group Bhd have jointly decided to appoint KPMG Corporate Services Sdn Bhd as forensic accountants to assist in an internal probe over alleged payments received by TM staff.
TM said on Monday, Jan 3, 2011 that Shearn Delamore & Co. was appointed the legal adviser.
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