KUALA LUMPUR: Trading on Bursa Malaysia could be range bound with some downward bias on Wednesday, March 23 after Wall Street snapped a three-day winning streak on Tuesday, even as investors adjusted to the insecurity created by events in Japan, the Middle East and North Africa
Fighting in Libya and unrest in Yemen have contributed to rising oil prices, which has dragged on equities. April U.S. crude futures rose $1.67 to settle at $104 a barrel while Brent added 74 cents to settle at $115.70, Reuters reported.
The Dow Jones industrial average .DJI shed 17.90 points, or 0.15 percent, to 12,018.63. The Standard & Poor's 500 Index .SPX dropped 4.61 points, or 0.36 percent, to 1,293.77. The Nasdaq Composite Index fell 8.22 points, or 0.31 percent, to 2,683.87.
Stocks with recent corporate news that could see trading interest on Wednesday, March 23 include Benalec Holdings Bhd, BERJAYA LAND BHD [], RAMUNIA HOLDINGS BHD [] and LEADER UNIVERSAL HOLDINGS BHD [].
Investors would also await the release of Bank Negara's annual report for 2010 about its outlook for the economy, details on measures to shore up the local economy from the external impact of volatile factors and its steps to curb rising inflationary pressures. The report would be released after market close.
Economists expect Malaysia's GDP to grow at a slower pace of 5.5% to 6% due to a slowdown in external demand for manufactured exports but this could be offset by the government's Economic Transformation Programme.
The Edge FinancialDaily reports that newly listed Benalec is standing out from its CONSTRUCTION [] peers and rapidly gaining investor attention. Now, the company is also shaping up to be a major landowner and developer, as it will receive some 177.3 acres of land in Melaka in exchange for reclamation works.
Berjaya Land posted net profit RM34.91 million for its third quarter ended Jan 31, 2011 compared to net loss RM8.57 million a year ago, due mainly to higher profit contribution from the gaming business operated under BERJAYA SPORTS TOTO BHD [] (BToto). Revenue declined to RM990.59 million from RM993.96 million. Earnings per share were 0.70 sen from loss per share of 0.17 sen, while net assets per share was RM1.04.
For the nine months ended Jan 31, BLand's net profit jumped to RM85.13 million from RM35.42 million, on the back of revenue RM2.99 billion.
Ramunia plans to venture into the offshore oil and gas business in Malaysia and the region via a tie-up with Drydocks World of Dubai. It sealed an agreement for a floating production, storage and offloading (FPSO) deep producer vessel, known as the MT Laurita.
The arrangement would enable Ramunia to venture into the field of engineering, procurement, construction, installation and commissioning. It plans to provide the full offshore production facilities and to penetrate into the growing offshore floating facilities business within the local and regional upstream oil and gas sector.
Leader Universal's joint venture to supply cable and cable related equipment in Saudi Arabia has been called off by mutual agreement with its JV partners -- Al-Ghazalah Development Co (Al-Ghazalah) and Suasana Daya Sdn Bhd.
The parties had on July 8, 2009 entered into an agreement to set up the JV to sell and supply cables and cable related accessories and equipment with customers in Saudi Arabia, as well installation of cables and turnkey projects and supply and/or construction of power transmission, distribution, substation and related projects in that country.
CIMB Group Holdings Bhd has sought another six months until Oct 6 to complete the proposed dual listing on the Stock Exchange of Thailand. The application has been submitted to the Securities Commission and is pending its decision.
Fighting in Libya and unrest in Yemen have contributed to rising oil prices, which has dragged on equities. April U.S. crude futures rose $1.67 to settle at $104 a barrel while Brent added 74 cents to settle at $115.70, Reuters reported.
The Dow Jones industrial average .DJI shed 17.90 points, or 0.15 percent, to 12,018.63. The Standard & Poor's 500 Index .SPX dropped 4.61 points, or 0.36 percent, to 1,293.77. The Nasdaq Composite Index fell 8.22 points, or 0.31 percent, to 2,683.87.
Stocks with recent corporate news that could see trading interest on Wednesday, March 23 include Benalec Holdings Bhd, BERJAYA LAND BHD [], RAMUNIA HOLDINGS BHD [] and LEADER UNIVERSAL HOLDINGS BHD [].
Investors would also await the release of Bank Negara's annual report for 2010 about its outlook for the economy, details on measures to shore up the local economy from the external impact of volatile factors and its steps to curb rising inflationary pressures. The report would be released after market close.
Economists expect Malaysia's GDP to grow at a slower pace of 5.5% to 6% due to a slowdown in external demand for manufactured exports but this could be offset by the government's Economic Transformation Programme.
The Edge FinancialDaily reports that newly listed Benalec is standing out from its CONSTRUCTION [] peers and rapidly gaining investor attention. Now, the company is also shaping up to be a major landowner and developer, as it will receive some 177.3 acres of land in Melaka in exchange for reclamation works.
Berjaya Land posted net profit RM34.91 million for its third quarter ended Jan 31, 2011 compared to net loss RM8.57 million a year ago, due mainly to higher profit contribution from the gaming business operated under BERJAYA SPORTS TOTO BHD [] (BToto). Revenue declined to RM990.59 million from RM993.96 million. Earnings per share were 0.70 sen from loss per share of 0.17 sen, while net assets per share was RM1.04.
For the nine months ended Jan 31, BLand's net profit jumped to RM85.13 million from RM35.42 million, on the back of revenue RM2.99 billion.
Ramunia plans to venture into the offshore oil and gas business in Malaysia and the region via a tie-up with Drydocks World of Dubai. It sealed an agreement for a floating production, storage and offloading (FPSO) deep producer vessel, known as the MT Laurita.
The arrangement would enable Ramunia to venture into the field of engineering, procurement, construction, installation and commissioning. It plans to provide the full offshore production facilities and to penetrate into the growing offshore floating facilities business within the local and regional upstream oil and gas sector.
Leader Universal's joint venture to supply cable and cable related equipment in Saudi Arabia has been called off by mutual agreement with its JV partners -- Al-Ghazalah Development Co (Al-Ghazalah) and Suasana Daya Sdn Bhd.
The parties had on July 8, 2009 entered into an agreement to set up the JV to sell and supply cables and cable related accessories and equipment with customers in Saudi Arabia, as well installation of cables and turnkey projects and supply and/or construction of power transmission, distribution, substation and related projects in that country.
CIMB Group Holdings Bhd has sought another six months until Oct 6 to complete the proposed dual listing on the Stock Exchange of Thailand. The application has been submitted to the Securities Commission and is pending its decision.
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