KUALA LUMPUR: Stocks on Bursa Malaysia are expected to advance on Wednesday, March 9 following fresh positive coprorate developments and upbeat outlook on the investments while the firmer overnight Wall Street could provide the additional boost.
On Wall Street, an upbeat profit forecast from Bank of America and a pullback in oil prices lifted Wall Street out of the technical danger zone on Tuesday in another sign of the market's near-term resilience.
The S&P 500 jumped back above a six-month trend line after closing just below it on Monday. Holding this level is a sign of strength, but traders will grow wary the more it is tested. Oil prices pulled back, with Brent crude down nearly 2 percent at $113.06 a barrel after Kuwait's oil minister said OPEC was in discussions to increase production.
The Dow Jones industrial average gained 124.58 points, or 1.03 percent, to 12,214.61. The Standard & Poor's 500 Index added 11.69 points, or 0.89 percent, to 1,321.82. The Nasdaq Composite Index rose 20.14 points, or 0.73 percent, to 2,765.77.
Prime Minister Datuk Seri Najib Razak said in order to support the economic transformation, the government needed to stimulate an average investment of RM115 billion per annum between 2011 and 2015, starting with a RM83 billion target for 2011.
Stocks to watch on Bursa are: MUDAJAYA GROUP BHD [], CypARK RESOURCES BHD [], KESM INDUSTRIES BHD [] and HEVEABOARD BHD [].
Mudajaya has proposed a corporate exercise involving a bonus issue of up to 137.08 million new shares and the setting up of an employees' share option scheme (ESOS).
It said on Tuesday, March 8 the bonus issue would on the basis of one bonus share for every three shares held.
Cypark plans to invest RM94.29 million to build a renewable energy park (RE Park) in Pajam, Negri Sembilan that would be capable of generating up to 10 megawatts of power.
It said the project was expected to generate Gross National Income of RM12.16 million each year for the next 21 years, totalling RM255.36 million.
KESM net profit for the second quarter ended Jan 31, 2011 rose 27.3% to RM3.31 million from RM2.6 million a year earlier due to higher revenue arising from stronger demand for burn-in and testing services.
Revenue for the quarter rose to RM63.66 million from RM55.89 million. Earnings per share was 7.70 sen while net assets per share was RM5.14.
For the six months ended Jan 31, KESM's net profit rose to RM10.34 million from RM5.47 million last year, while revenue increased from RM127.23 million from RM103.14 million.
Heveaboard Bhd received an offer from Dongwha Malaysia Holdings Sdn Bhd to acquire its assets related to the manufacturing of particleboard. If the deal is approved, it will be transacted at no less than RM245 million, based on the book value of Heaveaboard's assets as at Dec 31, 2010.
On Wall Street, an upbeat profit forecast from Bank of America and a pullback in oil prices lifted Wall Street out of the technical danger zone on Tuesday in another sign of the market's near-term resilience.
The S&P 500 jumped back above a six-month trend line after closing just below it on Monday. Holding this level is a sign of strength, but traders will grow wary the more it is tested. Oil prices pulled back, with Brent crude down nearly 2 percent at $113.06 a barrel after Kuwait's oil minister said OPEC was in discussions to increase production.
The Dow Jones industrial average gained 124.58 points, or 1.03 percent, to 12,214.61. The Standard & Poor's 500 Index added 11.69 points, or 0.89 percent, to 1,321.82. The Nasdaq Composite Index rose 20.14 points, or 0.73 percent, to 2,765.77.
Prime Minister Datuk Seri Najib Razak said in order to support the economic transformation, the government needed to stimulate an average investment of RM115 billion per annum between 2011 and 2015, starting with a RM83 billion target for 2011.
Stocks to watch on Bursa are: MUDAJAYA GROUP BHD [], CypARK RESOURCES BHD [], KESM INDUSTRIES BHD [] and HEVEABOARD BHD [].
Mudajaya has proposed a corporate exercise involving a bonus issue of up to 137.08 million new shares and the setting up of an employees' share option scheme (ESOS).
It said on Tuesday, March 8 the bonus issue would on the basis of one bonus share for every three shares held.
Cypark plans to invest RM94.29 million to build a renewable energy park (RE Park) in Pajam, Negri Sembilan that would be capable of generating up to 10 megawatts of power.
It said the project was expected to generate Gross National Income of RM12.16 million each year for the next 21 years, totalling RM255.36 million.
KESM net profit for the second quarter ended Jan 31, 2011 rose 27.3% to RM3.31 million from RM2.6 million a year earlier due to higher revenue arising from stronger demand for burn-in and testing services.
Revenue for the quarter rose to RM63.66 million from RM55.89 million. Earnings per share was 7.70 sen while net assets per share was RM5.14.
For the six months ended Jan 31, KESM's net profit rose to RM10.34 million from RM5.47 million last year, while revenue increased from RM127.23 million from RM103.14 million.
Heveaboard Bhd received an offer from Dongwha Malaysia Holdings Sdn Bhd to acquire its assets related to the manufacturing of particleboard. If the deal is approved, it will be transacted at no less than RM245 million, based on the book value of Heaveaboard's assets as at Dec 31, 2010.
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