KUALA LUMPUR: The outcome of the on-going European Union summit on Wednesday, Oct 26 and whether it can hammer out a convincing plan to tackle the region's debt crisis will decide the direction of the markets on Thursday.
Reuters reported prospects for a comprehensive deal to resolve the crisis at the summit looked dim, with deep disagreements on critical aspects, including how to give the region's bailout fund greater firepower.
At Bursa Malaysia, the FBM KLCI could give up some of the late gains on Tuesday when it reopens for trading on Thursday, unless there is a strong positive plan to resolve the crisis.
Among the stocks to watch are DUTALAND BHD [], IOI CORPORATION BHD [], Hibiscus Petroleum Bhd and timber stocks.
IOI Corporation Bhd announced on Tuesday it terminated its proposed acquisition of 11,977.91 ha (29,597.42 acres) of oil palm PLANTATION [] land from Dutaland Bhd for RM830 million.
IOI Corp said on Tuesday, the cancellation was 'due to non-compliance of certain terms and conditions'. However, Dutaland has rejected the reasons for the termination.
Hibiscus resumes trading on Thursday, after its suspension on Tuesday to acquire a 35% equity stake in Lime Petroleum Ltd for a total of US$55 million.
The Lime Group is principally involved in the exploration and production activities in the oil and gas industry in the Middle East region.
Hibiscus said Lime Group's assets are located in the Middle East, where extensive oil & gas infrastructure has been developed. It also said Lime Group's assets are located in an area where several other oil and gas companies with significant financial and technical resources operate.
'These other companies include major integrated oil and natural gas producers and numerous other independent oil and natural gas companies and individual producers and operators. In the event that Lime Group has a successful exploration campaign, the assets could attract interest from these other companies as acquisition targets and/or for partnerships,' it said.
Timber stocks could be in focus after the Netherland's appeals panel has rejected the Malaysian Timber Certification Council's (MTCC) appeal against a 2010 decision by Dutch timber procurement body TPAC.
According to the Timber Industry magazine, the panel found that the Malaysian Timber Certification Scheme (MTCS) had not met the Netherland's procurement criteria for wood.
Malaysia Airports Holdings Bhd (MAHB) could continue to see trading interest after its earnings rose 74.1% to RM108.18 million in the third quarter ended Sept 30, 2011 from RM62.11 million a year ago,.
Year to date, the group's profits rose 42.7% to RM278.23 million from RM194.87 million. Revenue rose 16.4% on-year from RM1.65 billion to RM1.92 billion.
GLOBETRONICS TECHNOLOGY [] BHD []'s earnings fell 10.6% to RM7.73 million in the third quarter ended Sept 30, 2011 from RM8.65 million a year ago following a decline in revenue.
Revenue declined 7.4% to RM70.72 million from RM76.38. Earnings per share were 2.91 sen compared with 3.27 sen.
Reuters reported prospects for a comprehensive deal to resolve the crisis at the summit looked dim, with deep disagreements on critical aspects, including how to give the region's bailout fund greater firepower.
At Bursa Malaysia, the FBM KLCI could give up some of the late gains on Tuesday when it reopens for trading on Thursday, unless there is a strong positive plan to resolve the crisis.
Among the stocks to watch are DUTALAND BHD [], IOI CORPORATION BHD [], Hibiscus Petroleum Bhd and timber stocks.
IOI Corporation Bhd announced on Tuesday it terminated its proposed acquisition of 11,977.91 ha (29,597.42 acres) of oil palm PLANTATION [] land from Dutaland Bhd for RM830 million.
IOI Corp said on Tuesday, the cancellation was 'due to non-compliance of certain terms and conditions'. However, Dutaland has rejected the reasons for the termination.
Hibiscus resumes trading on Thursday, after its suspension on Tuesday to acquire a 35% equity stake in Lime Petroleum Ltd for a total of US$55 million.
The Lime Group is principally involved in the exploration and production activities in the oil and gas industry in the Middle East region.
Hibiscus said Lime Group's assets are located in the Middle East, where extensive oil & gas infrastructure has been developed. It also said Lime Group's assets are located in an area where several other oil and gas companies with significant financial and technical resources operate.
'These other companies include major integrated oil and natural gas producers and numerous other independent oil and natural gas companies and individual producers and operators. In the event that Lime Group has a successful exploration campaign, the assets could attract interest from these other companies as acquisition targets and/or for partnerships,' it said.
Timber stocks could be in focus after the Netherland's appeals panel has rejected the Malaysian Timber Certification Council's (MTCC) appeal against a 2010 decision by Dutch timber procurement body TPAC.
According to the Timber Industry magazine, the panel found that the Malaysian Timber Certification Scheme (MTCS) had not met the Netherland's procurement criteria for wood.
Malaysia Airports Holdings Bhd (MAHB) could continue to see trading interest after its earnings rose 74.1% to RM108.18 million in the third quarter ended Sept 30, 2011 from RM62.11 million a year ago,.
Year to date, the group's profits rose 42.7% to RM278.23 million from RM194.87 million. Revenue rose 16.4% on-year from RM1.65 billion to RM1.92 billion.
GLOBETRONICS TECHNOLOGY [] BHD []'s earnings fell 10.6% to RM7.73 million in the third quarter ended Sept 30, 2011 from RM8.65 million a year ago following a decline in revenue.
Revenue declined 7.4% to RM70.72 million from RM76.38. Earnings per share were 2.91 sen compared with 3.27 sen.
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