FBM KLCI opens in the red

KUALA LUMPUR: The FBM KLCI fell 1.26 points to 1,357.15 at 9.05am on Friday, July 30 dragged by losses including at Tenaga and Telekom Malaysia.

The decline at Bursa Malaysia was also in line with the negative sentiment at most regional markets following weak outlooks from US TECHNOLOGY [] companies and downbeat comments by a Federal Reserve official underlined concerns about the U.S. economic recovery.

On Bursa Malaysia, among the top losers in early trade, Tenaga fell three sen to RM8.57 while TM lost two sen to RM3.37. TSH fell eight sen to RM1.80, Notion Vtec, Bursa and Suiwah Corp down five sen each to RM2.63, RM7.13 and RM1.54, while M3nergy fell four sen to RM1.79.

Sinotop was the most actively traded counter with 8.49 million shares done. The stock fell 4.5 sen to 26.5 sen. Other actives included Ranhill, E&O, Scomi, Timecom, Nylex and Landmarks.

Petronas Gas was the top gainer and added 35 sen to RM9.90. Lafarge was up eight sen to RM6.78, while C I Holdings six sen to RM3.04. Asia File, Boustead, Kulim and Jerneh up five sen each to RM4.38, RM3.94, RM7.95 and RM3.21 respectively, while Ranhill was up 4.5 sen to 81 sen.

New Hoong Fatt rises after OSK Research ups target price

KUALA LUMPUR: The share price of NEW HOONG FATT HOLDINGS BHD [] (NHF) rose on Friday, July 30 after OSK Research maintained its buy call and raised its target price for the stock to RM2.85. At 9.22am, New Hoong Fatt was up seven to RM2.36 with 8,000 shares done. OSK Research said the company's 2QFY10 revenue and net profit for the quarter were in line within its forecasts.

The company's revenue continued to scale new highs, growing organically by double digits, it said.

"We continue to like NHF's stable organic growth. Rolling over our valuation to FY11 EPS and pegging it at a lower PE multiple of 6 times (from 7 times), we derive a target price of RM2.85 (previously RM2.62), with our buy call maintained," it said in a note July 30.

Ranhill up in early trade

KUALA LUMPUR: RANHILL BHD []'s share price rose in early trade on Friday, July after the company and its partner STS Educational Group Ltd were pre-qualified by the Bangladesh Power Development Board to undertake a power plant project.

At 9.30am, Ranhill was up 4.5 sen to 81 sen with 2.62 shares done.

They were prequalified to bid for the development of a 150MW to 225 MW combined power plant project at Bhola, Bangladesh, Ranhill said in a filing to Bursa Malaysia on July 29.

"The total project cost is estimated at US$200 million (RM638 million). The closing date for the bid is by the last quarter of 2010," it said.

OSK Research raises target price for New Hoong Fatt to RM2.85

KUALA LUMPUR: OSK Research has maintained its buy call on NEW HOONG FATT HOLDINGS BHD [] at RM2.29 with a higher target price of RM2.85 (from RM2.62) and said the company's 2QFY10 revenue and net profit for the quarter were in line within its forecasts.

The company's revenue continued to scale new highs, growing organically by double digits, it said.

"We continue to like NHF's stable organic growth. Rolling over our valuation to FY11 EPS and pegging it at a lower PE multiple of 6 times (from 7 times), we derive a target price of RM2.85 (previously RM2.62), with our buy call maintained," it said.

Focus Point cooperating with regulators to address allegations

KUALA LUMPUR: Focus Point Holdings Bhd, which deferred its listing at the 11th hour on Tuesday, July 26, said it is cooperating with the regulatory authorities to address the malicious allegations against the company.

It said on Thursday, July 29 that it believes in transparency and the cooperation with the regulators and believed that everything will be sorted out in just a matter of time.

Focus Point said the last minute deferment notice made on Tuesday morning was unavoidable as matters had only evolved past midnight.

'Prior to that, the listing ceremony was on schedule. The company wishes to take the opportunity to thank all its investors for their unwavering support and confidence towards the company,' it said.

Focus Point said the company takes priority in updating the investing public and the media on the current status of its listing as soon as it can.

'The company also wishes to assure investors that its president/CEO, Datuk Liaw Choon Liang, together with all its management staff are at work as usual, and are tending to day-to-day matters as business carries on as usual.

'All monies of the investing public are currently securely held by both the placement agent, OSK Investment Bank Bhd, as well as Malaysian Issuing House Sdn. Bhd,' it said.

Business as usual for Motorola

GEORGE TOWN: It will be business as usual for Motorola in Malaysia despite the announcement last week by its parent, Motorola Inc, that Nokia Siemens is buying Motorola's wireless network equipment unit for US$1.2 billion (RM3.8 billion).

Motorola Malaysia communications and public affairs manager Tham Mei Ling said there were no specific details pertaining to the impact on each country where Motorola has a presence including in Malaysia.

It was announced recently by Motorola Inc and Nokia Siemens in a joint statement that Motorola's 7,500 employees in the US, India and China could be transfered to Nokia Siemens and no layoffs were planned.

"As for the Malaysian operations, it is business as usual for Motorola and we will continue to focus on engineering and TECHNOLOGY [] development.

"Malaysia remains a key strategic market for Motorola and we plan to continue our role as technology partner of choice to our customers in the government and public safety, enterprise and wireless communications space," Tham said in an email reply to The Edge Financial Daily.

The deal between both companies is to be completed by year-end with Nokia Siemens acquiring at least 50 new customers.

Motorola has a presence in Penang for more than 36 years, where it is now a major site for its operations in Asia Pacific. Penang is also home to the company's largest research and development and manufacturing facility of two-way radio products in Asia.

It is also the only full-fledged design centre for two-way radios in the world.

Ranhill pre-qualified for US$200m Bangladesh power project

KUALA LUMPUR: RANHILL BHD [] and its partner STS Educational Group Ltd have been pre-qualified by the Bangladesh Power Development Board to undertake a power plant project.

It said on Thursday, July 29 they were pre-qualified to for the Development of a 150MW to 225 MW combined power plant project at Bhola, Bangladesh.

'The total project cost is estimated at US$200 million. The closing date for the bid is by the last quarter of 2010,' it said.

#Today's Diary* What to expect on July 30, 2010

KEY WEST GLOBAL TELECOMM []unications Bhd AGM at Meranti Ballroom, Level 22, Pacific Regency Hotel Suites, Menara Pan Global, Jalan Punchak, Off Jalan P Ramlee, KL at 8.30am.

TECK GUAN PERDANA BHD [] AGM at Theobroma Conference Room , First Floor, Hotel Emas, Jalan Utara, Tawau, Sabah at 9am.

CRESCENDO CORPORATION BHD [] AGM at Jasmine Junior Ball Room, Level C of One World Hotel, PJ, Selangor at 9.30am.

Penang Chief Minister Lim Guan Eng officiates new LED factory opening in Bayan Lepas at 9.30am.

MCIS Zurich Insurance Bhd launches its new branch office at 9 & 11, Jln Molek 1/29, Taman Molek, Johor Bahru at 9.45am.

Empire Shopping Gallery grand opening at Concourse Area, Upper Ground Flr, Empire Shopping Gallery, Subang Jaya, Selangor at 10am.

Official opening ceremony of FemmeCity 2010, Street's Ahead For Women at Hall 5, KL Convention Centre at 10.30am.

KIM LOONG RESOURCES BHD [] AGM at Jasmine Junior Ball Room, Level C of One World Hotel, PJ, Selangor at 2.30pm.

Opening ceremony of the 4th AGM of the Water Association of Selangor, Kuala Lumpur and Putrajaya at SACC, at 3pm.

Dato' Sri Nazir Razak to speak on Growing Beyond Borders at the 15th Malaysian Law Conference at KL Convention Centre at 4pm.

Press conference on MBAM dialogue with affiliate members at Cancun Room, Level 10, Sunway Resort Hotel & Spa, Selangor at 4.30pm.

56th MBAM Anniversary Dinner 2010 at Grand Ballroom, 15th Flr, Sunway Resort Hotel & Spa, Selangor at 7pm. Minister of Housing & Local Government to deliver speech.

Fotronics external auditors unable to ascertain recoverability of RM12.7m

KUALA LUMPUR: Fotronics Corp Bhd's external auditors Messrs. CroweHorwath have expressed concern over the recoverability of trade receivables totaling RM12.7 million due to the company.

It said on Thursday, July 29 Messrs. CroweHorwath had expressed a qualified opinion in their auditors' report for the audited financial statements for the financial year March 31, 2010.

'The auditors have been unable to ascertain the recoverability of the carrying amount due from a trade receivable of the group, namely Futek Incorporated (Japan), amounting to RM12.67 million as March 31, 2010 as disclosed in Note 12 to the financial statements,' it said.

Fotronics said this amount has been long overdue since the financial year ended March 31, 2008.

Share prices close higher, CI up for fifth straight day

KUALA LUMPUR: Share prices on Bursa Malaysia closed higher on Thursday, July 29, boosted by continued buying in selected blue chips as well as
lower liners, dealers said.

At 5pm, the FBM KLCI rose 3.22 points or 0.24% to close at 1,358.41, to stay high for the fifth straight day.

It had opened 0.59 of a point higher at 1,355.78 in the morning and traded at between an intra-day high of 1,359.27 and a low of 1,353.16 during the
session.

A dealer said late gains in most regional markets had prompted buying interest in the local market.

He also said the local market traded mixed in the early session today on some profit-taking activities as investors took cue from a weaker overnight Wall
Street.

However, persistent buying in selected heavyweights, especially in afternoon session helped the key index stay above the 1,350-point level.

At close, the Finance Index eased 6.64 points to 12,334.58, the PLANTATION [] Index declined 6.30 points to 6,410.64 and the INDUSTRIAL INDEX [] slipped 23.35 points to 2,649.83.

The FBM Emas Index gained 23.28 points to 9,201.65, the FBM70 [] Index increased 28.64 points to 9,202.98 and the FBM Ace Index added 4.55 points to 3,803.73.

Advancers led decliners by 386 to 345 while 279 counters were unchanged, 358 untraded and 27 others suspended.

Volume increased to 999.630 million shares valued at RM1.481 billion from 847.160 million shares worth RM1.251 billion yesterday. -- Bernama