Trading activities on Bursa Malaysia are likely to remain lacklustre on Wednesday, June 16 given the overall weaker investor sentiment demonstrated at the regional markets a day earlier.
Moody's Investor Service's move to downgrade Greece's credit rating halted the Asian stock-market rally yesterday, as worries resurfaced that Europe's debt crisis was not over.
Although Moody's four-notch downgrade of Greece's rating to Ba1 had been expected in reaction to rival Standard Poor's BB-plus rating, the move gave investors an excuse to book profits after shares hit a month high on Monday, according to Reuters.
AT Bursa Malaysia, total volume was 511.87 million shares, just slightly higher than the 502.17 million shares the day earlier, reflecting the cautious broader market.
Among the stocks that could be in focus on Wednesday are IJM Corporation Bhd, Aeon Credit Service (M) Bhd, PLUS Expressways Bhd, United Malacca Bhd (UMCCA) and Kenmark Industrial Co (M) Bhd.
IJM Corp's unit has secured part of the Second Penang Bridge, which is Package 3B: Batu Kawan Expressway project, Jambatan Kedua Sdn Bhd (JKSB) for RM349.98 million.
JKSB is a unit of the Minister of Finance, Incorporated. The project includes building a dual two-lane carriageway of approximately 5.7 km with a cloverleaf interchange and four bridges.
Aeon Credit Service (M) Bhd aims to launch two new ventures, namely their online shopping mall business in the first quarter of 2011 and the prepaid card business in the financial year ended February 2012 (FY2012), said its managing director Yasuhiro Kasai.
For its first quarter ended May 20, 2010, the company's net profit grew 8.2% to RM13.2 million on the back of revenue RM53.02 million.
Aeon Credit said its easy-payment business for financing of consumer durables and motorcycles continued to register growth in revenue on the back of growth in trade receivables over the past year.
PLUS Expressways Bhd acquired one million ordinary shares of RM1 each in Teras Teknologi Sdn Bhd, representing 100% equity interest in Teras from UEM Group Bhd for RM44 million cash.
Teras is the company that introduced the toll revenues and collection system (TRACS), the contactless smart card system Touch 'n Go, and the non-stop vehicle on-board unit, SmartTAG, to Malaysia.
Buying interest could continue in United Malacca Bhd, whose share price jumped 6.94% or 55 sen yesterday to RM8.47 after the company proposed to undertake a one for two bonus issue of 67 million bonus shares.
Kenmark's share price fell 15.38% or two sen to 11 sen with 38.6 million shares done after the company said Datuk Ishak Ismail ceased to be a substantial shareholde. Kenmark said Ishak on June 9 sold 58.69 million Kenmark shares or 32.29% stake.
- The Edge Malaysia
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