Stocks are expected to rise on Friday, July 9 as sentiment will be given a boost by the third straight day of gains on Wall Street, but the gains could be limited ahead of the weekend.
On Wall Street, stocks rose for a third straight day on Thursday as investors were encouraged to see jobless claims fall and a handful of large retailers report solid sales.
The Dow Jones industrial average was up 120.71 points, or 1.20%, at 10,138.99. The Standard & Poor's 500 Index was up 9.98 points, or 0.94%, at 1,070.25. The Nasdaq Composite Index was up 15.93 points, or 0.74%, at 2,175.40.
At Bursa Malaysia, banks would be in focus after Bank Negara raised the overnight policy rate (OPR) by 25bps to 2.75% on Thursday.
Banks which would gain include those focusing on variable mortgages instead of fixed interest rate loans.
KNM GROUP BHD [] said its units had secured orders totaling RM288.8 million for several foreign contracts.
In KENMARK INDUSTRIAL CO. (M) BHD [], Bursa Malaysia Securities Bhd has commenced enforcement proceedings against the company, its managing director, Hwang Ding Kuo @ James Hwang and executive director, Chang Chin-Chuan for various breaches of disclosure requirements under the Listing Requirements.
In BANDAR RAYA DEVELOPMENTS BHD [], it is buying from Limitless Holdings Pte Ltd the latter’s entire 60% stake in Haute Property Sdn Bhd for a nominal sum of RM1.
However, this hinges on the agreement to participate with UEM Land Bhd to undertake the “Residential North” project in the Puteri Harbour development in Nusajaya, Johor.
Bandar Raya will reimburse Limitless RM75 million for which Limitless had advanced to Haute towards partial payment by Haute of the development rights for the proposed project.
In SEG INTERNATIONAL BHD [], it has received Bank Negara’s approval for the proposed rights issue of 124.73 million five-year 2010/2015 warrants. The warrants will be issued on the basis of one new warrant for every two shares held at five sen per warrant.
LPI CAPITAL BHD [] has proposed a bonus issue of up to 69.36 million new shares on a one for two basis and also a proposed renounceable rights issue of up to 13.87 million new rights shares at an issue price of RM7 per rights share.
The rights shares will be on the basis of one rights share for every 10 existing LPI shares held.
Written by Joseph Chin
The Edge Malaysia
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