12 July 2010.
Blue chips on Bursa Malaysia may extend their gains in the coming week, starting July 12, amid some intermittent profit taking after a five-day winning streak.
The FBM KLCI ended the week at 1,324.21, up 16 points on-week despite some initial hesitation and caution.
Wall Street closed out its best week in a year on Friday, snapping back from a long stretch of selling, as investors looked ahead to what many expect will be a solid earnings season.
The Dow Jones industrial average was up 59.04 points, or 0.58%, at 10,198.03. The Standard & Poor's 500 Index was up 7.70 points, or 0.72%, at 1,077.95. The Nasdaq Composite Index was up 21.05 points, or 0.97%, at 2,196.45.
Stocks to watch the week ahead include TECHNOLOGY [] stocks, MAH SING GROUP BHD [], KUMPULAN EUROPLUS BHD [], HARTALEGA HOLDINGS BHD [] and TEJARI TECHNOLOGIES BHD [].
Tech stocks could track the US major technology companies which are expected to announce their earnings. Some of the stocks could have viewed as oversold on worries about slowing US and euro land economies.
According to Reuters, the biggest names in technology will release quarterly results this month, starting with Intel Corp and Google Inc next week, followed by IBM, Apple Inc and Microsoft Corp the following week.
Mah Sing plans to launch several projects with a combined gross development value (GDV) of RM1.1 billion.
It had on Friday announced the acquisition of three plots of lands for a total of RM276.1 million in Kinrara, Puchong (RM178.4 million); the Damansara North-Subang-Sungai Buloh corridor (RM65.9 million); and in Bukit Jelutong, Shah Alam (RM31.8 million).
Mah Sing group managing director and group chief executive Tan Sri Leong Hoy Kum said the group is building its development pipeline for 2011 and beyond to ensure enough projects to launch and sell this year.
In Hartalega Holdings Bhd, a filing with Bursa Malaysia showed Budi Tenggara Sdn Bhd had disposed of five million shares on July 7, reducing its stake to 12.35 million shares or 5.09%.
Kumpulan Europlus Bhd holds its EGM on Monday to seek shareholders' approval to dispose of up to 14.01% stake of the enlarged paid-up capital of Talam Corporation Berhad at prevailing market prices.
KEuro now owns 624.08 million Talam shares or 24.11% after the recent disposals of 110 million Talam shares on May 17 at 13 sen to 13.5 sen.
In Tejari Technologies Bhd, KOM2 Holdings Sdn. Bhd had disposed of 16 million shares on July 8 at 29.5 sen each. It disposed of the shares in two tranches of eight million each and reduced its stake to 16.67% or 27.16 million shares.
The company provides fluid power products, system solutions, service and repair facilities for hydraulic equipment.
Written by Joseph Chin
The Edge Malaysia
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