Key regional markets including Bursa Malaysia are expected to open higher on Tuesday, Aug 3, as investors’ sentiment is expected to be underpinned by the firmer overnight close on Wall Street.
In New York, US stocks closed at their highest level in 10 weeks and the S&P 500 pierced key technical levels as a weaker U.S. dollar lifted the energy and raw materials sectors.
Strong results in Europe from BNP Paribas SA and HSBC Plc added to the upbeat tone and lifted U.S. bank stocks. JPMorgan Chase & Co rose 3.4 percent to $41.64 and the KBW Bank index gained 3.2 percent.
The Dow Jones industrial average gained 208.44 points, or 1.99%, to 10,674.38. The Standard & Poor's 500 Index advanced 24.26 points, or 2.20%, to 1,125.86. The Nasdaq Composite Index rose 40.66 points, or 1.80%, to 2,295.36.
The S&P 500 closed the session above its 200-day moving average and the 1,121 level, the midpoint of the slide from its historic high reached in October 2007 and the 12-year low hit in March 2009, which has been viewed as a key resistance level.
At Bursa Malaysia, banking stocks are expected to get a lift from the firmer market sentiment. Stocks to watch include general insurer Pacific & Orient Bhd (P&O), FAVELLE FAVCO BHD [], SCAN ASSOCIATES BHD [], George Kent (Malaysia) Bhd and Kenmark Industrial Co Bhd.
SCC Holdings Bhd will be listed on the ACE Market of Bursa Malaysia on Tuesday and its offer price is 78 sen per share.
P&O, whose shares surged on market talk of the entry of a foreign insurance giant, has announced that UK's Prudential Holdings Ltd is interested to take a stake in the company.
Favelle Favco’s units have secured RM106.4 million in orders to deliver tower cranes and offshore cranes. The approximate combined value of the substantial orders secured amounts to RM106.4 million.
"The contracts are expected to contribute positively to the earnings and net assets of Favelle Favco for the financial year ending Dec 31, 2010 and beyond," it said.
SCAN Associates’ proposed corporate exercise hit a brick wall after Bursa Malaysia Securities Bhd resolved to reject the company corporate exercise.
Bursa Securities had rejected SCAN’s application in relation to the proposed share exchange and proposed transfer “on the ground that the said proposals do not demonstrate a clear benefit to the shareholders of SCAN”.
Kenmark failed to submit its Audited Financial Statements for financial year ended March 31, 2010 to Bursa Securities for public release within the stipulated timeframe under the Main Market Listing Requirements.
The trading in Kenmark’s will be suspended with effect from 9am, Monday, Aug 9, until further notice.
Geroge Kent said the company’s scope of work in the water treatment plant in Kuantan is estimated to be about RM60 million.
Last Wednesday, July 28, George Kent announced the company and its partner secured the RM129.8 million contract to construct and complete 160-million-litres-per-day water treatment plant.
The project was awarded by the East Coast Economic Region Development Council in an open tender. The project is scheduled for completion by Aug 12, 2013, which is 157 weeks from the site possession date of Aug 10, 2010.
Written by Joseph Chin
No comments:
Post a Comment