FBMKLCI 1499.88 DJ-7.34 CRUDE OIL 89.01 RM 3.11

SHARES on Bursa Malaysia is expected move sideways this week and confined within a tight-low-volume-doldrum of 1,490 and 1,510 points. Affin Investment Bank Head of Retail Research Dr Nazri Khan said the FTSE Bursa Malaysia (FBM) Composite Index made an impressive gain of 19% over the past six months. We are not surprised to see further consolidation in the last two weeks of December due to the year-end rebalancing, options annual expiration and holiday thin trading, he said. Nazri said the local market was still upbeat in the medium-term, but it could be distracted by the European sovereign debt situation and the rising bond yield in the near-term. He said renewed European debt worries tied to Moody's warning of a downgrade of Spain and Ireland's debt and poor Portuguese bond auction may dent the local market for a while.

Government-linked investment companies (GLICs), including Kumpulan Wang Persaraan (KWAP), have indicated an intention to vote in favour of the proposed takeover of PLUS Expressways Bhd by UEM Group and the Employees Provident Fund (EPF), reliable sources said.

DiGi.Com Bhd, a Malaysian mobile- phone operator, will invest RM700 million in capital expenditure next year, the Star newspaper reported, citing chief executive officer Henrik Clausen. The investment is similar to the amount spent this year, though more money will be used to improve its data and Internet network in 2011 compared with voice services, according to the report today.  

Johor Corp (JCorp) is seeking to remove Tan Sri Muhammad Ali Hashim, its previous head for 18 years, from the boards of three listed companies it has direct stakes in. The move seems to confirm speculation that Muhammad Ali, who had suddenly resigned as JCorp's CEO in July, is no longer in the good books of the powers that be in the state of Johor. JCorp has called for EGMs at Kulim (M) Bhd, KPJ Healthcare Bhd and Damansara Realty Bhd (DRealty) for this purpose. The removal of Muhammad Ali will be via ordinary resolutions at each of these companies, which means that a simple majority of shareholder votes would achieve the desired result. While JCorp controls more than 50% of the equity of Kulim and DRealty, it owns only 237.8 million shares in KPJ Healthcare, according to the latest shareholding changes filed with Bursa Malaysia. And according to Bloomberg data, this number of shares amounts to only a 42.6% stake in KPJ.

IJM Corp Bhd, a property developer and contractor, has secured a RM460.59m contract from Naza TTDI Construction SB for the “superstructure work” for Platinum Park’s phase three. The project involves the development of a 50- and 38- storey office towers comprising a one level facilities area at level 10, eight levels of podium carparks and a three-level basement carpark, according to a filing to Bursa Malaysia last Friday. The completion date is 31 Dec, 2013, IJM said in the filing.