THE stock market's main benchmark suffered its second double-digit drop in four trading days, wiping out all of its gains so far this year. The FTSE Bursa Malaysia KLCI fell 16.54 points to 1526.43 points. Yesterday's close was 0.46 per cent lower than the new year's first day close of 1533.42 points. The benchmark index closed at a record of 1574.49 points last Monday. Maybank Investment Bank Bhd's head of retail research Lee Cheng Hooi said the blue chip index could fall to as low as 1525 points. "The market is sluggish, and some funds are getting out a bit," said Lee, adding traditionally buying interest will come back after the Chinese New Year (CNY) holidays. The market will still have to breach the 1576 level to sustain a rise. Lee said the research house has a year end 1710 target.
Ann Joo Resources Bhd has entered into a share sale agreement to acquire a 38% stake in Anshin Steel Processor Sdn Bhd, at a cash consideration of RM2.10 per share worth RM11.970mil.
Berjaya Food Bhd’s admission to the stock exchange has been approved by Bursa Securities in the “trading/services” sector of the Main Market. A filing by AmInvestment Bank Bhd on behalf of Berjaya Corp Bhd’s board said the stock exchange regulator had, vide a letter dated Jan 24, approved the admission of Berjaya Food together with the listing of and quotation for the entire enlarged issued and paid-up share capital of the company of RM70.67mil comprising 141.34 million 50 sen shares.
South Korea’s Honam Petrochemical Corp has invoked Section 222 of the Capital Markets & Services Act, 2007 (CMSA) to compulsorily acquire all the remaining 7,185,762 shares of Titan Chemicals Corp Bhd for which acceptances have not been received. “To this end, a notice pursuant to Section 222(1) of the CMSA in relation to the compulsory acquisition has been sent by Honam to all the holders of the remaining offer shares,” Titan said in a note to Bursa yesterday.
Public Bank Bhd has reported a record net profit of RM846.19mil, or 24.16 sen per share, for its fourth quarter ended Dec 31, 2010.
Perusahaan Otomobil Kedua Sdn Bhd (Perodua), which has been adamant against merging with rival Proton Holdings Bhd, would have let off a sigh of relief after news broke that the Government will not force the two national car companies to merge. Minister of International Trade and Industry Datuk Seri Mustapa Mohamed said yesterday the Government will not force through a merger of both car companies and any solution or proposal needs to be agreed to by both stakeholders. “We cannot force them to make a decision as there is a long spectrum. At one end is loose cooperation and at the other, a merger, which has yet to be decided,”
Oilcorp Bhd, via its 51%-owned indirect subsidiary Oilfab Sdn Bhd, has accepted an offer from Ramunia Holdings Bhd to acquire the Pulau Indah Integrated Fabrication Yard for RM83.8mil.
Major shareholders of port operator Integrax Bhd have called for the removal of the company’s executive director Harun Halim Rasip and director Datuk Onn Hamzah.
MALAYSIAN PACIFIC INDUSTRIES Bhd (MPI) posted marginally lower earnings of RM25.29 million in the second quarter ended Dec 31, 2010 when compared with RM25.71 million a year ago. Its revenue increased 6% to RM367.59 million versus RM345.57 million. Its earnings per share were 13.05 sen compared with 13.19 sen a year ago. MPI said the pretax profit of RM34.84 million against RM33.06 million a year ago, despite the higher revenue was mainly due to the strengthening ringgit against the US dollar.
No comments:
Post a Comment