FBMKLCI 1525.28 DJ-130.78 CRUDE OIL 97.90 RM 2.9955

US stocks tumbled on Monday with European debt fears and easing Chinese growth giving investors jitters.
The Dow Jones Industrial Average of blue-chip stocks closed down 130.78 points (1.05 per cent) at 12,381.26. S&P's downgrade of Italian sovereign debt fed fears of a spreading eurozone crisis, while slowing Chinese manufacturing figures were a new sign of a slowdown in the world's number-two economy.
"Centre stage belonged to global uneasiness surrounding the euro-area debt crisis, after Standard & Poor's downgraded its outlook for Italy, Fitch lowered its outlook on Belgium, debt restructuring in Greece remained uncertain, and Spain's ruling party was trounced in regional elections over the weekend," said analysts at Charles Schwab.
 

Bursa Malaysia yesterday queried enterprise software solutions provider Ingenuity Solutions Bhd over the unusual market activity pertaining to the sharp fall of its share price and the high volume of its shares changing hands. The ACE Market-listed shares shed 4.5 sen yesterday to close at 13 sen yesterday, and topped the list of most actively traded shares with volume reaching 59.4 million shares.

Puncak Niaga Holdings Bhd, through its wholly-owned subsidiary Puncak Oil & Gas Sdn Bhd (POG), had entered into two separate sale and purchase agreements with Global International Vessels Ltd (GIVL) for the acquisition of equity interests in two of the latter’s subsidiaries. Puncak Niaga said the acquisition of the 40% equity interests in Global Offshore (Malaysia) Sdn Bhd (GOM) and KGL Ltd, respectively, would involve a total cash consideration of US$23.6mil (RM70.8mil). This would be made up of 300,000 GOM shares costing US$8.4mil and 80,000 KGL shares costing US$15.2mil.

PUNCAK NIAGA HOLDINGS BHD and its partner Quality Concrete Holdings Bhd signed a contract for a RM667.32 million rural water supply project in Sarawak. Puncak said the 40:60 Konsortium Puncak Niaga Holdings Bhd-Quality Concrete had signed the contract to supply rural water from 2010 to 2012. The completion period is Dec 31, 2012. PBA’s net profit surged 105% to RM11.03 million from RM5.37 million a year ago mainly due to the improved sale of water revenue from trade consumers. Its revenue rose 15.3% to RM56.31 million from RM48.85 million while earnings per share were 3.33 sen compared with 1.62 sen.

Bursa Malaysia Securities has uplifted Ibraco Bhd from the Practice Note 17 classification with effect from Tuesday, May 24. With the completion of the regularisation plan, the company has regularised its financial condition and no longer triggered any of the criteria under PN17 of the Main Market Listing Requirements

Bursa Securities had also approved Ibraco’s waiver application to comply with the requirement to record a net profit in two consecutive quarterly results immediately upon the implementation of the regularisation plan.

Crane manufacturer FAVELLE FAVCO BHD  reported a 13.5% increase in earnings to RM3.86 million in the first quarter ended March 31 from RM3.40 million a year ago mainly due to higher sales. Revenue rose 13.6% to RM85.18 million from RM74.95 million while earnings per share were 2.18 sen versus 1.97 sen. It had cash and cash equivalents of RM103.03 million as at March 31. As at May 19, 2011, outstanding order book of the group is RM496.4 million of which majority is from oil and gas cranes for the offshore oil and gas exploration and production activities.

MITRAJAYA HOLDINGS BHD  has secured a RM46.40 million contract to build an eight-story private hospital in Rawang. It accepted the letter of award from Rawang Specialist Hospital Sdn Bhd for the contract.

MAA Holdings Bhd, a Malaysian insurer, rose 1.6 per cent in Kuala Lumpur trading after saying its first-quarter profit more than tripled. The stock climbed to RM1.28 at 9:10 a.m. local time, set for its biggest gain since May 19.