The fresh flow of corporate news from the Invest Malaysia conference should generate trading interest in companies including Bumiputra-Commerce Holdings Bhd (BCHB), Top Glove, WCT and UEM Land on July 2.
The overall market on July 1 was at best, lacklustre. Only late buying pushed the KL Composite Index into the positive zone, after the 100-stock index stayed in the red most of the day.
News to watch for is Malaysia's May trade numbers. A Reuters poll showed that May exports could have likely fallen 28.8% from a year earlier, more than the 26.3 percent decline in April because of weaker commodity prices, a Reuters poll shows.
Meanwhile, CBS Technology saw the complete exit of Emirates Investment & Development PSC. The Dubai-based company sold two million CBS shares on June 15, reducing it to 19.27 million shares. It sold all the 19.27 million shares the next day and ceased to be a shareholder of the Mesdaq company.
In BCHB, the banking group plans to corporatise a regional "bad bank" to manage bad loans worth between RM10 billion and RM11 billion before being written down to around RM1 billion.
The group has an internal bad loans department that would be corporatised to manage the regional bad loans.
The A (H1N1) flu virus, which has seen the number increase to 196 cases in Malaysia alone, has prompted Top Glove to allocate RM70 million for capital expenditure for its next financial year ending Aug 31, 2010.
The capex would be sufficient to finance the construction of two factories with a combined annual capacity of three billion pieces of gloves.
Meanwhile, UEM Land Bhd has said it is optimistic of securing partners for its Puteri Harbour development in Nusajaya, Johor by year end after Dubai's Damac Properties pulled out of RM396.4 million land deal.
WCT is keen to bid for the expansion of the light rail transit project in the Klang Valley. It has also secured 50% of the targeted RM1 billion projects so far this year.
Puncak Niaga has officially withdrawn from a MoU with Lanco Infratech Ltd to jointly bid for a project called by the Commissioner of Municipal Corporation of Kalyan Dombivli, India.
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