On Thursday, Reuters reported that Shanghai and Hong Kong shares fell as a cash crunch in the mainland's financial system weighed on the markets and a slowdown in trading activity kept investors on the sidelines.
The volatile Korean Peninsula also did not help investor sentiment at the regional markets on Thursday, as North Korea's minister of armed forces said on Thursday its military was prepared to wage a "holy war" against the South using its nuclear deterrent after what he called Seoul's attempt to initiate conflict.
Reuters had earlier on Thursday reported that South Korean President Lee Myung-bak said its military should launch a "merciless counterattack" if its territory is attacked again by North Korea, as Seoul's military held major land and sea exercises on Thursday.
At Bursa Malaysia, lack of fresh leads pushed the benchmark FBM KLCI lower on Thursday, according to BIMB Securities.
Among the stocks to watch on Friday are SIME DARBY BHD [], PLUS EXPRESSWAYS BHD [], Selangor PROPERTIES [] Bhd (SelProp), UEM Land Bhd, UNITED MALAYAN LAND BHD [] (UMLand), Axiata Group Bhd, PINTARAS JAYA BHD [] and glove maker ADVENTA BHD [].
Sime Darby has filed a multi-million ringgit civil suit against its ex-president and group chief executive Datuk Seri Ahmad Zubir and four others in relation to the Qatar Petroleum Project (QP), the Maersk Oil Qatar Project (MOQ Project) and the project relating to the CONSTRUCTION [] of marine vessels known as the Marine Project.
The other four being sued are Datuk Mohamad Shukri Baharom, Abdul Rahim Ismail, Abdul Kadir Alias and Mohd Zaki Othman.
PLUS Expressway's board agreed to extend the deadline for it to receive takeover bids to Jan 10, 2011 following requests from minority shareholders at its EGM on Thursday. The company's shareholders also voted in favour of adjourning the EGM to a later date.
SelProp proposed a final dividend of 10 sen per share less 25% tax in respect of the financial year ended Oct 31, 2010, totaling RM25.77 million. Its net profit for the fourth quarter ended Oct 31, 2010 jumped 47.7% to RM53.93 million from RM36.52 million a year earlier, mainly attributable to the revaluation surplus of RM29.7 million on its investment properties and higher unrealised foreign exchange gain.
For the full year, SelProp's net profit rose 29.3% to RM42.62 million from RM32.97 million a year earlier.
UEM Land and UMLand are to jointly develop the second mixed development project in Puteri Harbour with an estimated gross development value of RM670 million, and gross development profit of RM160 million.
UEM Land, the master developer of Nusajaya, on Thursday signed a sale and purchase agreement (SPA) valued at RM49.6 million with Nusajaya Consolidated Sdn Bhd (NCSB), a 50:50 joint venture company of UEM Land and UMLand to acquire the parcel of land, Parcel Commercial South 3 (Parcel CS3) at Puteri Harbour.
Axiata completed the sale of its entire 18.9% stake in Samart Corporation Public Company in line with its strategy to focus on its mobile communications business.
Axiata, which has held the stake in Samart since 1997, disposed its shares to the Thailand-based company's existing shareholders Charoenrath Vilailuck and Watchai Vilailuck for US$34.8 million cash.
It still holds its 24.4% stake in Samart i-Mobile, focusing on mobile, multimedia and international business.
Axiata completed the sale of its entire 18.9% stake in Samart Corporation Public Company in line with its strategy to focus on its mobile communications business. The company still holds its 24.4% stake in Samart i-Mobile, focusing on mobile, multimedia and international business
Pintaras Jaya's unit Pintaras Geotechnics Sdn Bhd secured a RM26.1 million contract to undertake earthwork, piling including pilecaps and stumps for development of service apartments in Kuala Lumpur.
Meanwhile, glove makers could continue to be in focus after rallying on Thursday on market talk that Adventa could be a target of a takeover.
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