Stocks on Bursa Malaysia could advance on Friday, March 4 following positive newsflow from Wall Street and a brief retreat in oil prices.
On Wall Street, investors betting on a big gain in US payrolls pushed Wall Street to its best one-day rally in three months on Thursday, but weak volume lingers as a concern for those hoping for another leg higher, Reuters reports.
As oil paused from its recent climb, the market's focus shifted to stronger-than-expected economic data a day before the February U.S. employment report.
Reuters reported oil prices retreated from near 2-1/2 year highs. Brent crude futures fell $1.56 to settle at $114.79 after Venezuela's proposed plan to end Libya's crisis set off profit-taking.
At Bursa Malaysia, stocks in focus would be the cash rich Lion Industries Bhd and LION FOREST INDUSTRIES BHD [], KNM GROUP BHD [], PPB GROUP BHD [], AMMB HOLDINGS BHD [], TANJUNG OFFSHORE BHD [] and RHB CAPITAL BHD [].
The Edge FinancialDaily reports Friday that cash rich Lion Industries Bhd and Lion Forest Industries Bhd have been roped in for the RM3.2 billion blast furnace project, which is currently undertaken by their sister company, LION DIVERSIFIED HOLDINGS BHD [] (LDHB).
KNM Group Bhd said it has year-to-date secured new orders amounting to RM693 million, underpinned by the bullish sentiment in the global oil and gas industry globally as crude oil surges to record highs.
The current order book of KNM stood at RM6.4 billion and the backlog at RM5.4 billion. KNM said its tender book was RM17 billion, which it said had significantly improved compared with the trough of the sub-prime crisis which was at RM10 billion.
Malaysia is open to Australia & New Zealand Banking Group doubling its stake in Malaysian lender AMMB Holdings to 49 percent in a move that could encourage more foreign investment, Prime Minister Datuk Seri Najib Tun Razak was quoted saying by Reuters in Melbourne.
PPB Group Bhd plans to double its flour production capacity in Indonesia and Vietnam within the next two years to 2,800 tonnes a day. It plans to invest RM140 million.
Meanwhile, Wilmar International , the world's largest listed palm oil company, plans to enter Indonesia's consumer flour market, possibly in 2012, which will intensify competition in the country. PPB derives a significant chunk of its earnings from Wilmar.
Bank Negara Malaysia has not allowed the Employees Provident Fund Board to hold more than 45% of the paid-up share capital of RHB Capital Bhd.
Hence, EPF’s irrevocable undertaking to subscribe under the rights issue shall be for a minimum of 45% of the total rights shares.
Bursa Malaysia Securities Bhd has publicly reprimanded Tanjung Offshore Bhd and ordered it to carry out a limited review on its quarterly report submissions following a 37% deviation between the unaudited and audited earnings.
On Wall Street, investors betting on a big gain in US payrolls pushed Wall Street to its best one-day rally in three months on Thursday, but weak volume lingers as a concern for those hoping for another leg higher, Reuters reports.
As oil paused from its recent climb, the market's focus shifted to stronger-than-expected economic data a day before the February U.S. employment report.
Reuters reported oil prices retreated from near 2-1/2 year highs. Brent crude futures fell $1.56 to settle at $114.79 after Venezuela's proposed plan to end Libya's crisis set off profit-taking.
At Bursa Malaysia, stocks in focus would be the cash rich Lion Industries Bhd and LION FOREST INDUSTRIES BHD [], KNM GROUP BHD [], PPB GROUP BHD [], AMMB HOLDINGS BHD [], TANJUNG OFFSHORE BHD [] and RHB CAPITAL BHD [].
The Edge FinancialDaily reports Friday that cash rich Lion Industries Bhd and Lion Forest Industries Bhd have been roped in for the RM3.2 billion blast furnace project, which is currently undertaken by their sister company, LION DIVERSIFIED HOLDINGS BHD [] (LDHB).
KNM Group Bhd said it has year-to-date secured new orders amounting to RM693 million, underpinned by the bullish sentiment in the global oil and gas industry globally as crude oil surges to record highs.
The current order book of KNM stood at RM6.4 billion and the backlog at RM5.4 billion. KNM said its tender book was RM17 billion, which it said had significantly improved compared with the trough of the sub-prime crisis which was at RM10 billion.
Malaysia is open to Australia & New Zealand Banking Group doubling its stake in Malaysian lender AMMB Holdings to 49 percent in a move that could encourage more foreign investment, Prime Minister Datuk Seri Najib Tun Razak was quoted saying by Reuters in Melbourne.
PPB Group Bhd plans to double its flour production capacity in Indonesia and Vietnam within the next two years to 2,800 tonnes a day. It plans to invest RM140 million.
Meanwhile, Wilmar International , the world's largest listed palm oil company, plans to enter Indonesia's consumer flour market, possibly in 2012, which will intensify competition in the country. PPB derives a significant chunk of its earnings from Wilmar.
Bank Negara Malaysia has not allowed the Employees Provident Fund Board to hold more than 45% of the paid-up share capital of RHB Capital Bhd.
Hence, EPF’s irrevocable undertaking to subscribe under the rights issue shall be for a minimum of 45% of the total rights shares.
Bursa Malaysia Securities Bhd has publicly reprimanded Tanjung Offshore Bhd and ordered it to carry out a limited review on its quarterly report submissions following a 37% deviation between the unaudited and audited earnings.
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