Regional markets including Bursa Malaysia are expected to see heavy downside pressure on Thursday, Aug 11 after the overnight rout on Wall Street, sending it down more than 4.6%.
Reuters reported the S&P 500 to another 4 percent decline, triggered by worries that Europe's debt crisis could engulf French banks and spill onto the U.S. financial sector.
For a fifth straight day, the Dow Jones industrial average fluctuated in a range of more than 400 points.
The DJIA lost 519.83 points, or 4.62 percent, to 10,719.94. The S&P 500 fell 51.77 points, or 4.42 percent, to 1,120.76. The Nasdaq Composite dropped 101.47 points, or 4.09 percent, to 2,381.05.
Wednesday's drop came a day after stocks rallied on the Federal Reserve's pledge to keep interest rates near zero for at least two more years.
Although regional markets showed some slight recovery yesterday, backed by encouraging economic data from China and Japan, the already fragile investor sentiment would easily be shattered by another sharp fall at Wall Street.
On Bursa Malaysia, AIRASIA BHD [] could extend its losses.
The company, which inked a tie-up with MALAYSIAN AIRLINE SYSTEM BHD [] (MAS), was actively traded and fell 41 sen to RM3.54 with 90.5 million shares done.
UOBKayHian downgraded it to Sell with a lower target price of RM3.50 (from RM4.60).
The research house said that while an alliance between AirAsia and MAS would benefit Khazanah Nasional Bhd, it did not see AirAsia getting any benefit.
PETRONAS DAGANGAN BHD [] posted net profit RM208.73 million on the back of revenue RM7.54 billion for the three months ended June 30, 2011.
It declared a gross interim dividend of 15 sen per share for the three months ended June 30, 2011 totaling RM111.76 million, payable on Sept 22.
Shell Refining Company (Federation of Malaya) Bhd posted net loss RM27.71 million in the second quarter ended June 30, 2011 compared to net loss RM46.78 million a year earlier, due to weak refining margins and lower production as a result of the major statutory turnaround.
Revenue for the quarter fell to RM1.62 billion from RM2.71 billion a year earlier. It declared a gross interim dividend of 20 sen per share.
MALAYSIA SMELTING CORPORATION [] Bhd’s net profit for the second quarter ended June 30, 2011 surged to RM36.3 million from RM7.98 million a year earlier due mainly to better results from its Butterworth smelting operations and investments in KM Resources Inc.
MSC declared a gross interim dividend of 12 sen per share to be paid on Sept 28.
Amway (Malaysia) Holdings Bhd’s net profit for the second quarter ended June 30, 2011 dipped 12.2% to RM18.99 million from RM21.64 million a year earlier due mainly to higher advertising and promotional expenses coupled with higher operating cost arising from investment in consumer access driven strategies.
Amway declared a second interim single tier dividend of 9.0 sen net per share for the financial year ending Dec 31, 2011.
Reuters reported the S&P 500 to another 4 percent decline, triggered by worries that Europe's debt crisis could engulf French banks and spill onto the U.S. financial sector.
For a fifth straight day, the Dow Jones industrial average fluctuated in a range of more than 400 points.
The DJIA lost 519.83 points, or 4.62 percent, to 10,719.94. The S&P 500 fell 51.77 points, or 4.42 percent, to 1,120.76. The Nasdaq Composite dropped 101.47 points, or 4.09 percent, to 2,381.05.
Wednesday's drop came a day after stocks rallied on the Federal Reserve's pledge to keep interest rates near zero for at least two more years.
Although regional markets showed some slight recovery yesterday, backed by encouraging economic data from China and Japan, the already fragile investor sentiment would easily be shattered by another sharp fall at Wall Street.
On Bursa Malaysia, AIRASIA BHD [] could extend its losses.
The company, which inked a tie-up with MALAYSIAN AIRLINE SYSTEM BHD [] (MAS), was actively traded and fell 41 sen to RM3.54 with 90.5 million shares done.
UOBKayHian downgraded it to Sell with a lower target price of RM3.50 (from RM4.60).
The research house said that while an alliance between AirAsia and MAS would benefit Khazanah Nasional Bhd, it did not see AirAsia getting any benefit.
PETRONAS DAGANGAN BHD [] posted net profit RM208.73 million on the back of revenue RM7.54 billion for the three months ended June 30, 2011.
It declared a gross interim dividend of 15 sen per share for the three months ended June 30, 2011 totaling RM111.76 million, payable on Sept 22.
Shell Refining Company (Federation of Malaya) Bhd posted net loss RM27.71 million in the second quarter ended June 30, 2011 compared to net loss RM46.78 million a year earlier, due to weak refining margins and lower production as a result of the major statutory turnaround.
Revenue for the quarter fell to RM1.62 billion from RM2.71 billion a year earlier. It declared a gross interim dividend of 20 sen per share.
MALAYSIA SMELTING CORPORATION [] Bhd’s net profit for the second quarter ended June 30, 2011 surged to RM36.3 million from RM7.98 million a year earlier due mainly to better results from its Butterworth smelting operations and investments in KM Resources Inc.
MSC declared a gross interim dividend of 12 sen per share to be paid on Sept 28.
Amway (Malaysia) Holdings Bhd’s net profit for the second quarter ended June 30, 2011 dipped 12.2% to RM18.99 million from RM21.64 million a year earlier due mainly to higher advertising and promotional expenses coupled with higher operating cost arising from investment in consumer access driven strategies.
Amway declared a second interim single tier dividend of 9.0 sen net per share for the financial year ending Dec 31, 2011.
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