KLSE Market | Malaysia News for 2010-03-31 

  The Star

Little change in quiet trade
KUALA LUMPUR: The FTSE Bursa Malaysia KL Composite Index (FBM KLCI) wobbled close to the flat line in early Wednesday trade, with select lower liners in focus.


  Australia approves in principle second stock exchange
CANBERRA, Australia (AP): An Australian subsidiary of Chi-X Global Inc. has been given in-principle approval to open a second stock exchange in Australia and break a monopoly that has existed since 1987, a minister said on Wednesday.

Nissan will sell electric car for just over $25K
NEW YORK (AP): Nissan’s new electric car will cost just over $25,000 when it goes on sale in the US in December, aiming to bring gasoline-free technology within reach of mainstream drivers.

Boosting Bursa Malaysia’s appeal
PETALING JAYA: The Government is stepping up efforts to shore up the local stock market, as it seeks to boost Bursa Malaysia’s appeal to foreign investors.

Prime govt land to be tendered out for private development
PETALING JAYA: In what is seen as a major initiative by the Government to unlock the value of its land, Prime Minister Datuk Seri Najib Tun Razak said several parcels of land in Jalan Stonor, Jalan Ampang and Jalan Lidcol in Kuala Lumpur have been identified to be tendered out for development by the private sector.

HLB makes new offer at previous price to EON Cap
PETALING JAYA: Hong Leong Bank Bhd (HLB) has extended a new offer to acquire the entire assets and liabilities of EON Capital Bhd (EON Cap) at its previous offer price of RM4.92bil cash.

Group may buy Pos Malaysia stake
PETALING JAYA: A consortium of buyers, headed by an entrepreneurial group coupled with private equity funds, are likely to be the parties invited to buy the 32.2% stake in Pos Malaysia which is up for sale, sources said.

New approach to increase yields of smallholders
PETALING JAYA: In line with the Government’s initiatives to boost productivity of the palm oil sector, the Malaysian Palm Oil Board (MPOB) has implemented a new approach to increase the yields of smallholders.

NEM lacks critical details
PETALING JAYA: While the New Economic Model (NEM) acknowledges the need for Malaysia to reform to be more dynamic and competitive, it lacks critical details for smooth implementation that hopefully the 10th Malaysia Plan will address, say economists.

Need for social safety nets
THE New Economic Model (NEM) needs to have safety nets in place before the proposals for the overhaul of the economy can be put into action.

Eight key sectors with potential identified
THERE are eight key sectors that have been identified for inclusion in the National Key Economic Activities (NKEA) as they have the potential to thrive as the country moves into the high-income bracket.

New investment strategies
GOVERNMENT-LINKED companies (GLCs) will pursue new divestments to expand the role of capital markets under the New Economic Model (NEM), said Datuk Seri Najib Tun Razak.

Khazanah: NEM’s first part a realistic outline
KHAZANAH Nasional Bhd believes the first part of the New Economic Model (NEM) is above all else an honest diagnosis, a bold prescription and a realistic outline of an implementation framework.

No choice but to change, say NEAC members
MEMBERS of the National Economic Advisory Council (NEAC) say the challenges Malaysia is facing leave the country no choice but to start changing the way things operate or face the prospect of being left behind.

Gnanalingam: PM consistent in pledge on economic reforms
THE NEM is to ensure Malaysia does not lose its competitive edge while being able to attract and retain the best talent to realise the country’s true potential, said Westports Malaysia executive chairman Tan Sri G. Gnanalingam.

Four-pronged approach to boost electronics sector
THE New Economic Model (NEM) is recommending for the implementation of a four-pronged approach to boost the country’s electronics sector.

Malaysia must act now to retain competitiveness
MALAYSIA’S gross national income (GNP) is about US$7,600 annually or RM2,200 a month and currently, almost 4% of all Malaysians and over 7% of rural Malaysians live below the poverty line.

A forward looking, business friendly economic model
TELEKOM Malaysia Bhd (TM) feels the New Economic Model (NEM) is forward looking, business friendly and comprehensive as it covers all levels of the society and all sectors of the economy.

Need for different credit assessment on innovative SMEs
THE financial industry must make credit assessment differently for innovative small and medium enterprises.

NEM calls for clusters of SMEs
THE New Economic Model (NEM) calls for the formation of clusters of small and medium enterprises (SMEs) within the same location and the transformation of the Malaysian Industrial Development Authority (Mida) into an effective one-stop agency.

NEM to help boost SME sector
THE New Economic Model (NEM) unveiled by the Government will take into consideration the needs of small and medium enterprises (SMEs) and micro-enterprises which form up to 40% of income earners.

Mida may liberalise subsectors of services
MALAYSIAN Industrial Development Authority (Mida), which is expected to be corporatised latest by August and renamed Malaysian Investment Development Authority, is studying the possibility of liberalising several subsectors within the services segment to encourage more investments.

Investment community hails Govt stake sale
THE investment community has hailed the Government’s move to further divest its stakes in listed companies on Bursa Malaysia as this would create more liquidity in the market.

Attracting private investment
MALAYSIA’S economy will need to attract more private investments, both local and foreign, as the Government’s spending power diminishes over time if the targets listed in the New Economic Model (NEM) are to be achieved.

Unlocking smallholder and R&D potential
UNLOCKING the full potential of smallholder planters and genome research are the two key initiatives identified by the Government to boost higher productivity and sustainability level of the palm oil industry in the country.

4G WiMAX can help Malaysia become high-income nation
MALAYSIA’S first nationwide 4G WiMAX network has the potential to change how people work, live and communicate, according to YTL Corp Bhd managing director Tan Sri Francis Yeoh.

Pay-TV business boosts Astro net profit
PETALING JAYA: Astro All Asia Networks Plc posted a significant jump in its net profit in its fourth quarter ended Jan 31, 2010 to RM37.6mil from a net loss of RM28.8mil a year ago.

TNB eyes second quarter profit boost
TENAGA Nasional Bhd (TNB) expects a strong second-quarter profit after electricity demand surged, and had doubled its full-year demand growth forecast, chief executive officer Che Khalib Mohamad Noh said yesterday.

CIMB sees strong dealflow in 2010
CIMB Group expects the corporate deal pipeline to remain positive after a strong start to the year, chief executive officer Datuk Seri Nazir Razak said yesterday.

Tajuddin, Fauzi to head Energy Commission
KUALA LUMPUR: The Energy, Green Technology and Water Minister Datuk Seri Peter Chin Fah Kui yesterday announced the appointment of Tan Sri Dr Ahmad Tajuddin Ali and Ahmad Fauzi Hassan as chairman and chief executive officer (CEO) respectively for the Energy Commission of Malaysia for two years, effective April 1.

GCH setting up Giant hypermarket in Sarawak
KUALA LUMPUR: GCH Retail (M) Sdn Bhd, the owner of Giant hypermarkets and Cold Storage stores, has invested RM12mil to set up a hypermarket in Miri, Sarawak.

Transmile – first new airline to fly to Changi Airport
SINGAPORE: Cargo airline Transmile Air yesterday began operation into Singapore Changi Airport, making it the first new airline to fly to the airport this year.

NEM needs a professional touch
THE bold initiatives as outlined under the New Economic Model require a lot of commitment and expertise at the implementation stage.

Even Britain may be looking at tightening takeover rules
ONE of the key arguments against the proposed changes to takeover rules is that even markets like Britain have not changed their rules after considering it. So why should we?

Hutchison to focus on core businesses
HONG KONG: Hutchison Whampoa, billionaire Li Ka-shing’s ports-to-telecoms flagship company, said it would focus on cutting debt and investing in its core businesses this year, as it reported disappointing quarterly results dragged down by weakness in its ports and energy units.

  The Malaysian Mail

Flat trading in Euro stocks
LONDON: European stocks ended mixed yesterday amid concerns on Greece’s debt crisis and the stability of Austrian banks, as well as investor speculation on a possible early hike in US interest rates.. London’s FTSE 100 index of leading shares closed down 0.56 per cent at 5,285.77 points while in Paris the CAC 40 inched up 0.10 per cent to 3,834.09 and the Frankfurt Dax rose 0.16 per cent to 5,811.34.. Zurich was up 0.10 per cent, Brussels rose 0.08 per cent and Amsterdam gained 0.83 per cent, but Milan fell 0.15 per cent and Madrid was down 0.25 per cent.


  Wall Street ends lower
NEW YORK: Wall Street stocks retreated yesterday with investors turning skittish in the face of mixed economicnews and as a two-day Federal Reserve meeting on monetary policy got underway.. The Dow Jones Industrial Average dropped 49.05 points (0.47 per cent) to close at 10,452.00, a day after the blue chip index’s highest close since October 2008.. The technology-rich Nasdaq composite lost 11.05 points (0.50 per cent) to 2,201.05 and the Standard & Poor’s 500 index shed 6.18 points (0.55 per cent) to close at 1,107.93.

Fed likely to maintain stimulus
WASHINGTON: The US Federal Reserve concludes a two-day meeting today expected to pledge ongoing stimulus for a recovering US economy.. The Federal Open Market Committee (FOMC) is widely expected to keep its near-zero interest rate policy and a range of programmes to flood the financial system with money to restore credit flows.

Dream comes true for Boeing (finally)

BIZ BRIEFS: AirAsia to expand India routes

Colourful chips in the market

QMS launches hub in KL
KUALA LUMPUR: Qatar Media Services (QMS) aims to be a leading regional media partner leveraging on several platforms such as outdoor, print, online and television in countries like Australia, Hong Kong, Vietnam, Taiwan, Singapore, Korea, Japan and Malaysia in areas of media representation, media buying and consultancy services.. Trademarked as Q.media, the media representative for the Al-Jazeera Network and numerous other global and regional media networks, it launched its Asia Pacific hub here this morning.


  The Edge Malaysia

#Flash* PM’s keynote address at Invest Malaysia
KEYNOTE ADDRESS BYTHE HON. DATO’ SRI MOHD NAJIB TUN RAZAKPRIME MINISTER OF MALAYSIAATINVEST MALAYSIA 2010ON 30TH MARCH 2010, AT 8.15 AMSHANGRI LA HOTEL, KUALA LUMPUR———————————–….

FBM KLCI futures open firmer in early trading
KUALA LUMPUR: The FTSE Bursa Malaysia Kuala Lumpur Composite Index (FBM KLCI) futures on Bursa Malaysia Derivatives opened mostly firmer in early trading Tuesday in line with the cash market, dealers ….

#Flash* Bursa update 9.30am
KUALA LUMPUR: At 9.30am on Tuesday, March 30, there were 160 gainers, 37 losers and 120 counters traded unchanged on the Bursa Malaysia.. The FBM-KLCI was at 1,322.41 up 3.20 points, the FBMACE was at….

RHB Research ups KFCH to Outperform
KUALA LUMPUR: RHB Research Institute raised its outlook for KFC Holdings Bhd (KFCH) to Outperform from Market Perform and raised its FY10-12 forecasts by 9%-15.8%.. The research house said on Tuesday,….

Hwang DBS Vickers Research initiates coverage on Alliance Financial Group
KUALA LUMPUR: Hwang DBS Vickers Research (HDBSVR) has initiated coverage on Alliance Financial Group (AFG) with a Buy rating and RM3.45 target price.. HDBSVR said on Tuesday, March 30 AFG has successf….

OSK Research: FBM KLCI immediate resistance at 1,334
KUALA LUMPUR: OSK Research said the FBM KLCI continued to add more points on Monday after gaining support at the “Upside Gap 2”.. It said on Tuesday, March 30 the push on Monday also repositioned ….

CIMB Research maintains Outperform on SP Setia
KUALA LUMPUR: CIMB Equities Research is neutral on SP Setia’s acquisition of a 1.07-acre piece of land in Melbourne for A$30 millio (RM92.4 million) as the strong potential earnings contribution offse….

ECM Libra Research maintains Hold on SP Setia
KUALA LUMPUR: ECM Libra Research is maintaining its Hold call on SP Setia Bhd and a Target Price of RM4.46 based on the upper-end P/E valuation of 20x on CY11 earnings.. It said on Tuesday, March 30 w….