KLSE Market

FBM KLCI to hit 1,650 at end-2011: ECM
ECM Libra maintains its base-case FTSE Bursa Malaysia Kuala Lumpur Composite Index (FBM KLCI) target of 1,480 and 1,650 at the end of next year though the FBM KLCI retraced by about three per cent since hitting a high of 1,528.01 three weeks ago.Whil…..

Malaysia leads Asian M&A rebound
Malaysia is the fastest growing market for mergers and acquisitions in the Asia-Pacific region as companies seize on record valuations and relaxed takeover rules to catch up with rivals in India and Singapore.Acquisitions of Malaysian companies almos…..

ECM: Sunway is top buy for building sector
ECM Libra Investment Research said Sunway Holdings Bhd (SunHldgs) is the top buy for the construction sector, amid its strong earnings growth of 86.5 per cent in financial year 2010.It is also premised on the undemanding forward price to earnings val…..

Auto companies must innovate or die: Dr M
Automobile companies must upgrade and innovate or otherwise see a rapid inglorious end, says Tun Dr Mahathir Mohamad.The former prime minister cited examples of well-known old makes which have disappeared, especially British cars. ‘We no longer see B…..

Sarawak Govt to meet Najib on Bakun project
The Sarawak government will meet Prime Minister Datuk Seri Najib Tun Razak soon to finalise the sale of the Bakun hydro-electric project, Chief Minister Tan Sri Abdul Taib Mahmud said today.Taib, who is also state Finance Minister, said the 2,400 meg…..

Proton sees room to work with Perodua
There is room for Proton Holdings Bhd and Perusahaan Otomobil Kedua Sdn Bhd (Perodua) to collaborate, said Proton managing director, Datuk Syed Zainal Abidin Syed Mohamed Tahir.’The collaboration is not about Proton and Perodua but about Malaysian mo…..

Telekom plans to sell stake in Axiata
Telekom Malaysia Bhd said it plans to dispose of up to 191.5 million shares in Axiata Group Bhd, according to a statement to the stock exchange today.The company intends to sell the holding, which makes up about 2.27 per cent of Axiata’s total outsta…..

Sime Darby moves planters higher
Sime Darby Bhd led Malaysian plantation stocks higher in Kuala Lumpur trading after palm oil futures climbed to their highest level in more than two years.Shares of Sime, the world’s biggest listed palm oil producer, gained 2 per cent to RM8.80 at 1…..

UMW to sell Repsol lubricants in Asia
UMW Lubricant International Sdn Bhd, a wholly-owned unit of UMW Group, has signed a principal agency agreement with Repsol YPF Lubricantes Y Especialidades, S.A. to distribute Repsol lubricants throughout Asia.In a statement here today, UMW Group sai…..

IJM, Jaks jointly wins RM269m water pipe job
IJM Corp, a Malaysian construction group, said its joint venture with Jaks Resources Bhd won a RM268.5 million contract to build water pipelines for the Pahang-Selangor Raw Water Transfer Project.The contract involves the building of mild steel pipes…..

‘Sunway, Suncity merger no impact on rating’
The recent RM4.5 billion offer by Sunway Sdn Bhd for the assets and liabilities of Sunway City Bhd (Suncity) and Sunway Holdings Bhd has no immediate rating impact on the ratings and outlook of the two entities’ debt issues, RAM Ratings says.’Should …..

Perodua hopes for less policy changes
Perodua hopes the government will not announce much policy changes in order for the group to prepare for industry liberalisation and to enhance exports.’We know liberalisation will come and the advantages we are enjoying now will taper, therefore, we…..

Alam Maritim downgraded to ‘neutral’
Alam Maritim Resources Bhd, a Malaysian oil and gas services provider, was cut to ‘neutral’ from ‘buy’ at OSK Research Sdn Bhd on concern that the company may make provisions for doubtful debts.The share-price estimate was reduced to RM1 from RM1.46,…..

KNM climbs on South Africa pact
KNM Group Bhd, an oil and gas services provider, advanced 1.4 per cent to RM2.11, its first increase in three days. The company and Aveng Ltd agreed to form a joint venture related to the fabrication of steel products in South Africa. The joint ventu…..

Cahya Mata up on RM380m Sarawak deal
Cahya Mata Sarawak Bhd, a construction group, added 1.2 per cent to RM2.64, set for its steepest gain since November 25. The company said it agreed to form a joint venture to build a hotel and service apartments in Sarawak state at a cost of RM380 mi…..

Konsortium unit to sell assets for RM8.6m
Konsortium Transnasional Bhd’s wholly-owned subsidiary, Syarikat Kenderaan Melayu Kelantan Bhd (SKMK), has proposed to dispose of its properties in Kota Bharu, Kelantan for RM8.6 million.The disposal will enable SKMK to utilise the proceeds for worki…..

Petronas Gas up on LNG terminal job
Petronas Gas Bhd, a Malaysian natural gas distributor, rose the most in seven weeks after signing an agreement with Petroliam Nasional Bhd to develop a liquefied natural gas import terminal project in Melaka state.The stock rose 2.3 per cent to RM11……

Malaysia needs new wage policy: ASLI
A new wage policy should be developed soon, with the consultation of all parties and stakeholders concerned, to resolve the widening income gap, says Asian Strategy and Leadership Institute (ASLI) Chairman Tan Sri Ramon Navaratnam.He said the governm…..

K-Star stock snaps 2-day slump
K-Star Sports Ltd, a Chinese maker of sports footwear, rose in Kuala Lumpur trading, snapping a two-day, 46 per cent slump.The stock gained 7.9 per cent to 61.5 sen at 9:06 a.m. local time. The company said it didn’t know the reason for the recent sl…..

Silk rises on winning RM12m deal
Silk Holdings Bhd, a Malaysian toll road operator, rose to a two-week high in Kuala Lumpur trading after winning a RM12 million contract.Its shares climbed 2.8 per cent to 37 sen at 9:03 a.m. local time, set for their highest close since Nov. 16. — …..

MAHB unit said to sell RM1b notes
Malaysia Airports Capital Bhd, a wholly-owned unit of Malaysia Airports Holdings Bhd (MAHB), plans to sell as much as RM1 billion of 12-year Islamic notes to yield around 4.6 per cent to 4.8 per cent, according to a person familiar with the matter.T…..

KL shares close higher
Malaysia’s FTSE Bursa Malaysia KLCI Index rose 17.80, or 1.2 per cent, to 1,503.22 at the 5 p.m. close in Kuala Lumpur, its steepest gain since September 14.Plantation stocks: Sime Darby Bhd led plantation stocks higher after palm oil futures climbed…..

Nat Instruments to hire 1,500 at new plant
National Instruments (NI) expects to employ 1,500 people in manufacturing, product development, research and development (RandD), information technology (IT) and finance positions, when its permanent facility in Penang is complete in the first half o…..

Glomac pre-tax profit surges 87.5pc
Glomac Bhd’s pre-tax profit for the six months ended Oct 31, 2010, surged 87.5 per cent to RM61.5 million from RM32.825 million for the same period last year.In the same period, revenue surged 98.5 per cent to RM267.2 million from the RM134.6 million…..

QNet expects higher growth in 2011
QNet (M) Sdn Bhd (QNet), an international direct selling company, is expecting higher growth in Sarawak next year, with the openning of its first office in East Malaysia here today.Its General Manager V.Navaratnam said the new office would serve as t…..

OSK lifts 2011 CPO price target to RM2,700
OSK Research Sdn Bhd raised its 2011 target for average crude palm oil prices in Malaysia to RM2,700 a metric ton from RM2,250.This is to reflect the continued strength of crude oil, according to a report today. — Bloomberg…..

Palm hits fresh 28-month high
Malaysian palm oil futures hit a fresh 28-month high on today, tracking firmer global commodity markets and concerns over low production during monsoon season. Commodities rallied on Wednesday, led by sharp gains in US wheat and gasoline futures, …..

Samsung (M) eyes No.1 market spot
Samsung Malaysia Electronics Sdn Bhd aims to be the number one retailer of electric and electronic products in Malaysia.Without stating the timeframe to achieve the target, Managing Director Jaisul Yu said Samsung was already number one in television…..

Ringgit rises on US,China economic data
Malaysia’s ringgit advanced for a second day on optimism improving economic data in the US and China will help stem a slowdown in regional exports.US reports showed companies in the world’s biggest economy hired more workers in November and manufactu…..

Wall St soars on economic data
NEW YORK: US stocks soared on Wednesday amid encouraging employment figures and a brighter outlook by the Federal Reserve, as traders set aside concerns about the eurozone that have recently weighed on markets.The Dow Jones Industrial Average soared …..

Stocks rebound, KLCI surges past 1,500
KUALA LUMPUR: Key Asian markets rebounded on Thursday, Dec 2, as expectations grew the European Central Bank might deliver measures……..

Telekom Malaysia to dispose of 191.4m Axiata shares for RM879.4m
KUALA LUMPUR: Telekom Malaysia Bhd plans to dispose of 191.458 million Axiata Group Bhd shares for RM879.4 million.TM said on……..

Glomac 2Q earnings up 70% at RM15.88m
KUALA LUMPUR: Glomac Bhd’s earnings rose 70% to RM15.88 million in the second quarter ended Oct 31, from RM9.3 million……..

JAKS-IJM JV accepts RM268.5m Pahang-Selangor raw water transfer project
KUALA LUMPUR: JAKS Resources Bhd and its joint venture partner IJM Corporation Bhd have accepted the award for the RM268.53……..

Newco for SunCity-Sunway to shoulder heavier debt burden, says RAM
KUALA LUMPUR: The new company (Newco) taking over the merged Sunway City Bhd and Sunway Holdings Bhd will have to……..

Govt to have dialogue with Proton and Perodua
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Qantas launching legal action against Rolls-Royce
SYDNEY: Qantas has launched preliminary legal action against Rolls-Royce, the manufacturer of the engine that exploded on one of its A380 superjumbos in mid-air last month……

November US auto sales show industry in recovery
DETROIT: After a year of watching auto sales slowly increase month by month, industry executives are finally willing to firmly declare that the U.S. market is in recovery……

Preliminary reports show November US retail sales up
NEW YORK: U.S. shoppers spent more in November, preliminary sales reports and new data show, as they responded to deals and promotions that began early in the month……

Gift Guide: Tech gadgets for frequent travelers
NEW YORK: If you have people on your gift list who travel a lot, you may want to think about giving them something to keep them comfortable and entertained while on the go, even if they are not as nomadic as George Clooney’s road warrior character in…..

China charges Aussie CEO with embezzlement
ADELAIDE, Australia: An Australian businessman detained last month in southern China has been charged with embezzlement, Australia’s government confirmed Thursday……

A380 engines may have manufacturing fault
SYDNEY: Australian officials investigating the mid-air disintegration of an engine on a Qantas superjumbo said Thursday they identified a potential manufacturing defect in Rolls-Royce engines used in 20 A380s worldwide that could cause engine failure…..

Indian IT mogul donates US$2bil in shares for villages
NEW DELHI: Indian technology mogul Azim Premji has announced he will donate nearly $2 billion to fund education and development programs in India’s villages in one of the largest charitable donations in the country’s history……

Matrade gearing up for new economic model
Malaysia External Trade Development Corporation (Matrade) has factored in prevailing global and domestic macroeconomic trends in formulating its Work Programme 2011……

FBM KLCI closed higher
FBM KLCI rose 17.80 points or 1.20% to close at 1503.22 points on Thursday, in line with the uptrend of the regional market……

European officials seek way out of crisis
BRUSSELS: European officials searched urgently for ways to contain the region’s debt crisis, amid expectation that a rebound in government bond markets would prove only temporary……

US Fed gave trillions in emergency aid during economic crisis
WASHINGTON: The Federal Reserve revealed details Wednesday of trillions in emergency aid it gave to U.S. and foreign banks and to nonbank companies ranging from General Electric to Harley-Davidson during the financial crisis……

FTC proposes ‘Do Not Track’ tool for Web surfers
WASHINGTON: Federal regulators are proposing to create a “”Do Not Track”" tool for the Internet so that U.S. consumers could prevent marketers from tracking their Web browsing habits and other online behavior in order to target advertising……

Starbucks to go beyond coffee and outlines growth plans
PORTLAND, Oregon: Starbucks Corp. is looking beyond its cafes for growth in coming years……

Oil eases but above US$86 in Asia on Thursday(update)
KUALA LUMPUR: Oil prices eased but held above $86 a barrel Thursday in Asia after a sharp rally the day before that was powered by strong economic data from the U.S. and China……

US economy appears headed for strong finish for 2010
WASHINGTON: The U.S. economy is showing new life in the final months of the year……

WikiLeaks website kicked out of Amazon.com’s servers(update)
NEW YORK: Amazon.com Inc. forced WikiLeaks to stop using the U.S. company’s computers to distribute embarrassing State Department communications and other documents, WikiLeaks said Wednesday……

US, European and asian stocks start Dec with big jump on signs of economic growth
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Can a higher salary guarantee better quality of life?
THE price of RON 97 petrol has increased by 15 sen to RM2.30 a litre but going by the reaction people have, it’s not caused much of a ripple……

MAA says vehicle sales set to hit all-time high
KUALA LUMPUR: The Malaysian Automotive Association (MAA) expects vehicle sales in the country to beat its forecast of 570,000 units for this year, thanks to positive economic activities on the local front……

Perodua still not keen on merger despite study
KUALA LUMPUR: Perusahaan Otomobil Kedua Sdn Bhd (Perodua) remains unconvinced a merger with rival Proton Holdings Bhd would be in its best interest after a study of a possible merger of both national car companies was completed……

October exports expected to drop
PETALING JAYA: Malaysia’s export data for the month of October, which is expected to be released tomorrow, is likely to show an average decline of 0.9% year-on-year and also a slowdown from the month before, early estimates show……

Zeti: M’sia well-positioned to absorb international volatility
KUALA LUMPUR: While tensions between North and South Korea and Europe’s debt crisis have a negligible impact on the Malaysian economy, it will affect the global economy; hence financial markets will be more volatile, said Bank Negara governor Tan S…..

Public Bank expects rising competition to hit margins
KUALA LUMPUR: Public Bank Bhd said it expects to meet its loan growth target of 14% this year but warned that increasing competition in home mortgages, its largest business, would hurt net interest margins going forward……

KYM to set up industrial park
KUALA LUMPUR: KYM Holdings Bhd has signed a memorandum of understanding with Perak State Development Corp for the establishment of a heavy industrial park at Bagan Datoh……

Textile industry in labour pains
GEORGE TOWN: The Government needs to relax its control on the supply of foreign labour to enable the local apparel and textile industry tap the US market when the Trans-Pacific Strategic Economic Partnership (TPP) agreement comes into effect in 2012……

KNM forms joint venture in South Africa
KUALA LUMPUR: KNM Group Bhd’s wholly-owned subsidiary, KNM International Sdn Bhd, has entered into a shareholders agreement with Aveng (Africa) Ltd set up a joint-venture company in South Africa……

Celcom Axiata on track to meet headline KPIs
KUALA LUMPUR: Celcom Axiata Bhd is well on track to meet headline key performance indicators (KPIs) for its financial year ending Dec 31, 2010 (FY10), according to chief executive officer Datuk Seri Shazalli Ramly……

Telekom beefs up WiFi service
KUALA LUMPUR: Telekom Malaysia Bhd (TM) will focus on strengthening its wireless solution by growing its WiFi hotspots as market competition intensifies in the mobile broadband space……

Time dotCom upbeat on high-speed service
KUALA LUMPUR: Time dotCom Bhd’s (TDC) full fibre network service is now available in 30,000 homes and offices in the Golden Triangle and Mont Kiara area, said chief executive officer Afzal Abdul Rahim……

K-Star queried by Bursa after share price drop
PETALING JAYA: Bursa Malaysia shot out an unusual market query to Chinese shoemaker K-Star Sports Ltd following a sharp drop in its share price yesterday……

Century Software gets nod to list
PETALING JAYA: Financial management software solution provider Century Software Holdings Bhd has received the Securities Commission’s approval to list on the Main Market of Bursa Malaysia……

Parkson unit sells stake in Hong Kong store
KUALA LUMPUR: Hong Kong-listed Parkson Retail Group, a unit of Parkson Holdings Bhd, has disposed a 55% stake in Yangzhou Parkson Plaza Co Ltd for 78.5 million yuan (RM36.9mil)……

Dialog to buy 90% stake in NZ firm
KUALA LUMPUR: Dialog Group Bhd subsidiary Dialog Systems (Asia) Pte Ltd has signed a RM31.7mil agreement to buy a 90% stake in Fitzroy Engineering Group Ltd of New Zealand……

Cahya Mata unit in RM380mil JV to build hotel, apartments
PETALING JAYA: Cahya Mata Sarawak Bhd, through 51%-owned subsidiary CMS Land Sdn Bhd, has signed a joint-venture agreement to build, own and manage a four-star hotel and service apartments at the Kuching Isthmus in Sarawak……

Sunway to acquire China industrial land
PETALING JAYA: Sunway Holdings Bhd told Bursa Malaysia that it has entered into two memoranda of understanding with Jiangsu Changshu Economic Development Zone Authority to acquire two pieces of land measuring 56,000 sq m and 100,000 sq m for building…..

Analysts: Incentives set to boost O&G sector
PETALING JAYA: Analysts are generally optimistic that the oil and gas (O&G) sector will get a boost from the slew of Government incentives in support of the industry……

Bureau Veritas says good prospects for O&G sector
JOHOR BARU: Bureau Veritas, an international inspection, audit and certification group, says prospects in the oil and gas (O&G) sector in the region are good with more related activities expected to take place in the coming years……

PGB-Petronas LNG agreement
PETALING JAYA: Petronas Gas Bhd (PGB) yesterday signed a heads of agreement with Petroliam Nasional Bhd (Petronas) to develop liquefied natural gas (LNG) regasification facilities and subsequently provide LNG regasification services to Petronas……

Banks’ views mixed on business loan growth in H2
PETALING JAYA: Banks have mixed views on the growth of business loans in the second half of this year, mainly driven by cautious stance on the economic outlook and bullish forecast of demand from small and medium-sized enterprises……

EON Bank aims to attract 80,000 new card users
KUALA LUMPUR: EON Bank Bhd aims to attract 80,000 new credit card users in 2011, according to its head of cards and unsecured lending, Aaron Tan……

Quantitative easing and the renminbi
THE US Federal Reserve’s policy of “quantitative easing” is reducing the value of the dollar relative to other currencies that have floating exchange rates. But what does the new Fed policy mean for one of the most important exchange rates of all – t…..

China factories ramp up output
BEIJING: China’s factories revved up production in November but a big jump in input prices pointed to more inflationary pressure in the pipeline and a need for more monetary tightening……

EU sets tougher state aid rules for banks
BRUSSELS: Crisis-hit banks seeking state aid next year will have to overhaul their operations as part of a strategy to wean them off state support, the European Union’s (EU) competition chief said yesterday……

Prudential UK aims to double Asian premiums
LONDON: The boss of Britain’s biggest insurer Prudential Plc has outlined a plan to double Asian premiums by 2013, a move seen as bolstering his grip on the top job after a bungled takeover in the high-growth region……