4 Major sector need to watch with the careful caution on MAS .
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KUALA LUMPUR: After two days of straight losses, the market may just edge up on Wednesday, Sept 7, aiding by some selected buying of index-linked stocks by local funds following the more positive Asian and European markets.
However, the overnight fall on Wall Street could rein in interest. Wall Street fell for a third day on Tuesday on fears Europe still has failed to tackle its debt crisis, prompting worries the market is headed to new lows for the year.
The Dow Jones industrial average dropped 100.96 points, or 0.90 percent, to 11,139.30. The Standard & Poor's 500 Index fell 8.73 points, or 0.74 percent, to 1,165.24. The Nasdaq Composite Index lost 6.50 points, or 0.26 percent, to 2,473.83.
Among the stocks which could see trading interest are PLANTATION []s which are currently affected by the decline in crude palm oil (CPO) prices.
CPO for third-month delivery fell RM33 to RM2,985 per tonne on concerns that Europe’s debt crisis was getting worse, impacting demand for commodities.
Meanwhile, as expected, foreign investors were net sellers on Bursa Malaysia, selling RM3.8 billion of Malaysian equities in August.
Maybank Investment Research said it believed that there could still be some near-term downside potential as August’s net activities reversed out just 58% of the total net foreign buying in April to July.
“We remain defensive at the core, expecting a rebound towards year-end to lift KLCI closer to our recently revised 1,520 target,” it said.
The research house said the last time that Malaysian equities saw such a magnitude of foreign outflow from equities was in February this year (-RM3.4b). Domestic funds, which had been net sellers since 2H 2010, were the net buyers in August.
TALIWORKS CORPORATION BHD [] was awarded a RM339.39 million sub-contract for the Mengkuang Dam expansion project. The sub-contract involved earthworks for CONSTRUCTION [] of dam, draw-off tunnel and others over a 60-month period. The completion date is July 31, 2016.
ALAM MARITIM RESOURCES BHD [] has inked a charter party agreement with ExxonMobil Exploration and Production Malaysia Inc (EMEPMI) worth up to RM220.83 million.
Its unit Alam Maritim (M) Sdn Bhd had received the letter of award from EMEPMI to provide one unit accommodation vessel and of one unit anchor handling tug. It said the contract was for a primary period of three years with an extension option exercisable by EMEPMI for another two years.
“The contract is for a value of up to RM220.83 million (if EMEPMI engages the vessel and tug for the full duration - inclusive of optional period),” it said.
US-based GIRO-Warranty House International, Inc. is seeking US$80 million (RM238.4 million) in damages from MALAYSIAN AIRLINE SYSTEM BHD [] (MAS).
MAS was served with a complaint in the US District Court for the Northern District of Oklahoma on Aug 22. “GIRO – Warranty House International, Inc. alleges breach of contract and fraudulent misrepresentation and seeks damages of up to US$80 million,” it said.
CME GROUP BHD [] secured a RM14.25 million contract to supply four fire-fighting vehicles with the associated equipment and services for the Sabah Oil & Gas Terminal (SOGT) project.
Its unit CME Edaran Sdn Bhd had accepted the letter of award dated Aug 22 from Petronas Carigali Sdn Bhd.
The contract was from Aug 19 until Aug 21, 2012.ACE Market-listed Ariantec Global Bhd’s unit secured a RM19.76 million sub-contract for bandwidth management equipment for TELEKOM MALAYSIA BHD [].
Ariantec Sdn Bhd secured the contract from Niagara Technologies International Sdn Bhd, a systems integrator to supply, install and maintain TM’s bandwidth equipment.
Source: The Edge
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