KUALA LUMPUR, Feb 29 (Reuters) - Malaysian shares are
likely to extend losses on Friday after a fall on Wall Street
and a “mixed-bag” of local corporate earnings, brokers said.
Autos-to-energy group UMW Holdings (UMWS.KL: Quote, Profile, Research) is likely to
steal the spotlight, after it announced plans to spin off its
oil and gas division into a separately listed business.
“There could be some buying interest in UMW…but it will
not be enough to lift the overall sentiment,” said a dealer
with a domestic brokerage.
“We have had a mixed bag of results,” he added. “I don’t
think results are going to boost the market.”
Malaysia’s quarterly reporting season ends on Friday.
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KUALA LUMPUR, Feb 28 (Reuters) - Malaysian leisure firm Genting Bhd (GENT.KL: Quote, Profile, Research) reported a 1.7 percent rise in fourth-quarter net profit on Thursday, helped by higher earnings from its plantations and energy businesses.
Genting posted net profit of 514.4 million ringgit ($160.6 million) for the three months ended December 31, compared with 506 million ringgit a year earlier.
It declared a final dividend of 4.3 sen per share.
Genting owns Malaysia’s sole casino on Genting Highlands resort near the capital. It is also involved in hotel operations, oil palm plantations, power generation and the cruise business.
Reuters Estimates net profit consensus for Genting in calendar 2007 is 1.38 billion ringgit, or 37.20 sen per share, on revenue of 8.38 billion ringgit.
Genting shares fell 1.9 percent in the fourth quarter, underperforming an 8 percent rise in the benchmark Kuala Lumpur Composite Index .KLSE. (Reporting by Syed Azman; Editing by Liau Y-Sing)
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Kuala Lumpur (ANTARA News/Asia Pulse) - Low cost carrier AirAsia Berhad (KLSE:5099) has booked net profit of RM246 million (US$76.56 million) for the quarter ended 31 December 2007, 73 per cent higher than that a year earlier as the no-frills carrier added capacity to meet rising demand for air travel.
Its revenue jumped 43 per cent to RM633 million from RM443 million in the previous corresponding period, it said in a filing to Bursa Malaysia on Feb 27.
Earnings per share rose to 10.40 sen from 6.10 sen previously. AirAsia said the positive growth in results was due to higher passenger volume and a higher contribution from ancillary income.
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KUALA LUMPUR, Feb. 26, 2008 (Thomson Financial delivered by Newstex) — Malaysian share prices closed off Tuesday’s highs as investors traded cautiously ahead of key events in the US, with profit-taking capping the gains.
US producer price data will be released later in the day, while Federal Reserve chairman Ben Bernanke is scheduled to give a testimony before the Senate Banking Committee on Wednesday.
The benchmark Malaysian index tracked the rally in US stocks overnight after Standard & Poor’s (NYSE:MHP) affirmed the credit ratings of two major bond insurers, soothing fears that the subprime fallout may be getting out of hand.
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KUALA LUMPUR: Trading on the Bursa Malaysia remained on the back foot at the start of the new week. Although the KL Composite Index closed marginally higher, market breadth was in the red for much of the day.
Sentiment appears likely to stay ambivalent, possibly with a negative bias, in the short term. The local bourse has outperformed key regional stock markets in the year to date and could be vulnerable to more profit taking, especially by foreign funds.
Even though Asian markets closed mostly higher Monday on the back of Wall Street’s gains last Friday, the many uncertainties persist and are keeping investors wary. Stock markets will continue to take cues from the US.
The benchmark KLCI opened in positive territory but lost traction as the day progressed. It slipped briefly into the red before recovering to close marginally higher at 1,370.8 points.
The headline gains were aided by select buying in key blue chips. Plantation stocks, in particular, did very well. Stocks like United Plantations, IOI Corp, KL Kepong, Batu Kawan and Sime Darby all chalked up gains on the back of robust crude palm oil prices.
The benchmark CPO futures traded on the Bursa Derivatives hit an all-time intraday high of RM3,914 per tonne. CPO prices have been tracking gains in major oilseeds, including soyoil, which are driven by expectations of strong global demand and tight supplies.
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The financial system has become dependent on debt and the transfer of risk via convoluted debt instruments, creating a mess that will require hundreds of billions of dollars and global cooperation to fix.
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If the past is any indicator, Americans are likely to keep spending during this economic downturn. I’m betting that undervalued consumer stocks — namely Buffalo Wild Wings — will show a profit.
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Brown & Brown, PepsiCo, Thor Industries and Johnson & Johnson are among companies performing in ways the Oracle of Omaha could appreciate.
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An analysis of stock fundamentals suggests the blue-chip index could rise more than 6,000 points in the next three years. Here’s why the index looks so undervalued.
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If you listen to some prominent market professionals, you might think the worst is over. But the credit/housing bubble is a far bigger mess than the tech-stock bust.
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