Business Times : latesthttp://www.btimes.com.my enTuesday, July 12, 2011, 10.48 AMSapuraCrest, Kencana hit new highshttp://www.btimes.com.my/articles/20110712090805/Article/ http://www.btimes.com.my/articles/20110712090805/Article/Tue, 12 Jul 2011 09:08:07 +0800SapuraCrest Petroleum Bhd and Kencana Petroleum Bhd rose to a record after receiving a proposal to merge in an RM11.9 billion (US$3.9 billion) deal to create Malaysia's largest listed oilfield services company by assets. Shares of SapuraCrest rose 0.9 per cent to RM4.53 at 9:01 a.m. local time in Kuala Lumpur. Kencana gained 4.3 per cent to RM2.92. -- Bloomberg E&O advances on RM134m land salehttp://www.btimes.com.my/articles/20110712092710/Article/ http://www.btimes.com.my/articles/20110712092710/Article/Tue, 12 Jul 2011 09:27:10 +0800Eastern and Oriental Bhd, a Malaysian property group, rose the most in almost two weeks in Kuala Lumpur trading after agreeing to sell a piece of land and building in Penang state for RM134 million.
The stock advanced 1.3 per cent to RM1.54 at 9:19 a.m. local time, bound for the biggest gain since June 29. -- Bloomberg
Silk surges on getting charter contractshttp://www.btimes.com.my/articles/20110712092544/Article/ http://www.btimes.com.my/articles/20110712092544/Article/Tue, 12 Jul 2011 09:25:44 +0800Silk Holdings Bhd, a Malaysian oil and gas services provider, surged the most in 20 months in Kuala Lumpur trading after winning four charter contracts valued at RM39.8 million to supply vessels to Petronas Carigali Sdn Bhd.
The stock jumped 11 per cent to 29.5 sen at 9:08 a.m. local time, set for the steepest increase since Oct. 29, 2009. -- Bloomberg Palm oil prices may fall below RM3,000http://www.btimes.com.my/articles/20110712090619/Article/ http://www.btimes.com.my/articles/20110712090619/Article/Tue, 12 Jul 2011 09:06:19 +0800Malaysian palm oil prices may fall below RM3,000 per metric ton this month as consumers may defer purchases in anticipation of lower selling prices, according to CIMB Investment Bank Bhd in a report today.
Palm oil prices are expected to remain between RM2,900 and RM3,200 per ton in July, Ivy Ng Lee Fang, an analyst based in Kuala Lumpur, wrote in the report. -- Bloomberg KL shares lower in early tradehttp://www.btimes.com.my/articles/20110712100326/Article/ http://www.btimes.com.my/articles/20110712100326/Article/Tue, 12 Jul 2011 10:03:26 +0800Share prices on Bursa Malaysia opened broadly lower in thin trade today following the overnight slump on Wall Street as well as the absence of fresh leads on the local front, said analysts.
After 20 minutes of trading, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) lost 5.19 points to 1,583.39 after opening 0.89 of a point lower at 1,587.69.
"Investors' sentiment in Wall Street was hammered by worries that the euro zone debt woes would spread to Italy, triggering demand for safer assets," said an analyst.
The Dow Jones Industrial Average closed 151.44 points lower at 12,505.76, the SandP 500 index declined 24.31 points to 1,319.49 and the Nasdaq dropped 57.19 points to 2,802.62.
HwangDBS Vickers Research Sdn Bhd, in a research note today, expected the local bourse to slip towards the immediate support mark of 1,575.
"This comes after the benchmark FBM KLCI surrendered all its initial gains of seven points to end little changed yesterday," it added.
The Finance Index declined 44 points to 14,936.04, the Plantation Index fell 13.15 points to 7,896.82 and the Industrial Index decreased 13.52 points to 2,865.69.
The FTSE Bursa Malaysia Emas Index decreased 26.42 points to 10,868.96, the FTSE Bursa Malaysia Mid 70 Index eased 2.2 points to 11,845.51 and the FTSE Bursa Malaysia Ace Index erased 9.71 points to 4,154.21.
Market breadth was negative with losers leading gainers 136 to 67 while 140 other counters were unchanged.
Trading volume stood at 50.121 million shares valued at RM58.24 million. Actives, Kencana Petroleum rose 12 sen to RM2.92, Kencana-CF (OSK) added 3.5 sen to 80 sen and Hubline was flat at 11.5 sen.
Heavyweights, Maybank lost eight sen to RM8.90, CIMB rose one sen to RM8.83 and Petronas Chemicals dropped two sen to RM7.08. -- Bernama
US stocks plunge on Eurozone woeshttp://www.btimes.com.my/articles/20110712080018/Article/ http://www.btimes.com.my/articles/20110712080018/Article/Tue, 12 Jul 2011 08:00:18 +0800NEW YORK: US stocks plummeted Monday as worry about Europe's worsening debt crisis clouded markets already walloped Friday by sour US economic data.
The Dow Jones Industrial Average closed down 151.44 points (1.20 per cent) to 12,505.76.
The broader SandP 500 shed 24.31 points (1.81 per cent) to stand at 1,319.49, while the tech-heavy Nasdaq Composite dropped 57.19 points (2.00 per cent) to 2,802.62.
That followed steep falls on European markets, as political leaders and bankers in the Greek debt talks remained unable to agree on how to avert an outright default by Athens, and as worries had also spread to the heavily indebted Italy.
Friday's announcement that the US economy had produced almost no new jobs in June, and that the unemployment rate rose to 9.2 per cent, continued to weigh on investor sentiment as well.
All 30 Dow blue chips were in the red, and big banks took heavy hits: Bank of America lost 3.3 per cent, JPMorgan Chase fell 3.2 per cent and Citigroup lost 5.3 per cent.
Ford slid 4.1 per cent on worries of the slow economy's impact on auto sales.
The bulk of the woes for the bulls comes amid the uncertainty regarding the US debt ceiling, exacerbated by fears of a debt crisis contagion in the eurozone with Italy taking the brunt of the blows," said analysts at Charles Schwab.
Global media baron Rupert Murdoch's News Corp lost another 7.6 per cent as the scandal over the now-closed News of the World tabloid continued to snowball.
The shares were off 14.3 per cent over the last five days, and Monday's fall came after there were new doubts about the company's proposed full takeover of lucrative British broadcaster BSkyB.
The European crisis sent US bond prices higher -- despite the continued debt-and-deficit talks impasse in Washington, now just three weeks before the country could be forced to into default. -- AFP Full Feed Generated by Get Full RSS, sponsored by USA Best Price.
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