KLCI chart reading :
pullback correction little upside biased.
US STOCKS-Wall St ends at one-month low on euro-debt worries
U.S. stocks closed at their lowest levels in a month on Monday in a sign of increasing doubt that equity markets can weather recent weakness in global manufacturing and demand. Industrial, energy and technology stocks, closely related to growth, were among the day's top decliners. Poor manufacturing figures from Germany and China were a surprise and gave investors reason to shed positions in those industries. The drama surrounding the euro zone's debt crisis added to investor anxiety. It furthered a recent trend of selling commodities, the euro, and stocks in tandem. Negative ratings actions on Greece and Italy and regional election results in Spain raised concerns about the deepening of the euro zone's debt problems. Investors worry that voter rebellions against austerity plans could put some government debt at risk of default. The Dow Jones industrial average dropped 130.78 points, or 1.05 percent, to 12,381.26. The Standard & Poor's 500 lost 15.90 points, or 1.19 percent, to 1,317.37. The Nasdaq Composite fell 44.42 points, or 1.58 percent, to 2,758.90. (Reuters)
QL Resources’ 4Q profit up 14% on growth in eggs segment
QL Resources Bhd posted net profit of RM31.55 million in the fourth quarter ended March 31, 2011, up 19.3% from RM26.44 million a year ago. It said on Monday, May 23 that revenue rose 21.6% to RM502.58 million from RM413.02 million a year ago. It said the increase in profitability was due to the higher growth in sales for the quarter compared with a year ago. (Financial Daily)
Prasarana holds MRT briefing for contractors
Syarikat Prasarana Negara Bhd, which recently announced a revision in pre-qualification criteria for the construction works package under its Klang Valley mass rapid transit (KVMRT) project, will organise a briefing for interested contractors at 11am at the MBPJ Civic Centre in Petaling Jaya today. (Financial Daily)
Puncak Niaga bags RM667m water project in Sarawak
Puncak Niaga Holdings Bhd, which is mired in issues related to its water business, has landed a RM667.32 million rural water supply project in Sarawak in a venture through its 60:40 unincorporated joint venture. On the water project, Puncak Niaga said its joint venture with Quality Concrete Holdings Bhd has been awarded the contract by the Ministry of Rural and Regional Development to supply, construct and commission water facilities to the rural areas in Sarawak for a contract period of 28 months. (Malaysian Reserve)
Puncak Niaga: Forays into oil and gas, secure water supply project. Puncak Niaga Holdings Bhd has acquired 40% equity in Global Offshore (Malaysia) Sdn Bhd (GOM) and KGL Ltd (KGL) respectively for a cash consideration of USD8.4m (RM25.2m) and USD15.2m (RM5.6m) respectively. Separately, a consortium consisting of a 40:60 unincorporated JV between Quality Concrete and Puncak Niaga has secured a RM667.3m contract for a rural water supply project in Sarawak. (Source: Bursa Malaysia)
Alliance Bank aims to raise non-interest income to 30%
Alliance Bank Malaysia Bhd plans to increase its non-interest income to 30% of its total revenue within three to five years’ time. The bank’s group chief executive officer Sng Seow Wah said the bank had begun strategic plans at the beginning of 2011 to increase its non-interest income from fees, commissions, remittances, share trading commissions and treasury activities. (Malaysian Reserve)
Smartag to start RFID trial run at Customs points on June 1
Smartag Solutions Bhd stands to make a minimum RM70 million a year once its Radio Frequency Identification (RFID) solution to track container movements is made compulsory. Smartag, together with the Royal Malaysian Customs Department, will undertake a trial run of the RFID system at the latter's checkpoints from June 1. Smartag chairman Datuk Abdul Hamed Sepawi said the pilot project will run for three months with major companies from the logistics and manufacturing sectors such as Western Digital, TNT, Federal Express Brokerage and Priority Cargo having signed up for the test run. (BT)
AirAsia: To go bigger and may place big order for Airbus. Datuk Seri Tony Fernandes signalled ambitious plans for AirAsia as he closed in on a potentially massive deal to buy Airbus aircraft, which could rival a recent USD16b, 180-plane deal as one of the world's largest. (Source: The Star)
TM: VADS partners Cisco in telepresence service. VADS Bhd, a subsidiary of Telekom Malaysia Bhd (TM), is hopeful of double-digit growth over the next few years for its upcoming telepresence service. (Source: Business Times)
TNB: Cabinet to decide on Wednesday on tariff increase for TNB. The Cabinet is expected to decide on Wednesday, May 25 if there should be a tariff increase for Tenaga Nasional Bhd. (Source: The Edge Financial Daily)
E&U: First block of Kimanis 100MW Plant to be completed in 2013. The first generation block of 100 MW of the proposed 300MW Combined Cycle Gas Turbine Power Plant in Kimanis is expected to be completed in Dec 2013. The power plant and its related projects, costing about RM1.6b is expected to supplement Sabahs increasing demand for electricity. (Source: Bernama News)
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