6th March 2012 Tuesday

Morning

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wa morning BC trader pak aam sudah lama tak bukak tred

Good morning Max sifu and comrades [You must be registered and logged in to see this image.]

Good morning all

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Market Thoughts

US stocks finished off their worst levels last night but still ended in the red as renewed concerns over Greece and slowing growth in China overshadowed better-than-expected economic news in the U.S.

Meanwhile, European shares extended losses to close down, with traders citing concerns Greece might activate collective action clauses (CACs), which would effectively trigger an outright default.

On the local market, the FBM KLCI rose 5.44 points to 1589.22 after touching an intraday high of 1594. Given the concerns in the US and Europe, we expect the index to be negative today. The index is just below its all time high of 1597 points.

Malaysia News & Highlights

Petronas records RM55.6b profit
Petroliam Nasional Bhd (Petronas) posted a 10.8 per cent growth in net profit for the nine months ended December 31 2011, helped by higher margins and favourable oil prices, but predicted a “difficult and challenging” 2012. President and chief executive officer Datuk Shamsul Azhar Abbas said the difficult year ahead will mainly be due to the decline in global fuel demand, production as well as lower crude oil prices. (Source: Business Times)

Petronas: New marginal field awards in 2 months
Petroliam Nasional Bhd (Petronas) is expected to award the next round of risk service contracts (RSCs) for the development of marginal oilfields in Malaysia in the next two months, its president and chief executive officer Datuk Shamsul Azhar Abbas said. (Source: Business Times)

Ivory expects nod for RM10b Penang project this week
Ivory Properties Group Bhd is expecting approval from the Penang Development Corporation (PDC) this week for its proposed RM10 billion "Penang World City" project at Bayan Mutiara. Executive director Murly Manokharan said yesterday the development was expected to incorporate, among others, medical facilities, Grade-A offices and both high-end and affordable housing units. (Source: Business Times)

Prasarana to raise RM4bil
Syarikat Prasarana Negara Bhd expects to raise RM4bil most probably via sukuk issuance this year to continue financing the development of its two light rail transit (LRT) extension project. Group managing director Datuk Shahril Mokhtar said the financing effort for the project was on-going and it would go the market again this year. (Source: The Star)

Sime considering buying RM1bil power plant in Port Dickson
Sime Darby Bhd is considering buying the 1,400-MW coal-fired Jimah power plant in Port Dickson, according to reliable sources. “The deal is in early discussion but the interest (from Sime Darby) is certainly there,” said a source. The conglomerate already owns about 590 MW in power-generation assets, including a 440-MW power plant also located in Port Dickson called Port Dickson Power Bhd. (Source: The Star)

S P Setia unit to raise RM505m debt notes
S P Setia Bhd has proposed to raise RM505 million to part finance the purchase of a piece of land in Rinching, Semenyih, Selangor. The property company said its unit Setia EcoHill Sdn Bhd had proposed to issue commercial papers and/or medium term notes of up to RM505.0 million in nominal value. (Source: The Edge)

MRT Corp plans next two lines
With work on the mass rapid transit system’s (MRT) first line getting into gear, MRT Corp Sdn Bhd is beginning to draw up plans for the next two lines. These will form the bulk of the most costly infrastructure project the country has ever embarked on. MRT Corp CEO Datuk Azhar Abdul Hamid told The Edge Financial Daily that the priority now is to prepare proposals for the second and third MRT lines by the end of the year. (Source: The Edge)

u guys might want to take care of drb and avoid it

might not be strong for the day

Foreign News

Stocks Fall as China Reduces Growth Target; Yen Gains, Treasuries Retreat
Stocks fell for a second day after China announced the lowest economic growth target since 2004 and European services and manufacturing output was less than earlier estimated. The yen climbed, while Treasuries declined. The S&P 500 lost 0.4 percent to close at 1,364.33 at 4 p.m. in New York and the Dow Jones Industrial Average slipped 14.76 points to 12,962.81. The yen strengthened against all 16 most traded peers, while China weakened its currency’s daily fixing by the most since November 2010 and said it may widen its trading band. Oil was little changed, while copper slid 1.1 percent and natural gas fell 5.2 percent. Ten-year Treasury yields rose three basis points to 2.005 percent.

U.S. Service Industries Unexpectedly Expand to a One-Year High: Economy
Service industries in the U.S. unexpectedly grew in February at the fastest pace in a year, showing further strength for the biggest part of economy. The Institute for Supply Management’s non-manufacturing index climbed to 57.3 from 56.8 in January, the Tempe, Arizona based group’s data showed today. Readings above 50 signal expansion, and the median forecast of economists surveyed by Bloomberg News was 56. A sustained pickup in the industries that make up almost 90 percent of the economy would bolster the expansion, creating employment opportunities that will help sustain household demand.

Oil Gains for a Second Day on U.S. Economic Outlook, Middle East Tension
Oil climbed for a second day in New York on speculation signs of a U.S. economic recovery will increase fuel demand and concern that tension with Iran will disrupt crude supplies. Texas Intermediate futures gained as much as 0.6 percent. President Barack Obama said at a meeting with Israeli Prime Minister Benjamin Netanyahu hat the U.S. has a “rock solid” commitment to Israel’s security and that “all options” are available to prevent a nuclear-armed Iran. Service industries in the U.S., the world’s biggest crude consumer, unexpectedly grew in February at the fastest pace in a year.

Private Investors Holding About 20% of Greek Debt to Participate in Swap
The private investors that so far declared their participation in Greece’s debt restructuring hold about 20 percent of the bonds involved in a swap required for an international bailout. The 12 members of the creditors’ steering committee that said they would join in the exchange have debt with a face value of at least 40 billion euros ($53 billion), compared with the 206 billion euros of Greek bonds in private hands, according to data compiled by Bloomberg from company reports.

Chinese Stocks Trades in U.S. Drop Most in Two Weeks as Growth Target Cut
Chinese equities traded in the U.S. fell the most in two weeks after the government pared the nation’s economic growth target for the first time since 2005. Chinese Premier Wen Jiabao cut the economic growth target for this year to 7.5 percent from the 8 percent level in place since 2005 in an address to a National People’s Congress meeting, saying the nation needs to shift to a more sustainable economic model. China may “appropriately” widen the fixed trading band for the yuan as it gradually reduces the trade surplus, the official Xinhua News Agency reported, citing the People’s Bank of China Governor Zhou Xiaochuan.

(Source: Bloomberg)

thanks cls

today is Ex-Date for IGB dividend. do take note.

Cals wrote:wa morning BC trader pak aam sudah lama tak bukak tred

today special day marr, the onli 6 march 2012 in human history worr

mabs wrote:today is Ex-Date for IGB dividend. do take note.

Thanks.

index may still able to challenge all time high despite commentary from analyst hard to say

watch msm...eno etc...msm can buy for uncle...so cheap..buy 0.01 etc watchhhhhhhh

drb very volatile not suitable to new player

looks like 283 DRB is pscho level, still be weary of this even though we got polo

gamuda cv

mbsb may have kangtow today

watch

mornin pak max!

Cals wrote:mornin pak max!

morning

Pagi! Woke up in pullman kuching today!

sifu is back with new avatar [You must be registered and logged in to see this image.]

lets see how this avatar help u [You must be registered and logged in to see this image.]