Recovery concerns. The market closed broadly lower after shedding 5.70 points to lose at 1,319.8. Sentiment was negatively impacted by renewed concerns of China’s weakening economic growth and a slump in US consumer confidence. Today’s major corporate headlines: 1) Multi-Purpose Holdings (MPHB) plans to announce a JV with a property development company to help unlock the value of its vast landbank, 2) Packet One Network SB a subsidiary of Green Packet, has signed a share subscription agreement with SK Telekom worth USD100m, 3) Kencana has secured a RM34m Petronas contract, 4) Glomac reported a 80% rise in 4Q10 earnings, 4) Petra Perdana has fixed the price of its private placement at RM1.32, 5) Sunway Holdings expects to achieve a record pre-tax profit for its FY2010 and 6) the first Danajamin Nasional guaranteed bond issuance of RM30m was priced at 3.8%. Wall Street’s overnight loss of 2.7% on renewed concerns of the sustainability of the economic recovery is expected to dampen the performance of our local market today.
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Wednesday, June 30, 2010
Wednesday, June 30, 2010
Market Review
Recovery concerns. The market closed broadly lower after shedding 5.70 points to lose at 1,319.8. Sentiment was negatively impacted by renewed concerns of China’s weakening economic growth and a slump in US consumer confidence. Today’s major corporate headlines: 1) Multi-Purpose Holdings (MPHB) plans to announce a JV with a property development company to help unlock the value of its vast landbank, 2) Packet One Network SB a subsidiary of Green Packet, has signed a share subscription agreement with SK Telekom worth USD100m, 3) Kencana has secured a RM34m Petronas contract, 4) Glomac reported a 80% rise in 4Q10 earnings, 4) Petra Perdana has fixed the price of its private placement at RM1.32, 5) Sunway Holdings expects to achieve a record pre-tax profit for its FY2010 and 6) the first Danajamin Nasional guaranteed bond issuance of RM30m was priced at 3.8%. Wall Street’s overnight loss of 2.7% on renewed concerns of the sustainability of the economic recovery is expected to dampen the performance of our local market today.
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