Stocks to watch: SunCity, Titan, NSTP, MEMS

KUALA LUMPUR: The weaker overnight close on Wall Street is expected to continue to weigh on investors' risk appetite for equities on Wednesday, Oct 28 as the US job market rut deepens consumer gloom.

On Wall Street, the S&P 500 and the Nasdaq fell on profit taking while a weaker-than-expected consumer confidence raised concerns about the strength in the recovery of spending.

The Dow Jones industrial average gained 14.21 points, or 0.14 percent, to 9,882.17. The Standard & Poor's 500 Index fell 3.54 points, or 0.33 percent, to 1,063.41. The Nasdaq Composite Index declined 25.76 points, or 1.20 percent, to 2,116.09.

On the home front, Maxis will release its prospectus today, which will see the telco relisting only its local operations. The bookbuilding is still ongoing while local funds are said to be keen if the prices ranging from RM4.90 to RM5 or lower.

Meanwhile, IOI CORPORATION BHD [] and property developer MUTIARA GOODYEAR DEVELOPMENT [] Bhd will hold their shareholders meetings today.

SUNWAY CITY BHD [] is teaming up with Sino-Singapore Tianjin Eco-City Investment and Development Co Ltd (SSTEC) for a project in Tianjin Eco-City with a gross development value of RM2.48 billion.

As for the Sunway group's Singapore venture, SUNWAY HOLDINGS BHD [] will dip into its own financial reserves to fund its Singapore condo project joint-venture with Hoi Hup Realty Pte Ltd.

Sunway group chairman Tan Sri Jeffrey Cheah says the company has enough funds to proceed with the 400 to 500 unit condo project there. Sunway will have a 30% stake in the venture with a gross development value of S$435 million (RM1.1 billion).

Titan Chemical Corp Bhd's net profit surged to RM143.47 million in the third quarter ended Sept 30, 2009 from RM9.67 million a year ago, as its profits were enhanced by higher polymer-naphtha margin and a 4% increase in sales volume.

The New Straits Times Press (M) Bhd posted net profit of RM18.49 million for its third quarter ended Sept 30, 2009, an improvement from a year ago and on-quarter basis, underpinned by higher revenue, lower operating expenses and higher other operating income.

Its 3Q net profit rose 14.9% from RM16.09 million a year ago and up 74.7% from the second quarter's RM10.58 million.

MEMS TECHNOLOGY [] BHD [] has been given 14 days by the Securities Commission (SC) to adjust its re-issued financial statements dated Oct 7, 2009 - the second time this year that it has been directed to do so.

Written by Joseph Chin