KUALA LUMPUR: The overnight rally on Wall Street will sustain the upward momentum of key regional markets including Bursa Malaysia on Tuesday, Nov 10.The rise in crude oil price, which gained 3% to US$80 per barrel after Tropical Storm Ida forced the shut in of U.S. oil and gas production could also generate more interest in oil and gas companies.
On Wall Street, a broad U.S. stocks rally sent the Dow industrials to a 13-month high on Monday, after the Group of 20 pledged to keep aid flowing to the world economy, strengthening investors' desire for risk.
The Dow Jones industrial average jumped 203.52 points, or 2.03 percent, to 10,226.94. The Standard & Poor's 500 Index rose 23.78 points, or 2.22 percent, to 1,093.08. The Nasdaq Composite Index gained 41.62 points, or 1.97 percent, to 2,154.06.
At Bursa Malaysia, key regional markets closed higher and expectations are that this upward momentum should carry through to today.
However, the markets are still suspectible to the volatile external events and markets, -- both positive and negative -- hence investors should be also look into selling into strength and await fresh news.
Pelikan resumes trading after raising expectations that it would increase its turnover to RM5 billion by 2012 by buying strategic companies.
Pelikan's share price saw a 5% increase last Friday ahead of the announcement It is acquiring a 66% stake in Frankfurt-listed Herlitz AG and Falkensee Logistics Centre and its related assets for RM227 million.
With the purchase, its total combined revenue would hit the RM3 billion mark, Pelikan's president and chief executive officer Loo Hooi Keat said.
Fraser & Neave Holdings' net profit rose 75% to RM61.08 million in the fourth quarter ended Sept 30, 2009 from RM34.74 million a year ago due to recognition of deferred tax assets of RM12 million.
Revenue slipped 1% to RM908.3 million from RM921 million. Earnings per share were 17.1 sen versus 9.8 sen. It proposed a bonus tax exempt dividend of five sen per share and a final dividend of 24 sen.
For the full year, net profit rose 34.5% to RM224.43 million from RM166.84 million due to the strong performance of the dairies and soft drinks divisions. Revenue was slightly higher at RM3.737 million versus RM3.674 million.
EON CAPITAL BHD []'s net profit rose 9.3% to RM73.35 million in the third quarter ended Sept 30 from RM68.95 million a year ago, due to net interest income and from its Islamic banking operations.
Pelikan's share price saw a 5% increase last Friday ahead of the announcement It is acquiring a 66% stake in Frankfurt-listed Herlitz AG and Falkensee Logistics Centre and its related assets for RM227 million.
With the purchase, its total combined revenue would hit the RM3 billion mark, Pelikan's president and chief executive officer Loo Hooi Keat said.
Fraser & Neave Holdings' net profit rose 75% to RM61.08 million in the fourth quarter ended Sept 30, 2009 from RM34.74 million a year ago due to recognition of deferred tax assets of RM12 million.
Revenue slipped 1% to RM908.3 million from RM921 million. Earnings per share were 17.1 sen versus 9.8 sen. It proposed a bonus tax exempt dividend of five sen per share and a final dividend of 24 sen.
For the full year, net profit rose 34.5% to RM224.43 million from RM166.84 million due to the strong performance of the dairies and soft drinks divisions. Revenue was slightly higher at RM3.737 million versus RM3.674 million.
EON CAPITAL BHD []'s net profit rose 9.3% to RM73.35 million in the third quarter ended Sept 30 from RM68.95 million a year ago, due to net interest income and from its Islamic banking operations.
It said on Monday, Nov 9 that net profit fell to RM598.87 billion from RM611.04 billion a year ago. Earnings per share were 10.87 sen compared with 9.95 sen.
EONCap has also strengthened its capital adequacy ratio after issuing the first tranche of its innovative Tier-I securities last September.
The risk-weighted capital adequacy ratio around the 13% mark should provide some greater comfort for investors, although banks in Malaysia have generally held up well during this economic crisis.
TH PLANTATION []s, the plantation arm of Lembaga Tabung Haji is on track to meet its targeted return on equity (ROE) of 7.5% after posting its latest earnings results for its third quarter ended Sept 30, 2009. The planter said that its annualised ROE as at Sept 30 came up to 10%.
EONCap has also strengthened its capital adequacy ratio after issuing the first tranche of its innovative Tier-I securities last September.
The risk-weighted capital adequacy ratio around the 13% mark should provide some greater comfort for investors, although banks in Malaysia have generally held up well during this economic crisis.
TH PLANTATION []s, the plantation arm of Lembaga Tabung Haji is on track to meet its targeted return on equity (ROE) of 7.5% after posting its latest earnings results for its third quarter ended Sept 30, 2009. The planter said that its annualised ROE as at Sept 30 came up to 10%.
Written by Fong Min Hun
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