Cheap sale ! for PB Bank
Wednesday, February 6, 2008
8:43 am - DJIA slump -370 pt due to recession data out last night !
Malaysian shares outlook - Lower after steep losses on Wall Street
KUALA LUMPUR (Thomson Financial) - Malaysian shares are expected to open lower on Wednesday after US stocks tumbled overnight following the release of data which suggested that the US economy may already be in recession. A possible sharp downturn in the world's largest economy will hit Asian economies as the US is a major export market for many countries in the region, including Malaysia. Investors are likely to unload their holdings as they head for a long weekend. The Malaysian bourse will be closed on Thursday and Friday, in observance of the Lunar New Year holidays. Trading will resume on Feb 11. "With trading on Bursa closed for the Chinese New Year holidays, we expect the market to be relatively quiet today," said analysts at Asia Analytica Sdn Bhd, a Kuala Lumpur-based equity research firm. On Tuesday, the Kuala Lumpur Composite Index closed up 12.69 points or 0.9 percent at the day's high of 1,432.35. Overnight, the Dow Jones Industrial Average slumped 2.9 percent to 12,265.13 after the Institute for Supply Management said its non-manufacturing index fell to 41.9 in January from 54.4 in December. A reading below 50 indicates a contraction. Among stocks to watch include RHB Capital following media reports that Abu Dhabi Commercial Bank (ADCB) may soon conclude a deal for the acquisition of a substantial stake in the Malaysian banking group. The Employees Provident Fund, which owns 82 percent of RHB Capital, has been in talks with ADCB since December for the sale of a 25 percent stake in RHB Capital. The Malaysian pension fund has to trim its stake in RHB Capital to 35 percent by June to comply with a central bank ruling. Elsewhere, cellphone carrier DiGi.com may edge higher after it said 2007 net profit climbed 32 percent to 1.062 billion ringgit and that it will pay a dividend of 59.25 sen per share. (1 US dollar = 3.23 ringgit)
KUALA LUMPUR (Thomson Financial) - Malaysian shares are expected to open lower on Wednesday after US stocks tumbled overnight following the release of data which suggested that the US economy may already be in recession. A possible sharp downturn in the world's largest economy will hit Asian economies as the US is a major export market for many countries in the region, including Malaysia. Investors are likely to unload their holdings as they head for a long weekend. The Malaysian bourse will be closed on Thursday and Friday, in observance of the Lunar New Year holidays. Trading will resume on Feb 11. "With trading on Bursa closed for the Chinese New Year holidays, we expect the market to be relatively quiet today," said analysts at Asia Analytica Sdn Bhd, a Kuala Lumpur-based equity research firm. On Tuesday, the Kuala Lumpur Composite Index closed up 12.69 points or 0.9 percent at the day's high of 1,432.35. Overnight, the Dow Jones Industrial Average slumped 2.9 percent to 12,265.13 after the Institute for Supply Management said its non-manufacturing index fell to 41.9 in January from 54.4 in December. A reading below 50 indicates a contraction. Among stocks to watch include RHB Capital following media reports that Abu Dhabi Commercial Bank (ADCB) may soon conclude a deal for the acquisition of a substantial stake in the Malaysian banking group. The Employees Provident Fund, which owns 82 percent of RHB Capital, has been in talks with ADCB since December for the sale of a 25 percent stake in RHB Capital. The Malaysian pension fund has to trim its stake in RHB Capital to 35 percent by June to comply with a central bank ruling. Elsewhere, cellphone carrier DiGi.com may edge higher after it said 2007 net profit climbed 32 percent to 1.062 billion ringgit and that it will pay a dividend of 59.25 sen per share. (1 US dollar = 3.23 ringgit)
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