October 28, 2009

Masteel Signed Agreement With Stemcor Australia

Last minute buying on CIMB and Tenaga helped to push the FBM KLCI out of the red and inched up 0.38 points to close at 1,260.3. Today’s corporate news flows includes: Sunway City Bhd has entered into a partnership to develop RM2.5bn worth of property projects in China, Scomi Marine has acquired a anchor handling vessel for US$15m, Masteel has signed an off-take agreement with Stemcor Australia for the sale of RM120m worth of steel bars, Titan Chemicals’ 3Q09 net profit rose by more than 14-fold on stronger margins and write-backs, Temasek has proposed to delist LKT Industrial Bhd, Tenaga and PT Perusahaan Listrik Negara may jointly invest US$300m to build a power line connecting Malaysia to Indonesia, the Government is expected to decide on the implementation of GST before year-end and Miti is expected to reveal details on the reviewe National Automotive Policy today. Overnight, the Dow edged up a marginal 0.14% as the positive trend in home prices was offset by weaker than expected consumer confidence data. The local bourse may trade sideways while awaiting fresh leads, with the focus on the upcoming results reporting season.