October 21, 2009

Axis REIT 3.7% Increase In Net Profit 3Q 2009

The benchmark FBM KLCI closed 4.25 points higher at 1,265.7, underpinned by follow through buying on financial and plantation stocks. Positive spill over effects from strong regional performance and overnight gains on Wall Street fuelled buying momentum in the local bourse. Today’s notable headlines are Bank Negara reaffirming its confidence in the RM, stating that intervention in the Ringgit market was unnecessary, Media Prima has finalised the sale of its loss making Philippine subsidiary for RM54m, Perodua managing director Abdull Hafiz Syed confirmed that he will not be renewing his contract which expires this December, while Perodua has also revised upwards its sales targets for 2009 by 2.5%,. Meanwhile, Masteel has sealed a deal with Stemcorp Australia worth millions of Ringgit to export steel to Australia, Pos Malaysia launched a strategic partnership with Affin Bank, AlRajhi Bank and EON Bank, and Axis REIT posted a 3.7% increase in net profit for 3Q09. Overnight Wall Dow Jones closed 50.6 pts lower to settle at 10,041.5 on the back of skeptism of the strength of the economic recovery amid the poorer-than-expected results from selected heavyweight corporates.


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