Rabu, 11 Disember 2013

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The Star Online: Business

Berjaya Assets share price up on disposal


PETALING JAYA: Berjaya Assets Bhd's share price jumped on hopes that the company will reap long-term benefits from the disposal of a 20% stake in key unit Berjaya Times Square Sdn Bhd (BTS) to the Sultan of Johor.

One analyst said the latest development could be a prelude to more exciting times ahead for Berjaya Assets, with its new-found link to royalty.

The prospect may have helped mitigate concerns that the group will record a one-time loss of RM149.15mil arising from the disposal.

BTS is the owner of Berjaya Times Square Mall located in Kuala Lumpur and Berjaya Waterfront in Johor Baru.

"With the entrance of the Sultan of Johor, there might be a possibility to do something with the unoccupied space at the mall," the analyst said.

The stock climbed two sen, or 2.3% yesterday to 89.5 sen on volume of 379,00 shares.

Berjaya Assets announced on Tuesday that it would sell a 20% stake in BTS for RM250mil to Sultan Ibrahim Ismail Ibni Almarhum Sultan Mahmud Iskandar Al-Haj in a move that will enable the group to raise cash and invite the Sultan "to participate more actively in the future direction and developments of the BTS.''

The principal activities of BTS are property investment, property development and investment holding whereas its subsidiaries are involved in operation of theme park, car park, hotel, commercial complex and ferry terminal management.

Fed tapering worries weigh on KLCI as Tenaga, Genting slip


KUALA LUMPUR: Malaysia's blue chips fell in early trade on Thursday as profit taking on index-linked stocks like Tenaga and Genting Bhd after the recent run-up in their shares.

At 10am, the FBM KLCI was down 8.37 points to 1,834.45. Turnover was 188.95 million shares valued at RM201.07mil. There were 154 gainers, 241 losers and 218 counters unchanged.

Japan's Nikkei share average dropped 1.4% to a one-week low on Thursday morning, led by selling in futures and big-cap stocks as the mood was soured by renewed anxiety of an early  reduction in US stimulus.

Hwang DBS Vickers Research (HDBSVR) said the KLCI, after rising 44.4 points or 2.5% in the past 10 market days, the index  could take a rest today.

"From a technical perspective, the benchmark index may show a marginal negative bias, possibly testing the immediate resistance-turned-support level of 1,840 ahead," it said.

HDBSVR said sentiment would likely be dented too by an overnight drop on Wall Street. Major US bellwethers fell between 0.8% and 1.4% at the closing bell on speculation that the Federal Reserve might begin reducing its monetary stimulus as early as next week following a budget compromise reached on government spending.

HLFG fell the most, down 28 sen to RM15.54 while Petronas Dagangan lost 18 sen to RM30.12, PPB Grpup and Tenaga lost 14 sen to RM15.30 and 11.16 while Genting Bhd was down 10 sen to RM9.98.

However, BIMB-WA jumped 30 sen to 60.5 sen while condom maker Karex gained 14 sen to RM3.79.

Coastal Contracts added 13 sen to RM3.42 and UMW-OG nine sen to RM3.80. Hibiscus and its warrants were 10 sen higher at RM2.53 and RM2.

RUBBER-Tokyo futures inch up on higher oil prices


TOKYO: Key TOCOM rubber futures edged up on Thursday, as higher oil prices offset pressure from a stronger yen, while dealers waited to see if the U.S. Federal Reserve will taper its stimulus soon.


* The key Tokyo Commodity Exchange rubber contract for May delivery <0#2JRU:> was changing hands 0.7 yen higher at 280.4 yen as of 0034 GMT. The benchmark contract stood nearly 1 percent down from a 2-1/2 month peak hit on Tuesday.

* News that Congress has reached a bipartisan budget deal that would end three years of impasse and fiscal instability was seen clearing a potential hurdle for the Fed to taper its massive bond-buying program.


* U.S. stocks posted their largest drop in a month on Wednesday as traders locked in recent gains after a provisional budget deal out of Washington removed one of the near-term reasons for the Fed to keep up its current pace of economic stimulus.

* The yen held firm in Asia on Thursday, having risen broadly on the back of a slump on Wall Street as expectations grew the Federal Reserve could scale back stimulus as early as next week.

* Brent oil rose on supply concerns as traders remained skeptical that Libyan oil exports would resume while U.S. crude fell after government data showed large builds in refined oil products, suggesting sluggish oil demand.

* Japan's Nikkei share average was down 0.97 percent, falling for a third day, following Wall Street's losses.- Reuters

Kredit: www.thestar.com.my

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