The Star Online: Business

FBM KLCI continues up trending at noon
Philippines' posts $487.3 mln Oct budget deficit
China GD Power says to invest in $3 bln hydropower plant

Posted: 29 Nov 2011 08:40 PM PST

KUALA LUMPUR: The benchmark FBM KLCI gained 11.67 points to 1,454.87 at 12.30 p.m. today with turnover of 685.7 million shares valued at RM614.9mil.

There were 306 counters up, 304 down and 278 remained unchanged.

The top three gainers were Nestle that increase 40 sen to RM51.80, Genting went up 30 sen to RM10.80 and Petronas Gas gained 24 sen to RM13.24.

For the heavyweights, Maybank chalked up 13 sen to RM8.15, Tenaga gained 11 sen to RM5.55 and MISC lost 4 sen to RM5.88

According to HwangDBS Vickers Research with Wall Street finishing mixed last night (its key equity indices posted changes of between -0.5% and +0.3% at the closing bell), it reckoned the local bourse could surrender parts of its gains chalked up yesterday.

"The bellwether FBM KLCI which hit a high of 1,458.0 before pulling back subsequently to settle at 1,444.72 yesterday will probably show a negative bias ahead. There is a possibility that the benchmark index will back off from its immediate resistance level of 1,445 ahead.

"Among the stocks that may succumb to selling activity today include those companies that have just announced disappointing quarterly earnings last evening such as Proton, WTK and BIMB," it said in a market preview report today.

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Philippines' posts $487.3 mln Oct budget deficit

Posted: 29 Nov 2011 07:19 PM PST

Published: Wednesday November 30, 2011 MYT 11:19:00 AM

MANILA, Nov 30 (Reuters) The Philippines said on Wednesday its budget deficit in October was 21.257 billion pesos ($487.32 million), wider than the previous month, and bringing the 10month shortfall to just 25 percent of the full year target.

The fiscal shortfall for the first 10 months of the year was 74.251 billion pesos, against a deficit of 270.302 billion pesos a year earlier.

The government has said it expects to end the year with a budget deficit of at least 2.6 percent of GDP, below the target of 3 percent of GDP or 300 billion pesos, despite a commitment to increase spending in the final three months of the year.

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China GD Power says to invest in $3 bln hydropower plant

Posted: 29 Nov 2011 07:12 PM PST

Published: Wednesday November 30, 2011 MYT 11:13:00 AM

SHANGHAI, Nov 30 (Reuters) China GD Power Development's majorityowned subsidiary will invest in a 19.26 billion yuan ($3 billion) hydropower project, the firm said in a statement on Wednesday.

GD Power, a unit of stateowned Guodian Corp, said investment in the Houziyan hydropower project would be made via Dadu River Hydropower Development Co Ltd, in which it has a 69 percent stake.

When completed, the Houziyan hydropower plant located in Sichuan province will have a generation capacity of 1,700 MW capacity.

GD Power in August said it would issue 5.5 billion yuan of convertible bonds to help fund five hydropower projects and 11 wind power projects.

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Kredit: www.thestar.com.my

Selasa, 29 November 2011