KUALA LUMPUR: Stocks could give up some of the gains on Friday, Oct 28, ahead of the weekend after chalking up strong gains in the holiday-shortened week.
However, a firmer overnight Wall Street could help continue to underpin investors’ confidence after the deal struck by euro zone leaders on Greece's debt burden.
On Wall Street, stocks surged 3 percent on Thursday as an agreement by European leaders to help contain the region's two-year debt crisis lifted a cloud hovering over markets.
Optimism that a deal would be struck to prevent widespread financial distress fueled the market's rebound in October. The S&P 500 is up more than 13 percent this month, on pace for its biggest monthly gain since October 1974.
But some traders said implementing the agreement will present major challenges, observing that the devil is in the details.
The Dow Jones industrial average was up 339.51 points, or 2.86 percent, at 12,208.55. The Standard & Poor's 500 Index was up 42.59 points, or 3.43 percent, at 1,284.59. The Nasdaq Composite Index was up 87.96 points, or 3.32 percent, at 2,738.63.
Fund buying pushed the FBM KLCI towards a near two-month high, as the 30-stock index closed up 13.13 points or 0.90% to 1,470.93 – the best performance since Sept 2.
The euro and European stocks rallied after European leaders struck a deal to provide debt relief for Greece, but analysts warned the plan would fail to halt the euro zone's two-year-old debt crisis unless crucial details were resolved soon, Reuters reported.
The firmer crude palm oil prices could underpin sentiment in PLANTATION [] stocks while the surge in oil could support rising interest in oil and gas stocks.
Glove manufacturers including Supermax Bhd could see continued interest as it benefits from the falling latex prices.
IOI Corp and Dutaland could also see heavy trading interest following the on-going dispute over IOI’s decision to terminate the agreement to acquire plantation land from Dutaland for RM830 million.
Among the other stocks to watch are Ramunia after its unit was awarded a contract from Petrofac (Malaysia PM-304) Ltd to supply driven piles for the Cendor phase 2 development project.
The contract value is RM13.13 million and the duration of the contract is 23 weeks. Ramunia expects the contract to contribute positively towards the earnings for the financial period 2011-2012.
Auto parts manufacturer MBM RESOURCES BHD [] has made a takeover offer for HIROTAKO HOLDINGS BHD [], which makes car safety restraint equipment, offering 97 per share, which is nine sen above the pre-suspension price of 88 sen.
Hirotako said it had received a notice of conditional take-over offer from AmInvestment Bank Bhd on behalf of MBM Resources.
MBM Resources was offering 97 per share for all the voting shares of 25 sen each in Hirotako and 5.0 sen per warrant.
The federal government has extended FABER GROUP BHD []’s hospital support services concession for an interim period of six months, starting Friday, Oct 28.
Its unit Faber Medi-Servce Sdn Bhd had received a letter from the Public Private Partnership Unit of the Prime Minister's Department about the extension of the contract.
Faber said the extension was subject to the prevailing terms and conditions of the concession or until the signing of a new concession agreement for the privatisation of services with the Health Ministry, whichever is the earlier.
Bursa Malaysia Securities Bhd rejected KEJURUTERAAN SAMUDRA TIMUR BHD []’s application for more time to submit its audited statements for the financial year ended June 30, 2011.
The company said Bursa had informed it of the rejection in a letter on dated Thursday, Oct 27.
However, a firmer overnight Wall Street could help continue to underpin investors’ confidence after the deal struck by euro zone leaders on Greece's debt burden.
On Wall Street, stocks surged 3 percent on Thursday as an agreement by European leaders to help contain the region's two-year debt crisis lifted a cloud hovering over markets.
Optimism that a deal would be struck to prevent widespread financial distress fueled the market's rebound in October. The S&P 500 is up more than 13 percent this month, on pace for its biggest monthly gain since October 1974.
But some traders said implementing the agreement will present major challenges, observing that the devil is in the details.
The Dow Jones industrial average was up 339.51 points, or 2.86 percent, at 12,208.55. The Standard & Poor's 500 Index was up 42.59 points, or 3.43 percent, at 1,284.59. The Nasdaq Composite Index was up 87.96 points, or 3.32 percent, at 2,738.63.
Fund buying pushed the FBM KLCI towards a near two-month high, as the 30-stock index closed up 13.13 points or 0.90% to 1,470.93 – the best performance since Sept 2.
The euro and European stocks rallied after European leaders struck a deal to provide debt relief for Greece, but analysts warned the plan would fail to halt the euro zone's two-year-old debt crisis unless crucial details were resolved soon, Reuters reported.
The firmer crude palm oil prices could underpin sentiment in PLANTATION [] stocks while the surge in oil could support rising interest in oil and gas stocks.
Glove manufacturers including Supermax Bhd could see continued interest as it benefits from the falling latex prices.
IOI Corp and Dutaland could also see heavy trading interest following the on-going dispute over IOI’s decision to terminate the agreement to acquire plantation land from Dutaland for RM830 million.
Among the other stocks to watch are Ramunia after its unit was awarded a contract from Petrofac (Malaysia PM-304) Ltd to supply driven piles for the Cendor phase 2 development project.
The contract value is RM13.13 million and the duration of the contract is 23 weeks. Ramunia expects the contract to contribute positively towards the earnings for the financial period 2011-2012.
Auto parts manufacturer MBM RESOURCES BHD [] has made a takeover offer for HIROTAKO HOLDINGS BHD [], which makes car safety restraint equipment, offering 97 per share, which is nine sen above the pre-suspension price of 88 sen.
Hirotako said it had received a notice of conditional take-over offer from AmInvestment Bank Bhd on behalf of MBM Resources.
MBM Resources was offering 97 per share for all the voting shares of 25 sen each in Hirotako and 5.0 sen per warrant.
The federal government has extended FABER GROUP BHD []’s hospital support services concession for an interim period of six months, starting Friday, Oct 28.
Its unit Faber Medi-Servce Sdn Bhd had received a letter from the Public Private Partnership Unit of the Prime Minister's Department about the extension of the contract.
Faber said the extension was subject to the prevailing terms and conditions of the concession or until the signing of a new concession agreement for the privatisation of services with the Health Ministry, whichever is the earlier.
Bursa Malaysia Securities Bhd rejected KEJURUTERAAN SAMUDRA TIMUR BHD []’s application for more time to submit its audited statements for the financial year ended June 30, 2011.
The company said Bursa had informed it of the rejection in a letter on dated Thursday, Oct 27.
