Bursa Malaysia Stock Market News

Wednesday, October 20, 2010

AirAsia: Flies 4.03m passengers in M'sia in 3Q. AirAsia Bhd saw a 12.4% increase in passengers carried in Malaysia to 4.03m in 3Q2010 compared with 3.59m in the same period last year. Its capacity also jumped 8.3% to 5.16m from 4.76m. Its' load factor improved as well by 3% to 78%. The available seat kilometers (ASK) rose 11% from 5,499m to 6,056m and revenue passenger kilometers (RPK) surged 26.6% to 4,733m from 3,769m in the same period last year. Operations in Thailand and Indonesia also displayed improved performance with favorable statistics. (Source: The Edge Financial Daily)

IPO: SC gets 6 IPO applications in 3Q with potential market cap of RM500m each. The Securities Commission (SC) saw strong pipelines of initial public offerings (IPO) on Bursa Malaysia . SC said it had received a total of 10 new listing applications, including two foreign-based IPOs, for the Main Market during the third quarter ended Sept 30 (3Q). This was an increase from eight listing applications received in the previous quarter. Six of the applications received were companies with a potential market capitalization of at least RM500m each. (Source: The Edge Financial Daily)

Muhibbah Engineering: Gets RM206m deal. Muhibbah Engineering (M) Bhd has received a RM205.8m contract from Putrajaya Holdings Sdn Bhd for the design, construction and completion of government office building and external works at the federal government administrative centre in Putrajaya. The project is expected to start this year and to be completed in 2013. (Source: Business Times)

TA Global: Clinches RM1.8b property JV in Australia . TA Global Bhd is expanding its presence in Australia via a "development sponsorship arrangement" with Charter Hall Group for the AUD600m (RM1.84b) Little Bay residential development project in Sydney . TA Global said its subsidiary TA Global Development Ltd had entered into a 50:50 development sponsorship arrangement with Charter Hall. It is learnt that the agreement was termed as "development sponsorship" instead of a joint venture because TA Global is providing part of the funds and also the project had taken off earlier. The project will take about 4 to 5 years and is expected to be completed in late 2014. (Source: The Edge Financial Daily)

Economics: MIER Maintains GDP Forecast For 2010 and 2011 at 6.5% and 5.2%. The Malaysian Institute of Economic Research (MIER) is maintaining its economic growth forecast for 2010 and 2011 at 6.5% and 5.2%. Business Conditions Index (BCI) fell sharply to 104.9 points in 3Q10 (2Q10: 119.6points), which more than offsets the surge in the Consumer Sentiment Index (CSI) to 115.8 points in 3Q10 (2Q10: 110.4 points). MIER forecast average RM/USD of 3.20 in 2010 before strengthening further to 3.10 in 2011. ?In terms of interest rates, MIER anticipates the overnight policy rate (OPR) to be kept at 2.75% until end-2010. "The OPR will trend higher to 3.25% in 2011, in tandem with a higher overall CPI forecast of 2.5% yoy (2.2% in 2010)," MIER said. (Source: The Edge Financial Daily)

Gloves: Association tells glove makers to up prices. The Malaysian Rubber Glove Manufacturers' Association (Margma), whose members collectively supply 60% of the global rubber latex glove consumption, advised its members to raise glove prices in line with high raw material costs and continued weakening of the US dollar. This may well explain the share price surge among the rubber glove makers on Bursa Malaysia yesterday. Magma president KM Lee said most rubber glove manufacturers had started raising selling prices of their products to reflect the rising raw material costs and the weakening of the US dollar. (Source: The Edge Financial Daily)


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