Barefoot Investor: Financial News -1st Nov 2010

1st Nov 2010

Petronas Chemicals market cap at RM40.40b on listing
Petronas Chemicals Group Bhd (PGB) is offering 2.48 billion shares under its initial public offer (IPO), of which 1.178 billion will be existing shares and the remaining 700 million new shares. According to its prospectus on Monday, Nov 1, the retail shares would be offered at RM5.05 per share. Based on the eight billion shares to be listed, including the new shares, the total market capitalisation will be RM40.40 billion.
(Source: Financial Daily)

IOI Corp exec chairman sees CPO hitting RM3,300
The wet weather caused by the La Nina will likely push the crude palm oil (CPO) futures to RM3,300 per tonne by the first quarter of 2011, says IOI Corp group executive chairman.
(Source: Financial Daily)

MAHB 3Q net profit down 25.9% to RM61.8m
Malaysia Airports Holdings Bhd posted net profit of RM61.82 million for the third quarter ended Sept 30, 2010, down 25.9% from the RM83.43 million a year ago due to a higher share of losses in an associate company.
MAH said on Friday, Oct 29 that revenue rose 18.2% to RM446.28 million from RM377.36 million.
(Source: Financial Daily)

Hovid classified as PN17 company
Hovid Bhd was classified as a Practice Note 17 company effective yesterday by the exchange after its auditors expressed a disclaimer opinion on its financial statements for year ended June 30 (FY10) following defaults on certain loans taken by former subsidary Carotech Bhd. Hovid, however, told the exchange yesterday that by the time Hovid’s financial statements for FY10 were approved by the board, the company had cut down its stakes in Carotech to 38.45% following the disposals of shares that equalled to a 19.73% equity interest since August.
(Source: Star Biz)

Futures Kuala Lumpur Index
FKLI were traded lower in Friday morning. At the opening, Nov10 contract lose 2.00 points to 1501.00 and Dec10 contract slipped 1.50 points to 1503.00. At midday, the spot-month FKLI futures dropped 5.00 points to close at 1498.00 points.

At the close, the FKLI ended lower with the spot-month FKLI contract weaken by 0.50 points to close at 1502.50 points. Turnover was lower at 2342 lots compared to 5734 lots in the previous trading day. Open
interests slipped to 5459 contracts from 11151 contracts previously.

The underlying FBM KLCI index rose 6.22 points to 1505.66 at the close.
Futures Crude Palm Oil FCPO benchmark of Jan11 contract opened at RM3068 per ton on Friday. At the close of Friday, Nov10 contract dropped RM30.00, Dec10 contract missed RM23.00, Jan11 contract lose RM24.00, and Feb11 contract slipped RM25.00.

Volume declined to 14,397 lots from 20,472 lots a day ago, while open interests slipped to 70,234 contracts
from 73,639 contracts previously.


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