Financial News -2nd Nov 2010

2nd November 2010

Changhuat faces suspension over failure to submit statements
CHANGHUAT CORPORATION BHD faces suspension with effect from Nov 9 after it failed to submit its annual audited financial statements for the financial year ended June 30, 2010. A Bursa Malaysia circular said on Monday, Nov the company had failed to submit the statements for public release within the stipulated timeframe under Bursa Securities' Main Market Listing Requirements.
(Source: Financial Daily)


TH Plantations 3Q net profit up 68% on-year to RM21.5m
TH PLANTATIONS Bhd's net profit surged 68% to RM21.53 million for the third quarter ended Sept 30, 2010 (3Q10) from RM12.84 million a year ago mainly due to higher revenue, lower cost of sales and higher gross profit margin. It said on Monday, Nov 1, revenue for 3Q10 rose 17% to RM84.22 million from RM72.12 million due to higher prices for crude palm oil (CPO) and palm kernel (PK).
(Source: Financial Daily)


Malaysia to record RM25b investments
Malaysia is on track to achieving total private investments of RM25 billion this year, after experiencing a bad patch last year amid the global financial crisis. It has recorded foreign and domestic direct investments of RM19 billion in the first eight months, Deputy Minister of International Trade and Industry Datuk Mukhriz Mahathir said. He said Malaysia matched the total private investment figures for the whole of 2009 in the first three months of this year.
(Source: Business Times)


Malaysia Sept exports likely to grow at slower pace
EXPORTS are expected to grow at a slow pace in September as the base effects fade as well as against a backdrop of a weak recovering external demand, economists said. Imports will continue to outstrip exports, underpinned by a stronger ringgit, they added. A Business Times poll expects exports to grow by 10.45 per cent year-on-year, imports by 16.2 per cent and trade balance to average RM8.1 billion.
(Source: Business Times)


KLK to buy 95% stake in PT ASM
Kuala Lumpur Kepong Bhd (KLK), via subsidiary KL-Kepong Plantation Holdings Sdn Bhd (KLKPH), has entered into agreements to acquire 95% of the issued and paid-up share capital of PT Anugrah Surya Mandiri (PT ASM) for the total cash purchase consideration of 13.585 billion rupiah (RM4.717mil).
(Source: Star Biz)



Futures Kuala Lumpur Index
FKLI were traded higher in Monday morning. At the opening, Nov10 contract gain 10.50 points to 1513.00 and Dec10 contract increased 6.50 points to 1511.50. At midday, the spot-month FKLI futures increased 11.50 points to close at 1514.00 points.

At the close, the FKLI ended higher with the spot-month FKLI contract rose 11.50 points to close at 1514.00 points. Turnover was higher at 5488 lots compared to 2342 lots in the previous trading day.
Open interests increased to 20213 contracts from 5459 contracts previously. The underlying FBM KLCI index rose 4.00 points to 1509.66 at the close.


Futures Crude Palm Oil
FCPO benchmark of Jan11 contract opened at RM3089 per ton on Monday. At the close of Monday, Nov10 contract added RM40.00, Dec10 contract gained RM27.00, Jan11 contract moved up RM31.00, and Feb11 contract increased RM30.00.

Volume declined to 14,307 lots from 14,397 lots a day ago, while open interests increased to 72,436 contracts from 70,234 contracts previously.