Stocks to watch: KLK, Bina Puri, KNM, PLUS, ETI Tech Corp,

Written by Tony Goh
Tuesday, 06 October 2009 08:07

KUALA LUMPUR: The firmer close on Wall Street could provide some relief for Asian investors on Tuesday, Oct 6 after the key US indices closed firmer, underpinned by the latest data that the US economy's critical services sector expanded for the first time since August 2008.

The Dow Jones industrial average was up 112.08 points, or 1.18%, at 9,599.75. The Standard & Poor's 500 Index was up 15.25 points, or 1.49%, at 1,040.46. The Nasdaq Composite Index was up 20.04 points, or 0.98%, at 2,068.15.

At Bursa Malaysia, a series of unusual and "erroneous" but matched transactions caused KUALA LUMPUR KEPONG BHD []'s (KLK) share price to record its biggest one-day surge of RM3.26 or 24% to close at RM17, which also created much confusion among market participants.

The FBM KLCI could fall as analysts expect KL Kepong to give up yesterday's gains which were due to a late buy in of the counter, triggered by an erroneous order by a market participant.

Other stocks to watch are CONSTRUCTION [] outfit, BINA PURI HOLDINGS BHD [], KNM GROUP BHD [], PLUS EXPRESSWAYS BHD [] Bhd and ETI Tech Corp Bhd.

Bina Puri secured a RM185 million contract for the construction of a service apartment and power substations from Mayland View Sdn Bhd. The contract is expected to start contributing to the company earnings beginning from 2009 financial year, and raised the construction company's total outstanding order book to RM2.37 billion.

KNM Group's units in Malaysia, Germany and Dubai, have collectively secured RM155 million worth of new orders from Sept 24 to Oct 5,

In PLUS, Minister in the Prime Minister's Department, Tan Sri Nor Mohamed Yakcop said the government has no plan to sell its shareholding in company.

Khazanah Nasional Bhd, directly owns 23.66% in Plus, and another 40.21% indirect stake via wholly-owned UEM Group Bhd. The present market value of the stakes in Plus is worth around RM10.5 billion.

In ETI Tech, the company is seeking to transfer to the Main Board in order to attract institutional investors and to raise the company profile. It is also actively looking at overseas market expansion, indication a long term growth strategy and potential.

In HIROTAKO HOLDINGS BHD [], its non-independent non-executive director Tan Sri Saleha Mohd Ali, sold down their shareholdings of 50.07 million shares, or 28.09% stake, in the automotive accessory manufacturer.