PM: Bursa's Main, Second Boards to be combined

KUALA LUMPUR: Prime Minister Datuk Seri Abdullah Ahmad Badawi announced on Tuesday that the three boards on Bursa Malaysia would be streamlined.

Speaking at the Invest Malaysia 2008 conference here, he said the Main and Second Boards would be combined to set up one board for more established companies with strong financial records.

Abdullah, who is also the Finance Minister, said the Mesdaq market would also be revamped under the proposed streamlining process.

He also said the government would allow a third credit rating agency to be set up and foreign strategic partners could hold 49% equity interest.

The highlights of his speech also include measures to liberalise approvals for bond markets and also a review of the implementation of economic plans.

URL: http://biz.thestar.com.my/news/story.asp?f...56&sec=business

KLCI rallies 24pt at midday; HK soars

By JOSEPH CHIN

KUALA LUMPUR: Blue chips surged in the morning session on Tuesday, in tandem with the strong key regional markets, as sentiment was boosted by JP Morgan's revised offer for Bear Stearns shares from US$2 to US$10 (RM6.40 to RM32).

At Bursa Malaysia, investors were optimistic about Prime Minister Datuk Seri Abdullah Ahmad's announcements to speed up economic reforms and revamp the bond and stock markets.

Among the proposals were measures to boost liquidity in shares and relaxation of bond-market approvals, including simplifying the approvals for issues of investment-grade, non-ringgit bonds.

At midday, the KLCI had risen 24.34 points or 2.03% to 1,225.36; the FBM Emas added 154.93 points to 8,279.05 and the FBM Second Board 25.84 points higher to 5,710.75.

Turnover was 506.8 million shares valued at RM608mil. There were 493 gainers, 169 losers while 168 counters were unchanged.

Asian markets were higher, led by Hong Kong's Hang Seng Index jumped 4.5% or 949.21 points to 22,057.43, Japan's Nikkei 225 rose 2.13% to 12,746.47 and Singapore's Straits Times Index advanced 2.41% to 2,998.46. However, Shanghai's A Shares Index fell 1.74% to 3,738,43.

Light crude oil was quoted at US$100.40 (RM321) per barrel.

Crude palm oil futures extended its gains, adding RM108 to RM3,448 per tonne for third-month contract.

At Bursa Malaysia, DiGi was the top gainer, rising RM1 to RM24. Among financial services stocks, Bursa added 55 sen to RM8.80, AMMB 32 sen to RM3.58, Public Bank foreign 30 sen to RM10.40 and while Hong Leong Bank and LPI Capital advanced 20 sen each to RM5.85 and RM112 respectively.

Among the heavyweights, Tenaga rose 20 sen to RM7.05, Maybank 15 sen to RM8.90 and Telekom unchanged at RM10.90.

IJM gained 40 sen to RM5.75 after its top company official stated that its contracts in Malaysia would not be affected. The warrants rose 20 sen to RM1.66.

KL Kepong rose 40 sen to RM16.50, Asiatic 30 sen to RM7.75 and IOI Corp 10 sen higher to RM6.70. Landmarks jumped 39 sen to RM2.19 in active trade while Genting and KNM rose 25 sen each to RM6.55 and RM5.25 respectively.

BAT was the top loser, declining 25 sen to RM42.75 while Cepco lost 20 sen to RM3.08 and Mlabs 16 sen to 11 sen.

Hunza Properties warrants lost 20 sen to 68 sen and the shares 10 sen lower to RM2.12 after the new Penang State Government said it would review the company's billion-ringgit Gurney Paragon project if there are "justifiable grounds".

URL: http://biz.thestar.com.my/news/story.asp?f...42&sec=business