KUALA LUMPUR (Feb 3): Trading volume on Bursa Malaysia could taper off on Friday, ahead of another four-day holiday next week.
Traders and investors could be seeking to square off their positions on Friday rather than wait for the market to resume trading on Feb 8 amid concerns about the euro debt issue, though it seem to be showing much progress.
European shares steadied after hitting a six-month high on Thursday as strong gains in miners on merger talks between Xstrata and Glencore were offset by a sell-off in defensives, with Unilever down on poor outlook.
Reuters reported analysts saying this week's key economic indicators could set the market's near-term direction, as encouraging numbers after recent upbeat global manufacturing data might cement the view that the global economy was gradually recovering.
On Thursday, trading volume was high on Bursa Malaysia with nearly 2.6 billion units transacted in a market which also saw active trade in smaller capitalised stocks.
Among the stocks which could see trading interest are MALAYSIA BUILDING SOCIETY BHD  (MBSB), MAXBIZ CORPORATION BHD , Hibiscus Petroleum Bhd, DBE Gurney Resources Bhd and KNUSFORD BHD .
MBSB posted a stellar set of earnings in the fourth quarter ended Dec 31, 2011, with net profit up 554% to RM83.82 million from RM12.81 million a year ago. Its earnings were boosted by higher net income from Islamic banking operations via the expansion of personal financing and also lower taxation. Profit before taxation and zakat was RM101.19 million compared with RM72.43 million.
For FY ended Dec 31, 2011, its earnings jumped 122.8% to RM325.43 million from RM146.02 million in FY10. Its revenue rose 64.8% to RM1.269 billion from RM769.94 million.
Maxbiz Corporation Bhd said it was informed by Bursa Malaysia Securities Bhd that the latter had rejected its application for extension of time to submit the regularisation plan to the authorities.
“The board is currently deliberating on the decision made by Bursa Securities and will announce the next course of action in due course,” it said.
Earlier, a Bursa Securities circular said trading of Maxbiz’s securities faces the threat of suspension from Feb 14 unless it can submit an appeal before Feb 13.
A Bursa Malaysia Securities circular said on Thursday that Maxbiz failed to submit its regularisation plan to the Securities Commission or Bursa Securities Bhd for approval within the timeframe stipulated.
Maxbiz, could still however, submit an appeal to Bursa Securities on or before Feb 13. Any appeal submitted after the appeal timeframe would not be considered by Bursa Securities.
Hibiscus Petroleum clarified it posted net losses of RM1.27 million for the quarter ended Sept 30, 2011 instead of net profit.
In its amended financial statements, it said the net losses were due to the higher expenditure. It also said it posted net losses of RM13,000 in the quarter ended Sept 30, 2010 instead of a net profit of RM13,000.
DBE Gurney Resources announced its group managing director Ding Seng Huat disposed of 32 million shares or 4.75% stake for 11.56 sen each on Thursday.
Knusford Bhd’s associate CBD Development Sdn Bhd secured two contracts from the Johor state economic planning unit to undertake the transformation plan for the state capital.
Knusford said CBD received a letter regarding the transformation of Johor Bahru central district and the relocation of the city hawkers to a new building.
CBC Development would be appointed master developer for the transformation project, which would also hinge on a detailed proposal and business model.