The Dow Jones industrial average closed up 0.59%, at 9,497.34. The Standard & Poor's 500 Index rose 0.88% at 1,025.38. The Nasdaq Composite Index gained 0.94% at 2,037.77.
On Sept 8, Asian markets rallied while the 30-stock FBM KLCI crossed the 1,200-psychological barrier which could see more technical buying on big cap plantation stocks, banks and selected trading stocks.
Strong commodity prices are expected to keep regional stocks higher. Crude palm oil futures for the third month delivery rose RM85 per tonne to RM2,197 while crude oil prices moved above the US$71 per barrel level.
At the Bursa Malaysia, banking stocks will likely continue to attract investor interest, riding on a Credit Suisse report which said analysts upped estimates for Malaysian banks’ earnings by 11% this year and 16% in 2010 over the last six months.
Maybank announced the appointment of Tan Sri Megat Zaharuddin Megat Mohd Nor, who resigned as an independent, non-executive director from its board in February this year, as its new chairman effective Oct 1.
Carlsberg Brewery Malaysia Bhd entered into a share purchase agreement for the proposed acquisition of the entire 100% stake in Carlsberg Singapore Pte Ltd, representing 100% equity interest in CSPL for a cash consideration of RM370 million.
In YNH Property, Aberdeen Asset Management Asia Limited raised its stake to 27.769 million shares or 7.32% after acquiring 895,789 shares on Aug 27.
As for interior outfit LCL Corp, a director Mohd Akib Abd Rashid sold 1.66 million shares from Sept 3 to 7 at 73 sen to 76 sen each, reducing his stake to two million shares or 1.4%.
Shares of Proton Holdings Bhd, which has had an impressive run this week, will likely continue to chalk up gains as automotive analysts predict higher sales during the festive season.
Kumpulan Jetson Bhd, which rose 4.7% to its highest level yesterday since March 9, might still pique investor interest after the revised takeover offer by the two brothers from the Naza Group.
Lii Hen Industries Bhd (LHIB) 80%-owned PPL Plantations Sdn Bhd (PPLP) has entered into a sub-development agreement with PIJ Holdings Sdn Bhd (PIJH) to develop a piece of land in Mersing. LHIB said the 8,581-acre land would be for rubber plantation.