Market review-KLCI20080706

Market suspended in early trade

The Kuala Lumpur Composite Index facedconnectivity issue in early trade due to a multihardware failure in its core trading system, whichis expected to be for the entire morning session.The KLCI closed after opening slightly lower by0.37 point to 1,153.33 on mild selling.Top Glove Corp's net profit in the 3QFY08 endedMay 31 increased 2% on 18% growth in saleswhile revenue was up at RM356 mln. The higherearning was due to higher latex and fuel costs,as well as currency fluctuation. Top Glove's ninemonthnet profit also improved 12% to RM85mln. Meanwhile, 16 new production lines in Klangis expected to commence operation next month.Hong Kong-listed Parkson Retail Group Ltd, asubsidiary of Parkson Holdings, is acquiring a 9%stake in Xi'an Lucky King Parkson Plaza Co Ltd(Xi'an Lifeng) for RM26 mln. Return InvestmentLtd, the holder of the 9% shareholding in Xi'anLifeng. Xi'an Lifeng is the owner and operator oftwo Parkson department stores in Xi'an City,Shaanxi Province.Firefly, a wholly-owned subsidiary of MAS,expects revenue to double from previous yearwhen it takes delivery of five new ATR 72-500sthis year. The 72-seater ATRs will boost thenumber of seats and allow it to introduce newroutes to Indonesia and Thailand. Currently,Firefly is working with its partners including MASAerospace Engineering Sdn Bhd to set up amaintenance, repair and overhaul hub for ATRaircraft in Subang.Bina Puri Holdings announced that its whollyownedsubsidiary Bina Puri Sdn Bhd received acontract worth RM20.4 mln from the PublicWorks Department to undertake infrastructureworks for Universiti Malaysia Kelantan’s BachokCampus. The company, with a participatinginterest of 70%, has teamed up with TA-3 SdnBhd for the project which is expected to becompleted within eight months.Poh Huat Resources Holdings plans to sell someshares in its wholly-owned furniture outfit inVietnam to comply with the regulations there.The company will trim its stake in Poh HuatFurniture Industries Vietnam Ltd to 72% byselling the balance 18% to three investors. Theexercise will raise RM9.45 mln to be used forPoh Huat Vietnam's capital expansion andworking capital.Welli Multi Corp plans to buy an oil palm mill andfresh fruit bunches from two Indonesian vendors.Welli said yesterday the initial pact signed withMunadjiah Se and Mindo H Sitorus would notproceed as the parties could not agree on termsand conditions.