Fears that a US$1 trillion bailout for Europe won't solve the region's deep-seated problems saw the Dow Jones industrial average drop 0.34% to end at 10,748.26, according to Reuters.
The Standard & Poor's 500 Index fell 0.34% to 1,155.79. But the Nasdaq Composite Index edged up just 0.64 of a point, or 0.03 percent, to close at 2,375.31.
At Bursa Malaysia, companies to watch include HARTALEGA HOLDINGS BHD [], PETRA PERDANA BHD [], KENCANA PETROLEUM BHD [] and KURNIA ASIA BHD []. However, the strong economic growth should underpin the sentiment in the market.
The country's industrial output surged 14.1% in March from a year ago, the highest in recent years, as manufacturing picked up, indicating economic activities had rebounded to pre-crisis levels.
Morgan Stanley Asia Pacific Research says cyclical momentum is strong in Malaysia. It expects 1Q10 gross domestic product (GDP) to come in at 9.5% year-on-year.
Companies which will hold their shareholders meeting on Wednesday include POS MALAYSIA BHD [] while CIMB Group Bhd is scheduled to make a corporate announcement.
Questions which shareholders could raise at the Pos Malaysia meeting are the management’s plan about its investment in Transmile and whether it wants to to hold on or dispose. Of interest would be the progress about Khazanah Nasional’s plan to dispose of its strategic stake.
Hartalega Holdings Bhd has proposed a one for two bonus issue after it delivered a strong set of earnings for the financial year ended March 31, 2010.
Petra Perdana Bhd, which was embroiled in a boardroom tussle three months ago, intends to raise up to RM109.7 million from a proposed private placement followed by a renounceable rights issue with free warrants.
Kencana Petroleum Bhd's subsidiary, Kencana HL Sdn Bhd has secured a RM91.9 million contract from the Ministry of Energy, Green TECHNOLOGY [] and Water, Malaysia for a subsea pipeline installation in Labuan.
Insurer Kurnia Asia Bhd's earnings fell 9.7% to RM23.81 million in the first quarter ended March 31, 2010 from RM26.39 million a year ago due to higher tax expenses.
PETRONAS GAS BHD []'s net profit fell 23% to RM201.4 million in the fourth quarter ended March 31, 2010 from RM261.82 million a year ago on lower throughput revenue and utilities sales. It proposed dividend 35 sen.
Astro All Asia Networks The slew of sports events this year, such as the ongoing Thomas Cup and FIFA World Cup 2010, will increase the number of subscribers for Astro's sports package by 5%.
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