[DKKBF]Wednesday February 7, 9:31 AM MARKET TALK/SG/KL: Datacraft, Venture Down On Cisco
0931 [Dow Jones] SINGAPORE: As expected, Datacraft (Singapore: DCFT.SI - news) (D06) and Venture Manufacturing (Singapore: VENM.SI - news) (V03) fall on market opening as traders react to Cisco's lower-than-expected 2Q results and its conservative expectations for 3Q and 4Q. Datacraft, which lists Cisco as its top vendor, down 3.3% at US$5.80; stock fell 10.4% during past 2 trading sessions while awaiting Cisco results. Venture Manufacturing down 1.3% at S$14.90.(EYG)
0925 [Dow Jones] SINGAPORE: Profit-taking nudges USD/SGD back to 1.7441 from 1.7445 overnight high hit on vague rumors in London that DBS (D05) might bid for Standard Chartered, says dealer. Pair should find floor at 1.7410-1.7420 amid keen corporate demand, and then gain toward 1.7460-7470. Another dealer notes some AUD/SGD buying; could be related to talk SingTel (S12) might win bid for Australia's C&W Optus; adds amid strong corporate USD/SGD demand, "some people are saying 1.7350 could be the ultimate bottom for this year."(NET)
0922 [Dow Jones] MALAYSIA: Composite Index edges up 0.2% at 734.46, supported by mild but choppy buying in select index-linked heavyweights. Local institutional funds provide thin buying support; mild speculative interest from retail players in stocks such as Phileo Allied (4634) and related companies, says trader. Expects index to retest 730 psychological support but likely to maintain positive bias as investors largely sidelined before closing date for Time dotCom subscription tomorrow. Volume thin at 3.8 million shares; gainers lead losers 51 to 22 while 920 stocks unchanged.(VGB)
0916 [Dow Jones] Cable & Wireless PLC in talks with several global telcos to place entire 15.3% stake in Pacific Century (Singapore: PCEN.SI - news) CyberWorks when share lock-up period expires Feb. 17, says unsourced Ming Pao report. C&W PLC only allowed to sell half its stake in February and rest in August. Report also says PCCW actively looking for strategic investors hoping C&W PLC offloads entire stake. Adds Telecom Italia, France-based Alcatel and unidentified U.S.-based company in talks separately with C&W on likely stake purchase. PCCW parent Pacific Century Regional Development (P15) up 0.9% at S$1.06.(STT)
0903 [Dow Jones] MALAYSIA: Construction concern Seloga Holdings (7641) shares may rise on Business Times report company awarded contract to build Bintulu Port's main operations and administartivcve building valued at MYR75 million. Seloga shares closed untraded yesterday at 90 sen.(VGB)
0902 [Dow Jones] SINGAPORE: Tech stocks may have rough day after Cisco's 2Q results fell short of analysts' estimates and company's overall guidance more conservative in 3Q and 4Q. At risk are Datacraft (D06), which lists Cisco as its top vendor, and contract manufacturers such as Venture Manufacturing (V03) and Gul Technologies (Singapore: GULT.SI - news) (G09), which are Cisco's suppliers.(EYG)
0900 [Dow Jones] SINGAPORE: Straits Times reports 10% dip in its quarterly Consumer Confidence Index to 263 in December from 293 in September; index measures people's expectations of job market, their financial positions, prices of goods and local economy; shows weaker economy and poorer job market expected. Traders say news unlikely to move shares since news already factored into market after various ministers' recent announcements of poorer 2001 economic outlook.(CWS)
0856 [Dow Jones] MALAYSIA: Shares of Malaysian Airline System (3786) unlikely to move much on news Formula 1 legend Niki Lauda has opted to return to motor racing with Jaguar; dispels earlier media reports he may take on CEO post in MAS, although analysts didn't take reports seriously anyway as government unlikely to cede control of national carrier to foreigner. MAS shares ended flat at MYR3.88 yesterday.(VGB)
0855 [Dow Jones] SINGAPORE: SIA (S55) bought 90,000 shares on open market at S$15.30-S$15.40 yesterday, probably in afternoon after price came under pressure on unconfirmed reports of engine of Boeing 747-400 on flight SQ228 had caught fire and had to return to Melbourne Airport in Australia. Stock closed flat at S$15.40 yesterday.(EYG)
0854 [Dow Jones] SINGAPORE: Investors' darling, recently listed Hyflux (600), whose share price shot up 77% over past 6 sessions to 72.5 Singapore cents, dismissed late yesterday as "speculation at this time" media report that company would be awarded government water-recycling contract. Stock snapped up as investors believe it has niche market in water treatment and due to small free float of shares, with major shareholders' tranche still under lock-up period.(EYG)
0852 [Dow Jones] SINGAPORE: Investors expected to remain focused on penny stocks, looking for laggards after several small-caps denied any imminent corporate developments despite sudden rise in share prices and volumes. STI may test 1920 psychological support after slipping 0.3% to 1947.77 yesterday, reflecting lack of interest in blue chips. Dealers expect penny-stock rally to continue if interest rates lowered further. Say tech stocks may get rough ride with Cisco's 2Q results missing analysts' estimates.(EYG)
0850 [Dow Jones] MALAYSIA: Composite Index may open marginally lower to retest 730 psychological support in absence of fresh leads, says trader. Wall Street ended mixed with Nasdaq eking out 0.8% gain; local tech stocks may edge up. Trader says local institutional funds may actively prop up index-linked heavyweights in morning, prompting follow-through retail participation, but expects index range-bound with intermittent profit-taking. Index closed 0.1% higher at 732.81 yesterday.(VGB)
0848 [Dow Jones] MALAYSIA: Shares of gaming concern Berjaya Sports Toto (1562) and related companies may come under mild selling pressure after sister company Berjaya Land (4219) told KLSE late yesterday it's unaware of any new Internet-betting license being awarded to Berjaya Group (3395); shares had risen on speculation of new license. BST shares closed 0.8% lower at MYR4.92; Berjaya Land closed 1.6% higher at 94.5 sen; Berjaya Group ended 2.8% lower at 34.5 sen.(VGB)
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