Malaysia-Market factors to watch March 24

Source : http://www.reuters.com/article/rbssTechMediaTelecomNews/idUSKLR43286920090323

KUALA LUMPUR, March 24 (Reuters) – Following is a list of
events in Malaysia as well as news stories and press reports
which may influence financial markets.

 (Reuters News welcomes your feedback and for any queries

please contact David Chance in Kuala Lumpur editorial on +603

2333 8033 or via email at david.chance@thomsonreuters.com or on

Reuters messaging david.chance.reuters.com@reuters.net)

 WHAT IS HAPPENING IN MALAYSIA, ALL TIMES LOCAL FOLLOWED BY GMT

 – UMNO General Assembly and elections for the biggest party

in the coalition that has ruled Malaysia for the past 51 years.

The election of Najib Razak to the party presidency unopposed

will happen on Thursday evening. On Tuesday it starts with a

closed door briefing for delegates by Abdullah Ahmad Badawi. At

8.00 p.m.(1200GMT), Najib delivers policy speech as opening

address to UMNO Youth, Women and Women’s Youth wings.

 – TM International (TMIT.KL) EGM at 0930 a.m. (0130 GMT)

Shareholders will decide on the company’s planned name change

and plan to boost its capital base.

 – Commodities Minister Peter Chin delivers keynote address

at Asian Biofuels Roundtable 2009 at 0900 a.m. (0100GMT)

 MARKET SNAPSHOTS

 * STOCK MARKET [.KLSE]

 Malaysian shares .KLSE are expected to soar on Tuesday to

test the 890 point resistance level as a U.S government plan to

soak up toxic debts pushed up Wall Street, which may resonate

through Asian financial markets, traders said.

“Local shares are going to fly today and the composite index

may hit the 900 points level this week as plantation counters

get a leg up on better oil prices,” said a trader with a local

investment bank.

 “The same would go for the UMNO-linked construction stocks

such as UEM Land,” the trader said, referring the United Malays

National Organisation, a key party in the government which will

come under the formal control of Deputy Prime Minister Najib

Razak this week.

 * For global market news click on: [ID:nN23299471]

 * PALM FUTURES [POI/]

 –  Malaysian crude palm oil futures rose 2.3 percent to their

highest close in nearly six months on the back of fund buying,

with stronger crude oil and soy prices weighing on sentiment,

traders said.

The benchmark June contract KPOc3 on the Bursa Malaysia

Derivatives Exchange rose 45 ringgit to 2,030 ringgit ($558)

per tonne, the first time it closed above 2,000 ringgit since

September. The previous high was 2,090 ringgit set on Sept.

30.

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