Still gaining grounds. After a seesaw session which saw theFBM KLCI fall to a low of 1568.41 points, the benchmark index managed torecover in the last hour to close with a 11.69 points gain at 1575.71 points.Gainers beat losers by 444 to 334. Regional bourses were mostly higher. Newsheadlines: TA Global and Birkbeck Trust to jointly develop a hotel andresidence in Vancouver, Canada with initial contribution of CAD110m each, WCTenters into conditional S&P to acquire Timor Barat Properties S/B whichowns 3 parcels of land in Taman Yarl, Kuala Lumpur for RM450m, Telekom Malaysiasigns High Speed Broadband agreement for delivery of HSBB services with RedtoneMarketing S/B. Positive momentum should continue today with the mild gainschalked up by the Dow last night. The FBM KLCI faces resistance at 1580 points.

Sunway REIT to spend RM200m n the Putra Place Sunway REITManagement SB will spend RM200m on the refurbishment of Sunway Putra Place(formerly known as The Mall). CEO Datuk Jeffrey Ng said the refurbishment willtake 15 to 18 months with a projected return on investment of 12.5% to 15%.'The estimated incremental income is expected to be RM25m to RM30m annually,'he told a media briefing on the transformation plan for Sunway Putra Mall yesterday.(Financial Daily)

WCT will pay a cash consideration of RM450m to acquire theentire equity interest in Timor Barat Properties SB, which has three parcels ofland totaling 23ha in the matured Overseas Union Garden (OUG) area of Kuala Lumpur.The construction and property development firm said Iris Green SB, awholly-owned subsidiary, had entered into a conditional share sale agreement toacquire Timor Barat from Eng Lian Enterprise SB, Shen & Sons SB and AMC SB.(Financial Daily) Please see accompanying report TRC Synergy gets RM36mDayabumi facelift projectConstruction and property developer TRC Synergy'swholly'owned subsidiary, Trans Resources Corp SB, has received a constructionand alteration contract from Kompleks Dayabumi SB for a sum of RM36m. Thecontract will involve construction, alteration and additional works to theexisting Kompleks Dayabumi and is expected to contribute positively to TRC'searnings in the future, the company said in an announcement to Bursa Malaysia yesterday.(Malaysian Reserve) Please see yesterday's report

DRB-HICOM yesterday received its shareholders' nod toacquire the 42.7% stake in Proton Holdings held by Khazanah Nasional which,consequently, will trigger a mandatory general offer (MGO) for all theremaining Proton stakes not owned by the group. The group expects theacquisition to be completed within seven days, after which, Proton would becomea 50.01%-held, subsidiary. Also, the company may retain shareholding in Britishsports and car manufacturer Group Lotus Plc. Malaysia's leading automotiveplayer intends to continue capitalising on Lotus' renowned automotivepowertrain and handling engineering development, said an industry source.(Malaysian Reserve) Please see accompanying report

The listing of AirAsia Thai is expected to raise THB5bn(RM500m) and will likely take place in Bangkok by early July this year, whilethe prospectus will be out in May, said sources close to the deal. Tentatively,the shares will be prices at THB5 (RM0.50) apiece. It is learnt that investmentbankers handling the deal are flying to Bangkok today to finalise details ofthe initial Public Offering (IPO) exercise. The listing was supposed to takeplace last year, but was delayed due to the flooding in Thailand in October.(StarBiz)

Telekom Malaysia (TM), which has been progressively rollingout high speed broadband (HSBB), will introduce the service tocommercially-driven areas beyond 2012. TM group CEO Datuk Seri ZamzamzairaniMohd Isa said its main priority now was to fulfill its obligation to provide1.3m premises passed by year-end under its agreement with the Government.(StarBiz)

Italy is shunning sales of longer- maturity bonds even asthey offer investors the best returns in the world. The longest-datedsecurities Italy has issued since 1 Jan are due in 2022, sooner than the 2026and 2040 bonds sold in the first quarter of last year. It has increasedofferings of debt maturing in less than two years to take advantage of demandbolstered by three-year loans from the European Central Bank to help quell theEuropean sovereign-debt crisis. The yield difference between two-year notes and30-year bonds widened last week to a more than 2.5-year high of 392 basispoints. (Bloomberg)

Dutch Prime Minister Mark Rutte's demand for budget cuts indebt-laden southern Europe may backfire as the leader of one of the four  remaining AAA euro countries struggles tonarrow a bigger-than-planned deficit. His coalition must find EUR9bn(USD11.8bn) in budget cuts this year, equal to 1.5% of the nation's grossdomestic product, to meet European rules and protect the top credit grade thatFrance and Austria lost in January. Rutte, who led demands that Greece deepenspending cuts and overhaul its economy in exchange for a rescue, is squeezed bymounting domestic dissent and a campaign by nationalist leader Geert Wilders toexit the euro. (Bloomberg)

Fitch Ratings said Britain risks losing its top investmentgrade because of its limited ability to deal with shocks, days beforeChancellor of the Exchequer George Osborne will present his annual budget.Fitch changed the outlook on Britain to 'negative' from 'stable,' indicating a'slightly greater' than 50% chance that the AAA rating will be reduced withintwo years, the company said in a statement in London yesterday, citing the weakeconomic recovery, high debt levels and threats from Europe's debt crisis.Osborne will meet coalition partners later this week to agree on a budget hewill present on 21 March. (Bloomberg)

UK jobless claims rose more than economists forecast inFebruary and a  broader measure ofunemployment remained at the highest rate in 16 years, underscoring theweakness of the labor market even as the economy shows some signs of recovery.Unemployment-benefit claims climbed by 7,200 from January to 1.612m, a 12th straightmonthly increase, the Office for National Statistics said today in London. Themedian forecast of 28 economists in a Bloomberg News Survey was for a gain of5,000. Unemployment measured by International Labour Organization methods heldat 8.4% in the three  months throughJanuary, the highest since 1995. (Bloomberg)

Federal Reserve Chairman Ben S. Bernanke said the weak USeconomy impedes efforts by banks to make profitable loans.  'Despite some recent signs of improvement,the recovery has been frustratingly slow, constraining opportunities forprofitable lending,' Bernanke said. The Federal Open Market Committee added yesterdaythat economic conditions would still warrant holding the benchmark interestrate near zero at least through late 2014. Community banks are 'facingdifficult challenges,' Bernanke said. 'Their close ties to local economies are,on balance, a source of strength, but a drawback of those ties is that thefortunes of communities and their banks tend to rise and fall together.'(Bloomberg)

The world's largest economy will strengthen through 2012 asemployment gains give Americans the means to withstand rising fuel costs,according to economists surveyed by Bloomberg News. Gross domestic product willclimb at a 2.5% annual rate in the final three months of the year, up from 2%this quarter, according to the median forecast of 71 economists surveyedfrom  9 to 13 March. For all of 2012, theUS may expand 2.2%, accelerating from 1.7% last year. More jobs, increasingshare prices, improving confidence and stability in housing will bolster theexpansion. At the same time, unemployment will be slow to retreat,  averaging 7.3% in 2014, showing why FederalReserve policy makers yesterday said interest rates will remain low for atleast the next two years. (Bloomberg)

Source: OSK188