In the US, sales of previously owned homes rose at a slower-than-expected pace in May, signaling a sluggish recovery from the severe economic recession.  According to Reuters, the National Association of Realtors reported sales rose 2.4% to an annual rate of 4.77 million units from a downwardly revised 4.66 million pace in April. Market had forecast a 4.81 million-unit pace.

Stocks to watch on June 24 include Puncak Niaga, Top Glove, John Masters, LCL, Padiberas Nasional (Bernas). Water-related counters in Selangor should also attract interest on more  contracts expected to be given out for the Selangor-Pahang water transfer.For more, read The Edge Financial Daily June 24 edition.

On June 23, Puncak Niaga said it was forging ahead with its overseas ventures as it sought to reduce dependence on local contracts.  Puncak’s 80%-owned Sino Water Pte Ltd had identified 10 projects in China and had allocated RM500 million for its expansion into the huge market which needed clean water supply.

The water concessionaire’s target was to have 10% to 20% revenue contribution from China by 2011 and in the longer term, its target was 50% sales from overseas.

Top Glove reported a 62% increase in net profit for the third quarter (3Q) ended May 31. It reported earnings at RM42.17 million from RM26.09 million a year ago, underpinned by better sales and higher cost efficiency. Revenue for the quarter rose 4% to RM371.97 million from RM356.14 million.

John Master Industries resumes trading on June 24 after its voluntary suspension to sell its entire business via open tender and return cash proceeds from the disposal of its assets and liabilities to shareholders in a capital repayment.

 LCL Corp Bhd will receive a refund of 5.44 million dirham (RM5.25 million) from Arabtec Construction LLC following the resolution of a payment dispute over the Tiara United  Tower in Dubai.

Padiberas Nasional could see a 50% revenue jump by end-2010 from its planned opening of some 300 retail outlets nationwide. About RM90 million had been earmarked to open another 294 outlets over the next 18 months.