Malaysian shares seen down, Cycle in focus

KUALA LUMPUR, May 5 (Reuters) - Malaysian stocks are likely
to drop on Monday, extending Friday's losses as foreign
investors unload some blue-chip shares after last month's
rally.

Car distributor Cycle and Carriage Bintang (CYCB.KL) is
likely to be in focus, after the Edge weekly said the firm
might announce a special dividend or other form of capital
repayment to shareholders. A payment of about 50 Malaysian
cents per share is being contemplated, it said, quoting
sources.

But the overall market could head lower. "Foreigners have
been shying away from our market," said one dealer at a local
brokerage. "We expect the same trend today."

On Friday, the benchmark Kuala Lumpur Composite Index
.KLSE fell 0.65 percent to 1,271.48 points. The dealer put
key support at 1,246 points and resistance at 1,300.

The May futures KLIK8 put the index at 1,280.5 points.

---------------MARKET SNAPSHOT @ 2300 GMT ------------

INSTRUMENT LAST PCT CHG NET CHG
S&P 500 .SPX 1413.9 0.32% 4.560
USD/JPY JPY= 105.31 0.07% 0.070
10-YR US TSY YLD US10YT=RR 3.8571 -- 0.000
SPOT GOLD XAU= 860.25 0.56% 4.800
US CRUDE CLc1 116.18 -0.12% -0.140
DOW JONES .DJI 13057.80 0.37% 47.80
ASIA ADRS .BKAS 167.00 1.24% 2.05
-------------------------------------------------------------
> US STOCKS-Jobs lift blue chips; Nasdaq dips on Sun [.N]
> FOREX-Dollar underpinned by Fed view, yen pressured [USD/]
> Bond sag as jobs data less severe than feared [US]
> Gold ends higher after 4-mth low; volatility seen [GOL/]
> Oil jumps over 3 pct to $116 on US jobs data [O/R]
> SE Asian stocks-Up as banks, Singapore Exchange gain [.SO]
> Malaysia's Maybank signals major acquisition
[nKLR118540]
> Malaysia's Transmile says unit defaulted on loan
[nKLA007444]
> Malaysia's MK Land seeks to defer debt repayment
[nKLR123141]
> Malaysia's YTL targets palm oil carbon credits
[nKLR81410]

CYCLE & CARRIAGE BINTANG CONSIDERS CAPITAL REPAYMENT - EDGE

- Malaysian car distributor Cycle & Carriage Bintang Bhd
(CYCB.KL) is considering a special dividend or other form of
capital repayment to shareholders, the Edge business weekly
said on Saturday, adding that it could be announced this month.

A payment of about 50 Malaysian cents per share is being
contemplated, the Edge said, quoting unidentified sources.

SIME DARBY SEEKS SECOND OPINION ON WATER PROJECT

- Malaysian plantations to utilities group Sime Darby Bhd
(SIME.KL) is seeking a second opinion on its proposal to
extract water from an underground reservoir in the country's
north and pipe it to the populous state of Selangor, the Edge
Financial Daily said on Monday, quoting unidentified sources.

Selangor faces a looming water shortage.

MALAYSIA AIRPORTS VENTURE STARTS WORK ON TURKEY AIRPORT

- A consortium including Malaysia Airports Holdings Bhd
(MAHB.KL) began construction of a new airport terminal building
in Istanbul at the weekend, Malaysia Airports said. The
terminal at Sabiha Gokcen International Airport is scheduled
for completion by 2010, the firm added.
(Reporting by Jalil Hamid and Mark Bendeich)