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KUALA LUMPUR, July 6 (Reuters) - Malaysian shares are likely to drift in a tight range on Friday due to a lack of trading incentives and after a mixed finish on Wall Street offered little direction, analysts said.

Among individual stocks, shipper MISC Bhd (MISC.KL: Quote, Profile , Research) could attract some interest after the company said it had ordered eight chemical/product oil tankers worth $430 million.

Energy services firm SapuraCrest Petroleum (SCRS.KL: Quote, Profile , Research) may also move after announcing plans to spend A$50 million to expand its Australian unit, Total Marine Technology Pty Ltd. It plans to add six deep-sea-capable remote operating vehicles, raising its fleet size to 15.

"Unless there's a positive newsflow, the market is likely to remain at the current range of 1,370 to 1,390," said Kenny Yee, research head at OSK Securities.

"Valuation is still okay. At 16-?times PE, we are not overly expensive as some had believed," he said.

On Thursday, the benchmark Composite Index <.KLSE> fell 0.57 percent to end at 1,369.30, snapping a four-day winning streak. The July futures contract put the key stock index at 1,365 points. U.S. technology stocks gained on Friday on data showing the U.S. service sector rose unexpectedly in June.

But rising bond yields were a damper on the broader market, leaving the Dow industrials and S&P 500 barely changed on the day.

The Dow Jones industrial average <.DJI> ended down 0.08 percent at 13,565.84. The Standard & Poor's 500 Index <.SPX> fell 0.03 percent to 1,525.40 while the Nasdaq Composite Index <.IXIC> rose 0.44 percent to 2,656.65.

FACTORS TO WATCH

- Malaysian cigarette maker JT International Bhd (JTIN.KL: Quote, Profile , Research) raised prices of its cigarettes from Thursday following a government tobacco tax hike, the firm said in a statement. The price hikes ranged from an increase of about 11 percent for a king-sized pack of 20 Salem Lights, to 16 percent for a king-sized box of 18 Winston Lights, JTI figures showed.

- Malaysian tech firm Intelligent Edge Technologies Bhd (INEH.KL: Quote, Profile , Research), whose major owner is Hong Kong-listed Softbank Investment (0648.HK: Quote, Profile , Research), expects to turn a profit in 2007 from a loss last year, its chief said on Thursday.

- Malaysian shipping line MISC Bhd (MISC.KL: Quote, Profile , Research) has ordered eight chemical/product oil tankers worth $430 million from South Korea's SLS Shipbuilding Co. Ltd, MISC said on Thursday. The first three tankers will be delivered in 2009 and the remaining five in 2010, it said in a statement.

- The managing director of Malaysian independent power firm Malakoff Bhd (MLKF.KL: Quote, Profile , Research) has resigned along with other board members, Malakoff said on Thursday, after a takeover by engineer MMC Corp Bhd (MMCB.KL: Quote, Profile , Research). Ahmad Jauhari Yahya left office on Wednesday, it said.

- A major shareholder of Malaysian food processor Welli Multi Corp Bhd (WLLI.KL: Quote, Profile , Research) has received an offer to buy a 19 percent stake in the firm at 1.50 ringgit ($0.436) per share, Welli Multi said on Thursday.

The stock earlier closed up 53 percent at 1.61 ringgit. The offer for the block, held by Welli Multi Managing Director Ang Sun Beng, was made by privately held Hadhari Cattle Industry Sdn Bhd, it said in a statement.

- Malaysian tech firm Green Packet Bhd (GRNP.KL: Quote, Profile , Research) has signed a two-year deal to supply its wireless e-communications technology to Shanghai Telecom (0728.HK: Quote, Profile , Research)(CHA.N: Quote, Profile , Research), Green Packet said on Thursday. The technology would give Shanghai Telecom subscribers seamless access to two networks with just one user identity, Green Packet said in a statement.

- Malaysian engineering firm Zecon Engineering (ZCON.KL: Quote, Profile , Research) has won a 125 million ringgit ($36.31 million) contract to build a tunnel for the water department of Negeri Sembilan state, the company said on Thursday.

- Malaysian energy services firm SapuraCrest Petroleum (SCRS.KL: Quote, Profile , Research) plans to spend A$50 million to expand its Australian unit, Total Marine Technology Pty Ltd, SapuraCrest said on Thursday. The money will be used to add six deep-sea-capable remote operating vehicles, raising its fleet size to 15, it said in a statement.

- Malaysian factory output in May probably rose 1.2 percent from a year before, picking up from the previous month amid tentative signs global demand for electronics was recovering, a Reuters poll showed on Thursday.

- Jamaludin Ibrahim, the group chief executive of Malaysian mobile phone firm Maxis Communications (MXSC.KL: Quote, Profile , Research), will retire from the company on July 31, and join the board of Binariang GSM, Maxis said on Thursday.
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