FBM30 1504.11, +3.20 points (+0.21%), Volume 1,273mil, Value 904mil
1) KLCI recovered from morning's low of 1495.52pts (-5.39pts) to close at day's high bucking the regional market which fell on weaker US housing prices and concerns of slowing growth in China. Index closed at its highest level since Aug'11 led mainly by PETGAS+4.86% as Tech+3.1% sector outperformed with gains seen in JCY+8.8%, DATAPRP+8%, KEYASIC+11.5%. Broader market was positive with gainers leading losers 386:314. Futures closed 1504.5 (0.4points premium)
2) Heavyweights: PETGAS+4.86% RM15.10, CIMB+0.71% RM7.10, IOICORP+0.57% RM5.29, RHB+1.13% RM7.13, MHB+0.89% RM5.70, PCHEM-0.65% RM6.15, TM-0.8% RM4.96, HLFG-1.02% RM11.68
3) DBT: TPC 26.9mil @ RM0.30 (33.6% PUC, crossing of London Biscuit block to Huat Lai Resources Bhd triggering a MGO), BONIA 25mil @ RM1.99 (12.4% PUC), UOADEV 14.5mil @ RM1.36, TENAGA 11mil @ 5.80
4) Situationals:
JCY+8.80% RM1.05: Share price continued to surged, closing at 13 months high of RM1.05 as buying interest remained for JCY which was not affected by the recent severe Thai flood while its main customers Western Digital and Seagate pushed for higher HDD prices of up to 50-100%.
5) MAGNA
+0.6% RM0.815: MAGNA's property pipeline remains healthy as the company intends to launch an estimated GDV of more than RM1.6 billion next year. MAGNA plans to develop a commercial development project comprising two towers, residential units and a hotel in Jalan Ampang, as well as a mixed-development project in Jalan Gasing. The Jalan Ampang project will begin in 2012 while Jalan Gasing will start only in 2013. Its ongoing 25-storey single-tower residential apartment project in Melbourne, Australia known as Dynasty Living, also saw a 62% of a total of 320 units being sold. The Australian project will contribute RM48.3m in gross profits when completed in 2013.
+ve as it remains a niche player developing smaller plots of land for the medium to higher end market. The company could however experience problems in replenishing its land bank with scarcity of prime locations and rising prices.
6) Market - Remains on target to close the year above the psychological level of 1500pts assume we do not experience any further external shocks in the next few days. Trading ideas on underperforming counters in the past month include; MAS, Naim, MAHB, IJM.
