FBM30 1639.15
+3.19 points (+0.19%) Volume 1,347mil Value 2,013mil
1) Telco stocks led KLCI firmer as index reached a fresh
high of 1646.97pts(+11.01pts) in the morning before succumbing to
profit taking. Regionals were positive as investors are speculating
China and US will boost stimulus plans after IMF cut its global growth forecast
yesterday. Ben Bernanke's semiannual 2 days congressional testimony
could also provide investors on any possible stimulus plans. Market breadth was
slightly negative with losers edged
gainers 409:401. Futures closed 1642.5pts (3.5points premium).
2) Heavyweights: AXIATA+2.74% RM6.00, DIGI+1.62% RM4.40,
TM+2.16% RM6.15, MAXIS+0.9% RM6.71, MAYBANK-0.57% RM8.74, CIMB-0.38% RM7.86,
GENTING-0.63% RM9.46, GENM-1.1% RM3.60
3) DBT: PRDUREN 6.8mil @ RM0.995 (5% PUC, 17% premium),
JCY 4.1mil @ RM1.49
4) Situationals:
OCK+23.6% RM0.445:
Company which is principally involved in the provision of telecommunications network services made an
impressive debut on the ACE market today reaching a day's high of RM0.475 with
48mil shares traded. OCK IPO involved the issuance of 75mil new shares at
RM0.36 per share.
MEDIAC+22.22% RM1.65:
Share trading resumed after announcing that the company was undertaking a capital management programme
that will see company distributing RM700mil or 41sen per share. Share price
rose and closed to its all time high of RM1.65.
PUNCAK+6.15% RM1.38: Share price rose after news reported
Selangor Government is planning to take over the operations of
Syabas by invoking its powers under Clause 32 of the concession agreement
according to Menteri Besar Tan Sri Khalid Ibrahim. Approval is needed from the
Federal Government and notice has been sent.
5) Topglove: announced that it has entered into a
conditional SPA to acquire 100% of GMP Medicare SB from Matang Manufacturing
SB. GMP is principally involved in manufacturing & sale of rubber gloves.
The terms of the proposed acquisition includes the settlement of inter-company
loans of GMP & the purchase by GMP from Matamg Manufacturing of a piece of
property. The total consideration of the acquisition was agreed at RM24.13m and
was arrived at fair market value. The proposed acquisition will not have a
material effect on the earnings or net asset of Topglove for FY08/2012, but is
in line with the group's expansion plan of increasing it's global market share.
GMP is expected to benefit from the economies of scale of the group's
established marketing & procurement network, and will contribute to the
profitability of the group going forward; +ve
6) Mkt: the KLCI may consolidate after the recent rally
with interest rotating to quality second liners.
