FBMKLCI
1855.64 -10.47pts (-0.56%)
Volume 2.488b Value 2.234b
1)The KLCI closed at its day low for a 2nd session after
selected key heavyweights were sold down at close as investors weighed
geopolitical tension as well as the widely anticipated FOMC meeting next week.
In the regional market, SHCOMP +0.88%
gained for a 2nd consecutive week as lower than expected credit data spurred
speculation that the government will intervene with further stimulus. In the
local market, the broad market faced selling pressure but INDUSTRIAL -0.86%
index lost the most grounds amongst the indices weighed down by SIME -2.37%,
PPB-2.98%, MISC -0.72%. Market breadth was negative as losers beat gainers by
435 : 389. Futures closed at 1847 (8.5points discount)
2) Heavyweights : SIME -2.37% RM9.03, AMBANK -3.4%
RM6.76, CIMB -0.97% RM7.13, PBBANK -0.52% RM19.02, PPB -2.98% RM14.32, PCHEM
-1.40% RM6.30, MAYBANK -0.59% RM10.00, GENTING – 1.14% RM9.50.
3) DBT : NWP 9.476mil @ RM0.12 (2.96% PUC), MATRIX 6mil @
RM3.20 (1.31% PUC), PASUKGB 2.0mil @ RM 0.20 (42% discount).
4) Situational:-
GLOTEC +5.00% RM0.105 - Globaltec Formation Bhd is poised
to secure a 21-year concession to sell hydroelectric power from a facility in
Perak. This will be its maiden foray into renewable energy. Globaltec is to
acquire a 49.0% stake in a hydroelectric power plant project sited at Sungai
Perak, Lenggong, for RM2.5m. The facility comes with a 21-year renewable energy
power purchase agreement approved by the Sustainable Energy Development
Authority Malaysia. The deal will see Globaltec participating in a build-own-operate
concession to build a mini hydroelectric power plant with a total generation
capacity of 15MW in Perak. It is understood that the plant could cost some
RM100.0m and will take two years to construct.
5) BENALEC
Company is proposing to issue up to RM200 million nominal
value of 7-year Redeemable Convertible Secured Bonds (CB) with interest rate to
be determined later. CB are convertible into new shares of Benalec at the
option of the holders of the CB at any time after the issue date at a conversion
price which will be at a premium of between 15% and 20% over the 5-day volume
weighted average market price of Benalec Shares on a price-fixing date to be
determined later by the Board.
The gross proceeds raised of RM200mil will be utilised
as:
1) Land reclamation projects of Benalec and its
subsidiaries RM146.5m
2) Working capital and reserve requirement for a debt
service RM50m
3) Defray estimated expenses RM3.5m
Some of the reclamation projects that the Group is
currently undertaking include Yayasan DMDI, Sentosa cove, and Pulau Indah.
Subject to all relevant approvals being obtained, the Proposed CB Issue is
expected to be completed by the first half of 2015.
6) Market: Concerns over potential change in FOMC policy
on interest rates as well as BNM meeting on the 18th Sept could sideline
investors in a holiday shorten week. Key support at 1840points.
