FBM30 1523.07 -2.49 points (-0.16%) Vol 1,766mil Value 1,608mil
1) KLCI was mostly traded in the red throughout the day contrary to firmer regional markets reacting to signs that Europe's debt crisis is easing. Select situationals hogged the limelight: Pos +5.1%, DRB +3.8%, whilst recent outperformers were sold down at close: MAS -3.7%, Proton -5.13%. TENAGA (gained as much as 2.7% after announcing co received an advanced payment of RM1bn from the govt on behalf of Petronas as compensation for additional costs arising from a gas supply shortage). Market breadth was mixed with losers edging gainers 397:373. Futures closed 1525.5 (2 points premium).
2) Heavyweights: IOICORP-1.1% RM5.43, GENTING-0.7% RM10.88, CIMB-0.4% RM7.27, DIGI-0.5% RM3.90, PBBANK-0.2% RM13.16, YTL-0.7% RM1.49, SIME-0.1% RM9.15, GENM+0.8% RM3.88, MMCCORP+2.6% RM2.80, MAYBANK+0.1% RM8.26
3) DBT: FRONTKN 59.5mil @ RM0.12, SUBUR 21.5mil @ RM1.99, BJLAND 10.7mil @ RM0.92.
4) Situationals:
FABER-2.2% RM1.78: Shares retreated on concerns over the increasing legal disputes the company is facing involving its projects in the Middle East. On Thursday, the company said that its subsidiary Faber Ltd Liability Company was facing a suit from sub-contractor, Sweet Home Technical Works Ltd Liability Company, for services provided for housing projects in Abu Dhabi. The claim dated Jan 10 was for RM11.21mil.
CANONE+5.6% RM1.88, KIANJOO+7.5% RM2.16: Shares climbed on market expectations that Can-One would likely launch a general offer for KJCH after securing the 32.9% block. Last Thursday, Jan 5, Can-One won the legal tussle to acquire the 146.13 mil KJCF shares held by Kian Joo Holdings Sdn Bhd after a Federal Court ruled in its favour. The Court had allowed Can-One's appeal to proceed with the completion of the acquisition of the 32.9% stake for RM241.1mil. Market talk was that Can-One could then launch a GO for the remaining shares in KJCF.
5) Mitrajaya: Co announced that it's wholly owned subsidiary Pembinaan Mitrajaya SB has on Jan 13 accepted a LOA from Putrajaya Holdings SB for the proposed construction & completion of a) 63 units 2-storey terrace houses in Precinct 11, Putrajaya for a contract sum of RM20.5m and b) 25 units 2-storey shop office, 4 units 3-storey shop office & associated works at Precinct 8, Putrajaya for contract sum of RM12.9m. Both the contract are to be completed within a period of 22 months from the date of possession of site & are expected to contribute positively to Mitrajaya group's future earnings; +ve.
6) Mkt - continue with range trading and rotational play amongst sectors.