FBM30 1517.38, -1.98 points (-0.13%), Volume 1,490mil, Value 1,599.8mil
1) KLCI was lower after World Bank cut its global growth forecast by the most in three years as probable recession in the euro region threatens to exacerbate a slowdown in emerging markets. Market was also drifted lower after Fitch said Greece would probably default in March resulting in profit taking among heavyweights which saw index reach a low of 1513.38pts (-5.98pts) before late push up of MAYBANK, GENTING, and RHBCap salvaged 4 points at close. Broader market was mixed with advancers edging decliners 368:364. Futures closed 1516.5 (1 point discount).
2) Heavyweights: TENAGA-2.09% RM6.10, AXIATA-1.22% RM4.87, CIMB-0.7% RM7.11, AMMB-1.03% RM5.78, TM-1.04% RM4.75, PCHEM+2% RM6.64, PBBANK+0.45% RM13.24, YTL+2.04% RM1.50
3) DBT: DBE 12mil @ RM0.08, OLDTOWN 5mil @ RM1.22
4) Situationals:
BPURI+1.64% RM0.93: its subsidiary Bina Puri Pakistan (Private) Ltd has entered into a concession agreement worth RM864m with the National Highway Authority of Pakistan. The agreement is for the construction of the 136km four-lane Karachi-Hyderabad superhighway (M-9 highway) on a build-operate-transfer basis. The concession period is for 28 years and the construction, upgrading and rehabilitation of the motorway are expected to be completed over 30 months.
BRAHIMS+0.7% RM0.72: Share price of BRAHIMS which has risen 50% YTD, announced that the Company will subscribe for an up to 60% equity interest in Admuda Sdn Bhd (Admuda) for a consideration of up to RM20m to be satisfied via a combination of cash and issuance of the Company's shares. Admuda holds a licence from the Ministry of International Trade and Industry (MITI) to operate as a licensed manufacturer of refined sugar and molasses in East Malaysia.
5) Dayang - announced acquired and taken delivery of an offshore accommodation workboat named Dayang Topaz. Expected but +ve as adds to current fleet of 7 which is fully utilised. Enhances chances of RM3bn bids for 2012 to add to current orderbk of RM1.4bn which can last till 2016 (mainly from Petronas Carigali RM800m). Co recently acq 10% Perdana which is synergistic as adds another 8 vessels to fleet. Trades at PER 11x-Trading buy.
6) Mkt - consolidation above 1500pts as vol quietens down ahead of long wkend. Stks at attractive buy lvls: Pos, MAS, Integrax, Timecom, MRCB, Perdana.