FBM30 1550.49, -10.81 points (-0.69%), Volume 2,185mil, Value 1,972mil
1) Market fell for the 2nd consecutive days as investors turn cautious on the delay in the second bailout for Greece while Moody issued warning to review for possible downgrade to ratings of 17 global banks. Index was weighted down by Tenaga, SIME and banks before finding some support at 1550pts levels, trading sideways after early morning weakness. Rotational of penny names saw MUI related names firmer led by MUIPROP+50%, MUIIND+4%, PMIND+20%. Market breadth was negative with decliners trashing gainers 239:668. Futures closed 1547 (3.5 points discount).
2) Heavyweights: TENAGA-2.12% RM6.00, PBBANK-0.87% RM13.64, DIGI-1.44% RM4.10, SIME-0.73% RM9.54, KLK-2.3% RM24.80, CIMB-0.69% RM6.88, PETGAS-1.68% RM16.36, PCHEM-0.87% RM6.88
3) DBT: GPACKET 13.9mil @ RM0.61 (2% PUC, 4.7% discount), COMPUGT 3.5mil @ RM0.135 (17% premium)
4) Situationals:
CANONE-5% RM1.70: share price fell after CANONE's acquisition of a block of Kian Joo shares was contested with notices from Datuk See Teow Chuan and 13 others who are appealing to the Federal Court to review its ealier ruling.
5) HIBISCUS
Its proposed subscription for 76,923,077 new ordinary shares of 0.05 USD cents each in Lime Petroleum Plc, a company incorporated in Isle of Man, and proposed acquisition of 22,153,846 existing Lime Shares, representing in aggregate 35.0% of the enlarged issued and paid-up share capital of Lime for a total cash consideration of USD55 million has been approved by SC subject to several conditions including
- quarterly report details of its exploration, development and production activities and a summary of expenditure during the period of review until such time that the company have determined and announced proven hydrocarbon reserves. Figures and estimates of any discovery of hydrocarbons must be announced and verified by an independent geologist or expert.
6) Market - Current expected pullback in the market continues to be an opportunity for investors to bargain hunt as we believe the current uptrend remains intact. Trading Buy levels KEuro, MAS, KNM, MMC, TimeCom.