FBM30 1589.22 +5.44 points (+0.34%) Volume 1,449mil Value 1,761mil
1) KLCI bucked the regional markets supported by gains in CIMB and GENTING as index touched a high of 1594.72 (+10.94pts) marginally below the all time high of 1597pts. Market pared its gains after China revised downwards its economic growth forecast to 7.5% in 2012 its slowest growth since 2004. Oil prices remain elevated after US president Obama said US may use military force to stop Iran from developing nuclear weapons. Broader market turned negative with decliners edging gainers 414:391. Futures closed 1593 (3.8 points premium).
2) Heavyweights: CIMB+2.05% RM7.48, GENTING+1.51% RM10.76, TENAGA+0.96% RM6.31, PBBANK+0.44% RM13.76, MMC+3.27% RM2.84, ARMADA+1.47% RM4.13 YTL-2.25% RM1.74, KLK-0.76% RM23.40
3) DBT: MNRB 14.3mil @ RM2.71 (6.7% PUC), BJASSET 13.8mil @ RM0.80 (12.4% PUC, 4.7% discount), CATCHA 5.4mil @ 0.71 (4% PUC, 18% premium)
4) Situationals:
KUB+3.55% RM0.73: share price jumped to a high of RM0.775 in morning after news reported KUB have been successful in its bid for Shell's LPG business in the country. According to sources, KUB was willing to pay between RM300mil and RM350mil for Shell's LPG business. This could make KUB's market share from about 12% to 35%.
5) JAKS
Accepted the Letter of Award dated 2 March 2012 from KH Chew Architect (on behalf of MNH Global Assets Management Sdn Bhd) for the proposed construction and completion of 5 blocks of 15-storey commercial building and 4 levels of basement carpark for a contract sum of RM252.0 million ("the Contract"). The Contract is to be completed by 31 August 2013 and is expected to contribute positively to Jaks Group's future earnings.
6)Petroliam Nasional Bhd
Announced their 9mth Dec 2011 results today. Cumulative quarter Group revenue was RM222.8 billion compared with RM175.6 billion, an increase of 26.9% y-o-y on the back of higher realised prices of all products, partially offset by lower sales volumes and strengthening of the Ringgit Malaysia. Group profit for the period was RM55.6 billion, an increase of RM5.3 billion or 10.6%. During the financial period, the Group disposed of its investment in Cairn India Ltd resulting in a gain of RM2.6 billion. Excluding this gain and the IPO gain, profit and EBITDA increased by RM12.1 billion and RM21.7 billion respectively on the back of higher revenue.
7) Market - The KLCI continues to set higher highs with the record of 1597pts well within reach. We expect this trend to continue with the catalyst possibly from strong payroll data in the US released on March 9. Immediate target 1600-1625pts.
