FBM30 1598.87 +5.43 points (+0.34%) Volume 1,275mil Value 1,143mil
1) KLCI was firmer snapping its 2 days losing streak in a thinly traded market as investors awaits important US job numbers with key regionals closed for Easter weekend holidays. Index was boosted by gains in Financials+0.57% while broader market turned positive with strong gains seen in penny names led by NICORP+18%, SCOMNET+15%, GOCEAN+28% as advancers lead losers 429:261. Futures closed 1595.5 (3 points discount).
2) Heavyweights: CIMB+1.04% RM7.74, MAYBANK+0.68% RM8.88, PBBANK+0.58% RM13.80, AXIATA+0.57% RM5.32, YTL+1.13% RM1.79, GENTING-0.37% RM10.92, AIRASIA-0.59% RM3.40
3) DBT: ALAQAR 25mil @ RM1.18 (3.9% PUC), CSL 13.7mil @ RM1.00 (15% discount), BJLAND 8mil @ RM0.83
4) Situationals:
OLDTOWN+9.3% RM1.41: Company is setting up a new food processing centre in China as part of its expansion plan to penetrate the chinese F&B market. The RM5mil investment in Guangzhou is part of a JV between OLDTOWN (19%), its HK based related party Oldtown Asia Pacific (11%) and a Chinese company which holds Oldtown’s master franchise license (70%).
5) Ingress: has announced that TNB has issued an LOI to the JV between Multi Discovery SB & Ramusa Engineering SB( both subsidiaries of Ingress) for the establishment of PMU 275kV at Pantai Remis switching station. The aggregate value for the project is RM26.6m which shall commence within the 2nd quarter of FYJan 2013 for a duration of 609 days (approx 1.5 years); +ve, the project is expected to contribute positively to the earnings of the group. As for it’s Thailand Automotive division, production for Honda parts will commence gradually from April 2012, in line with the Honda Recovery Plan. The other 2 plants in Rayong were not affected.
6) Mkt: Immediate outlook to depend on US employment numbers out tonight. Otherwise range bound trading btw 1580pts -1620pts to continue without any external shocks.
