FBM30 1603.12
+1.85 points (+0.12%) Volume
1,348mil Value 1,656mil
1) KLCI was marginally firmer, lagging behind regionals
(HSI+2%, Nikkei+1%) which rose following gains from DOW overnight
and China bank lending surging in March to the most in a year. China's
1Q GDP was 8.1% and below consensus, prompting expectations for monetary
easing. Market breadth was positive with advancers outpacing decliners 400:325.
Futures closed 1594.5 (8.5 points discount).
2) Heavyweights: TENAGA+1.54% RM6.61, UMW+1.48% RM7.53,
PCHEM+0.3% RM6.75, CIMB-0.26% RM7.69, GENTING-0.36% RM11.04, YTLPOWR-1.08%
RM1.83, GENM-0.53% RM3.78
3) DBT: TIGER 15.7mil @ RM0.15 (5% PUC), DBE 9mil @
RM0.10, OLDTOWN 5.9mil @ RM1.51, GTRONIC 2mil @ RM1.17
4) Situationals:
GLBHD+3.25% RM1.27: Share price rose after company
announced its plans to acquire 95% equity stake in Indo's PT Tasnida Agro
Lestari for RM16.6mil which will double its oil palm plantation landbank over
20,000ha from 9,683ha. Its 9,683ha landbank is 86% planted with 85% of its area
matured.
HIBISCS+24% RM2.10: Hibiscus reached limit up (RM2.19)
after company announced its 35% associate, Lime Petroleum, had secured
a fourth concession in the Middle East, more specifically in Ras Al Khaimah. Hibiscus is not required to pay anything more for these
concessions.
5) EVERSENDAI
The group was appointed as a sub-contractor to erect
structural steel works worth SAR193 million (approximately RM158 million) for
the Railway Station in the King Abdul-Aziz International Airport Development
Project - Phase 1 in Jeddah, Kingdom of Saudi Arabia. The project was awarded
to the Group's subsidiary, Eversendai Engineering L.L.C. in Dubai, by the main
contractor, Saudi Binladin Group Architecture & Building Construction
Division, and the scope of work includes Engineering, Connection Designs,
Supply, Fabrication and Deliveryto Site, Painting, Fire Proofing, Metal Decking
& Erection of Structural Steel works. Work on this contract is expected to
use nearly 12,000 tonnage of steel and anticipated to be completed in 2013. +ve adding to its existing RM1.37bn order book.
6) BOUSTEAD
Its wholly owned subsidiary Mutiara Rini Sdn Bhd entered
into an agreement ("JVA") with Ikano Pte Ltd, a subsidiary of Ikano
SA to form a joint venture company known as Circuit Wealth Sdn Bhd for the
purpose of acquiring land to jointly develop and manage a shopping centre in
Kuala Lumpur. Equity participation will be on a 50:50 basis. The objective of the Proposed Joint-Venture
is to acquire land from Lembaga Tabung Angkatan Tentera for the purpose of
jointly developing and managing a shopping centre on the land.
+ve This JV is likely set up to capitalize on the
expected awarding of
24ha land in Jalan Cochrane from the government to LTAT.
They will try to replicate the very successful Mutiara Damansara retail
development.
7) Market - Continue to take lead from US reporting
season and Europe bond auctions.
