FBM30 1593.44 -5.83 points
(-0.36%) Volume 1,239mil Value 1,222mil
1) KLCI fell inline with the
regionals as concern on Eurozone’s funding ability returned after weaker than
expected Spanish bond sales. Index pared its losses to reach day high of 1596.46
(-2.81pts) following positive HSBC China’s services PMI numbers, but closed off
best after key heavyweight were sold down at auction led by CIMB, MAYBANK, GENM.
Broader market was slightly negative with decliners edging advancers 352:342.
Futures closed 1590 (3.4 points discount).
2) Heavyweights: MAYBANK-0.68%
RM8.82, CIMB-0.78% RM7.66, GENTING-1.08% RM10.96, PBBANK-0.44% RM13.72,
SIME-0.41% RM9.84, GENM-1.05% RM3.77, YTL+1.72% RM1.77, AXIATA+0.38%
RM5.29
3) DBT: DBE 8mil @ RM0.09, CBSA
7mil @ RM0.42 (3% PUC), TAANN 5mil @ RM6.20 (2.8%
discount)
4)
Situationals:
SAPCRES-1.44% RM4.79: Share price
was weaker after a family dispute between Tan Sri Shamsuddin Kadir and his two
sons spilled in the open. Tan Sri Shamsuddin Kadir is demanding a return of
shares and properties valued in excess of RM450m from Datuk Shahril Shamsuddin
and Shahriman Shamsuddin. Assets include a 15% block in Sapura Holdings Sdn Bhd
and properties in the Klang Valley
Favelle Favco Cranes
Pty Ltd, Favelle Favco Cranes (M) Sdn Bhd and Kroll Cranes A/S had received 5
purchase orders or Letter of Intent respectively in the months of March 2012 and
April 2012 for delivery in end 2012 to 2013 valued at RM102.1m. The contracts
primarily involve the supply of tower and offshore cranes. This will improve the
company’s order book size to above RM800m. Trading at only 5% PE multiple, the
stock trades at a steep discount to market valuations, likely due to the lack of
liquidity. An indirect play into the growth of Favco could be via Muhibbah Eng,
who owns 55% of the company.
6) Market –
Cautiousness in the market likely to linger as European bonds continue to
decline after the recent debt auctions. All eyes now will be on the
US
