1) KLCI tanked in the morning reaching a low of 1559.01
(-16.07pts) following a weaker DOW on worries Greece could be leaving the Euro
union while Moody downgraded Italian banks. Index stage a mild recovery in the
afternoon after Germany's economy expanded five times faster than economists
estimated before late selling of IOICORP and GENM ensured market closed near
day's low. Broader market was negative with decliners overwhelming advancers
658:176. Futures closed 1549.5 (11.5 points discount).
2) Heavyweights: CIMB-2.27% RM7.32, IOICORP-3.28% RM5.01,
MAYBANK-1.15% RM8.63, PCHEM-1.38% RM6.45, GENM-1.89% RM3.64, AMMB-1.43% RM6.21,
AIRASIA-2.51% RM3.49, KLK-1.29% RM22.90
3) DBT: BERTAM 8mil @ RM0.65 (3.8% PUC, 5.8% discount),
BJCORP 5.2mil @ RM0.749
4) Situationals:
PERMAJU-4.85% RM0.98: Share price fell and ended at day's
low after its directors denied a chinese newspaper report that it was disposing
a 30 acres land in Sabah for RM100mil.
5) PERWAJA
1Q MAR 2012 Tover
-5% RM406.1m Net RM16.2m EPS 2.9sen
Cons(f) (RM5.9m)
Lower turnover due to lower sales volume, however lower
cost of raw materials and higher steel prices resulted in a positive bottom
line to the tune of RM16.2m vs a loss of RM24.3m YOY. The profitability was
also aided by the lack of provisions for write down in inventory value. The
Group has embarked on the construction of a concentration and palletizing plant
which when completed will reduce its reliance on imported pellets and exposure
to raw material price fluctuations thus reducing production cost. +ve
6) Market - A technical rebound looks likely on the back
of better than expected German GDP numbers, helping the Euro region from
slipping into a recession however a solution to prevent the contagion effect in
the event of a Greek default has yet to be formulated to help calm markets in
the medium to longer term.