FBM30 1648.22
-3.39points (-0.21%) Volume 1,281mil Value 1,189.5mil
1) KLCI drifted lower amid the lack of buying interest as
investors took risk off following reports of weakening US labour market while
China's economic statistics are showing signs of slowing down. Investors are
also less optimistic of a rapid Eurozone resolution. Plantation-0.67% despite
CPO futures reaching a high of RM3100/MT and posting gains for a 2nd
consecutive weeks. Market breadth was negative with losers led gainers 434:322.
Futures closed 1648.5pts (parity).
2) Heavyweights: IOICORP-1.37% RM5.05, AIRASIA-2.5%
RM3.51, PETGAS-0.82% RM19.30, MAYBANK-0.22% RM9.17, YTL-1.06% RM1.86,
CIMB+0.38% RM7.88, BAT+1.30% RM63.80, MAXIS+0.57% RM7.02
3) DBT: BJLAND 32.4mil @ RM0.796, NEXTNAT 25mil @ RM0.10
(4.2% PUC, 31% discount), CBSA 11mil @ RM0.375 (4.6% PUC)
4) Situationals:
MRCB-4.17% RM1.61: RAM Ratings announced it has downgraded the respective southern linked
Bhd's RM845mil secured senior sukuk and RM199mil junior sukuk to BB3 and C1
respectively.
5) IGB: HY06/12 Rev+34% RM483.7m Net+31% RM113.4m EPS
7.78s
Results 6% ahead of Cons RM212m.
For 6-mths yoy, higher revenue was due to contribution
from all divisions ( Property Devt+309%, Property Investment+9%, Hotel+28%,
Construction+145%). Correspondingly, Operating profit was higher by 37%, with
improved contribution from Property Devt+241%, Investment+24% & Hotel+50%.
Qoq, Rev+17% (mainly due to contribution from Hotel & Property Investment)
& Pretax+1%, mainly due to contribution from the Hotel division. Ahead, in
the Ppty Devt div, more than 85% of the available 474 units of G Residence has
been sold. In Ppty Investment, Midvalley & Gardens registered turnover
growth of 6% & 10% respectively. With these improved performances, Board is confident that
the operational results for the current year will be better than the previous
year.
The share price has retreated some 7% over the past few
sessions. IGB is still expected to benefit handsomely from the listing of it's
2 malls, Midvalley & Gardens, via a REIT. BOW.
6) Mkt: downside bias as markets are at crossroads yet
there seems to be no imminent positive policy moves in the near term.