FBM30 1625.59
-20.52 points (-1.25%) Volume
899mil Value 1,461mil
1) Accelerated selling was evident today, in line with
the weaker regionals as markets fell after HSBC China PMI showed industry may
shrink for a 11th month while Japan's export also declined for 3 straight month
adding to worries global economic slowdown is worsening . Index touched a low of 1620.68 (-25.43pts) before buying
support for CIMB and telcos saw market recover 5 points. Market breadth was
negative with decliners trashing gainers 551:184. Futures closed 1621pts (4.5
points discount).
2) Heavyweights: CIMB-1.82% RM7.55, GENTING-2.44% RM8.80,
AXIATA-1.43% RM6.19, GENM-5.15% RM3.50, TENAGA-1.75% RM6.72, DIGI-1.6% RM4.94,
IOICORP-1.77% RM4.99, TM-1.51% RM5.89
3) DBT: SCOMI 67.3mil @ RM0.35 (11% Premium), UEMLAND
1.3mil @ RM1.68
4) Situationals:
OLDTOWN-5.77% RM1.96: OLDTOWN proposed private placement
of up to 33 million new ordinary shares based on an indicative price of RM1.84
per share raising gross proceeds of about RM60.72 million Some RM42.39 million
of the proceeds will be used for business expansion, while RM18.17 million will be allocated for working capital.
The PP is expected to be completed by 4Q12
5) AEON CRED
1H AUG 2012 Tover
+33.8% RM214m Net +41.3% RM60.2m EPS 50.2sen DPS 16sen
8%
below cons(f) RM130m
The growth in top line and net earnings is attributable to
the 39% growth in total transaction and financing volume to RM1126m on the back
of marketing and promotion activities. Financing receivables grew 41.6% YOY to
RM1.86bn with NPL lower at 1.53% vs 1.63%.
The company intends to continue to open new branches and
expand its services targeting particularly the growing middle income segment.
Satisfactory numbers with valuations still reasonable, PE
11x , yield 3% despite its 80% YTD gain. Accumulate on weakness.
6) Market - Choppy trading to continue as investors focus
on pending elections with no immediate other catalyst to drive direction.
Maintain range of 1615-1650pts.
