FBM30 1641.01
-13.10 points (-0.79%) Volume
1,354mil Value 1,700mil
1) Persistent selling saw KLCI end at day's low as
investors sell ahead of ECB meeting tomorrow after US manufacturing
unexpectedly contracted for a third month and on a report China's industrial
output may slow. Key heavyweights were mostly lower led by plantation
names PPB-4%, IOICORP-3% and KLK-2.22%. Market breadth was negative with
decliners thumping gainers 669:156. Futures closed 1635pts (6 points
discount).
2) Heavyweights: IOICORP-2.89% RM5.04, CIMB-0.39% RM7.74,
PCHEM-1.69% RM6.38, PPB-4.18% RM13.28, TENAGA-1.03% RM6.73, KLK-2.22% RM22.94,
GENTING-0.78% RM8.94, MAYBANK-0.33% RM9.14
3) DBT: GLOTEC 30.1mil @ RM0.075, DAYA 8mil @ RM0.20
4) Situationals:
INGENS+2.22% RM0.23: Chin Boon Long and Firstwide Success
Sdn Bhd have via the press conference held this morning and via their
letters sent to the registered office of INGENS, rejected the offer from
Ninetology Marketing Sdn Bhd to purchase Mr Chin's stake at an offer price of RM0.55 per share.
5) UEMLand: announced that the KL High Court had on Sept 4
allowed Bandar Nusajaya Development SB's (BND)- a wholly owned subsidiary-
judicial review application to set aside the additional tax assessment
amounting to RM73.8m. The Court ruled in favor of BND and declared that the IRB
had no legal basis to raise the additional tax assessment. The IRB has 30 days to appeal to the Court of Appeal, +ve.
The share price of UEMLand has retreated 16% since early
July as market priced in the election risks ahead. Co has unbilled sales of
RM1.85b & some RM3.3b worth of projects planned to be rolled out in 2H2012.
We anticipate positive newsflow in tandem with the opening of Legoland,
Marlborough College, etc soon & expect interest to pick up strongly after
overhang of concerns is over - Trading
BUY.
6)Mkt: the recent support of KLCI 1643pts was broken
during the auction sell down; unless this level is reclaimed immediately, the
market is likely to retrace lower to the KLCI 1631-1620 levels.
