FBMKLCI
1698.53 -8.51pts
(+0.64%) Volume 1,119mil Value RM2,049mil
1) KLCI opened firmer reaching a new all time high of
1716.47 (+9.43pts) before succumbing to profit taking and saw index dipping to
negative territory by midday. Index fell and closed below 1700pts led by
plantation names IOICORP and SIME. Regional market also pared its gains as
investors decided to take profit while there are concerns extra funding is
needed to bailout Cyprus. Market breadth turned negative with decliners doubling gainers 476:243. Futures closed
1696pts (2.5pts discount).
2) Heavyweights: IOICORP-2.21% RM4.87, SIME-1.07% RM9.29,
TENAGA-1.29% RM7.68, CIMB-0.90% RM7.71, AXIATA-0.74% RM6.70, MAXIS-1.03%
RM6.75, MAYBANK-0.31% RM9.60, PBBANK-0.25% RM16.30
3) DBT: KSK 5mil @ RM0.62, PRDUREN 5mil @ RM0.80 (3.67%
PUC), YINSON 3.1mil @ RM2.62 (1.55% PUC, 6.4% discount)
4) Situationals:
MISC+1.11% RM5.47: The Employees Provident Fund (EPF) has
accepted Petroliam Nasional Bhd's enhanced takeover offer for its stake in MISC
Bhd for RM5.50 per share, MISC said in a statement yesterday. EPF is MISC's
largest minority shareholder with a 9.5% stake. The offer expires on 19 April
2013. This brings Petronas' total stake in MISC to 79.77%, as at 5pm 11 April
2013, from 62.67% preoffer. The offer is conditional upon Petronas securing 90%
or more of MISC shares. To trigger compulsory acquisition, Petronas needs to
secure 96.3% of MISC. Other large minority shareholders include Skim Amanah
Saham Bumiputera, Lembaga Tabung Haji, and KWAP.
5) Press Metal:
The Board announced that the Company had on 12 April 2013 entered into a
Memorandum of Understanding ('MOU') with Sumitomo Corporation ('the
Purchaser'), with a view to dispose of twenty percent (20%) equity interest in
its wholly-owned subsidiary, Press Metal Bintulu Sdn. Bhd. (PMB) to the
Purchaser. Once its plant in Samalaju Industrial Park, Sarawak is fully
operational, the principal activities of thePMB will be an aluminium smelter
for the production of aluminium ingots and billets of accepted commercial
standards.The Purchaser, with its extensive networking worldwide, actively
trades in metals at an international and competitive level. The Proposed
Transaction will enable the Press Metal to reap the synergy of the partnership
and bring yet another of its subsidiary to its full potential. The MOU will be
valid for 6 months during which time, the Purchaser will conduct a legal,
financial and operational due diligence audit over the Target Company. Upon
completion of the DD Audit, the Purchaser may make an offer to the Vendor to
acquire twenty percent (20%) equity interest in the Target Company - Positive longer term. MOU will not have any
effect on the share capital, substantial shareholders' shareholdings, net
assets per share, gearing and earnings per share for the financial year ending
31 December 2013.
6) Market -any selldown is a good opportunity to
accumulate , especially on recent o&g outperformers eg SKPetro, Dayang and
to load up on laggards like Penergy.