FBMKLCI
1706.34 -1.01pts
(-0.06%) Volume 747.23mil Value RM1,822mil
1) KLCI ended lower after Maybank went ex-div today
(-3pts) as index managed to recover from intraday low of 1700.25 (-7.10pts) on
buying interest in key heavyweights led by AXIATA and GENTING. Regionals
continued its rally with recovering commodities and expectations of more action
from Central banks. Market volume remained as retail investors stay on the
sidelines ahead of GE13 with market breadth turning negative after losers edged
gainers 329:299. Futures closed 1708pts (1.5points premium).
2) Heavyweights: IOICORP-1.38% RM5.01, TENAGA-0.38%
RM7.82, PCHEM-0.46% RM6.47, MAYBANK+1.49% RM9.55, AXIATA+0.89% RM6.80,
GENTING+0.79% RM10.24, UMW+1.89% RM13.72, IHH+1.36% RM3.74
3) DBT: LIONIND 127.3mil @ RM1.40 (17.73% PUC, 42.8%
premium), AGLOBAL 5.5mil @ RM0.08, HUBLINE 3.175mil @ RM0.0597, PMETAL 2.195mil
@ RM1.82
4) Situationals:
TOPG+3.15% RM6.23, SUPERMX+2.5% RM2.08: Glovemaker
rallied after Taiwan has confirmed its first case of a new strain of bird
flu. Taiwan's Centers for Disease Control
said Wednesday that a 53-year-old man became sick with the H7N9 bird flu virus
after returning from working in the eastern Chinese province of Jiangsu on
April 9.
5) P CHEM
PChem together with BASF intend to invest approximately
USD500 million (RM1.5 billion) integrated aroma ingredients complex in Gebeng,
Kuantan . The Project comprises the development of a complex, comprising a
plant for citral and the precursor plants, which will be integrated with the
existing facilities of BASF-PETRONAS Chemicals Sdn Bhd located in Gebeng,
Kuantan. The parties will also invest in downstream production for aroma
ingredients, including a new world-scale plant for L-menthol and a plant for
citronellol.
The Project will be developed in phases subjected to
Final Investment Decision approval by BPC's Board by end of 2013, with the
first plant expected to be operational in 2016.
BPC is the existing joint venture between BASF and PCG;
with 60% and 40% shareholding respectively, which operates an integrated
complex in Gebeng, Kuantan for the production of acrylic monomers, oxo products
and butanediol.
6) Market - Two tier to continue in the run up to May 5,
with investors seeking shelter back in big blues. MISC which took another 4.9%
beating today as shares are returned after the unsuccessful GO by Petronas. At
these levels we feel there is potentially a brighter upside for the stock,
trading at only 10% above its 5 year low (RM3.86) vs recent independent advisor
valuation of between RM5.70-RM6.10. BOW.