FBMKLCI
1713.46 -4.19pts
(-0.24%) Volume 809.033mil
Value RM1,986mil
The index saw an immediate correction at the opening
after it closed at an all-time high on Tuesday due to the month end window
dressing. The earlier session started with aggressive profit taking albeit thin
volume but recovered most of its earlier losses to close just 4 pts lower.
Investors prefer to stay on the sidelines following the weaker regionals and
evidence of slower growth in the US and China as well as concerns fuelled by
the looming elections this weekend. The Oil and Gas sector tumbled today as we
witness recent outperformers fall, DAYANG -5.2%, PERDANA -4.7%, KNM -3.4% and
SKPETRO -3.1%. Market breadth throughout the day was negative with decliners
thumping gainers 516 : 210. Futures closed 1705.5 (8 pts discount).
2) Heavyweights: SIME-0.6% RM9.38, TENAGA-0.6% RM7.79,
AXIATA-0.3% RM6.74, CIMB-0.3% RM7.71, GENM-0.4% RM3.72, IOICORP-0.3% RM5.00,
PCHEM-0.3% RM6.50, PETGAS+0.28% RM20.00
3) DBT: MEGB @ 72mil @ RM0.40 (17.5% PUC, 30% discount),
MTRONIC 10mil @ RM0.10 (1.57% PUC, 5% premium), DIJACOR 4.5mil @ RM1.50 (0.5%
PUC, 1.3% discount), MUDAJYA 4mil @ RM2.42 (0.7% PUC)
4) Situationals:
KNM-3.48% RM0.415: Process equipment maker KNM Group Bhd
has reported a deviation of more than 10% in its announced unaudited accounts
and audited net profit for the financial year ended Dec 31, 2012. The unaudited
net profit announced before was RM130.6mil vis-a-vis the audited figure of
RM82.03mil. The company told Bursa Malaysia that this was due to the
adjustments from normal operations and the significant audit adjustments to its
Brazilian operations which includes impairment of deferred tax assets and
property, plant and equipment, and provision for contingency cost.
5) GADANG
The Company's
indirect wholly-owned subsidiary, Asian Utilities Pte Ltd ("AUPL entered into a Shares Subscription Agreement
("SSA") with PT. Ikhwan Power Indonesia ("PTIPI"), PT.
Megatama Powerindo ("PTMP") and PT. Ikhwan Mega Power
("PTIMP") to subscribe for 9,000 (nine thousand) new shares of Rupiah
(IDR) 1,000,000 (one million Rupiah) each ("Shares") representing 60%
of the enlarged issued share capital of PTIMP for a total cash subscription
price of IDR 9,000,000,000 (nine billion Rupiah) (equivalent to about RM3.0
million)
PTIMP has executed a Power Purchase Agreement
("PPA") with PT. Perusahaan Listrik Negara ("PLN"), the
state owned power supply company of Indonesia to develop and supply power to
PLN for the duration of the PPA period, which is 15 years, from a 9 Megawatt
(MW) Mini Hydro Power Plant ("the Project"). The Mini Hydro Power
Plant will be located in Kabupaten Tanah Datar, Sumatera Barat.
+ve to expanding its foray into power assets overseas.
6) Market - Maintain current trend with results on May 5
to dictate short term outlook.