FBMKLCI
1717.56 -10.02pts (-0.58%)
Volume 1.080b Value 1.199b
1) The KLCI corrected 10pts today following pushed up on
Friday for month-end closing as local market underperform the regionals (NIKKEI
+1.37%, HSI +2.04% ) which rose sharply on better than estimated China PMI
numbers which came in at 51. News of
Obama seeking congress approval for strike on Syria also ease concerns over
Middle-East. In the local scene, overall market volume was sharply lower with
only 1.1bn shares changed hands as market breadth was negative with losers
beating gainers by 523 : 231. Futures closed 1707.5 (10 pts discount).
2) Heavyweights : CIMB -1.37% RM7.18, AXIATA -1.18%
RM6.67, SKPETRO -2.78% RM3.49, GENM -1.90% RM4.13, FGV -2.74% RM4.25, TENAGA
-0.68% RM8.67, PETDAG -2.15% RM27.20, RHBCAP -2.13% 7.32
3) DBT : EFORCE 40.094mil @ RM0.2140 (RM19.391% PUC @ 38%
discount), MNC 11.350mil @ RM0.25 (12.014% PUC @ 9.1% discount), MAYBANK
6.093mil @ RM9.98
4) Situational:-
BIMB -2.77% RM4.20 - In August, BIMB announced the
proposed acquisition of the remaining stake in Bank Islam - 30.5% from the
Dubai Financial Group and 18.5% from Lembaga Tabung Haji - for a total cash
consideration of US$884.6mil (RM2.87bil). BIMB has received Bank Negara
Malaysia's (BNM) approval for the proposed acquisition of the remaining stake
in Bank Islam but BNM could not consider its proposed Sukuk which uses Bank
Islam shares as security for the issuance.
MRCB +3.47% RM1.49 - MRCB has secured the Sungai Pahang
estuary rehabilitation Phase 3 project in Pekan, Pahang worth RM130m. The
contract was awarded by the Department of Irrigation and Drainage
5) KLK
Kuala Lumpur Kepong Berhad announced that its wholly-owned subsidiary,
KL-Kepong Plantation Holdings Sdn Bhd
has entered into a Joint Venture with PT Astra Agro Lestari Tbk whereby
the parties have agreed to co-operate with regards to the marketing of refined
palm oil products and provision of logistics services related to the said
products.
The rationale for the JV is amongst others, to establish
new synergy by way of joint efforts with an Indonesian partner to further
penetrate the international market. The JV will also facilitate the pooling of
resources for processing and marketing in order to enjoy better economies of
scale.
Pursuant to the JV Agreement, KLKPH and AAL have
subscribed for a 51% and 49% equity interest respectively, in a company known
as Astra-KLK Pte. Ltd, making the JVCO a subsidiary of KLK Group. The JVCO is a newly incorporated company in
Singapore and has a registered and paid-up capital of S$2 million. +ve
6) Market - Immediate term will focus on this evening's
announcement by the PM on key strategies focused on reducing its current high
govt debt to GDP ratio which could result in many short term -ve market
measures.
