FBMKLCI
1784.06 -8.42pts (-0.47%)
Volume 2.211b Value 2.053b
1) The KLCI slipped for a 3rd consecutive day following
the US market which declined on the back of concerns over budget ceiling talks.
In the regional market, bourses were mixed as the HSI +0.13% closing above
boosted by raw material producers while the SHCOMP -0.41% and the NIKKEI -0.76
both closed lower amid negative sentiments from the west. In the local market,
blue chips continue to fall with ASTRO -2.33%, BAT -2.00 and UMW -1.25% leading
in losses while CIMB -1.39% and MAYBANK -1.20% were heavily traded for the day.
Market breadth was negative with losers beating gainers by 420 : 359. Futures
closed 1782 (2 pts discount).
2) Heavyweights : CIMB -1.39% RM7.79, MAYBANK -1.20%
RM9.85, PBBANK -0.55% RM17.78, BAT -2.00% RM63.50, HLBANK -1.67% RM14.12, ASTRO
-2.33% RM2.93, UMW -1.25% RM12.56, MAXIS +0.57% RM7.04.
3) DBT : KHSB 254.563mil @ RM0.836 (56.56% PUC, matching
KPS stake), NARRA 8.15mil @ RM1.71 (13.106% PUC), HUBLINE 3.959mil @ RM0.05
4) Situational:-
PERWAJA +2.81% RM0.365 -
Perwaja Holdings has been allowed to postpone the repayment under the
Murabahah medium-term notes programme to November 29. This involves the RM50.0m
principal due today and pre-contributions profit of RM2.85m into the finance
service reserve account.
FRONTKN +26.66% RM0.095 - Frontken Corp will see a boost
in its earnings this year after having secured a RM110.6m contract to serve as
the main contractor for the engineering procument, construction and
commissioning works at Tanjung Bin, Johor. The project is expected to be
completed within 20 months from the date of the LOA. The scope of work relates
to the ATB Ph-2 Terminal and jetty topside facility for the proposed
development of a hydrocarbon storage and distribution facility at Tanjung Bin.
5) BINA PURI
The company accepted the Letter of Award from Sime Darby
CapitaMalls Asia Sdn. Bhd. to undertake the construction and completion of
super-structure works for the project involving a 13 storey Business Complex at
Pusat Bandar Melawati, Bandar Ulu Kelang, Mukim Setapak, Daerah Gombak,
Selangor Darul Ehsan for contract sum of
RM441m .The contract period shall be 24 months.
With the latest award, the Group has thus far secured
RM775.27 million projects in 2013 . The Group's current unbuilt book order
stands at RM1.91 billion as at to date.
We prefer more established construction names such as
Gamuda and IJM for exposure to the construction sector as BP continues to
disappoint on their profit margins, achieving low single digit numbers despite
its sizeable order book vs its market cap.
6) Market - Consolidation with downward bias to around
the 1767pts levels with no main drivers in the short term.