Bursa Alert
Global Market
News25 January 2010
4 posters
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hlk- Moderator
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Re: 25 January 2010
by hlk Mon 25 Jan 2010, 08:12
Further downward correction for Bursa looms
Rubber glove makers appear attractive to bargain hunt
while lower liners such as 3A Resources and water-related stocks are
attractive buys, says a head of research
The Malaysian stock market fell in profit-taking correction last week
in sympathy with heavy corrections on US and regional markets, after
China moved to restrict lending growth and US President Barack Obama
proposed steps to curb risk-taking by banks.
However, the blue-chip benchmark FTSE Bursa Malaysia Kuala Lumpur
Composite Index (FBM KLCI) climbed higher with breakout rallies in
Axiata (+26 sen to RM3.43) and Public Bank (+34 sen to RM11.98) more
than offsetting losses in Genting Bhd (-31 sen), IOI Corp (-8 sen),
Sime Darby (-8 sen) and CIMB (-10 sen).
The index gained a third
straight week this year, albeit at a lesser degree as it added 1.87
points, or 0.14 per cent, to settle at 1,300.45. Daily average traded
volume and value dwindled to 1.2 billion shares worth RM1.5 billion
from 1.6 billion shares worth RM1.8 billion in the previous week.
Markets were ruffled last Thursday by Obama's proposal to impose limits
on the size of financial institutions and banning them from risky
investment activities, including hedge funds and proprietary trading.
The ripple effect that belted Asian markets compounded earlier worries
of the global economy taking a double-dip after China indicated
preference for liquidity tightening.
With growing signs of overheating in the economy,
China will be compelled to tighten its monetary policy and a currency
tightening cannot be discounted. It is not surprising, and this
possibility has been highlighted in this column two months ago. What
would be more interesting is to watch how much will our central bank
allow the ringgit to appreciate as historical trends suggest high
positive correlation between both currencies.
Inflation was tame last year at 0.6 per cent, but it is expected to
double this year. Allowing the ringgit to appreciate could be a right
decision that will not only check the inflationary pressures but return
the deprived purchasing power in the hands of consumers who have been
subsidising the government, exporters and big manufacturers alike for
more than a decade.
Removal of subsidies should work both ways.
In the wake of a new level of positive thinking in the current
administration, the fake sense of competitiveness provided by the
"currency shield" should be removed to ensure the long-term
sustainability of many industries that have been living on crutches for
decades.
A stronger currency is positive for attracting fresh
capital inflows while benefitting those with high local sales, import
content and foreign currency denominated borrowings. e.g Astro, Tenaga,
Telekom etc.
The FBM KLCI could drift sideways this week in
the absent of positive indicators. Bank Negara is expected to maintain
the Overnight Policy Rate at 2 per cent when the policymakers meet
tomorrow. The US Federal Reserve is likely to take the same stance in
its policy meeting this Thursday.
The outcome of US home
sales and the 4th quarter GDP numbers that will be released this
Wednesday and Friday could affect directions of global markets this
week if they do not fall within expectations.
Rubber glove makers appear attractive to bargain hunt
while lower liners such as 3A Resources and water-related stocks are
attractive buys, says a head of research
The Malaysian stock market fell in profit-taking correction last week
in sympathy with heavy corrections on US and regional markets, after
China moved to restrict lending growth and US President Barack Obama
proposed steps to curb risk-taking by banks.
However, the blue-chip benchmark FTSE Bursa Malaysia Kuala Lumpur
Composite Index (FBM KLCI) climbed higher with breakout rallies in
Axiata (+26 sen to RM3.43) and Public Bank (+34 sen to RM11.98) more
than offsetting losses in Genting Bhd (-31 sen), IOI Corp (-8 sen),
Sime Darby (-8 sen) and CIMB (-10 sen).
The index gained a third
straight week this year, albeit at a lesser degree as it added 1.87
points, or 0.14 per cent, to settle at 1,300.45. Daily average traded
volume and value dwindled to 1.2 billion shares worth RM1.5 billion
from 1.6 billion shares worth RM1.8 billion in the previous week.
Markets were ruffled last Thursday by Obama's proposal to impose limits
on the size of financial institutions and banning them from risky
investment activities, including hedge funds and proprietary trading.
The ripple effect that belted Asian markets compounded earlier worries
of the global economy taking a double-dip after China indicated
preference for liquidity tightening.
China will be compelled to tighten its monetary policy and a currency
tightening cannot be discounted. It is not surprising, and this
possibility has been highlighted in this column two months ago. What
would be more interesting is to watch how much will our central bank
allow the ringgit to appreciate as historical trends suggest high
positive correlation between both currencies.
Inflation was tame last year at 0.6 per cent, but it is expected to
double this year. Allowing the ringgit to appreciate could be a right
decision that will not only check the inflationary pressures but return
the deprived purchasing power in the hands of consumers who have been
subsidising the government, exporters and big manufacturers alike for
more than a decade.
Removal of subsidies should work both ways.
In the wake of a new level of positive thinking in the current
administration, the fake sense of competitiveness provided by the
"currency shield" should be removed to ensure the long-term
sustainability of many industries that have been living on crutches for
decades.
A stronger currency is positive for attracting fresh
capital inflows while benefitting those with high local sales, import
content and foreign currency denominated borrowings. e.g Astro, Tenaga,
Telekom etc.
The FBM KLCI could drift sideways this week in
the absent of positive indicators. Bank Negara is expected to maintain
the Overnight Policy Rate at 2 per cent when the policymakers meet
tomorrow. The US Federal Reserve is likely to take the same stance in
its policy meeting this Thursday.
The outcome of US home
sales and the 4th quarter GDP numbers that will be released this
Wednesday and Friday could affect directions of global markets this
week if they do not fall within expectations.
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Re: 25 January 2010
by hlk Mon 25 Jan 2010, 08:16
Saturday, 23 January 2010 20:48 (theedgemalaysia)
Stocks to watch: Axiata, Kencana, DRB-Hicom, Ho Hup
KUALA LUMPUR: Regional markets will continue to see volatile trade
on Monday, Jan 25 with more downside pressure after US stocks fell for
the third day, the worst in 10 months, on Friday.
Investors worried White House's plan to curb bank risk-taking would
cut profits, and tech shares slumped after Google Inc's disappointing
results.
Reuters said uncertainty about the Senate's confirmation of Ben
Bernanke for another term as the Federal Reserve's chairman also
rattled investors in a week when political squabbles helped erase
stocks' gains for 2010, according to Reuters.
The Dow Jones industrial average fell dropped 2.09% to 10,172.98,
the Standard & Poor's 500 Index skidded or 2.21% to 1,091.76. The
Nasdaq Composite Index fell 2.67% to 2,205.29.
At Bursa Malaysia, the FBM KLCI which fell below the psychological
important 1,300 level may extend its losses this week, with banks,
PLANTATION [registerQuotes("PLANTATION", "PLANTATION_span");]s and latex glove makers the major decliners as investors lock in gains.
Again investors should see the selling of fundamentally strong
stocks as buying opportunity to pick up these counters. The
improvements in the economic outlook and corporate earnings should
again spur buying interest.
Stocks to watch include Axiata Group Bhd, KENCANA PETROLEUM BHD [registerQuotes("KENCANA", "KENCANA_span");], DRB-HICOM BHD [registerQuotes("DRBHCOM", "DRBHCOM_span");], Yeo Hiap Seng (Malaysia) Bhd, Ho Hup CONSTRUCTION [registerQuotes("CONSTRUCTION", "CONSTRUCTION_span");] Co. Bhd, Rubberex Corp (M) Bhd and SAPURACREST PETROLEUM BHD [registerQuotes("SAPCRES", "SAPCRES_span");].
CIMB Equities Research is maintaining its Outperform recommendation
on Axiata with an unchanged sum-of-parts based target price of RM3.86,
of which 4% comes from Idea.
“We still rate Axiata as our top pick among the regional telcos
given the strong growth at Celcom and Excelcomindo. Both continue to
gain market share in their respective countries and the strengthening
rupiah also favours Axiata.
“The likely re-rating catalysts include positive earnings surprises,
especially at Celcom and XL, and market share gains at its key units.
Our EPS forecasts are 15-36% above consensus. The key risks are the
upcoming 3G spectrum auction and price war in India,” it said.
As for Kencana, CIMB Research is maintaining an Outperform and
raised the target price to RM2. New ventures including pipeline
installation and drilling) and new contracts (Malaysia and India)
further fuels the research house’s optimism on Kencana.
Bahrain’s Al Baraka is in preliminary discussions to buy a stake in
Bank Muamalat and it could be up to 49%. DRB-Hicom Bhd owns 70% of Bank
Muamalat while Khazanah Nasional owns the remaining 30%.
Yeo Hiap Seng said the revenue from contributed by "Red Bull"
products for the financial period Oct 1, 2008 to Sept 30, 2009 was
RM99.6 million, accounting for 18.2% of the group revenue.
The operating profit was RM870,000, or 14.7% of the group's
operating profit during that financial period, it said in its comments
on the financial impact on the cessation of the contract to distribute
the products.
Ho Hup, which has earlier targeted to submit its revised
regularisation scheme on Feb 4, has sought a three-month extension to
May 4 to address its Practice Note 17 status.
It revised the capital reduction to 60 sen of the par value, instead
of the 95 sen earlier while it wants to leverage on the company’s
current core land bank of 60 acres within Bukit Jalil.
Rubberex’s net profit for FY ended Dec 31, 2009 nearly doubled to
RM16.56 million from RM8.63 million a year ago. Revenue was RM325.44
million compared with RM274.51 million.
SapuraCrest Petroleum's JV has secured a US$75 million contract to
transport and install four platform jackets in the Mumbai High North
Field, offshore Mumbai. SapuraCrest’s share will be 60% of the contract
based on its shareholding in the JV.
CBS Tech’s bonus issue of one-for-two shares and Hunza PROPERTIES [registerQuotes("PROPERTIES", "PROPERTIES_span");] rights issue with warrants will go ex on Jan 25.
Stocks to watch: Axiata, Kencana, DRB-Hicom, Ho Hup
KUALA LUMPUR: Regional markets will continue to see volatile trade
on Monday, Jan 25 with more downside pressure after US stocks fell for
the third day, the worst in 10 months, on Friday.
Investors worried White House's plan to curb bank risk-taking would
cut profits, and tech shares slumped after Google Inc's disappointing
results.
Reuters said uncertainty about the Senate's confirmation of Ben
Bernanke for another term as the Federal Reserve's chairman also
rattled investors in a week when political squabbles helped erase
stocks' gains for 2010, according to Reuters.
The Dow Jones industrial average fell dropped 2.09% to 10,172.98,
the Standard & Poor's 500 Index skidded or 2.21% to 1,091.76. The
Nasdaq Composite Index fell 2.67% to 2,205.29.
At Bursa Malaysia, the FBM KLCI which fell below the psychological
important 1,300 level may extend its losses this week, with banks,
PLANTATION [registerQuotes("PLANTATION", "PLANTATION_span");]s and latex glove makers the major decliners as investors lock in gains.
Again investors should see the selling of fundamentally strong
stocks as buying opportunity to pick up these counters. The
improvements in the economic outlook and corporate earnings should
again spur buying interest.
Stocks to watch include Axiata Group Bhd, KENCANA PETROLEUM BHD [registerQuotes("KENCANA", "KENCANA_span");], DRB-HICOM BHD [registerQuotes("DRBHCOM", "DRBHCOM_span");], Yeo Hiap Seng (Malaysia) Bhd, Ho Hup CONSTRUCTION [registerQuotes("CONSTRUCTION", "CONSTRUCTION_span");] Co. Bhd, Rubberex Corp (M) Bhd and SAPURACREST PETROLEUM BHD [registerQuotes("SAPCRES", "SAPCRES_span");].
CIMB Equities Research is maintaining its Outperform recommendation
on Axiata with an unchanged sum-of-parts based target price of RM3.86,
of which 4% comes from Idea.
“We still rate Axiata as our top pick among the regional telcos
given the strong growth at Celcom and Excelcomindo. Both continue to
gain market share in their respective countries and the strengthening
rupiah also favours Axiata.
“The likely re-rating catalysts include positive earnings surprises,
especially at Celcom and XL, and market share gains at its key units.
Our EPS forecasts are 15-36% above consensus. The key risks are the
upcoming 3G spectrum auction and price war in India,” it said.
As for Kencana, CIMB Research is maintaining an Outperform and
raised the target price to RM2. New ventures including pipeline
installation and drilling) and new contracts (Malaysia and India)
further fuels the research house’s optimism on Kencana.
Bahrain’s Al Baraka is in preliminary discussions to buy a stake in
Bank Muamalat and it could be up to 49%. DRB-Hicom Bhd owns 70% of Bank
Muamalat while Khazanah Nasional owns the remaining 30%.
Yeo Hiap Seng said the revenue from contributed by "Red Bull"
products for the financial period Oct 1, 2008 to Sept 30, 2009 was
RM99.6 million, accounting for 18.2% of the group revenue.
The operating profit was RM870,000, or 14.7% of the group's
operating profit during that financial period, it said in its comments
on the financial impact on the cessation of the contract to distribute
the products.
Ho Hup, which has earlier targeted to submit its revised
regularisation scheme on Feb 4, has sought a three-month extension to
May 4 to address its Practice Note 17 status.
It revised the capital reduction to 60 sen of the par value, instead
of the 95 sen earlier while it wants to leverage on the company’s
current core land bank of 60 acres within Bukit Jalil.
Rubberex’s net profit for FY ended Dec 31, 2009 nearly doubled to
RM16.56 million from RM8.63 million a year ago. Revenue was RM325.44
million compared with RM274.51 million.
SapuraCrest Petroleum's JV has secured a US$75 million contract to
transport and install four platform jackets in the Mumbai High North
Field, offshore Mumbai. SapuraCrest’s share will be 60% of the contract
based on its shareholding in the JV.
CBS Tech’s bonus issue of one-for-two shares and Hunza PROPERTIES [registerQuotes("PROPERTIES", "PROPERTIES_span");] rights issue with warrants will go ex on Jan 25.
hlk- Moderator
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Re: 25 January 2010
by hlk Mon 25 Jan 2010, 08:21
Banking stocks likely to remain in limelight
Malaysian stock market trading is likely to be
cautious this week, with investors nervous after a strong sell-off on
Wall Street over the last three days last week.
Banking stocks are expected to remain in focus and there could be a
return of interest to rubber glove stocks on the industry's bright
outlook, dealers said.
Semiconductor stocks like Unisem and Malaysian Pacific Industries,
which had a strong run recently, may be affected by a fall in
technology stocks in the US last Friday.
Continued rotational play on lower-liner stocks is set to add to the market's volatility.
All eyes will be on EON Capital Bhd, whose board will have to decide
what to do after bigger rival Hong Leong Bank launched a takeover offer
of RM7.10 a share last Thursday.
EON closed 8 sen lower to RM7.02 last Friday, while Hong Leong eased one sen to RM8.42.
Investors will also be looking to Alliance Financial Group for more
information on its internal probe on two top executives. The board has
asked chief executive officer Datuk Bridget Lai to answer some
questions as part of the probe, and she is expected to reply by today.
Meanwhile, the overall market may continue to take its cue from external developments, analysts and fund managers said.
The US Federal Reserve's Federal Open Market Committee will hold a
two-day meeting on interest rates tomorrow, but analysts are not
expecting them to change the rates this month and so markets are
unlikely to be impacted.
Last week, the Dow Jones Industrial
Index fell by 5.2 per cent over the last three days to 10,172.98
points. The index erased its gains for the year last Thursday after
President Obama unveiled proposals to regulate and reduce risk-taking
by banks.
This led to banking stocks there taking a sharp hit,
with investors worried that the proposals would hurt the industry's
profits.
This, and concerns about China's tightening monetary
policy, affected sentiment on Asian markets, which were a sea of red
last Friday.
The FTSE Bursa Malaysia Kuala Lumpur Composite
Index (FBM KLCI), which breached an important psychological resistance
of 1,300 points earlier last week, closed 7.9 points lower to 1,300.45.
Volumes traded however continued to be strong, with about one billion shares changing hands.
Choo Swee Kee, chief investment officer at TA Investment Management,
said he continued to be bullish on the market's near-term outlook given
that daily trading volumes have been strong.
"In our view, as
long as the FBM KLCI sustains at above 1,276 points, the current
uptrend remains very much intact," RHB Research's technical analyst
said in a note to clients last Friday. A tougher resistance level for
the index would be 1,390 points, he said (biztimes)
Malaysian stock market trading is likely to be
cautious this week, with investors nervous after a strong sell-off on
Wall Street over the last three days last week.
Banking stocks are expected to remain in focus and there could be a
return of interest to rubber glove stocks on the industry's bright
outlook, dealers said.
Semiconductor stocks like Unisem and Malaysian Pacific Industries,
which had a strong run recently, may be affected by a fall in
technology stocks in the US last Friday.
Continued rotational play on lower-liner stocks is set to add to the market's volatility.
All eyes will be on EON Capital Bhd, whose board will have to decide
what to do after bigger rival Hong Leong Bank launched a takeover offer
of RM7.10 a share last Thursday.
EON closed 8 sen lower to RM7.02 last Friday, while Hong Leong eased one sen to RM8.42.
Investors will also be looking to Alliance Financial Group for more
information on its internal probe on two top executives. The board has
asked chief executive officer Datuk Bridget Lai to answer some
questions as part of the probe, and she is expected to reply by today.
Meanwhile, the overall market may continue to take its cue from external developments, analysts and fund managers said.
The US Federal Reserve's Federal Open Market Committee will hold a
two-day meeting on interest rates tomorrow, but analysts are not
expecting them to change the rates this month and so markets are
unlikely to be impacted.
Last week, the Dow Jones Industrial
Index fell by 5.2 per cent over the last three days to 10,172.98
points. The index erased its gains for the year last Thursday after
President Obama unveiled proposals to regulate and reduce risk-taking
by banks.
This led to banking stocks there taking a sharp hit,
with investors worried that the proposals would hurt the industry's
profits.
This, and concerns about China's tightening monetary
policy, affected sentiment on Asian markets, which were a sea of red
last Friday.
The FTSE Bursa Malaysia Kuala Lumpur Composite
Index (FBM KLCI), which breached an important psychological resistance
of 1,300 points earlier last week, closed 7.9 points lower to 1,300.45.
Volumes traded however continued to be strong, with about one billion shares changing hands.
Choo Swee Kee, chief investment officer at TA Investment Management,
said he continued to be bullish on the market's near-term outlook given
that daily trading volumes have been strong.
"In our view, as
long as the FBM KLCI sustains at above 1,276 points, the current
uptrend remains very much intact," RHB Research's technical analyst
said in a note to clients last Friday. A tougher resistance level for
the index would be 1,390 points, he said (biztimes)
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Re: 25 January 2010
by mystock Mon 25 Jan 2010, 08:48
Morning..lily & max... [You must be registered and logged in to see this image.]
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Re: 25 January 2010
by Guest Mon 25 Jan 2010, 08:49
mystock wrote:Morning..lily & max... [You must be registered and logged in to see this image.]
still hold ur proton cb?
Guest- Guest
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Re: 25 January 2010
by Guest Mon 25 Jan 2010, 08:50
klci futures down 5 point not that serious..stay calm and try collect jumping stock watch axiata cb cc ammb cg
Guest- Guest
Re: 25 January 2010
by mystock Mon 25 Jan 2010, 08:51
maximent wrote:mystock wrote:Morning..lily & max... [You must be registered and logged in to see this image.]
still hold ur proton cb?
lost 2 cts last week
nearly 2k loss include commission
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Re: 25 January 2010
by Guest Mon 25 Jan 2010, 08:52
mystock wrote:maximent wrote:mystock wrote:Morning..lily & max... [You must be registered and logged in to see this image.]
still hold ur proton cb?
lost 2 cts last week
nearly 2k loss include commission
small matter only if lost 2 cents and rm2k lost...don go for proton anymore..very high premium and high ratio
Guest- Guest
Re: 25 January 2010
by Guest Mon 25 Jan 2010, 08:54
buy something today...dow jones is over reacting..unless next few day still down then really no more comment
Guest- Guest
Re: 25 January 2010
by mystock Mon 25 Jan 2010, 08:55
maximent wrote:mystock wrote:maximent wrote:mystock wrote:Morning..lily & max... [You must be registered and logged in to see this image.]
still hold ur proton cb?
lost 2 cts last week
nearly 2k loss include commission
small matter only if lost 2 cents and rm2k lost...don go for proton anymore..very high premium and high ratio
ya..
that day mother & cc was up but cb is deep red...
[You must be registered and logged in to see this image.]
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Re: 25 January 2010
by Guest Mon 25 Jan 2010, 08:55
mystock wrote:maximent wrote:mystock wrote:maximent wrote:mystock wrote:Morning..lily & max... [You must be registered and logged in to see this image.]
still hold ur proton cb?
lost 2 cts last week
nearly 2k loss include commission
small matter only if lost 2 cents and rm2k lost...don go for proton anymore..very high premium and high ratio
ya..
that day mother & cc was up but cb is deep red...
[You must be registered and logged in to see this image.]
that very clear evident the premium do the job
Guest- Guest
Re: 25 January 2010
by kyoong Mon 25 Jan 2010, 08:56
shall v wait for up trend then go in? quite a big risk dont u think?maximent wrote:buy something today...dow jones is over reacting..unless next few day still down then really no more comment
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Re: 25 January 2010
by Guest Mon 25 Jan 2010, 08:59
kyoong wrote:shall v wait for up trend then go in? quite a big risk dont u think?maximent wrote:buy something today...dow jones is over reacting..unless next few day still down then really no more comment
bet for one more time if buy small won be that risky...anyway higher the risk higher the return...klci uptrend still intact unless dow jones still holland1 the next few days..now go for low premium kids(temporary)
Guest- Guest
Re: 25 January 2010
by kyoong Mon 25 Jan 2010, 09:06
hardly earn money now, investor are caution over US market, mayb should stay sideline or invest small like max saidmaximent wrote:kyoong wrote:shall v wait for up trend then go in? quite a big risk dont u think?maximent wrote:buy something today...dow jones is over reacting..unless next few day still down then really no more comment
bet for one more time if buy small won be that risky...anyway higher the risk higher the return...klci uptrend still intact unless dow jones still holland1 the next few days..now go for low premium kids(temporary)
kyoong- Member
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Re: 25 January 2010
by Guest Mon 25 Jan 2010, 09:16
kyoong wrote:hardly earn money now, investor are caution over US market, mayb should stay sideline or invest small like max saidmaximent wrote:kyoong wrote:shall v wait for up trend then go in? quite a big risk dont u think?maximent wrote:buy something today...dow jones is over reacting..unless next few day still down then really no more comment
bet for one more time if buy small won be that risky...anyway higher the risk higher the return...klci uptrend still intact unless dow jones still holland1 the next few days..now go for low premium kids(temporary)
if still profits for the month..why not..double or nothing...for cny ma...if we all scare then we are classfied as follow the herd...so much so dowjones futures now is green...if down again then our mind is determine lo..then only stay sideline.
Guest- Guest
Re: 25 January 2010
by kyoong Mon 25 Jan 2010, 09:19
okok ^^maximent wrote:kyoong wrote:hardly earn money now, investor are caution over US market, mayb should stay sideline or invest small like max saidmaximent wrote:kyoong wrote:shall v wait for up trend then go in? quite a big risk dont u think?maximent wrote:buy something today...dow jones is over reacting..unless next few day still down then really no more comment
bet for one more time if buy small won be that risky...anyway higher the risk higher the return...klci uptrend still intact unless dow jones still holland1 the next few days..now go for low premium kids(temporary)
if still profits for the month..why not..double or nothing...for cny ma...if we all scare then we are classfied as follow the herd...so much so dowjones futures now is green...if down again then our mind is determine lo..then only stay sideline.
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Re: 25 January 2010
by Guest Mon 25 Jan 2010, 09:19
maybank cj and ammb cc also in target especially cj
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