KUALA LUMPUR (Jan 6): The local stock market could see some intermittent profit taking activities on Friday as investors lock in their gains ahead of the weekend.
European shares were lower early Thursday afternoon, led by bank stocks on concerns about their financial health and as sovereign yields rose across the region after a French debt auction.
The FTSEurofirst 300 index of top European shares was down 0.8 percent at 1,012.78 points, with Italy's FTSE MIB index down 3.2 percent and France's CAC-40 down 1.1 percent.
The uncertain external developments could see investors taking a more cautious stance despite the firmer close of the broader market on Thursday.
Concerns would for stocks which had run-up in the absence of positive corporate developments like Can-One, Box-Pak and BOUSTEAD HEAVY INDUSTRIES CORP [] (BHIC).
The FBM KLCI surged 10.21 points to close at 1,514.43, with KL Kepong surging RM1.76 to RM25.26. Turnover was 1.67 billion shares valued at RM1.46 billion. Advancers beat decliners 467 to 325 while 324 stocks were unchanged.
Can-One, whose share price surged 31 sen to close at RM1.37 with 6.95 million shares done, replied to a Bursa Malaysia Securities query that there were no factors for the unusual market activity.
Box-Pak could see profit taking, after rising 26 sen to RM2.52, despite earlier announcements that there was no plan to privatise it.
BHIC, which gained 26 sen to RM4.11, could also see a retracement in the share price after it clarified that it had not received any indication or direction from its shareholders about any major acquisition of shares in the company which might include potential privatisation.
However, on a positive note, SAPURACREST PETROLEUM BHD [] had secured two contracts worth combined US$227 million (RM712.78 million) to build two units pipelay cum heavylift offshore CONSTRUCTION [] vessels.
Its unit TL Offshore Sdn Bhd had finalised the contracts with Cosco (Nantong) Shipyard Co. Ltd. SapuraCrest said both parties had agreed that the contract be effective from Sept 10, 2011.
In XiDeLang Holdings Ltd (XDL), the company said Navis Capital has approached the former’s major shareholder Hong Peng International Holdings Ltd to acquire its stake.
The British Virgin Islands’ registered Hong Peng owns 240 million XDL shares or 60% as at Nov 11, 2009.
MAXBIZ CORPORATION BHD [] said the contract value of the letter of intent (LOI) of RM510 million from Fibre-N Sdn Bhd was based on the infrastructure works of RM5,100 per connection.
Maxbiz said the LOI was for the fibre-to-the-home and fibre-to-the-office (FTTX) infrastructure works for 100,000 connections to high- rise residential and office buildings in Klang Valley, Penang and Johor Bahru.
LION CORPORATION BHD [] has received Bursa Malaysia Securities Bhd’s approval to list up to 950 million new shares to settle the overdue amount owed by its 79% owned Megasteel Sdn Bhd.
JCY International Bhd might extend its gains from Thursday after the company’s recent statement it was likely to record a surge in earnings for the quarter ended Dec 31, 2011.
CIMB Research had stated said JCY’s profit guidance for the December quarter was even better than its already-above-consensus estimate.
It expected JCY’s positive earnings momentum to continue for at least the next two to three quarters and should catalyse a rerating of the stock.
“The favourable impact of a higher ASP, better product mix and stronger US$ prompts us to revise our above-industry forecasts again for FY12-14. “This raises our target price to RM1.54, still based on 6x CY13 P/E. Maintain Trading Buy,” it said.
European shares were lower early Thursday afternoon, led by bank stocks on concerns about their financial health and as sovereign yields rose across the region after a French debt auction.
The FTSEurofirst 300 index of top European shares was down 0.8 percent at 1,012.78 points, with Italy's FTSE MIB index down 3.2 percent and France's CAC-40 down 1.1 percent.
The uncertain external developments could see investors taking a more cautious stance despite the firmer close of the broader market on Thursday.
Concerns would for stocks which had run-up in the absence of positive corporate developments like Can-One, Box-Pak and BOUSTEAD HEAVY INDUSTRIES CORP [] (BHIC).
The FBM KLCI surged 10.21 points to close at 1,514.43, with KL Kepong surging RM1.76 to RM25.26. Turnover was 1.67 billion shares valued at RM1.46 billion. Advancers beat decliners 467 to 325 while 324 stocks were unchanged.
Can-One, whose share price surged 31 sen to close at RM1.37 with 6.95 million shares done, replied to a Bursa Malaysia Securities query that there were no factors for the unusual market activity.
Box-Pak could see profit taking, after rising 26 sen to RM2.52, despite earlier announcements that there was no plan to privatise it.
BHIC, which gained 26 sen to RM4.11, could also see a retracement in the share price after it clarified that it had not received any indication or direction from its shareholders about any major acquisition of shares in the company which might include potential privatisation.
However, on a positive note, SAPURACREST PETROLEUM BHD [] had secured two contracts worth combined US$227 million (RM712.78 million) to build two units pipelay cum heavylift offshore CONSTRUCTION [] vessels.
Its unit TL Offshore Sdn Bhd had finalised the contracts with Cosco (Nantong) Shipyard Co. Ltd. SapuraCrest said both parties had agreed that the contract be effective from Sept 10, 2011.
In XiDeLang Holdings Ltd (XDL), the company said Navis Capital has approached the former’s major shareholder Hong Peng International Holdings Ltd to acquire its stake.
The British Virgin Islands’ registered Hong Peng owns 240 million XDL shares or 60% as at Nov 11, 2009.
MAXBIZ CORPORATION BHD [] said the contract value of the letter of intent (LOI) of RM510 million from Fibre-N Sdn Bhd was based on the infrastructure works of RM5,100 per connection.
Maxbiz said the LOI was for the fibre-to-the-home and fibre-to-the-office (FTTX) infrastructure works for 100,000 connections to high- rise residential and office buildings in Klang Valley, Penang and Johor Bahru.
LION CORPORATION BHD [] has received Bursa Malaysia Securities Bhd’s approval to list up to 950 million new shares to settle the overdue amount owed by its 79% owned Megasteel Sdn Bhd.
JCY International Bhd might extend its gains from Thursday after the company’s recent statement it was likely to record a surge in earnings for the quarter ended Dec 31, 2011.
CIMB Research had stated said JCY’s profit guidance for the December quarter was even better than its already-above-consensus estimate.
It expected JCY’s positive earnings momentum to continue for at least the next two to three quarters and should catalyse a rerating of the stock.
“The favourable impact of a higher ASP, better product mix and stronger US$ prompts us to revise our above-industry forecasts again for FY12-14. “This raises our target price to RM1.54, still based on 6x CY13 P/E. Maintain Trading Buy,” it said.
