KUALA LUMPUR (Feb 9): With the trading volume surging to fresh highs and the FBM KLCI at a six month high on Wednesday, investors should be ready to take some profit.
Key regional markets had also a strong run on Wednesday and whether the rally can be sustained on Thursday hinges on Greece as its leaders seem nearing a deal to secure a second bailout and avoid a messy default.
Trading volume on Bursa Malaysia surged to a record 4.39 billion units on Wednesday, driven by strong speculative trading in penny stocks while the FBM KLCI hit a six-month high of 1,553 as it played catch-up with regional peers.
Stocks to watch are Kimlun Corporation Bhd, WCT BHD [], JCY International Bhd, MALAYSIAN RESOURCES CORPORATION BHD (MRCB) and NAIM INDAH CORPORATION BHD [].
Kimlun’s unit SPC Industries Sdn Bhd has secured a RM223.18-million contract from Mass Rapid Transit Corporation Sdn. Bhd to supply segmental box girders for the Sungai Buloh to Kajang stretch of the Klang Valley MRT.
WCT secured a RM300.52 million contract for the headquarters of the Ministry of International Trade and Industry from Putrajaya Management Sdn Bhd.
Hard-disk drive manufacturer JCY International Bhd’s earnings surged to a record RM162.45 million in the first quarter ended Dec 31, 2011 from only RM7.51 million a year ago. Its revenue rose 27.3% to RM559.03 million from RM438.90 million a year ago.
MRCB’s net profit fell 37% to RM26.11 million in the fourth quarter ended Dec 31, 2011 (4Q 2011) from RM41.50 million a year ago. It recorded a slightly lower profit before taxation amounting to RM42.5 million for 4Q 2011 compared to RM49.3 million in 4Q 2010.
Its revenue rose 8.6% to RM470.38 million from RM433.12 million. Its earnings per share were 1.88 sen compared with 3.01 sen. It proposed dividend of 2.0 sen a share compared with 1.50 sen a year ago.
For the financial year ended Dec 31, 2011, its net profit rose 15.1% to RM77.46 million from RM67.27 million. Its revenue increased by 13.6% to RM1.213 billion from RM1.067 billion.
Naim Indah Corporation Bhd’s major shareholder Crest Energy Sdn. Bhd had disposed of all its 22.80% stake comprising of 160.06 million shares in the company. The counter hit limit-up and was the second most active on expectations of a turnaround for the company with the entry of new shareholders.
The shares were chased up on expectations of another bout of buying by speculators. However, it remains to be seen if the upward trend and high volume can be sustained.
Bursa Malaysia Securities issued an unusual market activity (UMA) query to COMPUGATES HOLDINGS BHD [] on Wednesday. The query was due to the sharp rise in price and high volume in the company’s shares. Compugates rose 3.5 sen to 12.5 sen with 451.47 million shares done.
Key regional markets had also a strong run on Wednesday and whether the rally can be sustained on Thursday hinges on Greece as its leaders seem nearing a deal to secure a second bailout and avoid a messy default.
Trading volume on Bursa Malaysia surged to a record 4.39 billion units on Wednesday, driven by strong speculative trading in penny stocks while the FBM KLCI hit a six-month high of 1,553 as it played catch-up with regional peers.
Stocks to watch are Kimlun Corporation Bhd, WCT BHD [], JCY International Bhd, MALAYSIAN RESOURCES CORPORATION BHD (MRCB) and NAIM INDAH CORPORATION BHD [].
Kimlun’s unit SPC Industries Sdn Bhd has secured a RM223.18-million contract from Mass Rapid Transit Corporation Sdn. Bhd to supply segmental box girders for the Sungai Buloh to Kajang stretch of the Klang Valley MRT.
WCT secured a RM300.52 million contract for the headquarters of the Ministry of International Trade and Industry from Putrajaya Management Sdn Bhd.
Hard-disk drive manufacturer JCY International Bhd’s earnings surged to a record RM162.45 million in the first quarter ended Dec 31, 2011 from only RM7.51 million a year ago. Its revenue rose 27.3% to RM559.03 million from RM438.90 million a year ago.
MRCB’s net profit fell 37% to RM26.11 million in the fourth quarter ended Dec 31, 2011 (4Q 2011) from RM41.50 million a year ago. It recorded a slightly lower profit before taxation amounting to RM42.5 million for 4Q 2011 compared to RM49.3 million in 4Q 2010.
Its revenue rose 8.6% to RM470.38 million from RM433.12 million. Its earnings per share were 1.88 sen compared with 3.01 sen. It proposed dividend of 2.0 sen a share compared with 1.50 sen a year ago.
For the financial year ended Dec 31, 2011, its net profit rose 15.1% to RM77.46 million from RM67.27 million. Its revenue increased by 13.6% to RM1.213 billion from RM1.067 billion.
Naim Indah Corporation Bhd’s major shareholder Crest Energy Sdn. Bhd had disposed of all its 22.80% stake comprising of 160.06 million shares in the company. The counter hit limit-up and was the second most active on expectations of a turnaround for the company with the entry of new shareholders.
The shares were chased up on expectations of another bout of buying by speculators. However, it remains to be seen if the upward trend and high volume can be sustained.
Bursa Malaysia Securities issued an unusual market activity (UMA) query to COMPUGATES HOLDINGS BHD [] on Wednesday. The query was due to the sharp rise in price and high volume in the company’s shares. Compugates rose 3.5 sen to 12.5 sen with 451.47 million shares done.
