KUALA LUMPUR (March 21): Malaysian equities could be subject to profit taking on Wednesday against a lack of domestic catalysts to drive the market.
Analysts said the strength of the FBM KLCI may be curbed as institutional and retail investors lock in their profits ahead of the country’s impending general election, possibly in May or June this year.
On the global backdrop, the spotlight will be on updates from US and China, sentiments from which are crucial drivers for Asian stock markets, they said.
There is a “lack of strong catalysts” to spur the FBM KLCI higher, Hong Leong Investment Bank Research had said in a market outlook.
The FBM KLCI rose 4.02 points or 0.26% to close at 1,577.62 on Tuesday.
Stocks to watch on Wednesday include Fajarbaru Builder Group Bhd, KUALA LUMPUR KEPONG BHD [] (KLK), CB INDUSTRIAL PRODUCT HOLDING [] Bhd (CBIP) and FOCUS DYNAMICS TECHNOLOGIES [] Bhd.
Other companies which would see trading interest are MALAYAN BANKING BHD [] (Maybank), MMC Corp Bhd, GAMUDA BHD [] and CypARK RESOURCES BHD [].
Fajarbaru secured a RM72.92 million contract from Messrs Shaw Plaza Sdn. Bhd to tear down and rebuild the Shaw Parade complex in Kuala Lumpur.
Kuala Lumpur Kepong Bhd (KLK) is exiting its personal care products under the brand name “Crabtree & Evelyn” with the proposed disposal of CE Holdings Ltd for US$155 million (RM465 million).
“The proposed disposal is expected to bring in a gain on disposal of approximately 11.5 sen per share for the financial year ending Sept 30, 2012,” it said.
In a separate statement, KLK said it was expanding its oil palm PLANTATION [] area in Indonesia with the acquisition of PT. Global Primatama Mandiri (PT GM), which has the rights for 7,400 ha of land in, Kalimantan for plantations.
KLK said on Tuesday its subsidiary KL-Kepong Plantation Holdings Sdn Bhd (KLKPH) had entered into two agreements to acquire 90% of PT GM for RM3.60 million.
HwangDBS Vickers Research Sdn Bhd has raised its target price for CBIP, a manufacturer of palm oil mills, by 23% from RM2.43 to RM3 while maintaining its Buy call for the stock.
This takes into account the stock’s attractive valuations at a forward price to earnings ratio of seven times, HDBSVR said. CBIP was up one sen to RM2.45.
Focus Dynamics, in its response to the query, said it is not aware of any factors contributing to the unusual trading patterns of its shares except for a news report speculating on Datuk Raymond Chan Boon Siew’s proposed acquisition of a 25% stake in the energy-efficient electrical control products manufacturer.
Focus Dynamics said its directors, after deliberating on the news report, have informed that Chan is not a placee in the firm’s private placement exercise.
“The board, however, is not in a position to comment on the report about his plans to acquire equity shares of Focus from the open market,” Focus Dynamics said, adding that the company has not received any proposal from Chan to inject oil and gas projects into the firm.
Maybank president and CEO Datuk Seri Abdul Wahid Omar said the financial services provider plans to set up its branch office in Myanmar as soon as foreign banks are given the approval to do so. Shares of Maybank added one sen to close at RM8.73 on Tuesday.
The MMC Corp Bhd-Gamuda Bhd joint venture has clinched the underground package for the Sungai Buloh-Kajang MRT line with an RM8.2 billion bid. MMC shares climbed 15 sen to RM2.95 while Gamuda added 12 sen to RM3.74.
Cypark Resources targeted to generate turnover of about RM45 million from 2013 when the 33 MW solar capacity from its solar plants are completed.
Analysts said the strength of the FBM KLCI may be curbed as institutional and retail investors lock in their profits ahead of the country’s impending general election, possibly in May or June this year.
On the global backdrop, the spotlight will be on updates from US and China, sentiments from which are crucial drivers for Asian stock markets, they said.
There is a “lack of strong catalysts” to spur the FBM KLCI higher, Hong Leong Investment Bank Research had said in a market outlook.
The FBM KLCI rose 4.02 points or 0.26% to close at 1,577.62 on Tuesday.
Stocks to watch on Wednesday include Fajarbaru Builder Group Bhd, KUALA LUMPUR KEPONG BHD [] (KLK), CB INDUSTRIAL PRODUCT HOLDING [] Bhd (CBIP) and FOCUS DYNAMICS TECHNOLOGIES [] Bhd.
Other companies which would see trading interest are MALAYAN BANKING BHD [] (Maybank), MMC Corp Bhd, GAMUDA BHD [] and CypARK RESOURCES BHD [].
Fajarbaru secured a RM72.92 million contract from Messrs Shaw Plaza Sdn. Bhd to tear down and rebuild the Shaw Parade complex in Kuala Lumpur.
Kuala Lumpur Kepong Bhd (KLK) is exiting its personal care products under the brand name “Crabtree & Evelyn” with the proposed disposal of CE Holdings Ltd for US$155 million (RM465 million).
“The proposed disposal is expected to bring in a gain on disposal of approximately 11.5 sen per share for the financial year ending Sept 30, 2012,” it said.
In a separate statement, KLK said it was expanding its oil palm PLANTATION [] area in Indonesia with the acquisition of PT. Global Primatama Mandiri (PT GM), which has the rights for 7,400 ha of land in, Kalimantan for plantations.
KLK said on Tuesday its subsidiary KL-Kepong Plantation Holdings Sdn Bhd (KLKPH) had entered into two agreements to acquire 90% of PT GM for RM3.60 million.
HwangDBS Vickers Research Sdn Bhd has raised its target price for CBIP, a manufacturer of palm oil mills, by 23% from RM2.43 to RM3 while maintaining its Buy call for the stock.
This takes into account the stock’s attractive valuations at a forward price to earnings ratio of seven times, HDBSVR said. CBIP was up one sen to RM2.45.
Focus Dynamics, in its response to the query, said it is not aware of any factors contributing to the unusual trading patterns of its shares except for a news report speculating on Datuk Raymond Chan Boon Siew’s proposed acquisition of a 25% stake in the energy-efficient electrical control products manufacturer.
Focus Dynamics said its directors, after deliberating on the news report, have informed that Chan is not a placee in the firm’s private placement exercise.
“The board, however, is not in a position to comment on the report about his plans to acquire equity shares of Focus from the open market,” Focus Dynamics said, adding that the company has not received any proposal from Chan to inject oil and gas projects into the firm.
Maybank president and CEO Datuk Seri Abdul Wahid Omar said the financial services provider plans to set up its branch office in Myanmar as soon as foreign banks are given the approval to do so. Shares of Maybank added one sen to close at RM8.73 on Tuesday.
The MMC Corp Bhd-Gamuda Bhd joint venture has clinched the underground package for the Sungai Buloh-Kajang MRT line with an RM8.2 billion bid. MMC shares climbed 15 sen to RM2.95 while Gamuda added 12 sen to RM3.74.
Cypark Resources targeted to generate turnover of about RM45 million from 2013 when the 33 MW solar capacity from its solar plants are completed.
