Stocks to watch: Sin Heng Chan, Ramunia, MMC, asiaEP

KUALA LUMPUR (March 13) : Malaysian stocks could encounter downward pressure on Wednesday as investors turned cautious on the technical dynamics of the local market. Analysts believe any gains on the FBM KLCI could be stifled by profit taking amid a downside bias perception on the local benchmark.

In a note on Tuesday, Hong Leong Investment Bank Bhd research head Low Yee Huap said the research firm had changed its stance from positive to cautious as it foresees more profit taking consolidation in the local stock market.

Low said “the bears look stronger now” against a backdrop of weaker technical readings in the FBM KLCI.

On Tuesday, anticipation of better US retail sales numbers had spurred Asian stock markets and crude oil prices. Notable gainers include Hong Kong’s Hang Seng which rose 0.97% to close at 21,339.7 points and Australia’s S&P / ASX 200 which climbed 1.21% to 4247.62 while Taiwan’s Taiex was up 1.31% to 8031.51.

Malaysia’s FBM KLCI of 30 blue chip stocks which rose as much as 0.3% to an intraday high of 1569.15 points, however pared earlier gains to settle with a 0.73 point loss to 1564.02 points.

Stocks to watch on Wednesday include Sin Heng Chan (M) Bhd, RAMUNIA HOLDINGS BHD [], MMC CORPORATION BHD [],asiaEP Resources Bhd, Lafarge Malayan Cement Bhd , GEFUNG HOLDINGS BHD [] and YTL Corp Bhd.

Shares of Sin Heng Chan surged on Tuesday, prompting a query from Bursa Malaysia securities over the unusual market activity.

Its share price closed up 29.5 sen to RM1.10 with 8.48 million units done. However, the company said it was unaware of any reason for the unusual market activity.

Ramunia’s unit has secured a RM23.62 million contract from Aquaterra Energy Ltd to fabricate two wellhead support structures.

Gas Malaysia Bhd is seeking a further extension of six months until Oct 6 from the Securities Commission to complete the proposed listing exercise. MMC Corporation said Gas Malaysia had applied to the SC for its approval for the six-month extension.

West River Capital Sdn Bhd (WRC) has rejected TSM GLOBAL BHD []’s request for better offer terms including the price and this has seen the latter resolving to consider other offers.

TSM said WRC’s offer price would remain at RM1.25 per share.

asiaEP’s major shareholder Tian Ee Intertrade Sdn Bhd has made a requisition for an EGM following the company’s decision to terminate its planned private placement, the firm said in statement to Bursa Malaysia on Tuesday. asiaEP shares rose 0.5 sen to close at nine sen.

RHB Research Institute has upgraded LAFARGE MALAYAN CEMENT BHD [] from an underperform to market perform and revised upwards its fair value by 25% from RM5.94 to RM7.43. The research house has also raised its earnings forecast for the cement producer by between 3% and 21% for FY12 to FY14 period. Lafarge shares rose five sen to RM7.26.

Bahamas-based Golden Knights International Ltd emerged a a major shareholder in marble products manufacturer Gefung Holdings Bhd with a 5.11% stake. This follows Golden Knights’ acceptance of its entitlement from Gefung’s rights issue. Gefung shares added one sen to 17.5 sen

YTL Corp Bhd saw heavy trading after its unit YTL Communications Sdn Bhd was reported to be in the midst of implementing the 1Bestarinet project in government schools. The initiative involves the setting up of Internet access to enable virtual learning environment in public schools. Shares of YTL Corp were up two sen to RM1.68 with some 21 million shares done.



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AsiaEP Resources major shareholder calls for EGM

KUALA LUMPUR (March 13) : asiaEP Resources Bhd’s major shareholder Tian Ee Intertrade Sdn Bhd has made a requisition for an EGM following the company’s decision to terminate its planned private placement, the firm said in statement to Bursa Malaysia on Tuesday.

asiaEP had planned to undertake a private placement of 90 million new shares to raise RM9 million. The money is intended to finance the CONSTRUCTION [] of bioethanol processing plants in conjunction with letter of award which was entered into between the company and Lestari Pasifik Bhd on Oct 5 last year.

But the deal was called off in February this year, resulting in the termination of the proposed private placement. Trading of asiaEP shares was suspended between 9am and 10 am on Tuesday.

The stock closed at 8.5 sen on Monday.



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KL shares open slightly steadier

Share prices on Bursa Malaysia opened slightly higher in early trade prompted by window dressing activities as investors sought after quality stocks for their portfolio, dealers said.

Four minutes after the market opened, the FTSE Bursa Malaysia KLCI (FBM KLCI) was 3.11 points higher at 1,494.57, pushed by gains seen in selected heavyweights.

The Finance Index improved 37.03 points to 13,406.99, the Plantation Index edged up 0.84 of a point to 7,924.09 while the Industrial Index slipped 1.3 points to 2,665.38.

The FBM Emas Index rose 11.73 points to 10,226.66, the FBM Mid 70 Index added 10.76 points to 11,427.23, the FBMT100 increased 18.67 points to 10,059.20 while the FBM ACE Index declined 9.22 points to 4,018.58.

Gainers led losers 80 to 35 while 93 counters were unchanged.

Turnover amounted to 259,601 lots worth RM13.449 million.

Among the active counters, Perisai added 4.5 sen to 73 sen but AsiaEP eased half-a-sen to 6.5 sen and Envair shed 2.5 sen to 24 sen.

Among the heavyweights, Maybank rose three sen to RM8.48, Sime Darby perked one sen to RM9.01 and CIMB increased seven sen to RM7.07. -- Bernama



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KL shares continue to fall

Share prices on Bursa Malaysia continued its downtrend mid-afternoon, pressured by persistent selling of heavyweights like Petronas Chemicals and Tenaga, dealers said.

As at 3.12 pm, the FTSE Bursa Malaysia (FBM KLCI) was 4.02 points lower at 1,473.2, with the benchmark index moving between 1,470.09 and 1,487.37, thus far.

However, gains in Maybank managed to prevent further losses on the local bourse.

The Finance Index increased 13.59 points to 13,153.03 but the Plantation Index slipped 1.33 points to 7,633.51 and the Industrial Index decreased 7.81 points to 2,707.51.

The FBM Emas Index slid 28.149 points to 10,092.16, the FBM Mid 70 Index eased 7.569 points to 11,013.82 and the FBM ACE Index lost 59.62 points to 4,211.81.

Decliners led advancers 529 to 221 while 253 counters were unchanged, 478 untraded and 23 others were suspended.

Turnover stood at 1.494 billion shares worth RM936.656 million.

For the actives, both Compugates and AsiaEP eased 0.5 sen each to 8.0 sen and 10 sen, respectively, while Tiger Synergy was unchanged at 13.5 sen.

For heavyweights, Maybank rose 12 sen to RM8.39 but Sime Darby was unchanged at RM8.91. CIMB dropped 7 sen to RM7.03, Petronas Chemicals lost 20 sen to RM6.22 and Tenaga was 10 sen lower at RM5.75. -- Bernama



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KL shares lower mid-day

Share prices on Bursa Malaysia remained lower as at midday today with mild profit taking activities seen in selected heavyweights, led by Petronas Chemicals, dealers said.

As at 12.30 pm, the FTSE Bursa Malaysia (FBM KLCI) slipped 0.19 of a point to to 1,477.03, with the benchmark index moving between 1,473.57 and 1,487.37. However, gains in Maybank managed to cap some of the losses.

The Finance Index rose 39.06 points to 13,178.5 but the Plantation Index declined 12.32 points to 7,622.52 while the Industrial Index added 5.27 points to 2,720.59.

The FBM Emas Index shed 1.8 points to 10,118.51 but the FBM Mid 70 Index rose 9.29 points to 11,030.68 while the FBM ACE Index dropped 36.27 points to 4,235.16.

Losers outnumbered gainers by 421 to 241 while 294 counters were unchanged, 525 untraded and 23 others suspended. Turnover stood at 1.241 billion shares worth RM706.413 million.

For the actives, Compugates and AsiaEP added half sen each to eight sen and 10 sen respectively while Tiger Synergy was unchanged at 13.5 sen.

For the heavyweights, Maybank gained 13 sen to RM8.40 and Sime Darby rose six sen to RM8.97 but CIMB eased four sen to RM7.06 and Petronas Chemicals lost 18 sen to RM6.22. -- Bernama



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KL shares reverses earlier gain

Share prices on Bursa Malaysia turned easier at mid-morning today as investors remained wary over uncertainties in the global market, dealers said.

As at 11.06 am, the FTSE Bursa Malaysia (FBM KLCI) eased 0.9 of a point to to 1,476.32, dragged down by losses, mostly seen in Petronas Chemicals. However, gains in Maybank managed to cap some of the losses.

The Finance Index improved 49.97 points to 13,189.41, the Plantation Index added 7.23 points to 7,642.07 but the Industrial Index slipped 4.65 points to 2,710.67.

The FBM Emas Index shed 0.529 of a point to 10,119.78 but the FBM Mid 70 Index rose 18.94 points to 11,040.33 while the FBM ACE Index declined 8.89 points to 4,262.54.

Losers led gainers by 292 to 275 while 287 counters were unchanged, 627 untraded and 23 others suspended. Turnover stood at 905.911 million shares worth RM497.617 million.

HWANGDBS Vickers Research, in its research note today said key US stock indices ended higher by between 0.1 per cent and 0.5 per cent on Tuesday, on hopes that the new Italian Prime Minister would make progress in resolving the country’s sovereign debt problems.

"The nervous Wall Street performance may spread to our local bourse ahead, with the benchmark FBM KLCI likely to oscillate around the immediate support level of 1,475, pending the emergence of fresh market leads," it said.

Harvest Court, which resumed trading this morning after being declared as designated securities, lost 63 sen to RM1.50 with 660,000 shares changing hands.

Meanwhile, banking groups AMMB Holdings and Alliance Financial Group are scheduled to announce their latest quarterly financial results during lunch today.

For the actives, AsiaEP added half sen to 10 sen, Tiger Synergy was unchanged at 13.5 sen while Ingenuity Solutions shed half sen to 6.5 sen.

For the heavyweights, Maybank gained 13 sen to RM8.40, Sime Darby was flat at RM8.91, CIMB eased one sen to RM7.09 and Petronas Chemicals lost 16 sen to RM6.24. -- Bernama



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KL shares open marginally higher

Share prices on Bursa Malaysia rebounded in early trading today, taking the cue from better Wall Street performance, dealers said.

The market expected the European leaders would find solutions to cushion the impact of the European debt woes, they said.

Fifty-nine minutes after the market opened, the FTSE Bursa Malaysia (FBM KLCI) rose 4.54 points to 1,481.76, pushed up by gains mostly seen in Maybank.

The Finance Index jumped 79.899 points to 13,219.34, the Plantation Index rose 23.87 points to 7,658.71 and the Industrial Index gained 9.83 points to 2,725.15.

The FBM Emas Index surged 32.57 points to 10,152.88, the FBM Mid 70 Index advanced 42.851 points to 11,064.24 and the FBM ACE Index perked 44.85 points to 4,316.28.

Gainers led losers by 306 to 162 while 236 counters were unchanged, 777 untraded and 26 others suspended. Turnover stood at 600.618 million shares worth RM290.468 million.

Actives, Tiger Synergy edged up half a sen to 14 sen, AsiaEP earned one sen to 10.5 sen and Tricubes added eight sen to 24.5 sen.

For heavyweights, Maybank gained 17 sen to RM8.44, Sime Darby added seven sen to RM8.98, CIMB up two sen to RM7.12, while Petronas Chemicals slipped 11 sen to RM6.29. -- Bernama



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Market Commentary

The FBM KLCI index lost 4.69 points or 0.32% on Wednesday. The Finance Index fell 1.18% to 13274.38 points, the Properties Index up 0.66% to 954.06 points and the Plantation Index rose 0.45% to 7519.01 points. The market traded within a range of 15.63 points between an intra-day high of 1473.13 and a low of 1457.50 during the session.

Actively traded stocks include KBUNAI, SAAG, HARVEST, ASIAEP, HARVEST-WA, UEMLAND, FOCUS, TRINITY, HWGB and MBSB-WA. Trading volume increased to 1564.93 mil shares worth RM1693.74 mil as compared to Tuesday’s 1193.45 mil shares worth RM1293.60 mil.

Leading Movers were GENM (+18 sen to RM3.87), DIGI (+60 sen to RM32.30), IOICORP (+5 sen to RM5.14), TENAGA (+5 sen to RM5.86) and YTL (+4 sen to RM1.49). Lagging Movers were CIMB (-18 sen to RM7.31), MAYBANK (-9 sen to RM8.28), PETCHEM (-13 sen to RM6.24), GENTING (-14 sen to RM10.26) and SIME (-7 sen to RM8.78). Market breadth was positive with 374 gainers as compared to 363 losers.-- JF Apex Securities Bhd

KL shares sharply lower at mid-afternoon

Share prices on Bursa Malaysia were sharply lower at mid-afternoon today, but bargain-hunting helped recoup part of the early losses, dealers said.

At 3pm, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) was 6.42 points lower at 1,469.22, after opening 7.84 points lower at 1,467.8.

In a bearish market, losers led gainers 423 to 238 while 259 counters were unchanged, 550 untraded and 20 others suspended.

A total of 838.8 million shares worth RM980.27 million were traded.

The Finance Index fell 148.63 points to 13,284.74, the Plantation Index rose 9.86 points to 7,494.82 and the Industrial Index lost 1.81 points to 2,690.43.

The FBM Emas Index decreased 36.66 points to 10,016.05, the FBM Mid 70 Index fell 19.521 points to 10,787.26 and the FBM ACE Index added 19.41 points to 4,002.78.

Among active stocks, AsiaEp Resources gained 0.5 sen to 8 sen, UEM Land rose 4 sen to RM2.13 and Focus Dynamics increased 1 sen to 10 sen.

For the heavyweights, Maybank lost 8 sen to RM8.29, CIMB fell 19 sen to RM7.30 and Sime Darby slipped 6 sen to RM8.79. -- Bernama

KL shares mostly lower at midday

Share prices on Bursa Malaysia were mostly lower at the end of the morning session today, led by the consumer sector, dealers said.

At 12.30pm, the benchmark FTSE Bursa Malaysia KLCI was 11.59 points lower at 1,464.05, after opening 7.84 points lower at 1,467.8.

In a bearish market, 18 of the 30 counters in the key index were lower today, led by Genting, which was down 22 sen to RM10.18, while five counters were flat.

However, further losses were capped by another seven counters headed by BAT which gained 42 sen to RM46.00 and DiGi, up 38 sen to RM32.08.

HwangDBS Vickers Research said the key index is expected to dip below the immediate support level of 1,475 and towards 1,445 moving ahead.

"Essentially, sentiment will be clouded by a bearish external backdrop," the research house added, referring to the Greek government's decision to call for a referendum on its latest bailout package.

Back home, the market breathed negative as losers led gainers 470 to 151 while 245 counters were unchanged, 604 untraded and 20 others suspended.

A total of 652.3 million shares worth RM750.32 million were traded.

The Finance Index fell 165.48 points to 13,267.89, the Plantation Index declined 46.37 points to 7,438.59 and the Industrial Index lost 5.24 points to 2,687.

The FBM Emas Index decreased 73.26 points to 9,979.45, the FBM Mid 70 Index fell 70.12 points to 10,736.66 and the FBM Ace Index lost 4.63 points to 3,978.74.

Among the active stocks, AsiaEp Resources gained half-a-sen to eight sen, Compugates was flat at 6.5 sen and UEM Land slipped three sen to RM2.06.

Among the heavyweights, Maybank lost nine sen to RM8.28, CIMB fell 19 sen to RM7.30 and Sime Darby slipped six sen to RM8.79 - Bernama