KLCI slips at mid-day break in line with regional markets

KUALA LUMPUR (March 28): The FBM KLCI slipped at the mid-day break on Wednesday in line with the overall weaker sentiment at key regional markets, after US stocks retreated from near four-year peaks on Tuesday.

Asian shares drifted lower on Wednesday as investors waited for more clues on the state of the U.S. economy, after hopes for further stimulus from the U.S. Federal Reserve strengthened risk appetite and lifted prices the previous session, according to Reuters.

Te FBM KLCI shed 0.91 of a point to 1,587.19, weighed by losses at select blue chips including BAT, MISC and Tenaga.

Gainers trailed losers by 173 to 383, while 296 counters traded unchanged. Volume was 637.64 million shares valued at RM341.29 million.

The ringgit weakened 0.20% to 3.0635 versus the US dollar; crude palm oil futures for the third month delivery rose RM 9 per tonne to RM3,490, crude oil fell 57 cents per barrel to US$106.76, while gold lost 88 cents an ounce to US$1,679.00.

Among the decliners in the morning session, United PLANTATION []s fell 16 sen to RM24.72, BAT down 10 sen to RM54, Parkson and MISC down eight sen each to RM5.42 and RM5.21, WCT and Tenaga lost seven each to RM2.37 and RM6.42, while Box-pak, Batu Kawan and Ivory fell six sen each to RM2.18, RM18.62 and 65 sen respectively.

Shares of Supercomnet Technologies Bhd extended their losses in active trade for the second day on Wednesday after the proposed disposal of an 18.66% stake by several major shareholders fell through.

Supercomnet fell 13 sen to 23 sen with 85.09 million shares traded.

Other actives included Utopia, Metronic, Ariantec, Silver Bird, and Tiger Synergy.

Meanwhile, the gainers included Dutch Lady, Takaful, Bintulu Port, TDM, Widetech, Alliaaz, KLK< KFCH and Kulim.



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KLCI dips on mild profit taking, lags regional markets

KUALA LUMPUR (Jan 27): The FBM KLCI fell on Friday, and lagged key regional markets as mild profit taking chipped off some of the previous day’s gains.

The FBM KLCI closed 2.96 points lower at 1,520.90, weighed by losses at select blue chips.

Gainers led losers by 459 to 370, while 292 counters traded unchanged. Volume was 2.28 billion shares valued at RM1.85 billion.

At the regional markets, Hong Kong’s Hang Seng Index rose 0.31% to 20,501.67, South Korea’s Kospi gained 0.39% to 1,964.83 and Singapore’s Straits Times Index rose 0.75% to 2,916.26, while Japan’s Nikkei 225 fell 0.09% to 8,841.22.

The China and Taiwan stock markets are closed for the Chinese New Year holidays.

Meanwhile, European shares retreated from a six-month high on Friday, in a mild technical pullback after the previous session's strong rally and with Greek debt talks still firmly in focus, although equities still remain on course for their sixth week of gains, according to Reuters.

On Bursa Malaysia, HLFG lost 36 sen to RM11.90, Genting PLANTATION []s down 15 sen to RM9.50, Warisan, MPI and CIMB fell 11 sen each to RM2.55, RM3.58 and RM6.86 respectively, while Sunchirin, NCB, Metrod and Yinson lost 10 sen each to RM1.65, RM3.90, RM1.95 and RM1.98 respectively.

Among the gainers, Bintulu Port added 32 sen to RM7, Boxpak up 28 sen to RM2.64, IJM Corp 25 sen to RM5.70, Lysaght 23 sen to RM1.90, Eng Kah 22 sen to RM3.50, Hartalega, DRB-Hicom and Maybulk gained 21 sen each to RM6.90, RM2.71 and RM2.65, while Southern Acids added 19 sen to RM2.40.

The actives included TMS, Compugates, DRB-Hicom, Karyon, DBE Gurney and Maybulk.



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KLCI edges past 1,520-level, Asian markets mixed

KUALA LUMPUR (Jan 26): The FBM KLCI edged above the 1,520 level at the mid-day break on Thursday, while regional markets were mixed with Japan’s Nikkei 225 slipping into the red.

The FBM KLCI rose 1.97 points to 1,521.73 at the mid-day break, lifted by select blue chips.

Gainers led losers by 376 to 237, while 307 counters traded unchanged. Volume was 1.09 billion shares valued at RM741.04 million.

The ringgit strengthened 1.28% to 3.3087 versus the US dollar; crude palm oil futures for the third month delivery fell RM35 per tonne to RM3,134, crude oil gained 55 cents per barrel to US$99.95 while gold added US$1.75 an ounce to US$1,712.32.

At the regional markets, Hong Kong’s Hang Seng Index was up 1.16% to 20,342.70 and South Korea’s Kospi gained 0.16% to 1,955.40, while Japan’s Nikkei 225 fell 0.32% to 8,855.39 and Singapore’s Straits Times Index lost 0.26% to 2,883.99.

The China and Taiwan stock markets are closed for the Chinese New Year holidays.

Maybank Investment Bank Bhd head of retail research and chief chartist Lee Cheng Hooi in a note to clients early Thursday had said that the FBM KLCI’s resistance areas of 1,519 and 1,531 may cap market gains, whilst obvious support areas may be located at 1,500 and 1,517.

“Despite the US markets’ positive tone last night, we could be in for yet another range bound trading day after the Chinese New Year holidays,” he said.

On Bursa Malaysia, United PLANTATION []s added 28 sen to RM20.50, MISC 23 sen to RM6.13, Nestle 20 sen to RM56.30, Hong Leong Bank, Boxpak and Batu Kawan 18 sen each to RM11.48, RM2.35 and RM18.98 respectively, TDM and Maybulk 16 sen each to RM4.37 and RM2.46, DRB-Hicom 14 sen to RM2.44 while Tradewinds gained 11 sen to RM9.95.

DBE Gurney was the most actively trade counter with 109 million shares done. The stock added 1.5 sen to 14 sen.

Other actives included Karyon, DRB-Hicom, JCY, Wijaya and Hibiscus.

Decliners included Triplc, APM Automotive, Dutch Lady, Fima Corp, Malayan Flour Mills, DKSH and Inno.



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KLCI rises at mid-morning, lower liners in focus at Bursa

KUALA LUMPUR (Jan 26): Lower liners were in focus at Bursa Malaysia Securities Bhd at mid-morning on Thursday as the FBM KLCI edged up, lifted by select blue chips.

At 10am, the FBM KLCI added 0.92 of a point to 1,520.68.

Gainers led losers by 230 to 141, while 221 counters traded unchanged. Volume was 368.82 million shares valued at RM208.71 million.

At the regional markets, Hong Kong’s Hang Seng Index rose 1.02% to 20,314.70, South Korea’s Kospi gained 0.20% to 1,956.12, Singapore’s Straits Times Index edged up 0.20% to 2,897.28 and Japan’s Nikkei 225 shed 0.03% to 8,881.30.

The China and Taiwan stock markets are closed for the Chinese New Year holidays.

BIMB Securities Research in a note Thursday said the lack of new developments in Europe coupled with the highly anticipated low rate regime as pledged by the Feds, acted as catalysts for Wall Street pushing the Dow Jones Industrial Average up 81 points to close at a high of 12,757.

However, the same cannot be said for major European bourses as most ended up in the red as Greece remained locked in a negotiation stalemate on its debt restructuring, it said.

Meanwhile, performance from regional markets were rather mixed yesterday possibly from the holiday mood that most were still enjoying with Hong Kong and Taiwan remaining closed for Chinese New Year celebrations, it said.

The research house said that on the domestic front, the FBM KLCI saw some profit taking on blue chips as reflected by the 3 point decline to a tad below the 1,520 mark.

“Nonetheless, retailers came out in droves as trading on penny stocks came alive on the 1st trading day in the Year of the Dragon.

“We expect the benchmark index to move within a tight range of between the 1,515 and 1,525 levels and envisage focus to be on the lower liners again,” it said.

On Bursa Malaysia this morning, Boxpak added 18 sen to RM2.35. Theta 11.5 sen to 64.5 sen, YTL Cement, DRB-Hicom and WCT gained 11 sen each to RM4.47, RM2.41 and RM2.45, Carlsberg, Jaya Tiasa, Hartalega and Nestle added 10 sen each to RM8.78, RM7.13, RM6.70 and RM56.20 respectively, while GCE added nine sen to 75 sen.

DBE Gurney was the most actively traded counter with 27.5 million shares done. The stock added half a sen to 13 sen.

Other actives included Wijaya, DRB-Hicom, Unisem, Denko, KHSB, JCY and Iris Corp.

Decliners included Malayan Flour Mills, Hibiscus, DKSH, Can-One, Bursa Malaysia, Perduren, Chin Well, Kian Joo and MSM.



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KLCI wraps up choppy first trading week of New Year in negative territory

KUALA LUMPUR (Jan 6): The FBM KLCI pared down some of its earlier losses on Friday as it ended a choppy first trading week in negative territory, while most regional markets fell more than 1% on growing worries over the lingering eurozone debt crisis.

The FBM KLCI closed 0.30 point lower at 1,514.13, weighed by losses at select blue chips.

Losers edged gainers by 391 to 377, while 299 counters traded unchanged. Volume was 1.47 billion shares valued at RM1.39 billion.

At the regional markets, Hong Kong’s Hang Seng Index fell 1.17% to 18,593.06, Japan’s Nikkei 225 lost 1.16% to 8,390.35, South Korea’s Kospi was down 1.11% to 1,843.14 and Taiwan’s Taiex shed 0.15% to 7,120.51.

Meanwhile, European shares edged up in early trade on Friday, ahead of the closely-watched US nonfarm payrolls report, which may provide more evidence of the world's biggest economy strengthening, according to Reuters.

US nonfarm payrolls, due at 1330 GMT, may have risen by 150,000 in December, according to a survey. Hopes of an even stronger number were driven by data on Thursday, showing more than twice the expected number of private sector jobs were added in December while initial jobless claims dropped 15,000 in the latest week, it said.

On Bursa Malaysia, BAT fell 90 sen to RM48.76, KLK down 62 sen to RM24.64, Tradewinds PLANTATION []s and SOP down 17 sen each to RM4.33 and RM5.78, Boxpak down 14 sen to RM2.38, BHIC 13 sen to RM3.98, Gamuda nine sen to RM3.36, Kulim eight sen to RM4.30 while Jetson and Daibochi fell seven sen each to RM1.25 and RM2.82.

Among the gainers, BLD Plantations added 40 sen to RM8, Batu Kawan 30 sen to RM18.48, F&N 26 sen to RM18.50, Maybulk 25 sen to RM1.79, Can-One 22 sen to RM1.59, Dutch Lady 20 sen to RM25.20, Puncak Niaga 18.5 sen to RM1.16, HLFG 16 sen to RM11.72, KPS up 15.5 sen to RM1.05 and Eng Teknologi 15 sen to RM1.69.

Nextnation was the most actively traded counter with 60.65 million shares done. The stock rose three sen to 11.5 sen.

Other actives included Hibiscus, Unisem, XDL, Maybulk, Utopia and JCY.



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Unresolved eurozone debt crisis haunts Asian markets

KUALA LUMPUR (Jan 6): Asian markets fell on Friday as Europe remained the central theme and the overhanging eurozone debt crisis kept investors on tenterhooks.

The FBM KLCI fell 4.71 points to 1,509.72 at the mid-day break, as blue chips including KLK, BAT, Petronas Gas and Maybank slipped.

Market breadth turned negative with losers beating gainers by 358 to 286, while 263 counters traded unchanged. Volume was 806.22 million shares valued at RM598.27 million.

The ringgit weakened 0.05% to 3.1525 versus the US dollar; crude palm oil futures for the third month delivery fell RM16 per tonne to RM3,173, crude oil slipped 46 cents per barrel to US$101.35 while gold added 85 cents an ounce to US$1,623.57.

Asian shares fell and the euro hovered near a 16-month low against the dollar on Friday on worries that the euro zone debt crisis is crippling European banks, with players hoping U.S. job data later in the day will help improve sentiment, according to Reuters.

At the regional markets, Japan’s Nikkei 225 fell 1.05% to 8,399.66, Hong Kong’s Hang Seng Index lost 1.4% to 18,550.37, South Korea’s Kospi was down 1.64% to 1,833.18, the Shanghai Composite Index down 0.32% to 2,141.51, Singapore’s Straits Times Index fell 0.23% to 2,706.66 and Taiwan’s Taiex shed 0.18% to 7,118.38.

On Bursa Malaysia, KLK fell RM1.02 to RM24.24 after the price surge on Thursday BAT down 36 sen to RM49.30, BHIC 20 sen to RM3.91, Tradewinds PLANTATION []s 15 sen to RM4.35, Petronas Gas and Box-Pak 10 sen each to RM14.74 and RM2.42, Parkson nine sen to RM5.47 while AIRB, Jetson and Maybank lost eight sen each to RM1.59, RM1.24 and RM8.21 respectively.

Among the gainers, Dutch Lady rose 40 sen to RM25.40, Can-One 27 sen to RM1.64, NSOP 23 sen to RM5.78, Maybulk 17 sen to RM1.71, BLD Plantations 15 sen to RM7.75, MPI 14 sen to RM2.87, KLCCP 12 sen to RM3.32 and Nestle up 10 sen to RM56.40.

Nextnation was the most actively traded counter with 43.4 million shares done. The stock rose three sen to 11.5 sen.

Other actives included Unisem, Hibiscus, XDL, Utopia, Maybulk and JCY.



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KLCI slips at mid-morning as Asian markets edge down

KUALA LUMPUR (Jan 6): The FBM KLCI slipped at mid-morning on Friday, in line with the overall tepid sentiment at key regional markets, following the weaker overnight close at European markets.

The FBM KLCI slipped 1.87 points to 1,512.56 at 10am, with losses including at KLK, Petronas Chemicals and Genting.

Gainers edged losers by 212 to 192, while 215 counters traded unchanged. Volume was 377.83 million shares valued at RM220.1 million.

Asian shares edged down and the euro hovered near a 16-month low against the dollar and an 11-year low against the yen on Friday on worries the euro zone debt crisis is crippling European banks, but more positive U.S. data helped curb the losses, according to Reuters.

At the regional markets, Japan’s Nikkei fell 0.74% to 8,425.75, Hong Kong’s Hang Seng Index was down 0.50% to 18,718.90, South Korea’s Kospi lost 1.21% to 1,841.24, Singapore’s Straits Times Index shed 0.20% to 2,707.61 and Taiwan’s Taiex inched down 0.01% to 7,129.95.

Meanwhile, the Shanghai Composite Index added 0.13% to 2,151.34.

BIMB Securities Research in a note Jan 6 said it would be interesting to see investors trading stance over the immediate term as their sentiments “yo-yo” between Eurozone crisis and improved US economic data.

It said that on Thursday, it seemed like a dead heat despite encouraging unemployment figures coupled with better housing starts in the US as the DJI Average closed flat to remain at above the 12,400 level.

As for the European bourses, most ended the day lower spooked by the spike in treasury yields of both Spain (5.64%, +0.2%) and Italy (7.09%, +0.15%), it said.

Regionally, it was generally a mixed day following the lacklustre European performance, it said.

Locally, the FBMKLCI finally rebounded after the opening 2 days of decline.

The benchmark index gained 10 points to close at 1,514 almost at par to its resistance of 1,515 mark.

“Yesterday we noticed buying interest to centre on PLANTATION [] stocks as advocated by us of a re-rating following a resilient CPO price which hovers at above the RM3,000 level.

“We expect accumulation of plantation and oil & gas stocks to persist and should prop the index higher to 1,520,” it said.

On Bursa Malaysia, KLK was the top loser at mid-morning and fell 76 sen to RM24.50; Tradewinds Plantations was down 18 sen to RM4.32, BHIC lost 16 sen to RM3.95, Box-pak eight sen to RM2.44, Orient seven sen to RM5.25, KYM, GAB, Petronas Chemicals and Genting fell six sen each to RM1.49, RM13.18, RM6.32 and RM11.08 respectively, while K-Power was down five sen to 45 sen.

Gainers included Can-One, MPI, Petronas Gas, HLFG, Batu Kawan, Muda, Nestle, Dutch Lady and Unisem, while the actives included Nextnation, XDL, Utopia, JCY, HWGB, Wijaya and Can-One.



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Stocks to watch: SapuraCrest, Can-One, XDL, Maxbiz, JCY

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.



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KLCI snaps losing streak, closes 0.68% higher

KUALA LUMPUR (Jan 5): The FBM KLCI snapped its losing streak on the third trading day of 2012 and closed in the positive territory for the first time in the New Year, lifted by gains at banking and select blue chip stocks.

The FBM KLCI gained 10.21 points to close at 1,514.43.

Gainers beat losers by 467 to 325, while 324 counters traded unchanged. Volume was 1.67 billion shares valued at RM1.46 billion.

However, whether the index would be able to sustain its gains on Friday remains uncertain as most Asian markets closed in the negative territory while European indices fell in early trade on Thursday.

At the regional markets, Hong Kong’s Hang Seng Index added 0.46% to 18,813.41, Taiwan’s Taiex gained 0.68% to 7,130.86 and Singapore’s Straits Times Index edged up 0.07% to 2,713.02.

Meanwhile, the Shanghai Composite Index fell 0.97% to 2,148.45, Japan’s Nikkei lost 0.83% to 8,488.71 while South Korea’s Kospi shed 0.13% to 1,863.74.

Concern about the appetite for euro zone sovereign debt pushed European stocks lower and hit the single currency on Thursday, with the first French bond auction of 2012 set to test how much progress policymakers have made in easing tensions, according to Reuters.

The price France has to pay to sell 7 to 8 billion euros of longer-term bonds will measure how much relief markets have taken from the EU leaders' December plan for resolving the crisis and the near half-trillion euros pumped into the region's banks by the European Central Bank, it said.

On Bursa Malaysia, KLK jumped RM1.76 to RM25.26, Dutch Lady gained RM1 to RM24, Can-One 31 sen to RM1.37, Nestle 30 sen to RM56.30, Timwell 28 sen to RM1.08, BHIC and Boxpak 26 sen to RM4.11 and RM2.52, Carlsberg and MISC 23 sen each to RM8.71 and RM5.96, while BLD PLANTATION []s was up 22 sen to RM7.60.

Among banking stocks, CIMB rose six sen to RM7.16, RHB Capital five sen to RM7.33, Affin seven sen to RM3.09, HLFG four sen to RM11.56, while Maybank and Public Bank gained two sen each to RM8.29 and RM13.16.

Decliners were led by RCI that lost 35 sen to RM1.45, BAT 14 sen to RM49.66, IGB 10 sen to RM2.48, Genting Plantations and IJM Corp eight sen each to RM8.60 and RM5.46, Malayan Flour Mills and WCT seven sen each to RM7.16 and RM2.18, while Mahajaya and AFG fell six sen each to 62 sen and RM3.89.

The actives included XDL, JCY, Proton, Versatile and Astral Supreme.



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Box-Pak denies privatisation report

KUALA LUMPUR: In an announcement to Bursa Malaysia yesterday, Box-Pak (M) Bhd denied knowledge of any privatisation following a news report on the matter.

Bok-Pak stated that its board of directors was unaware of any formal discussions concerning the privatisation of Box-Pak.

To recap, a local daily quoting a source yesterday had reported that Box-Pak’s parent company Kian Joo Can Factory Bhd (KJCF) was planning to privatise Box-Pak in a multimillion ringgit deal involving Japanese investors.

Box-Pak’s share price lost 9.72% yesterday, falling 24 sen to RM2.23 from a 14-year high of RM2.47 while trading volume almost doubled to 5.35 million from 2.81 million shares.

The article also said that KJCF would be paying RM3.20 for the remaining shares it does not own, which works out to be 1.71 times price-to-book and 12.93 times price-earnings ratio.

Box-Pak also said it had not appointed any investment bank for said privatisation.

“The company from time to time may receive proposals, enquiries and expressions of interest in relation to the company’s various investments. Box-Pak will make the necessary disclosure to Bursa Malaysia Securities Berhad in accordance with the provisions of the Main Market listing requirements,” it added.

The Edge Financial Daily reported yesterday that Box-Pak may have been targeted for a takeover.

It was speculated that Tokyo and Osaka-listed Oji Paper Co Ltd (Japan) could be a potential offeror. Oji Paper has acquired three Malaysian paper-related companies since 2010.



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KLCI extends gains for seventh day

KUALA LUMPUR (Dec 30): The FBM KLCI rose for the seventh day on Friday, and stayed above the 1,500-point level for the fourth day running, in line with the gains at most global markets.

US stocks rallied on Thursday, moving the S&P 500 back in positive territory for 2011 ahead of the last trading day of the year, on more positive signals on the U.S. economy, according to Reuters.

The FBM KLCI was up 5.42 points to 1,512.11 at mid-morning, lifted by select blue chips.

Gainers led losers by 216 to 139, while 264 counters traded unchanged. Volume was 233.73 million shares valued at RM156.04 million.

At the regional markets, Japan’s Nikkei 225 rose 0.39% to 8,431.49, Hong Kong’s Hang Seng Index added 0.42% to 18,474.82, the Shanghai Composite Index gained 0.63% to 2,187.25, Taiwan’s Taiex edged up 0.10% to 7,081.62 while Singapore’s Straits Times Index shed 0.21% to 2,667.09.

BIMB Securities Research in a note Dec 30 said it may be holiday mood for many but the equity markets are determined to end 2011 with a bang.

Encouraging signs of improved economic outlook from the US and a not too shabby Italian bond auction have placed investors on a steadier platform before entering into 2012, it said.

“For now, with 2012 just around the corner such positive news would be a welcomed sight and boost sentiments hence an all round gains by European bourses,” it said.

The research house said on Wall Street, the Dow Jones Industrial Average recorded a 135 point jump to almost 12,300 or an impressive 6% year-to-date improvement.

Meanwhile in Asia, the overall performance was rather mixed with Malaysia posting another positive session registering another 2.6 points gain to remain above the crucial 1,500 level, it said.

“We presume the FBMKLCI to maintain its uptrend with 1,515 as the immediate resistance.

“Though it falls short of our 1,530 closing target for 2011 we are still pleased,” it said.

On Bursa Malaysia, BAT was the top gainer at mid-morning and rose 34 sen to RM49.94; Petronas Gas was up 10 sen to RM15.30, Guan Chong up nine sen to RM2.10, Box-Pak eight sen to RM2.31, YHS and DiGi added seven sen each to RM1.92 and RM3.85, while KLK, Sime Darby and KPJ were up six sen each to RM22.74, RM9.06 and RM4.68.

Mulpha was the most actively traded counter with 22 million shares done. The stock added one sen to 39.5 sen.

Other actives included Utopia, TMS, LFE Corp, Scomi Marine, Sanichi and Scomi.

The decliners included Batu Kawan, Sunchirin, Hunza PROPERTIES [], GAB, Theta, KrisAssets, Nestle and Esso.



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Stocks to watch: Cypark, Box-Pak, IRCB, Trinity

KUALA LUMPUR (Dec 31): With Friday being the last trading day of the year, there could be some last-minute window dressing activities for blue chip stocks to ensure the FBM KLCI closes well above the 1,500 mark and ends the year in a positive note.

The FBM KLCI closed closed 2.58 points higher at 1,506.69. Year-to-date, the 30-stock benchmark index is down only 0.81%. The overall market tone was firmer with advancing counters beating decliners 492 to 254.

However, investors should also expect some profit-taking on stocks which had run up recently like Proton on strong newsflow.

As expected, external developments from Europe and the US would determine the final trading day.

Among the stocks which could see trading interest are CYPARK RESOURCES BHD [], BOX-PAK (MALAYSIA) BHD [], INTEGRATED RUBBER CORPORATION [] Bhd (IRCB), Trinity Corporation Bhd (formerly TALAM CORPORATION BHD []), KUMPULAN EUROPLUS BHD [] and BERJAYA CORPORATION BHD [].

Cypark received a contract worth RM14.71 million to upgrade the landfill site at Kok Foh, Jempol in Negeri Sembilan. It received the letter of acceptance for the contract from the National Solid Waste Management Department.

Shares of Box-Pak could continue to see selling pressure after KIAN JOO CAN FACTORY BHD [] stated it was unaware of any negotiations to privatise Box-Pak. Box-Pak closed 24 sen down to RM2.23 with 5.35 million shares done.

Meanwhile, IRCB posted net loss RM5.29 million in the third quarter ended Oct 31, 2011 from net profit RM2.88 million a year earlier, on lower output and volatile latex prices. Its revenue for the quarter fell 21.96% to RM24.83 million from RM31.82 million in 2010.

For the nine months ended Oct 31, IRCB posted net loss of RM17.93 million compared to net profit RM3.36 million in the previous corresponding period while revenue decreased to RM86.99 million from RM107.24 million.

Trinity posted net loss of RM29.26 million in the third quarter ended Oct 31, 2011 from RM83.29 million a year ago.

The losses were due to an impairment provision of RM9.20 million made on a piece of development land to be sold to a third party and also provisions made for doubtful debts of RM14.93 million.

Kumpulan Europlus posted net profit of RM1 million in the third quarter ended Oct 31, 2011 compared with net loss of RM19.31 million a year ago.

Its pre-tax profit of RM1.33 million versus pre-tax loss of RM16.08 million a year ago was mainly due to interest income of RM1.66 million, accretion of equity interest in Talam Corp Bhd of RM 2.21 million and fair value gain of RM 2.09 million on short term investments.

Thai conglomerate Charoen Pokphand Foods PCL’s Malaysian company is acquiring property-based MKH Bhd’s food processing and livestock farming operations for RM64 million.

Berjaya Corporation Bhd posted net profit of RM22.96 million in its second quarter ended Oct 31, 2011, down 73.4% from RM86.54 million a year ago in the absence of write-backs.

It said in the previous quarter, there were certain gains on write-back of impairment relating to associated companies and recognition of gains on disposal of subsidiary companies.

“Operationally, the current quarter results are comparable to the previous year corresponding quarter results,” it said.



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KLCI rises for third day, but gains limited

KUALA LUMPUR (Dec 29): The FBM KLCI rose for the third day on Thursday and closed above the 1,500-point level, as the slight recovery at most regional markets and bargain hunting activities lifted the local bourse.

The FBM KLCI closed 2.58 points higher at 1,506.69.

Gainers led losers by 492 to 254, while 335 counters traded unchanged. Volume was 1.59 billion shares valued at RM1.16 billion.

At the regional markets, the Shanghai Composite Index rose 0.16% to 2,173.56, Taiwan’s Taiex gained 0.26% to 7,074.82, South Korea’s Kospi added 0.03% to 1,825.74 and Singapore’s Straits Times Index edged up 0.24% to 2,672.78.

Hong Kong’s Hang Seng Index fell 0.65% to 18,397.92 and Japan’s Nikkei 225 shed 0.29% to 8.398.89.

Meanwhile, European shares rose on Thursday in low volume, recovering from the previous session falls, on hope there would be demand at an Italian auction of long-term sovereign debt after the European Central Bank's three-year funding operation last week, according to Reuters.

On Bursa Malaysia, BAT rose 40 sen to RM49.60, RCI added 33 sen to RM1.80, Cocoaland gained 18 sen to RM2.18, RHB Capital and Sarawak Oil Palms added 17 sen each to RM7.30 and RM5.59, Panasonic gained 16 sen to RM20.02, JT International and Faber rose 15 sen each to RM7.15 and RM1.62, while Batu Kawan gained 14 sen to RM17.44.

Among the decliners, Nestle fell 70 sen to RM56, Box-Pak lost 24 sen to RM2.23, Chin Teck down 20 sen to RM8.79, Southern Acids and Tasek fell 15 sen each to RM2.15 and RM7.80, HLFG lost 12 sen to RM11.56, Perduren fell 10.5 sen 74.5 sen, while UMW and Supermax lost 10 sen each to RM6.85 and RM3.79.

Utopia was the most actively traded counter with 197.45 million shares done. The stock fell one sen to 6.5 sen.

Other actively traded stocks included Sanichi, Mulpha, JCY, KNM, Flonic and LFE Corp.



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Box-Pak awakened by possible takeover?

KUALA LUMPUR: Shares of usually sleepy paper box and carton-maker Box-Pak (M) Bhd gained over a third in two days to hit its highest in 14 years yesterday, even as industry sources speak of a potential acquirer.

Tokyo and Osaka-listed Oji Paper Co Ltd (Japan), Japan’s largest paper company by sales, is believed to be the offeror, market sources said.

Box-Pak officials were not available for comment at press time.

Adding 37 sen or 17.6% to close at its day-high of RM2.47 yesterday, Box-Pak gained 33.5% in the two days after the Christmas weekend. The 2.81 million Box-Pak shares that changed hands yesterday were roughly 10 times the 30-day average volume of 284,950 shares and 100 times its five-year daily average volume of 26,700 shares.

Market watchers see Oji Paper — which has bought three Malaysian paper-related companies since 2010 — Genting Sanyen Industrial Paper, United Kotak Bhd, and HPI Resources Bhd — as a likely suitor for Box-Pak.

An offer may come through its wholly-owned Malaysian arm, Oji Paper Asia Sdn Bhd (OPA), the investment holding vehicle that acquired both United Kotak and HPI Resources, one source said.

To recap, Oji Paper in March last year bought 100% of Genting Sanyen Industrial Paper, a paper and packaging company that was formerly part of the Genting group, from private equity firm CVC Asia Pacific for an undisclosed amount.

December last year, OPA acquired United Kotak for RM1.40 per share at 10.9 times price- earnings ratio (PER) and one times price-to-book value (P/BV). In June this year, OPA offered RM4.40 per share for HPI Resources, which translates to 1.48 times book and 8.82 times earnings.

In comparison, Box-Pak’s closing price of RM2.47 yesterday values the company at 9.98 times PER and 1.32 times P/BV. Net assets per share stood at RM1.87 as at Sept 30.

According to Box-Pak’s FY10 annual report, Kian Joo Can Factory Bhd is its largest shareholder with a 54.83% stake, followed by Amanahraya Trustees Bhd with 5.16%. Kian Joo’s shares rose five sen or 2.42% to RM2.12 yesterday, up 31.4% year-to-date.

OPA did not appear to hold any shares in Box-Pak at the time of writing.

OPA’s conditional takeover offer for United Kotak came on Oct 12 last year, but not before the latter’s share price rose 66.6% from an average price of 73 sen in June 2010 to RM1.22 by Sept 30. Similarly, HPI Resources’ share price jumped 27.18% from RM3.09 to RM3.93 in one week leading up to OPA’s offer on June 15.

Notably, though, a July 13 report by The Edge Financial Daily that paper milling and packaging firm, Muda Holdings Bhd, could be Oji Paper’s next takeover target, was denied by Muda the same day.


This article appeared in The Edge Financial Daily, December 29, 2011.



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Box-Pak falls to 3-month low

Box-Pak Malaysia Bhd, a Malaysian carton manufacturer, fell the most in three months in Kuala Lumpur trading after Kian Joo Can Factory Bhd denied a Business Times report that it was planning a buyout bid.

The stock dropped 5.7 per cent to RM2.33 at 3.28 p.m. local time, set for its largest decline since Sept 26. -- Bloomberg



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Box-Pak falls after Kian Joo unaware of privatisation plan

KUALA LUMPUR (Dec 29): Shares of BOX-PAK (MALAYSIA) BHD [] fell in the afternoon session on Thursday after KIAN JOO CAN FACTORY BHD [] stated it was unaware of any negotiations to privatise Box-Pak.

At 2.56pm, it was down eight sen to RM2.39. There were 3.65 million shares done.

The FBM KLCI rose 3.98 points to 1,508.09. Turnover was 1.04 billion shares valued at RM616.39 million. Advancing stocks beat decliners 414 to 225 while 294 counters were unchanged.

During the midday-break, Kian Joo Can declared it was unaware of any negotiations to privatise Box-Pak, though it occasionally might receive expressions of interest in its investments. It added it was not aware of any formal discussions concerning the privatisation.

In a separate statement, Box-Pak also stated it was not aware of any formal discussions concerning the privatisation of Box-Pak.

"The company also wishes to announce that it has not appointed any investment bank in relation to the privatisation,” said Box-Pak.



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Kian Joo says unaware of privatisation plans for Box-Pak, shares at fresh 14-yr high

KUALA LUMPUR (Dec 29): KIAN JOO CAN FACTORY BHD [] has declared it is unaware of any negotiations to privatise BOX-PAK (MALAYSIA) BHD [], though it occasionally might receive expressions of interest in its investments.

It said on Thursday it was not aware of any formal discussions concerning the privatisation.

“The company also wishes to announce that it has not appointed any investment bank in relation to the privatisation,” it said.

Kian Joo said the company from time to time may receive proposals, enquiries and expressions of interest in relation to the company’s various investments.

Box-Pak share price had on Wednesday, surged to its highest in 14 years and closed 37 sen higher at RM2.47. It gained 33.5% in the two days before the Christmas weekend.

At midday on Thursday, it was up two sen to RM2.49, another fresh 14-year high. There were 3.30 million shares done at prices ranging from RM2.40 to RM2.65.



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Box-Pak continues to rally

KUALA LUMPUR (Dec 29): Shares of paper box and carton-maker Box-Pak (M) Bhd , which hit its highest in 14 years on Dec 28, continued to rally on Thursday as industry sources speak of a potential acquirer.

At 10.30am, Box-Pak was up 10 sen to RM2.57 with 2.52 million shares done.

The Edge Financial Daily on Thursday reported market sources as saying that Tokyo and Osaka-listed Oji Paper Co Ltd (Japan), Japan’s largest paper company by sales, was believed to be the offeror.

Market watchers see Oji Paper — which has bought three Malaysian paper-related companies since 2010 — Genting Sanyen Industrial Paper, UNITED KOTAK BHD [], and HPI Resources Bhd — as a likely suitor for Box-Pak.

An offer may come through its wholly-owned Malaysian arm, Oji Paper Asia Sdn Bhd (OPA), the investment holding vehicle that acquired both United Kotak and HPI Resources, one source said.

For more on Box-Pak, read today’s edition of The Edge Financial Daily



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HDBSVR sees profit taking activities on Bursa Malaysia

KUALA LUMPUR (Dec 29): Hwang DBS Vickers Research said the FBM KLCI could see some profit taking on Thursday after rallying for five straight days, advancing 38.9 points or 2.7%.

“We suspect profit-taking activity could suppress the FBM KLCI performance ahead. The benchmark index will likely oscillate around the psychological mark of 1,500 on the chart,” it said.

HDBSVR said the profit taking could be sparked by an overnight drop on Wall Street. Major U.S. stock indices slumped between 1.1% and 1.3% at the closing bell amid renewed worries on the Europe sovereign debt crisis.

At Bursa Malaysia, the research house said investors could be focusing on stocks like: (a) Box-Pak after a local daily, quoting sources, reported that the carton boxes packaging company would be taken private at RM3.20 per share; (b) Faber Group, in response to a news article saying that the government is expected to renew its hospital support services concession by another 10 years; and (c) Alam Maritim, which has just been awarded an offshore transportation and installation contract valued at RM30 million.



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Asian markets ease ahead of US data, KLCI pares down losses

KUALA LUMPUR (Dec 27): Asian markets were mostly in negative territory at mid-day on Tuesday, ahead of home prices and consumer confidence data set to be released later in the day in the US.

The FBM KLCI was down 1.34 points to 1,494.81 at the mid-day break.

Losers beat gainers by 301 to 257, while 293 counters traded unchanged. Volume was 445.83 million shares valued at RM232.02 million.

The ringgit weakened 0.37% to 3.1592 versus the US dollar; crude palm oil futures for the third month delivery fell RM22 per tonne to RM3,148, crude oil added eight cents per barrel to US$99.76 while gold fell US$12.07 an ounce to US$1,594.88.

At the regional markets, Japan’s Nikkei 225 was down 0.43% to 8,442.73, South Korea’s Kospi fell 1.02% to 1,837.84, Taiwan’s Taiex lost 0.48% to 7,058.71 and Singapore’s Straits Times Index shed 0.15% to 2,672.54.

The Shanghai Composite Index edged up 0.05% to 2,191.23 while European and some Asian markets, including Hong Kong and Australia, were closed on Tuesday.

On Bursa Malaysia, Y&G fell 28.5 sen to 68 sen, BAT and Dutch Lady lost 20 sen each to RM49 and RM23.16, JT International and Hong Leong Bank down 12 sen each to RM6.87 and RM10.82, Petronas Dagangan 10 sen to RM17.20 while Petra Energy and EKIB was down eight sen each to RM1.05 and 46 sen.

Among the gainers, Boxpak rose 29 sen to RM2.14, KLK 26 sen to RM22.46, F&N 20 sen to RM18.20, AIC and Top Glove 12 sen each to RM1.30 and RM4.86, Kretam, Far East and Ta Ann added 10 sen each to RM2.50, RM7.15 and RM5.15 respectively, while Nestle and BLD PLANTATION []s gained eight sen each to RM56.68 and RM7.20.

The actives included MBF Holdings warrants, Proton, Karambunai, Astral Supreme and Sanichi.



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