Maybank Research retains Buy on Axiata, upgrades Maxis

KUALA LUMPUR: Maybank Investment Bank Research has retained its Buy call on Axiata and upgraded Maxis to a Buy as they would benefit from the implementation of the Goods and Services Tax (GST) when implement in April 2015.

“GST would allow wireless operators a chance to pass on the 6% service tax they currently absorb in the prepaid segment.

 “In reality, the benefits are likely less pronounced given elasticity and competition; we assume operators enjoy the equivalent of a 3% pass-through in service taxes for now,” it said.

Maybank Research said its sector picks are Axiata (maintain Buy, TP: RM7.80) and Maxis (upgrade to Buy, TP: RM7.40). 

"Consequently we raise net profit of Axiata/Digi/Maxis by 2.5%/4.1%/3.2% in 2015, and 3.1%/5.6%/4.3% in 2016 respectively.  

“For sensitivity purposes, every 1% pass-through in prepaid service tax raises net profit of Axiata/Digi/Maxis by 0.8%/1.4%/1.1% in 2015, and 1.0%/1.9%/1.4% in 2016 respectively,” it said. 
Maybank Research said the wireless operators have been absorbing the 6% service tax in the prepaid segment since 1998.

With GST, they can pass on the 6% service tax they currently absorb in the prepaid segment.  The theoretical impact of GST to operators is a direct flow-through of this previously-foregone revenue down to EBITDA. 

The research house explains that in reality, the benefits are likely less pronounced, given 1) the potential elasticity impact (prepaid is a price sensitive segment after all), and 2) possibility of increased competition, which effectively means part of the new-found revenue gets returned back to customers in the form of lower tariffs. 

Operators presently remain non-committal on their intentions with regards to GST treatment.
 “On the back of our earnings upgrades, we raise target prices of wireless operators under our coverage by 3%-7%. Consequently, we upgrade Maxis to BUY (from Hold). Our sector picks are Axiata and Maxis, on the back of their underperformance in 2014,” it added.

Maxis named Best Postpaid Telco at PC.com Awards

KUALA LUMPUR (APRIL 6): Maxis Bhd has been named winner of the Best Postpaid Telco and Best CSR awards at the PC.com Awards Night 2012 held on March 29.

In a statement Friday, Maxis said this was seventh year in a row that it has been named Best Postpaid Telco and its third consecutive win for the Best CSR award.

The awards were received by its Vice President, Mobility Products and International Services Jeff Chong, it said.



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KLCI breaches 1,590-level at mid-morning

KUALA LUMPUR (March30): the FBM KLCI trended higher at mid-morning on the final trading day of the first quarter of 2012, while regional markets drifted marginally lower on fears of global growth slowdown.

At 10am, the FBM KLCI was up 4.89 points to 1,590.33, lifted by select blue chips including KLK and Maybank.

Gainers led losers by 186 to 189, while 235 counters traded unchanged. Volume was 252.32 million shares valued at RM154.22 million.

Meanwhile, Asian shares steadied on Friday as investors eyed key events that could dictate market trends in coming months and as the first quarter drew to a close after a stellar performance from equities, according to Reuters.

Still, investor sentiment across asset classes is being undermined by fears of a potential growth slowdown, with European troubles back in focus and concerns about China, the world's second largest economy, it said.

At the regional markets, Japan;s Nikkei 225 shed 0.26% to 10,088.00, Hong Kong’s Hang Seng Index down 0.59% to 20,488.40, the Shanghai Composite Index dipped 0.40% to 2,261.15, Taiwan’s taiex fell 0.24% to 7,853.39, south Korea’s Kospi edged down 0.05% to 2,013.40, and Singapore’s Straits Times index fell 0.50% to 3,009.11.

BIMB Securities Research in a note March 30 said that from it was observing at the moment actual figures have to at least beat forecasts for investors to stay upbeat.

It said this was exactly the scenario Wall Street was facing as investors remain unimpressed despite the lower unemployment claims (but higher than forecast) and a 3% GDP growth for 4Q11.

“For this, the Dow Jones Industrial Average had a mixed session before edging marginally by 20 points to 13,146,” it said.

The research house said European bourses were sold down after S&P cautioned that Greece may have to undergo more restructuring.

“Asian stocks were also broadly lower from weaker European markets but the FBM KLCI was one of the handfuls ended the day on positive territory.

“The index was up 1.7 points to jump just above the immediate resistance of 1,585. We expect market to be lacklustre today amid some downside risks and lack of fresh leads with 1,580 as the immediate support level,” it said.

Among the gainers on Bursa Malaysia at mid-morning, KLK rose 38 sen to RM24.52, BAT 28 sen to RM56.80, Sapuracrest, Maybank, Carlsberg and United PLANTATION []s added eight sen each to RM4.88, RM8.88, RM10.28 and RM24.88 respectively, IOI Corp seven sen to RM5.34, while Cypark and Maxis adde six sen each to RM1.92 and RM6.06.

Carotech was the most actively traded counter with 46 million shares traded. The stock fell three sen to 2 sen.

Other actives included Key West, Winsun, SuperComnet, KBB, Trinity, IFCA MSC, Ariantec and TMS.

Decliners at mid-morning included GAB, Genting, Petronas Dagangan, PPB, Hong Leong Bank, HELP, Kluang, UMW, Harrisons and Tradewinds Plantations.



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KLCI edges higher in early trade

KUALA LIMPUR (March 30): The FBM KLCI trended higher in early trade on Friday, lifted by select blue chips including Petronas-linked stocks and index-linked PLANTATION [] counters.

At 9.05am, The FBM KLCI was up 4.17 points to 1,589.61.

Gainers led losers by 96 to 49, while 115 counters traded unchanged. Volume was 67.54 million share valued at RM23.14 million.

Among the gainers, BAT rose 28 sen to RM56.80, SapuraCrest 11 sen to RM4.91, Tradewinds nine sen to RM9.72, IOI Corp and PPB eight sen each to RM5.35 and RM16.88, Petronas gas six sen to RM16.80, while Petronas Chemicals, MMCCOrp, Maxis and Keck Seng added five sen each to RM6.73, RM2.85, RM6.05 and RM4.10 respectively.

Decliners included Dutch Lady, Utusan Malaysia, Genting, MMHE, Ewei, AFG, Astino, petronas Dagangan and Carotech.

Carotech was the most actively traded counter with 10.43 million shares done. The stosk fell two sen to 3 sen.

Other actives included Trinity, TMS, Ariantec, IFCA MSC, Caley, Nextnation and Winsun.



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Prepaid service tax in July?

KUALA LUMPUR (March 15): Rumour has it that the government may have finally decided to allow telecommunications companies (telcos) to pass on the six percent service tax to prepaid subscribers, HLIB Research says.

"It is understood that the Malaysian Communications and Multimedia Commission (MCMC) has issued a memo to all the industry players instructing the telcos to be technically prepared for the launch on July 1," said the research house today.

"Coupled with the broadband tax incentive implemented last year, this will further enhance telcos' earnings in the longer term," it said, maintaining a neutral rating on the telecommunications sector.

The research division of Hong Leong Investment Bank (HLIB) said it expected DiGi to benefit the most if this rumour was to materialise considering that it had the highest proportion (86.6 per cent) of prepaid users to total subscribers base, compared to Maxis (74 per cent) and Celcom (77.2 per cent).

Based on its estimation, DiGi, Maxis and Celcom would enjoy earnings uplift of six per cent, four per cent and two per cent respectively, provided competition and usage remain status quo. – Bernama



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KLCI jumps in early trade, boost from Wall St, regional mkts

KUALA LUMPUR (March 14): Stocks on Bursa Malaysia advanced in early trade as investors’ appetite for equities perked up following the strong overnight close on Wall Street and firmer regional markets.

Reuters reported that Asian shares rose, as upbeat US economic data boosted investors' risk appetite, while reduced expectations for further monetary easing from the Federal Reserve underpinned the dollar.

U.S. stocks rallied on Tuesday as stronger-than-expected retail sales and signs of easing in the euro zone were signals the global economy was gaining momentum. The Dow Jones industrial average was up 104.08 points, or 0.80 percent, at 13,063.74. The Standard & Poor's 500 Index was up 11.10 points, or 0.81 percent, at 1,382.19. The Nasdaq Composite Index was up 29.63 points, or 0.99 percent, at 3,013.29.

At Bursa Malaysia, the FBM KLCI was up 8.95 points to 1,572.97. Turnover was 94.76 million shares valued at RM72.11 million. There were 235 gainers, 41 losers and 123 stocks unchanged.

Among the gainers were Nestle, up 70 sen to RM57 while BAT added 58 sen to RM53.38, UMW 19 sen to RM7.30 while Public Bank and Genting advanced 10 sen each to RM13.76 and RM10.88. KLK rose eight sen to RM23.34 and Maxis seven sen to RM5.97.



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CIMB Research has technical sell on Maxis at RM5.94

KUALA LUMPUR (March 13): CIMB Equities Research has a technical sell on Maxis at RM5.94 at which it is trading at a FY13 price-to-earnings of 19.2 times and price-to-book value of 5.5 times.

It said on Tuesday there is a chance that the uptrend from mid-November is coming to a temporary end. The stock has pulled back from the February high to its uptrend channel support.

CIMB Research said a break below this channel support at RM5.86 on high volume would bring up the question of the end of the uptrend.

“Indicators are still showing weakness, which would allow the bears to continue to dominate. Traders should wait for a break below RM5.86 before selling.

“Otherwise, the stock could still push on to retest the February high. A break below RM5.84 would see prices fall towards RM5.56 and even RM5.15,” the research house said.



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Maxis to boost pre-paid market share with Hotlink Bagus

PETALING JAYA (March 7): Maxis Bhd aims to strengthen its pre-paid market share with the launch of its all-in-one pre-paid plan, Hotlink Bagus.

Joint Chief Executive Officer Suren J. Amarasekera said currently its pre-paid market share stands at 38 per cent with 11.3 million subscribers.

"We want to continue dominating the pre-paid market share, not only in the growth of revenue-generating subscribers but also in terms of usage," he told reporters after unveiling Hotlink Bagus on Wednesday.

Hotlink Bagus provides customer access to all the five integrated categories -- voice calls, SMS, surfing, international direct dialing and roaming.

"It's all-in-one pack at the lowest rates, the lowest rates Maxis has ever offered to its customers. This will have a huge impact on customers' lives, especially in terms of convenience and savings," he said.

With the Bagus plan, Suren said Hotlink is also making inroads into migrants and the tourist market on top of its existing youth, students and working adults' markets.

"We're the only integrated operator in the country. There will be more bundled products to be offered soon," he said.

Hotlink Bagus was launched simultaneously at 16 major locations nationwide on Wednesday.

To date, Maxis has 14 million subscribers for both post-paid and pre-paid services. Slightly more than 50% of its revenue comes from the pre-paid segment. - Bernama



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Blue chips extend gains, CIMB, Sime lead again

KUALA LUMPUR (March 5): Bursa Malaysia closed higher on Monday on gains in selected blue-chips, dealers said.

The FBM KLCI was set to break the all-time high of 1,594.74 earlier when it reached 1,594.72 but it retreated to close at 1,589.22, up 5.44 points.

A dealer said although the market failed to make a breakthrough the momentum has been set for it to further move up and try break the resistance in the near term.

"At the moment, interest was very focused on selective blue-chips without an preference for any particular group," he said.

The Finance Index jumped 74.72 points to 14,204.47. The PLANTATION [] Index dropped 16.44 points to 8,661.77 and the INDUSTRIAL INDEX [] was 8.23 points lower at 2,918.54. The FBM Emas Index rose 27.721 points to 10,974.61 and the FBMT100 increased 26.88 points to 10,758.28.

Advancers led decliners by 391 to 325 while 414 counters were unchanged, 365 untraded and 20 suspended. Total volume declined to 1.448 billion shares valued at RM1.760 billion from 1.630 billion shares valued at RM1.934 billion last Friday.

Among active stocks, The Media Shoppe inched up one sen to 9.5 sen, Naim Indah increased 1.5 sen to 53 sen, Green Ocean Corp rose 2.5 sen to 30 sen and Kumpulan Hartanah Selangor climbed half sen to 63 sen.

China Stationery Ltd lost 10 sen to RM1.08.

Of the heavyweights, CIMB rose 15 sen to RM7.48, Sime Darby increased two sen to RM10 and Tenaga added six sen to RM6.31. Maybank and Maxis were unchanged at RM8.77 and RM5.94 respectively. - Bernama



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Market Commentary

The FBM KLCI index lost 2.31 points or 0.15% on Tuesday. The Finance Index increased 0.06% to 13920.97 points, the Properties Index up 0.15% to 1040.06 points and the Plantation Index rose 0.12% to 8622.6 points. The market traded within a range of 9.80 points between an intra-day high of 1562.42 and a low of 1552.62 during the session.

Actively traded stocks include IFCAMSC, CSL, IFCAMSC-WA, NICORP, TMS, SNTORIA, COMPUGT, WINSUN, GOCEAN and ZELAN. Trading volume increased to 1727.59 mil shares worth RM1588.57 mil as compared to Monday’s 1642.24 mil shares worth RM1633.98 mil.

Leading Movers were GENTING (+10 sen to RM10.54), YTL (+4 sen to RM1.58), HLBANK (+20 sen to RM11.90), PETGAS (+4 sen to RM16.56) and HLFG (+6 sen to RM11.82). Lagging Movers were PETCHEM (-10 sen to RM6.80), AXIATA (-5 sen to RM5.10), TENAGA (-5 sen to RM6.20), MAXIS (-9 sen to RM5.89) and YTLPOWR (-3 sen to RM1.85). Market breadth was negative with 309 gainers as compared to 511 losers. -- JF Apex Securities Bhd



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Stocks to watch: TM, Maxis, DRB-Hicom, SOP, MPHB

KUALA LUMPUR (Feb 25): Oil and gas and PLANTATION []s stocks could remain in focus following the high oil prices, providing some support for the local stock market and there could be some dividend-driven investors’ interest in stocks like Telekom Malaysia and Maxis Bhd.

The FBM KLCI, which had trailed its regional peers, saw analysts divided on the outlook for the week ahead.

A senior analyst with a bank-backed research house said the Malaysian stock market was expected to trade sideways with downside bias in the week ahead as the local performance pales in comparison with the regional markets.

He did not see any big surprises in the current October-December quarterly corporate results.

Among the companies to announce their results are PROTON HOLDINGS BHD [], MALAYSIAN AIRLINE SYSTEM BHD [] and SIME DARBY BHD [].

However, the head of retail research at Affin Investment Bank Dr Nazri Khan was a tad more upbeat for the local market.

“Going forward next week, we believe FBMKLCI is likely to have an upside bias on local market relative strength (holding up well despite the volatile February results season),” he said.

He cited external factors such as strong Germany resilience following the painful Greece’s bail-out deal, strong US equities, improved commodities price (crude palm oil, soybean, wheat, corn, gold start to track equities) and rising risk appetite in the global forex market (strong gains in emerging market currency including ringgit).

On Wall Street, the S&P 500 had on Friday closed at the highest level since before the collapse of Lehman Brothers in 2008, continuing a pattern of steady gains on signs of US economic recovery.

However, the continued high oil prices had also cast a pall of gloom over the flagging Euro zone economies with a recession seemed imminent for some weaker economies.

At Bursa Malaysia, Telekom Malaysia and Maxis Bhd would be among the top two stocks to watch on Monday after they announced dividends payouts last Friday while other stocks to watch include DRB-HICOM BHD [], SARAWAK OIL PALMS BHD [] and MULTI-PURPOSE HOLDINGS BHD [] (MPHB).

In a pleasant surprise, TM proposed a capital repayment to its shareholders of about RM1.073 billion or 30 sen per share and a final single tier dividend of 9.8 sen per share.

In terms of earnings, TM’s 49% increase to RM598.30 million in the fourth quarter ended Dec 31, 2011 was largely due to the recognition of deferred tax income on unutilised tax incentives in the current year quarter.

Maxis declared a fourth interim single-tier tax exempt dividend of 8.0 sen per share and also proposed a final single-tier tax exempt dividend of 8.0 sen per share for FY11. Its earnings increased 47.5% to RM900 million in the fourth quarter ended Dec 31, 2011 from RM610 million a year ago.

For FY11, it recorded 10% growth in net profit of RM2.527 billion versus RM2.295 billion in FY10. However, its revenue dipped to RM8.800 billion versus RM8.869 billion in FY10.

DRB-Hicom saw its earnings falling 27.6% for the third quarter ended Dec 31, 2011, to RM79.57 million from RM110.10 million as its automotive division was impacted by the severe floods in Thailand. Its revenue rose 5.6% to RM1.69 billion from RM1.60 billion a year ago.

Sarawak Oil Palms Bhd recorded a 60.35% increase in earnings to RM242.95 million in the financial year ended Dec 31, 2011 from RM151.51 million last year, boosted by higher sales and production of crude palm oil (CPO) and palm kernel. It said FY11 revenue increased by 60.7% to RM1.17 billion from RM728.16 million a year ago.

MPHB’s earnings more than doubled jumped to RM260.14 million in the fourth quarter ended Dec 31, 2011 (4Q2011) from RM85.21 million a year ago, boosted by an exceptional gain derived from the sale of PROPERTIES [] within the group. However, its revenue increased by 2.1% to RM913.91 million from RM894.45 million.



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Flash: Maxis 4Q earnings up 47.5% to RM900m, 16c dividends

KUALA LUMPUR (Feb 24): Maxis Bhd’s earnings jumped 47.5% to RM900 million in the fourth quarter ended Dec 31, 2011 from RM610 million a year ago.

The company had on Friday also declared dividends totaling 16 sen per share. It declared a fourth interim single-tier tax exempt dividend of 8.0 sen per share for FY ending Dec 31, 2011 to be paid on March 30. It also proposed a final single-tier tax exempt dividend of 8.0 sen per share for FY11.

Maxis said its 4Q revenue inched up 1.9% to RM2.265 billion from RM2.31 billion. Earnings per share were 12 sen compared with 8.10 sen.

For FY11, it earnings rose 10.1% to RM2.527 billion from RM2.295 billion while revenue dipped 0.7% to RM8.80 billion from RM8.869 billion.



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KL shares lower at mid-morning trade

Share prices on Bursa Malaysia were lower at mid-morning today, weighed down by losses in selective blue-chips like CIMB, Sime Darby, Genting and AirAsia, dealers said.

At 11.05am, the FBM KLCI was 1.29 points lower at 1,555.37, after opening 0.47 point higher at 1,557.13.

CIMB fell three sen to RM9.60, Sime Darby eased six sen to RM7.10, Genting lost two sen to RM10.52 and AirAsia declined one sen to RM3.57.

The Finance Index dropped 12.43 points to 13,855.24 and the Plantation Index fell 15.79 points to 8,588.12.

The Industrial Index, however, rose 0.57 point to 2,866.80.

The FBM Emas Index dropped 4.63 points to 10,774.0 and the FBM ACE Index decreased 2.18 points to 4,674.20.

The FBM Mid 70 Index was up 3.62 points to 12,199.38.

Losers led gainers by 317 to 284 while 280 counters were unchanged. Trading was mild with 495.231 million shares worth RM446.528 million traded.

Among active counters, IFCA MSC and Naim Indah added 1.5 sen each to 13 sen and 43.5 sen, respectively, SAAG Consolidated earned half sen to seven sen and Xidelang was unchanged at 40 sen.

Among heavyweights, Maybank rose two sen to RM8.72, Petronas Chemicals was unchanged at RM6.94 and Maxis was up one sen to RM6.00. -- Bernama



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KL shares slightly lower at midafternoon

Share prices on Bursa Malaysia were slightly lower at mid-afternoon today due to the losses in selected key heavyweights and penny stocks in the absence of fresh catalysts, dealers said.

At 3pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) fell 0.32 point to 1.563.46, after opening 0.04 point higher at 1,563.82, in line with weaker regional bourses.

The Finance Index increased 45.20 points to 13,997.22.

The Industrial Index lost 19.00 points to 2,889.30 and the Plantation Index decreased 51.069 points to 8,694.36. The FBM Ace Index added 40.29 points to 4,820.80.The FBM Emas Index declined 8.329 points to 10,847.48 and the FBM70 Index fell 20.94 points to 12,304.30.

Losers outnumbered gainers by 459 to 308 with turnover at 1.367 billion units valued at RM977.537 million.

Among actives, Dutch Lady Milk rose four sen RM25.80, TAHPS added 39 sen to RM4.80, Panasonic Manufacturing surged 38 sen to RM21.48 and RHB Capital increased 33 sen to RM7.88.

Of the heavyweights, Maybank rose three sen to RM8.73, Petronas Chemicals added one sen to RM6.95, Maxis increased two sen to RM6.00 and Axiata was up one sen to RM5.05. Sime Darby fell two sen to RM9.62. -- BERNAMA



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Telcos give boost, as KLCI closes marginally higher

KUALA LUMPUR (Feb 21): Telco stocks led the FBM KLCI to end on a higher note after a weak start earlier on Tuesday, and after Greece secured a second bailout from the European Central Bank (ECB).

The FBM KLCI on Tuesday was 3.94 points higher, or 0.21%, to close at 1,563.78, with telco stocks — like Maxis (up 17 sen to RM5.98), Axiata (up 4.0 sen to RM5.04) and Telekom (up 7.0 sen to RM4.93) — pushing the index up by 2.60 points.

Although it started on a weak footing, the index firmed up after the midday close, in line with regional bourses.

Volume traded was 1.89 billion shares, valued at RM1.75 billion. Losers led gainers 442 to 370, while 345 counters traded unchanged.

Regionally, markets closed on a positive note; however, Asian markets did not rally as expected, after Greece secured €130 billion (RM519.09 billion) for its second bailout.

"It's a relief for markets, broadly speaking, but it doesn't mean that this is the end of the line," said Thomas Lam, economist at DMG & Partners Securities in Singapore, in a report by Reuters. "It's a difficult process, but it's inching in the right direction."

Shanghai's Composite Index closed up 0.75% to 2,381.43, Hong Kong's Hang Seng rose 0.25% to 21,478.72, and Singapore's Straits Index increased marginally by 0.13% to 3,025.07. Japan's Nikkei 225 was down 0.23% to 9,463.02, Taiwan's Taiex fell 0.42% to 7,921.50, and South Korea's Kospi dropped 0.03% to 2,024.24.

On Bursa Malaysia, top gainers included United PLANTATION []s (up 70 sen to RM23.26), Panasonic Malaysia (up 68 sen to RM21.20), Fraser & Neave (up 26 sen to RM17.84), and MALPAC HOLDINGS BHD [] (up 25 sen to RM1.80).

Among top losers were British American Tobacco (down 90 sen to RM53.00), Dutch Lady (down 34 sen to RM25.40), CHIN TECK PLANTATIONS BHD [] (down 20 sen to RM8.66), KLK (down 14 sen to RM24.00), and Nestlé (down 12 sen to RM55.88).

The most actively traded stocks included IFCA MSC BHD [] (up 3.5 sen to 13.5 sen), Green Ocean (up 7.5 sen to 32.5 sen), and Naim Indah Corp (up 1 sen to 48.5 sen).



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Market Commentary

The FBM KLCI index gained 3.21 points or 0.21% on Tuesday. The Finance Index increased 0.26% to 13952.02 points, the Properties Index up 0.31% to 1048.83 points and the Plantation Index down 0.85% to 8745.43 points. The market traded within a range of 6.73 points between an intra-day high of 1564.86 and a low of 1558.13 during the session.

Actively traded stocks include IFCAMSC, GOCEAN, NICORP, COMPUGT, FOCUS-WB, FOCUS, TMS, KHSB, JCY and TEBRAU. Trading volume increased to 1894.51 mil shares worth RM1747.28 mil as compared to Monday’s 1864.17 mil shares worth RM1610.89 mil.

Leading Movers were MAYBANK (+9 sen to RM8.70), MAXIS (+17 sen to RM5.98), AXIATA (+4 sen to RM5.04), TM (+7 sen to RM4.93) and TENAGA (+3 sen to RM6.07). Lagging Movers were KLK (-14 sen to RM24.00), YTL (-4 sen to RM1.47), AMMB (-7 sen to RM6.07), BAT (-90 sen to RM53.00) and MMCCORP (-5 sen to RM2.81). Market breadth was negative with 370 gainers as compared to 442 losers. -- JF Apex Securities Bhd



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KL shares mixed at midafternoon

Share prices on Bursa Malaysia were mixed at midafternoon today, prompted by gains in blue-chips, dealers said.

At 3pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 1.93 points to 1.562.50, after opening 2.41 points higher at 1,562.98.

In a statement today, Hong Leong Investment Bank said amid fresh concern about rising oil prices, the prevailing market consolidation phase may prolong for a little longer.

It said any market pullbacks, however, were likely to be transitory and fairly shallow.

The Finance Index increased 33.54 points to 13,949.08.

The Industrial Index lost 4.98 points to 2,905.14 and the Plantation Index decreased 80.03 points to 8,740.72.

The FBM Emas Index advanced 8.92 points to 10,851.17 and the FBM Ace Index added 8.96 points to 4,733.73.

The FBM70 Index fell 2.279 points to 12,335.49.

Losers outnumbered gainers by 413 to 291 with turnover at 1.058 billion units valued at RM864.679 million.

Among actives, Panasonic Manufacturing surged 68 sen to RM21.10, United Plantations gained 62 sen to RM23.38, Fraser & Neave added 22 sen to RM17.80 and BLD Plantation was up 21 sen to RM10.04.

Of the heavyweights, Maybank earned seven sen to RM8.68, Sime Darby added one sen to RM9.64, Petronas Chemicals gained three sen to RM6.95, Maxis rose 20 sen to RM6.01 and Axiata increased three sen to RM5.03. -- Bernama



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KLCI stages mild rebound, boost from Greek debt accord

KUALA LUMPUR (Feb 21): Blue chips staged a mild rebound in the afternoon session on Tuesday in line with most key Asian markets as sentiment was bolstered by the Greek bailout deal.

At 3pm, the FBM KLCI was up 1.85 points to 1,562.421. Turnover was 1.06 billion shares valued at RM865.49 million. There were 292 gainers, 414 losers and 353 stocks unchanged.

Panasonic Malaysia was the top gainer, adding 68 sen to RM21.19 while Maxis gained 19 sen to RM6.

Among the PLANTATION []s, United Plantations added 62 sen to RM23.38, BLD Plantations 21 sen to RM10.04 and Sarawak Plantations 14 sen to RM3.06.

F&N added 22 sen to RM17.80 on mild buying interest after its share price was recently impacted by the decline in earnings.

Nilai Resources added 14 sen to RM1.55 after the major shareholders proposed a selective capital repayment (SCR) of RM1.50 a share.

YTL Cement and MBM Resources added 13 sen each to RM4.73 and RM4.43.



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KL shares end morning session lower

Share prices on Bursa Malaysia ended the morning session marginally lower today, tracking losses in the finance and plantation counters, dealers said.

At 12.30pm, the FTSE Bursa Malaysia KLCI (FBM KLCI), finished 0.98 of a point weaker at 1,559.59, after opening 2.41 points higher at 1,562.98.

Dealers said investors were hesitant to raise their exposure on the market as they continued to be wary that the second bailout package for Greece, would not be a concrete solution to curb the Eurozone debt woes.

Back home, however, gains in selected key heavyweight counters like RHB Capital, Telekom and Petronas Dagangan lifted the FBM KLCI for it to stay above the 1,550 level.

RHB Capital added five sen to RM7.53, Telekom earned one sen to RM4.87 and Petronas Dagangan increased two sen to RM18.10.

The Finance Index decreased 16.13 points to 13,899.41, the Industrial Index lost 8.84 points to 2,901.28 and the Plantation Index declined 82.39 points to 8,738.36.

The FBM Emas Index fell 11.26 points to 10,830.99, the FBM Ace Index was down 1.56 points to 4,723.21 and the FBM Mid 70 Index decreased 23.979 points to 12,313.79.

Losers led gainers, 431 to 236, while turnover amounted to 913.217 million shares worth RM649.727 million.

For the actives, United Plantations surged 60 sen to RM23.36, Panasonic Manufacturing added 58 sen to RM21.00, while Maxis and BLD Plantation climbed 21 sen each to RM6.02 and RM10.04, respectively.

Among heavyweights, Maybank and Sime Darby stood unchanged at RM8.61 and RM9.63 respectively, and Petronas Chemicals gained three sen to RM6.95 but CIMB lost three sen to RM7.27. -- Bernama



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Market dips in directionless trade, Greek bailout deal may support

KUALA LUMPUR (Feb 21): The Malaysian market slipped in directionless trade on Tuesday morning as investors stayed on the sidelines but the positive news that euro zone finance ministers sealed a second bailout for debt-laden Greece could provide some lift to sentiment.

At 12.30pm, the FBM KLCI fell 0.98 of a point to 1,559.59. Turnover was 913.22 million shares valued at RM649.72 million. Declining stocks beat advancers 431 to 236 while 342 stocks were unchanged.

All key regional markets were in the red. Japan’s Nikkei 225 fell 0.3% to 9,456.70, Hong Kong’s Hang Seng Index 0.47% to 21,323.90, Shanghai’s Composite Index 0.37% to 2,354.74, Taiwan’s Taiex 0.61% to 7,906.50, South Korea’s Kospi 0.75% to 2,009.66 and Singapore’s Straits Times Index 0.14% to 3,016.82.

Brent fell 6 cents to US$119.99 while US light crude oil rose US$1.59 to US$104.83. The ringgit was nearly unchanged against the US dollar at 3.0214. Crude palm oil futures fell RM4 to RM3,241 per tonne.

Reuters reported euro zone officials as saying that the finance ministers had nailed measures to cut Greece's debt to around 121% of gross domestic product by 2020, close to their original target of 120, after negotiators for private bondholders offered to accept a bigger loss to help plug the funding gap.

It reported that agreement on a 130-billion-euro rescue package with strict conditions attached will help draw a line under months of uncertainty that has shaken the currency bloc, and avert an imminent Greek bankruptcy.

At Bursa Malaysia, BAT was the top loser, down 94 sen to RM52.96 as it gave up most of Monday’s gains of RM1.38.

Esso fell 11 sen to RM3.65 after posting lower earnings. Nestle and Top Glove fell 10 sen each to RM55.90 and RM4.82.

Penny stock Widetec fell 25 sen to 41 sen but with only 2,000 shares done.

Naim Indah Corp was the most active with 67.43 million shares done, adding 2.5 sen to 50 sen.

PLANTATION []s were among the major gainers. United Plantations was the top gainer, rising 60 sen to RM23.36 after posating a strong set of results while BLD Plantations added 21 sen to RM10.04, Sarawak Plantations 14 sen to RM3.06.

Market expectations of bumper dividends from Maxis saw the share price crossing RM6, up 21 sen to RM6.02 in many months.



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