KL shares broadly firmer in early trade

Share prices on Bursa Malaysia opened broadly higher today as positive overseas developments buoyed market sentiment.

At 9.10am, the FBM KLCI jumped 1.53 per cent or 22.56 points to 1,494.66 from yesterday's 1,472.10 close.

The benchmark index opened 14.82 points higher at 1,486.92 this morning.

A dealer said the local bourse played catch up with regional markets after central banks in the US, Europe, UK, Canada, Japan and Switzerland took coordinated actions to lower the cost of US dollar borrowings.

HwangDBS Vickers Research said in a research note that the powerful rally on Wall Street overnight would surely reverberate across Asia.

The benchmark FBM KLCI would likely build on its two-day cumulative gains of 40.6 points or 2.8 per cent, possibly overcoming the immediate resistance level of 1,475 ahead, it added.

The Finance Index surged 243.91 points to 13,401.67, the Plantation Index advanced 154.72 points to 7,844.74 and the Industrial Index gained 36.05 points to 2,671.26.

The FBM Emas Index jumped 144.64 points to 10,208.64, the FBM Mid 70 Index perked up 121.32 points to 11,040.41 and the FBM ACE Index increased 36.05 points to 4,171.17.

Trading was active with 182.34 million shares worth RM139.87 million changing hands.

Advancers outpaced decliners by 371 to 35 while 106 counters were unchanged, 968 untraded and 15 others were suspended.

Among the volume leaders, Compugates was flat at nine sen, PJI rose two sen to 17.5 sen and Hubline was half a sen higher at 10 sen.

Among the heavyweights, Maybank advanced 15 sen to RM8.45, CIMB jumped 11 sen to RM7.25 while Sime Darby slipped two sen to RM8.98. -- Bernama



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PJI jumps on airport terminal contract

PJI Holdings Bhd, a Malaysian engineering services group, rose the most in more than three months in Kuala Lumpur trading after winning an airport terminal sub-contract valued at RM25.2 million.

The stock climbed 9.7 percent to 17 sen at 9:31 a.m. local time, set for its biggest increase since Aug. 12. -- Bloomberg



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PJI Holdings shares edge up on securing jobs at KLIA2

KUALA LUMPUR (Dec 1): PJI HOLDINGS BHD []’s shares rose in early trade on Thursday after its unit secured two contracts worth RM59.64 million at the KLIA2 involving the low voltage system for several locations at the KLIA2.

At 9.15am, PJI was up two sen to 17.5 sen with 8.18 million shares done.

Its unit P.J. Indah Sdn Bhd had accepted the letter of award from BINA PURI HOLDINGS BHD [] to formalise the sub-contract valued at RM25.16 million.

P.J. Indah had also accepted a RM34.64 million contract from UEM CONSTRUCTION [] Sdn Bhd for the design, supply and maintenance of the low voltage system, uninterruptible power supply and lightning protection system at KLIA2.



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HDBSVR: Wall St rally to push KLCI towards 1,475

KUALA LUMPUR (Dec 1): Hwang DBS Vickers Research expects market sentiment to be buoyed by the positive overseas developments on Wednesday night.

On Wall Street, key U.S. equity bellwethers jumped between 4.2% and 4.3% at the closing bell after central banks in the US, Europe, UK, Canada, Japan and Switzerland took coordinated actions to lower the cost of US dollar borrowings.

“Such a powerful rally on Wall Street will surely reverberate across Asia today. Back home, the benchmark FBM KLCI will likely build on its two-day cumulative gains of 40.6-point or 2.8%, possibly overcoming the immediate resistance level of 1,475 ahead,” it said.

HDBSVR said looking to rise in tandem with the broad market today are index-linked laggards like Sime Darby, Public Bank and Tenaga.

Meanwhile, smaller cap companies such as ECM Libra (on news that its investment bank business would be acquired by K&N Kenanga) and PJI Holdings (after securing contracts worth RM60 million) may benefit from an increase in buying interest too.



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Stocks to watch: Maxis, Axiata, E&O, Tanjung, PJI

KUALA LUMPUR (Dec 1): After the flurry of corporate results for the quarter ended Sept 30, 2011, stocks which could see trading interest on Thursday include Maxis Bhd, Axiata Group Bhd and Eastern & Oriental Bhd (E&O).

Other companies which could also come under focus following fresh contracts are PJI HOLDINGS BHD [], TANJUNG OFFSHORE BHD [] and MALAYSIAN RESOURCES CORPORATION BHD (MRCB).

Maxis’ earnings fell 10.6% to RM537 million in the third quarter ended Sept 30 from RM610 million a year ago on higher administrative expenses and network operation costs. Revenue was 1.3% higher at RM2.244 billion from RM2.216 billion a year ago, while earnings per share were 7.2 sen compared with 8.0 sen. It declared a third interim single-tier tax exempt dividend of 8.0 sen per share.

Meanwhile, Axiata’s earnings fell 7.7% to RM589.62 million in the third quarter ended Sept 30, 2011 from RM639.12 million a year ago on foreign exchange translation losses and higher costs. Net foreign exchange losses surged to RM43.91 million compared with gains on financing activities of RM71.96 million a year ago.

E&O saw its earnings surge 172% to RM13.83 million from RM5.08 million a year ago. Its revenue increased by 25.5% to RM82.60 million from RM65.81 million while earnings per share were 1.27 sen compared with 0.48 sen.

Tanjung Offshore’s subsidiary, Tanjung Maintenance Services Sdn Bhd has secured a RM43 million contract from Petronas Carigali Sdn Bhd. The contract was to provide maintenance services for mechanical rotating equipment at all offshore platforms operated by Petronas Carigali in the Sarawak operations region .

PJI Holdings Bhd’s unit has secured two contracts worth RM59.64 million at the KLIA2 involving the low voltage system for several locations at the KLIA2.

Its unit P.J. Indah Sdn Bhd had accepted the letter of award from BINA PURI HOLDINGS BHD [] to formalise the sub-contract valued at RM25.16 million.

P.J. Indah had also accepted a RM34.64 million contract from UEM CONSTRUCTION [] Sdn Bhd for the design, supply and maintenance of the low voltage system, uninterruptible power supply and lightning protection system at KLIA2.

MRCB has secured a RM40.3 million contract to carry out coastal protection works at the Sungai Perai river mouth. MRCB said it had received the letter of award from the Department of Irrigation and Drainage for the third phase of the project.

FABER GROUP BHD [] posted net losses of RM26.87 million in the third quarter ended Sept 30, 2011 compared with net profit of RM29.01 million a year ago. The losses were mainly due to the recognition of costs amounting to RM44.5 million for works completed for the projects in the United Arab Emirates (UAE) where the corresponding revenue was not recognised as it could not be measured reliably.

KUB MALAYSIA BHD [] posted net loss of RM12.86 million in the third quarter ended Sept 30, a vast contrast from the net profit of RM2.49 million a year ago. KUB had undertaken impairment assessments on its assets of underperforming subsidiaries and decided to provide impairment losses of RM14.70 million.



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PJI Holdings secures RM59.64m contracts at KLIA2

KUALA LUMPUR (Nov 30): PJI HOLDINGS BHD []’s unit has secured two contracts worth RM59.64 million at the KLIA2 involving the low voltage system for several locations at the KLIA2.

It said on Wednesday its unit P.J. Indah Sdn Bhd had accepted the letter of award from BINA PURI HOLDINGS BHD [] to formalise the sub-contract valued at RM25.16 million.

The contract included the supplying, installation and maintenance of the low voltage system for the skybridge (sector 4), contact pier (sector 5), satellite building (sector 6) and contact pier (Sector 7) of KLIA2.

“The duration of the sub-contract will be for a period of 427 days and were deemed to have commenced on Oct1, 2011,” it said.

In a separate statement, it said P.J. Indah had also accepted a RM34.64 million contract from UEM CONSTRUCTION [] Sdn Bhd.

It said the contract was for the design, supply and maintenance of the low voltage system, uninterruptible power supply and lightning protection system at KLIA2.

PJI said the duration of the second sub-contract was for eight months and was expected to be complete by April 1, 2012.



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