OSK Retail Research: Accumulate R&A Telco shares, upside at 15.5 sen

KUALA LUMPUR (Dec 28): OSK Retail Research has an upside target for R&A Telecommunication Group Bhd at the 15.5 sen level, while the cut-loss point is below the crucial 11.5 sen level.

It said on Wednesday that R&A had started building a new support floor at the 11.5 sen level since September this year.

“More noticeably of late is that the stock’s trading volume has been particularly high at around the 11.5 sen level throughout December, which could be the signal of an impending rebound.

“There is a possibility that the price consolidation could come to an end soon and therefore, we suggest traders should start accumulating its shares at the current level,” it said.



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R&A rises on warrants plan

R&A Telecommunication Group Bhd, the Malaysian software developer formerly known as Kzen Solutions Bhd, rose in Kuala Lumpur trading after saying it may issue one free warrant for every 10 shares held.

The stock gained 4 percent to 13 sen at 9:04 a.m. local time, set for its highest close since Dec. 9. -- Bloomberg



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Mixed trend continues at FBM KLCI

Share prices on Bursa Malaysia extended the mixed trend to midday today on profit-taking activities in key heavyweights, which weighed on the FTSE Bursa Malaysia (FBM KLCI), dealers.

As at 12.30 pm, the key index slipped 0.19 point to 1,475.84, after opening 0.33 point lower at 1,480.59, led by losses in Proton, Malaysia Airports and UMW Holdings.

Jupiter Securities head of research Pong Teng Siew said the market yielded mildly to profit-taking activities in the morning session following a fund inflow.

"There are some foreign funds moving into the country and with the limited upside, there's a temptation to take profit," he told Bernama.

Pong said although the global market edged up against prospects that the European Union summit on Friday would produce a workable agreement to contain the eurozone debt crisis, the local bourse remained on a cautious mode.

"The developments in the eurozone is foreseen to be on the mixed side today and on an uptrend in the US. "The local market is thus, torn between the leads, provided by the two developed markets," he added.

The Finance Index lost 57.33 points to 13,126.17, the Plantation Index increased 2.48 points to 7,850.54 while the Industrial Index eased 6.57 points to 2,673.45. The FBM Emas Index shed 31.68 points to 10,091.41, the FBM Mid 70 Index slipped 43.771 points to 10,955.09 and the FBM ACE Index added 20.09 points to 4,244.64.

Gainers outnumbered losers 319 to 278 while 271 counters were unchanged, 618 untraded and 24 others suspended. Turnover stood at 1.167 billion shares worth RM660.640 million.

Pavilion Real Estate Investment Trust, which made its debut on the Main Market today, was the most active stock, gaining 10 sen to RM1. It had opened at a 13 sen premium of RM1.03.

Among other actives, R&A Telecommunication gained two sen to 14 sen, Sanichi perked four sen to 21 sen and 1 Utopia-WA was unchanged at five sen. For the heavyweights, Maybank dropped three sen to RM8.17, Sime Darby slipped one sen to RM8.94, CIMB eased six sen to RM7.03 while Petronas Chemicals was unchanged at RM6.08. -- Bernama



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KL shares mixed in early trade

Share prices on Bursa Malaysia were somewhat mixed in the early trading today as investors remained cautiously optimistic ahead of the European Union Summit later this week.

Twenty-two minutes after the opening, the FTSE Bursa Malaysia (FBM KLCI) lost 0.86 points to 1,480.06, with losses mostly seen in Proton. Earlier, the benchmark index opened 0.33 points lower at 1,480.59.

The Finance Index dwindled 30.99 points to 13,152.51, the Plantation Index eased 10.25 points to 7,837.81 and the Industrial Index slipped 1.23 points to 2,678.79. The FBM Emas Index slid 2.399 points to 10,120.69, the FBM Mid 70 Index was 0.16 points lower at 10,998.7 but the FBM ACE Index gained 49.84 points to 4,274.39.

Advancers led decliners 149 to 78 while 153 counters were unchanged, 1,106 untraded and 24 others were suspended. Turnover stood at 261.173 million shares worth RM145.514 million.

HWANGDBS Vickers Research said it expects investors on the local bourse to stay on the sidelines following the dearth of newsflow. The key benchmark index may continue to trade within a tight range, likely on a slight downward bias and trend closer to its immediate 1,475 support level, it said in a research note today.

Actives, Pavilion Real Estate added 10 sen to RM1, R&A Telecommunications earned 2.5 sen to 14.5 sen and LFE Corporation gained 13.5 sen to 20.5 sen.

For heavyweights, Maybank, Sime Darby and Petronas Chemicals, were unchanged at RM8.20, RM8.95 and RM6.08, respectively, while CIMB shed 4.0 sen to RM7.05. -- Bernama



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