Market News - 20 Aug 2009

U.S. and European Market Roundup

• The DJIA up 61.22 points to 9,279.16 points.
• U.S. stocks rose on Wednesday, shaking off a slide in China's equity market, as investors responded favorably to a surprising drop in crude oil stockpiles that might suggest an improving demand outlook.
• European equities ended lower on Wednesday, with banks and autos leading the fall, as investors scaled back their trading positions after heavy losses in Asia and on concerns about the pace of the global economic recovery.

Macro and Corporate New

• Property developer Mah Sing Group posted a 38% drop in its fiscal second-quarter net profit from a year ago, as last year's gain is boosted by a large property sale.
• TDM, a plantation group owned by the Terengganu state government, is investing RM114 mln to set up its fourth hospital and meet growing demand for healthcare on the east coast.
• Kencana Petroleum's wholly owned subsidiary, Kencana HL Sdn Bhd has been awarded a contract from Afcons-Gunanusa joint venture, a company based in Mumbai, India for the construction of jackets for offshore process platform..

Market News - 08 Jul 2009

U.S. and European Market Roundup

• The DJIA down 161.27 points to 8,163.60 points.
• U.S stocks fell to their lowest level in 10 weeks on Tuesday as talk of a second government stimulus plan heightened fears that the economy is not yet on the path to recovery and that the corporate earnings season starting this week will be weak.
• European equities ended down for a fourth straight session on Tuesday, led lower by utilities and energy shares, as investors remained nervous ahead of earnings figures and worries about the pace of global economic recovery.

Macro and Corporate New

• Property developer Glomac is cutting its property sales target by half for fiscal 2010 as demand falters due to the global economic downturn, a top executive said yesterday.

Market News - 07 Jul 09

U.S. and European Market Roundup

• The DJIA up 44.13 points to 8,324.87points.
• The Dow rose and the S&P 500 rebounded in late trading on Monday as investors' concerns about the strength of an economic recovery triggered a move into defensive stocks.
• European shares fell for the third straight session on Monday on renewed worries about the sustainability of economic recovery foreseen in recent sentiment surveys on both sides of the Atlantic and in China.

Macro and Corporate New

• LTKM, a poultry company, plans to invest RM15 mln to set up a glass processing plant in Klang, Selangor, to diversify its income base.
• UMW Holdings said a client, PCPP Operating Co Sdn Bhd, has terminated a RM601.8 mln contract for its Naga 2 jack-up drilling rig.

Market News - 01 Jul 2009

U.S. and European Market Roundup

• The DJIA down 82.38 points to 8,438.39 points.
• U.S stocks fell on Tuesday as an unexpected drop in consumer confidence cooled recent optimism about an economic recovery, but Wall Street still closed out its best quarter in a decade.
• European shares fell on Tuesday, led lower by banks and energy companies, after U.S consumer confidence readings proved weaker than expected.

Macro and Corporate New

• AirAsia is looking at raising about RM500 mln by placing out up to a fifth of its shares to private investors to pay off some debt, says its CEO.
• AMMB Holdings is considering plans to raise about RM400 mln in innovative Tier-1 capital, or the most liquid capital, for the commercial and Islamic bank in the next few months, a top official said.

Market News - 30 June 2009

U.S. and European Market Roundup

• The DJIA up 90.99 points to 8,438.39 points.
• U.S stocks rose on Monday as higher oil prices lifted shares of energy companies and fund managers snapped up this quarter's winners to burnish their portfolios.
• European shares closed higher on Monday with financials given a boost by broker upgrades and rising crude prices lifting energy stocks.

Macro and Corporate New

• Tanjong plc's net profit for the 1QFY10 ended April 30 dipped 4.8% to RM191.4 mln from a year earlier as it recorded, among others, a net investment loss of RM3.1 mln versus net investment income of RM74.3 mln in 1Q09.
• Berjaya Corp (BCorp) posted a net loss of RM113.9 mln for the 4Q09 ended April 30 compared with a profit of RM235.9 mln a year ago due to impairment losses of about RM90.4 mln.

Market News - 29 June 2009

U.S. and European Market Roundup

• The DJIA down 34.01 points to 8,438.39 points.
• U.S stocks capped a choppy week of trading with a mixed finish Friday after the Commerce Department reported that personal spending, incomes and savings all rose in May.
• European shares reversed gains and turned negative in early afternoon trade on Friday as U.S stock futures retreated after a brief rise as U.S personal income increased more than expected.

Macro and Corporate New

• Kumpulan Perangsang Selangor’s (KPS) 30%-owned Syarikat Pengeluar Air Sungai Selangor Sdn Bhd (SPLASH) has received a revised offer totaling RM2.97 bln from the Selangor Government for its water assets and operations.
• Perisai Petroleum Teknologi will build several mobile offshore production and storage units (MOPSU), costing some RM248 mln each for the development of small and marginal fields.

Market News - 26 Jun 2009

U.S. and European Market Roundup

• The DJIA up 172.54 points to 8,472.40 points.
• Investors rushed back into stocks as profits at a handful of companies indicated the economy might be gaining strength.
• European shares closed lower on Thursday as banks and drugmakers fell and investor sentiment was hit by data showing the number of U.S workers filing new claims for jobless benefits unexpectedly rose last week

Macro and Corporate New

• Gamuda's third-quarter profits dropped by 40% to RM46.30 mln because of lower contribution from construction, property development and infrastructure concessions. In the three-month period ended April 30, the builder posted RM579.37 mln revenue from RM574.70 mln a year ago.
• Petra Perdana is allocating some RM1.09 bln to buy 14 new vessels that are due to be delivered within the next 18 months.

Market News - 25 June 2009

U.S. and European Market Roundup

• The DJIA down 23.05 points to 8,299.86 points.
• The Dow fell for the fourth day and other indexes ended well off the day's highs after the Federal Reserve reiterated concerns about the economic outlook at the end of its policy meeting.
• European shares closed higher on Wednesday, led by financials after the biggest-ever liquidity injection by the European Central Bank boosted hopes that the effort could help pull the euro zone economy out of a recession.
• Berjaya Media's (BMedia) net profit for the 16 months ended April 30 amounted to RM36.7 mln mainly due to the operating profit contributed by its unit SunMedia Corporation Sdn Bhd and also the recognition of exceptional gain arising from the disposal of Edge Communications Sdn Bhd.

Macro and Corporate New

• Developer MK Land Holdings is partnering two other companies for a RM3.0 bln residential development project in northern Bangalore, India.
• Malaysian Resources Corp (MRCB) will be launching its property brand and unveil the second phase of its pioneer project at Bandar Seri Iskandar in Perak on Saturday.

Market News - 23 June 2009

U.S. and European Market Roundup

• The DJIA down 200.72 points to 8,339.01 points.
• U.S stocks tumbled, sending the S&P’s 500 Index down the most in two months as the World Bank said the recession will be deeper than previously forecast.
• Elsewhere, European shares hit a five-week closing low with weaker crude oil and metals prices pressuring commodity stocks and a World Bank report on the state of the global economy dampening market sentiment.

Macro and Corporate New

• Berjaya Land (BLand) posted a net loss of RM53.98 mln for the 4Q09 ended April 30 against a net profit of RM631.68 mln in the previous corresponding period, mainly due to lower revenue contribution from its gaming, hotel and resorts as well as property development divisions.
• Kencana Petroleum’s net profit rose 25% to RM27.64 mln in the 3Q09 ended April 30, but revenue dipped to RM290.17 mln from RM298.12 mln in the previous corresponding quarter.

Market News - 19 June 2009

U.S. and European Market Roundup

• The DJIA up 58.42 points to 8,555.60 points.
• U.S stocks closed mostly higher but down from their highs of the day Thursday following three straight days of losses as the Labor Department said continuing jobless claims decreased by 148,000 to 6.69 mln, the first drop since January, even after weekly initial claims increased 3,000 to 608,000.
• European stocks rose, with the Dow Jones Stoxx 600 Index rebounding from its longest stretch of losses since February, as U.S reports on leading economic indicators, manufacturing and jobless claims suggested the global recession may be near a bottom

Macro and Corporate New

• Kencana Petroleum, through its wholly owned subsidiary, Kencana HL Sdn Bhd has been awarded RM35 mln contract from PCPP Operating Company Sdn Bhd for the fabrication of offshore platform facilities in offshore Bintulu, Sarawak.
• Telekom Malaysia (TM), the country's biggest fixed-line phone company, expects its wholesale business to contribute 15% of its total revenue in three years. Wholesale revenue, which grew by 8.7% to RM212 mln in the first quarter, currently represents 10 per cent of the group's total revenue.

FKLI Technial Analysis - 18 June 2009

FKLI closed lower for another day as Wall Street offered no fresh leads for Asian markets. The closely monitored Dow Jones Industrial Average moved in and out of positive territory throughout the trading day before closing almost unchanged overnight.

Trading in Asian stock markets was lacklustre. Buying momentum slowed as investors appear to be moving to the sidelines while selling pressure was also muted in the absence of significant developments.

FKLI bollinger band continouesly contracting with candle went below middle BB. It turns middle BB become the immediate resistance for FKLI. As long as BB width not expanding with candle below middle BB, FKLI downside risk is minimal.

Support = 1050, 1037.5, 1034.5

Resistance = 1065, 1068.5, 1074

HAPPY TRADING!!

Market News - 18 June 2009

U.S. and European Market Roundup

• The DJIA down 7.49 points to 8,497.18 points.
• U.S stocks fell for a third straight day after Standard & Poor’s downgraded the credit ratings of 18 banks, overshadowing gains in health-care shares as Congress prepares legislation to overhaul the industry.
• European shares fell for the fourth straight session on Wednesday amid doubts about a return to economic growth, which hammered commodity stocks, and with banks in the red on fresh concerns about U.S. financial sector health.

Macro and Corporate New

• Scomi Engineering, the energy and logistics engineering subsidiary of Scomi Group, is one of two front-runners to win a RM3.5 bln monorail project in Riyadh, Saudi Arabia, industry sources said. The other candidate is a partnership between Saudi Binladin Group and Japan's Mitsubishi Corp.

Market News - 17 June 2009

U.S. and European Market Roundup

• The DJIA down 107.46 points to 8,504.67 points.
• U.S stocks slipped on after news of a seventh straight monthly drop in industrial production overshadowed better-than-expected reports on home construction, building permits and inflation.
• European shares fell marginally on Tuesday, with weak banking shares offsetting a rise in defensive sectors, and amid mixed signals for economic recovery.

Macro and Corporate New

• Property developer KYM Holdings is expected to sign an agreement as early as next week to help build a RM300 mln medical complex in Malacca, its Group Managing Director Datuk Raymond Chong Thin Choy said.
• Perisai Petroleum Teknologi plans to raise up to RM40 mln in a private placement for working capital and to repay debt.

FKLI Technial Analysis - 16 June 2009

FKLI dragged down by weak US economic data and lower commodity prices, closed 5.5 points lower @ 1080.

A monthly index of manufacturing conditions around the New York region fell to -9.4 in June from -4.6 the previous month, pointing that any recovery in the US - a critical market for Asian exporters - may be slower than expected.

From the 60minutes chart on the left it shows Bollinger Band width begin to expand with candle below middle BB band. MACD still in bearish mode but begin to form a rouding bottom.

Resistance @ 1083.5, 1091.5 while support @ 1078.5, 1075

HAPPY TRADING!!

Market News - 16 June 2009

U.S. and European Market Roundup

• The DJIA down 187.13 points to 8,612.13 points.
• U.S stocks tumbled, marking their worst slide in a month on Monday after regional manufacturing data dented optimism about the economy's health and resource shares fell alongside commodity prices.
• Elsewhere, European shares closed lower with financials the main drag as the European Central Bank (ECB) said euro zone banks may face further writedowns, while commodity stocks fell as crude and metal prices retreated. Bank stocks weighed heavily on the index.

Macro and Corporate New

• Scomi Engineering said it will bid for the first phase of the RM21.2 bln monorail project in Brazil next month.
• Berjaya Sports Toto (BToto) has declared a 11.0 sen fourth interim dividend for the year ended April 30, bringing a grand total of 29 sen for the FY09 or some 77.1% of its attributed profit to shareholders.

FKLI 15 June 2009 - Afternoon TA

Data captured on 15 June 2009 1412:

Moving Average:

MA(3) = 1087.5

MA(12) = 1087.5

MA(69) = 1076.5

Bollinger Band:

Upper = 1090.5

Middle = 1087

Lower = 1083.5

With regional market moving south and DJIA in the red zone, further downside is possible in the afternoon session! Happy TRADING!

Market News - 15 June 2009

U.S. and European Market Roundup

• The DJIA up 28.34 points to 8,799.26 points.
• Dow moved into positive territory for the year for the first time since early January on Friday, lifted by defensive sectors like pharmaceuticals while a disappointing outlook from National Semiconductor weighed on technology stocks.
• European shares fell on Friday, snapping a three-day winning streak, as softer commodity prices weighed on energy and mining stocks, though demand for pharmaceuticals offered support.

Macro and Corporate New

• Malaysia Airlines (MAS) has posted its first quarterly net loss in over two years, mainly due to fuel hedging losses.

Market News - 12 June 2009

U.S. and European Market Roundup

• The DJIA up 31.90 points to 8,770.92 points.
• U.S stocks racked up gains across a wide array of sectors on Thursday, aided by rising commodity prices and improving labor market conditions, along with a sharp drop in interest rates.
• European equities ended at their highest close in five months on Thursday, propelled by buoyant banking stocks, as U.S macro data showing the recession was abating helped shares extend their sharp three-month rally.

Macro and Corporate New

• SapuraCrest Petroleum, the oil and gas arm of Sapura Group, is bidding for some RM5 bln worth of contracts, of which more than half comes from within the region.
• Johor Land (JLand) has achieved an acceptance level of 93.83% for its shareholders’ proposed voluntary takeover of the company for RM90 mln.

Market News - 29 May 2009

U.S. and European Market Roundup

• The DJIA up 103.78 points to 8,300.02 points.
• U.S stocks rallied, led by banking and energy shares as a rebound in 10-year Treasuries eased concern record government debt sales will trigger higher borrowing costs and oil climbed to a six-month high.
• Over in Europe, stocks retreated for the first time this week, led by financials such as Deutsche Bank and AXA with scant corporate news to give direction and U.S data sending mixed signals on economic recovery prospects.

Macro and Corporate New

• Budget carrier AirAsia is back in the black with a net profit of RM203.2 mln in the first quarter of 2009 after posting two consecutive quarterly losses previously.
• TDM, a plantation group controlled by the Terengganu state government, expects its pretax profit to drop 69% this year due to a lower palm oil price, following a record 2008.

Market News - 28 May 2009

U.S. and European Market Roundup 

• The DJIA down 173.47 points to 8,300.02 points.
• U.S stocks dropped as rising yields on U.S government debt fueled concern that businesses and consumers could face higher borrowing costs, which could hamper an economic recovery.
• Over in Europe, equities finished higher for a third straight session on Wednesday, boosted by financial and retail shares on hopes the market has seen its worst for the year and is on track for a recovery.

 

Macro and Corporate New

• The economy contracted by 6.2% in the 1Q from the same period a year ago as a significant deterioration in external demand dragged the key manufacturing sector significantly lower.
• Resorts World’s net profit for the 1Q09 ended March 31 fell 7% to RM275.44 mln from RM297.36 mln a year earlier, mainly due to further impairment of its investment in Star Cruises Ltd of RM30 mln.