Vietnam’s industrial production moderated to 12.3% yoy in July, after reaching a high of +14.6% in June. This was the slowest growth in five months, suggesting that industrial activities have turned weaker. The slowdown was due to a slowdown in output of the non-state sector, while production of the FDI sector softened. These were made worse by a moderation in output of the state sector.
Economic Highlights - Vietnam : Economic Data Showing Signs Of Weakness In July- 30/07/2010
Friday, July 30, 2010
Tracking The World Economy...-30/07/2010
The Great Divide In Price Pressure In Developed And Developing Countries
Rapid economic expansion in Asia and the emerging economies is driving up consumer prices and asset price inflation in China, India, Hong Kong and Singapore, to name a few. This is likely to have been made worse by inflow of capital from the developed countries, which may further fuel inflationary pressure in these countries. By keeping US interest rates ultra-low for more than a year, the US Fed could be feeding bubbles in emerging markets by inducing global investors to move money out of the US and into countries that offer higher yields. As it stands, India’s inflation rate, as measured by the wholesale price index, has been hovering at a high level of 10-11% for the last five consecutive months. Although Chinese consumer prices only rose by 2.9% yoy in June, its property prices have been accelerating before credit tightening measures implemented by the authorities helped to cool it down. The same also happened in Singapore and Hong Kong. In Malaysia, although consumer prices rose by just 1.7% yoy in June, anecdotal evidences suggest that property prices in certain locations have also risen significantly in the last 12 months. Policymakers in these countries have been trying to cool things down. China has introduced a series of administrative measures to cool its property market. India and Malaysia have been raising interest rates in a move to normalise their monetary conditions. This suggests that economic activities in these countries, which have helped to lead the global economic recovery from its worst recession since the post-World War II, are likely to slow down. Over tightening in these
countries, however, could be a risk to the global economic recovery.
Tracking The World Economy...-30/07/2010
Rapid economic expansion in Asia and the emerging economies is driving up consumer prices and asset price inflation in China, India, Hong Kong and Singapore, to name a few. This is likely to have been made worse by inflow of capital from the developed countries, which may further fuel inflationary pressure in these countries. By keeping US interest rates ultra-low for more than a year, the US Fed could be feeding bubbles in emerging markets by inducing global investors to move money out of the US and into countries that offer higher yields. As it stands, India’s inflation rate, as measured by the wholesale price index, has been hovering at a high level of 10-11% for the last five consecutive months. Although Chinese consumer prices only rose by 2.9% yoy in June, its property prices have been accelerating before credit tightening measures implemented by the authorities helped to cool it down. The same also happened in Singapore and Hong Kong. In Malaysia, although consumer prices rose by just 1.7% yoy in June, anecdotal evidences suggest that property prices in certain locations have also risen significantly in the last 12 months. Policymakers in these countries have been trying to cool things down. China has introduced a series of administrative measures to cool its property market. India and Malaysia have been raising interest rates in a move to normalise their monetary conditions. This suggests that economic activities in these countries, which have helped to lead the global economic recovery from its worst recession since the post-World War II, are likely to slow down. Over tightening in these
countries, however, could be a risk to the global economic recovery.
Tracking The World Economy...-30/07/2010
Corporate Highlights...-30/07/2010
Faber Group Berhad
Results Preview : IFM Business Likely Boost 2QFY10 Earnings
Fitters Diversified
Visit Note : “Foetus” Of A Green Revolution
Quill Capita Trust
Results Note : 1HFY12/10 Gross Revenue Grows 3% YoY
Market Technical Reading
Daily Trading Strategy : The Bulls Are Ready To Take The Market Higher…
Corporate Highlights...-30/07/2010
Results Preview : IFM Business Likely Boost 2QFY10 Earnings
Fitters Diversified
Visit Note : “Foetus” Of A Green Revolution
Quill Capita Trust
Results Note : 1HFY12/10 Gross Revenue Grows 3% YoY
Market Technical Reading
Daily Trading Strategy : The Bulls Are Ready To Take The Market Higher…
Corporate Highlights...-30/07/2010
Fitters Diversified Berhad : “Foetus” Of A Green Revolution - 31/07/2010
From fire prevention to green energy. Fitters Diversified (Fitters) ispredominantly engaged in fire prevention & protection business. While profitable and cash-generative, this bread-and-butter business is unable to take Fitters to a higher level due to its muted growth prospects. Realising the need to explore new growth areas to create new shareholder value, Fitters about 2-3 years ago already identified green energy as the way forward for the company. Since then, via 83%-owned unit Future NRG, it has identified and secured rights to the biomass/plasma gasification technology.
Fitters Diversified Berhad : “Foetus” Of A Green Revolution - 30/07/2010
Fitters Diversified Berhad : “Foetus” Of A Green Revolution - 30/07/2010
Market Technical Reading : The Bulls Are Ready To Take The Market Higher…-30/07/2010
Local Market Leads:
♦ Underpinned by firm bargain-buying support on selective heavyweights, the local market edged higher for the fifth straight day and hit a fresh year high on Thursday.
♦ Investors overlooked the overnight weakness in the US markets, while spreading their buying interest across the board, from fundamental stocks like Axiata and RHBCap (+12sen) to lower liners, such as TimeCom (+1.5sen), E&O (+6sen) and Scomi (+2sen).
♦ Axiata was the biggest index mover, as the share price surged 16sen to RM4.31 on strong turnover. Its strong gain has boosted the FBM KLCI to end at 1,358.41 with a 3.22 pts or 0.24% gain for the day.
♦ Turnover expanded further to 1.0bn shares, compared to Wednesday’s 847m shares. There were 386 advancers against 345 decliners.
♦ Elsewhere, most Asian markets ended positively following the strong early showing in the European markets.
Market Technical Reading : The Bulls Are Ready To Take The Market Higher…-30/07/2010
♦ Underpinned by firm bargain-buying support on selective heavyweights, the local market edged higher for the fifth straight day and hit a fresh year high on Thursday.
♦ Investors overlooked the overnight weakness in the US markets, while spreading their buying interest across the board, from fundamental stocks like Axiata and RHBCap (+12sen) to lower liners, such as TimeCom (+1.5sen), E&O (+6sen) and Scomi (+2sen).
♦ Axiata was the biggest index mover, as the share price surged 16sen to RM4.31 on strong turnover. Its strong gain has boosted the FBM KLCI to end at 1,358.41 with a 3.22 pts or 0.24% gain for the day.
♦ Turnover expanded further to 1.0bn shares, compared to Wednesday’s 847m shares. There were 386 advancers against 345 decliners.
♦ Elsewhere, most Asian markets ended positively following the strong early showing in the European markets.
Market Technical Reading : The Bulls Are Ready To Take The Market Higher…-30/07/2010
Quill Capita Trust : 1HFY12/10 Gross Revenue Grows 3% YoY - 30/07/2010
3.85sen distribution. Excluding RM0.7m derivative gains, normalised 1HFY12/10 net profit of RM15.8m came in at 45% of our full-year forecast and the full-year market consensus. However, we consider the results within expectations as we expect a stronger 2H in the absence of lumpy utilities costs (normally recognised in the early part of the year). Quill declared income distribution of 3.85sen for 1HFY12/10 that makes up 47% of our fullyear forecast of 8.2sen.
Quill Capita Trust : 1HFY12/10 Gross Revenue Grows 3% YoY - 30/07/2010
Quill Capita Trust : 1HFY12/10 Gross Revenue Grows 3% YoY - 30/07/2010
Faber Group Berhad : IFM Business Likely Boost 2QFY10 Earnings - 30/07/2010
2QFY10 net profit expected to be higher yoy and qoq. Faber is expected to announce its 2QFY12/10 results on 5 Aug. We believe 2Q net profit could be higher yoy due to stronger contribution from both concession and non-concession IFM businesses, while qoq, net profit is expected to be better thanks to higher contribution from its overseas IFM business.
Faber Group Berhad : IFM Business Likely Boost 2QFY10 Earnings - 30/07/2010
Faber Group Berhad : IFM Business Likely Boost 2QFY10 Earnings - 30/07/2010
RHB Equity 360° (Faber, Fitters, Quill Capita; Technical: Landmarks) - 30/07/2010
Top Story : Faber – IFM business likely boost 2QFY10 earnings Outperform
Results Preview
- Faber is expected to announce its 2QFY10 results on 5 Aug. We believe 2Q net profit could be higher yoy due to stronger contribution from both concession and non-concession businesses, while qoq, net profit is expected to be better thanks to higher contribution from its overseas IFM business.
- Faber recently secured a new contract with Abu Dhabi Health Services Company and the project is worth approximately RM20.4m for a three-year period starting from 16 Aug. We also note that an IFM contract in Madinat Zayed, Abu Dhabi was renewed in May for another year with an annual value of RM57.8m, while a second contract (likely to be >RM100m) also in Madinat Zayed is expected to be renewed by year-end.
- We expect stronger property earnings to come on stream in 2HFY10 following the recognition of earnings from the launch of Taman Desa Phase 1A DBKL in May.
- Maintain forecasts and fair value of RM3.54, which is based SOP valuation. Reiterate Outperform.
RHB Equity 360° (Faber, Fitters, Quill Capita; Technical: Landmarks) - 30/07/2010
Results Preview
- Faber is expected to announce its 2QFY10 results on 5 Aug. We believe 2Q net profit could be higher yoy due to stronger contribution from both concession and non-concession businesses, while qoq, net profit is expected to be better thanks to higher contribution from its overseas IFM business.
- Faber recently secured a new contract with Abu Dhabi Health Services Company and the project is worth approximately RM20.4m for a three-year period starting from 16 Aug. We also note that an IFM contract in Madinat Zayed, Abu Dhabi was renewed in May for another year with an annual value of RM57.8m, while a second contract (likely to be >RM100m) also in Madinat Zayed is expected to be renewed by year-end.
- We expect stronger property earnings to come on stream in 2HFY10 following the recognition of earnings from the launch of Taman Desa Phase 1A DBKL in May.
- Maintain forecasts and fair value of RM3.54, which is based SOP valuation. Reiterate Outperform.
RHB Equity 360° (Faber, Fitters, Quill Capita; Technical: Landmarks) - 30/07/2010
Thursday, July 29, 2010
Mandarin Version : Market Technical Reading - More Follow-through Upside Momentum Ahead… - 29/07/2010
Local Market Leads:
♦ Buoyed by the sharp rally in China and Japan’s markets, Bursa Malaysia reversed its early weakness by resuming its recent winning streak for a fourth day on Wednesday.
♦ Shanghai Composite soared 2.26% after China’s central bank said it was optimistic on the country’s economy, while Nikkei 225 rallied 2.70% on solid earnings news and a weaker yen.
Mandarin Version : Market Technical Reading - More Follow-through Upside Momentum Ahead… - 29/07/2010
♦ Buoyed by the sharp rally in China and Japan’s markets, Bursa Malaysia reversed its early weakness by resuming its recent winning streak for a fourth day on Wednesday.
♦ Shanghai Composite soared 2.26% after China’s central bank said it was optimistic on the country’s economy, while Nikkei 225 rallied 2.70% on solid earnings news and a weaker yen.
Mandarin Version : Market Technical Reading - More Follow-through Upside Momentum Ahead… - 29/07/2010
Market Technical Reading - More Follow-through Upside Momentum Ahead… - 29/07/2010
Local Market Leads:
♦ Buoyed by the sharp rally in China and Japan’s markets, Bursa Malaysia reversed its early weakness by resuming its recent winning streak for a fourth day on Wednesday.
♦ Shanghai Composite soared 2.26% after China’s central bank said it was optimistic on the country’s economy, while Nikkei 225 rallied 2.70% on solid earnings news and a weaker yen.
Market Technical Reading - More Follow-through Upside Momentum Ahead… - 29/07/2010
♦ Buoyed by the sharp rally in China and Japan’s markets, Bursa Malaysia reversed its early weakness by resuming its recent winning streak for a fourth day on Wednesday.
♦ Shanghai Composite soared 2.26% after China’s central bank said it was optimistic on the country’s economy, while Nikkei 225 rallied 2.70% on solid earnings news and a weaker yen.
Market Technical Reading - More Follow-through Upside Momentum Ahead… - 29/07/2010
Daibochi Berhad : Rising Raw Material Costs Weigh Down Earnings - 29/7/2010
Below expectations. Daibochi’s 2QFY10 net profit of RM4.2m (-16.5% qoq and -30.8% yoy) was below our and consensus expectations, resulting in 1HFY10 profits accounting for only 34% of our and consensus full year net profit forecasts. This was caused by lower-than-expected operating margins and higher-than-expected effective tax rate. Daibochi declared a second interim tax-exempt dividend of 2.5 sen, bringing the total YTD dividend to 6 sen.
Daibochi Berhad : Rising Raw Material Costs Weigh Down Earnings - 29/7/2010
Daibochi Berhad : Rising Raw Material Costs Weigh Down Earnings - 29/7/2010
WCT Berhad : Proposes RM600m Bonds, 1-For-8 Warrant Issue - 29/7/2010
Issuance of bonds and warrants. WCT has proposed the issuance of RM600m nominal value of 5-year serial fixed rate bonds and 181.1m new warrants of which 121.1m will be offered to existing WCT shareholders on a 1-for-8 basis and 60m to senior management of WCT at an issue price to be determined later. Of the RM600m proceeds from the bond issue, RM350m will be used to refinance existing borrowings (to take advantage of the lower interest cost), RM247.3m for working capital and RM2.7m for expenses relating to the exercise.
WCT Berhad : Proposes RM600m Bonds, 1-For-8 Warrant Issue - 29/7/2010
WCT Berhad : Proposes RM600m Bonds, 1-For-8 Warrant Issue - 29/7/2010
PLUS Expressways Berhad : Disposes Of 60% Stake In Cimanggis-Cibutung Tollways; Raises Traffic Volume Guidance - 29/7/2010
Disposed of 60% stake in PT Cimanggis-Cibutung Tollways. PLUS had on 28 Jul 10 ntered into a conditional sale and purchase agreement with PT Bakrie & Brothers TBK to dispose of its 60% stake in PT Cimanggis Cibutung Tollways (which undertakes and implements the Cimanggis-Cibutung toll road project) for Rp57.8bn (or RM20.2m). Assuming the transaction is to complete by 1QFY12/11, PLUS will recognise a net gain of approximately RM1m on the disposal.
PLUS Expressways Berhad : Disposes Of 60% Stake In Cimanggis-Cibutung Tollways; Raises Traffic Volume Guid...
PLUS Expressways Berhad : Disposes Of 60% Stake In Cimanggis-Cibutung Tollways; Raises Traffic Volume Guid...
APM Automotive Holdings Berhad : Riding On Motor Sector’s Growth Cycle - 29/7/2010
Leading automotive parts manufacturer. APM is one of the leading utomotive parts manufacturers among over 650 players in Malaysia ith an estimated market share of 12.6% based on revenue. Apart from alaysia, the company has operations in Indonesia, Vietnam and Australia. APM is the autoparts arm of Tan Chong with Tan Chong holding a 41.5% stake. APM recently expanded its overseas distribution network with the set up of a new company – APM Auto Components in the US, which is expected to contribute to revenue growth in the long term. The company operates in three major divisions: 1) Suspension; 2) Electrical & Heat Exchange; and 3) Interior & Plastics.
APM Automotive Holdings Berhad : Riding On Motor Sector’s Growth Cycle - 29/7/2010
APM Automotive Holdings Berhad : Riding On Motor Sector’s Growth Cycle - 29/7/2010
Hai-O Enterprise Berhad : FY04/11 Membership To Contract - 29/07/2010
Membership to contract in FY11. We believe that due to the revised Direct Selling Act (DSA), Hai-O’s membership drive will be affected, as well as its retention of existing members. We have adjusted our forecast to include a net membership contraction of 1,200/mth, which consequently reduces our FY11-13 Core Distribution Force (CDF) assumption by 5.1-10%.
Hai-O Enterprise Berhad : FY04/11 Membership To Contract - 29/07/2010
Hai-O Enterprise Berhad : FY04/11 Membership To Contract - 29/07/2010
Corporate Highlights - 29/07/2010
♦ Hai-O Enterprise
Visit Note : FY04/11 Membership To Contract - Underperform
♦ APM Automotive Holdings
New Coverage : Riding On Motor Sector’s Growth Cycle
Corporate Highlights - 29/07/2010
Visit Note : FY04/11 Membership To Contract - Underperform
♦ APM Automotive Holdings
New Coverage : Riding On Motor Sector’s Growth Cycle
Corporate Highlights - 29/07/2010
RHB Equity 360° - 29 July 2010 (Hai-O, APM, PLUS, WCT, Daibochi; Technical: E&O)
Top Story : Hai-O – FY04/11 membership to contract Underperform (down from MP)
Visit Note
- We believe that due to the revised Direct Selling Act (DSA), Hai-O’s membership drive as well as its retention of existing members will be affected.
RHB Equity 360° - 29 July 2010 (Hai-O, APM, PLUS, WCT, Daibochi; Technical: E&O)
Visit Note
- We believe that due to the revised Direct Selling Act (DSA), Hai-O’s membership drive as well as its retention of existing members will be affected.
RHB Equity 360° - 29 July 2010 (Hai-O, APM, PLUS, WCT, Daibochi; Technical: E&O)
Wednesday, July 28, 2010
Mandarin Version : Market Technical Reading : Likely To Take A Breather… - 28/07/2010
Local Market Leads:
♦ The local market closed relatively unchanged yesterday, as the recent upward momentum ran out of steam on fresh profit-taking activities.
♦ Investors started the day on continued buying mode, as they capitalised on another impressive triple-digit rally in the overnight US DJIA amid strong US new home sales data and upbeat earnings news.
Mandarin Version : Market Technical Reading : Likely To Take A Breather… - 28/07/2010
♦ The local market closed relatively unchanged yesterday, as the recent upward momentum ran out of steam on fresh profit-taking activities.
♦ Investors started the day on continued buying mode, as they capitalised on another impressive triple-digit rally in the overnight US DJIA amid strong US new home sales data and upbeat earnings news.
Mandarin Version : Market Technical Reading : Likely To Take A Breather… - 28/07/2010
Tracking The World Economy... - 28/07/2010
India Increased The Key Policy Rate For The Fourth Time This Year
The Reserve Bank of India raised the key repurchase rate by 25 basis points to 5.75%, from 5.5% previously. The reverse repurchase rate was also raised but by more than expected 50 basis points to 4.5%, from 4% previously. This was the fourth time the central bank increased its key interest rates in a move to contain the surge in inflation that has triggered labour strikes and public protests. India’s inflation, as measured by the wholesale-price index, rebounded to +10.6% yoy in June, after inching up to +10.2% in May and it remained high compared to the peak of 11.0% recorded in March. Prices are rising in India as the recovery in the country’s economic growth, which strengthened to +8.4% yoy in the 1Q from +6.5% in the 4Q, is straining capacities in roads, ports and factories. “Capacity constraints are visible in several sectors and pricing power is returning to producers,” according to the central bank. Indeed, the Government’s move to raise fuel prices on 25 June could worsen the situation. Workers, on the other hand, are demanding higher wages that would translate into higher pressure on inflation. The Reserve Bank of India is of the view that inflation is now being significantly driven by demand-side factors and it is imperative for it to continue in the direction of normalising its policy instruments to a level consistent with the evolving growth and inflation scenarios. Meanwhile, the central bank said that it plans to announce monetary policy statements every six weeks instead of once a quarter. The next policy meeting will be on 16 September.
Tracking The World Economy...- 28/07/2010
The Reserve Bank of India raised the key repurchase rate by 25 basis points to 5.75%, from 5.5% previously. The reverse repurchase rate was also raised but by more than expected 50 basis points to 4.5%, from 4% previously. This was the fourth time the central bank increased its key interest rates in a move to contain the surge in inflation that has triggered labour strikes and public protests. India’s inflation, as measured by the wholesale-price index, rebounded to +10.6% yoy in June, after inching up to +10.2% in May and it remained high compared to the peak of 11.0% recorded in March. Prices are rising in India as the recovery in the country’s economic growth, which strengthened to +8.4% yoy in the 1Q from +6.5% in the 4Q, is straining capacities in roads, ports and factories. “Capacity constraints are visible in several sectors and pricing power is returning to producers,” according to the central bank. Indeed, the Government’s move to raise fuel prices on 25 June could worsen the situation. Workers, on the other hand, are demanding higher wages that would translate into higher pressure on inflation. The Reserve Bank of India is of the view that inflation is now being significantly driven by demand-side factors and it is imperative for it to continue in the direction of normalising its policy instruments to a level consistent with the evolving growth and inflation scenarios. Meanwhile, the central bank said that it plans to announce monetary policy statements every six weeks instead of once a quarter. The next policy meeting will be on 16 September.
Tracking The World Economy...- 28/07/2010
Market Technical Reading : Likely To Take A Breather… - 28/07/2010
Local Market Leads:
♦ The local market closed relatively unchanged yesterday, as the recent upward momentum ran out of steam on fresh profit-taking activities.
♦ Investors started the day on continued buying mode, as they capitalised on another impressive triple-digit rally in the overnight US DJIA amid strong US new home sales data and upbeat earnings news.
Market Technical Reading : Likely To Take A Breather… - 28/07/2010
♦ The local market closed relatively unchanged yesterday, as the recent upward momentum ran out of steam on fresh profit-taking activities.
♦ Investors started the day on continued buying mode, as they capitalised on another impressive triple-digit rally in the overnight US DJIA amid strong US new home sales data and upbeat earnings news.
Market Technical Reading : Likely To Take A Breather… - 28/07/2010
MY E.G. Services Berhad : More To Come - 28/07/2010
E-Government. MYEG is the sole concessionaire for the E-Government transformation initiative mandated to provide online services for the Government.
MY E.G. Services Berhad : More To Come - 27/07/2010
MY E.G. Services Berhad : More To Come - 27/07/2010
Genting Plantations Berhad : Indonesian Estates To Start “Fruiting” Soon - 28/07/2010
Key highlights:
(1) CPO price outlook;
(2) No El Nino impact yet, slower
production growth seen in 2HFY10;
(3) Indonesian plantation contributions to start coming through from FY11;
(4) change in labour permit regulations;
(5) production costs to rise, not drop in FY10; and
(6) quiet on property development front, but potential coming from Chelsea Outlets and Kulai project.
Genting Plantations Berhad : Indonesian Estates To Start “Fruiting” Soon - 27/07/2010
(1) CPO price outlook;
(2) No El Nino impact yet, slower
production growth seen in 2HFY10;
(3) Indonesian plantation contributions to start coming through from FY11;
(4) change in labour permit regulations;
(5) production costs to rise, not drop in FY10; and
(6) quiet on property development front, but potential coming from Chelsea Outlets and Kulai project.
Genting Plantations Berhad : Indonesian Estates To Start “Fruiting” Soon - 27/07/2010
Corporate Highlights - 28/07/2010
♦ Genting Plantations
Visit Note : Indonesian Estates To Start “Fruiting” Soon - Underperform
♦ MY E.G. Services
Visit Note : More To Come
Corporate Highlights - 27/07/2010
Visit Note : Indonesian Estates To Start “Fruiting” Soon - Underperform
♦ MY E.G. Services
Visit Note : More To Come
Corporate Highlights - 27/07/2010
RHB Equity 360° - 28 July 2010 (Genting Plantation, MYEG; Technical: Measat Global)
Top Story : Genting Plantation – Indonesian estates to start “fruiting” soon
Underperform
Visit Note
GP’s FFB production growth has recovered from the weakness seen in 1H09, to post an 11.7% yoy growth in YTD June 2010. Going forward however, management expects this yoy growth to slow in 2H10, given the recovery in FFB production which was seen in 2H09.
RHB Equity 360° - 28 July 2010 (Genting Plantation, MYEG; Technical: Measat Global)
Underperform
Visit Note
GP’s FFB production growth has recovered from the weakness seen in 1H09, to post an 11.7% yoy growth in YTD June 2010. Going forward however, management expects this yoy growth to slow in 2H10, given the recovery in FFB production which was seen in 2H09.
RHB Equity 360° - 28 July 2010 (Genting Plantation, MYEG; Technical: Measat Global)
Tuesday, July 27, 2010
Ivory Properties Group Berrhad : Public Issue of 44.9m New Shares & Offer For Sale Of 16.2m Existing Shares - 27/07/2010
Ivory’s primary business is property development. All of its completed projects with a total GDV of RM675m have been in Penang (see Table 2), and we understand that it is planning to further expand its focus in the state as well as in a new market i.e. Tanjung Malim, Perak with a combined GDV of RM2.7bn (see Tables 3 and 4) while also keeping a lookout for landbanks in the Klang Valley area.
Ivory Properties Group Berrhad : Public Issue of 44.9m New Shares & Offer For Sale Of 16.2m Existing Shares...
Ivory Properties Group Berrhad : Public Issue of 44.9m New Shares & Offer For Sale Of 16.2m Existing Shares...
Tracking The World Economy... - 27/07/2010
European Banks Rose As Stress Tests Eased Concerns Over Capital
Share prices of European banks rose, after the stress tests’ results unveiled that the region’s lenders need to raise only €3.5bn (US$4.5bn) of capital. Before the results were published, analysts estimated that the banks would have to raise €30-85bn of capital. The significantly smaller amount of capital required by European Union banks led some analysts to question the stringency of the tests. Twenty-four banks would have fallen below the 6% capital threshold had the test included losses on sovereign debt held in banking books and the combined capital required by those banks would have reached €15bn, according to some analysts. Had the Tier 1 threshold been 7%, 24 of the banks would have failed, argued others.
Tracking The World Economy... - 27/07/2010
Share prices of European banks rose, after the stress tests’ results unveiled that the region’s lenders need to raise only €3.5bn (US$4.5bn) of capital. Before the results were published, analysts estimated that the banks would have to raise €30-85bn of capital. The significantly smaller amount of capital required by European Union banks led some analysts to question the stringency of the tests. Twenty-four banks would have fallen below the 6% capital threshold had the test included losses on sovereign debt held in banking books and the combined capital required by those banks would have reached €15bn, according to some analysts. Had the Tier 1 threshold been 7%, 24 of the banks would have failed, argued others.
Tracking The World Economy... - 27/07/2010
Mandarin Version : Market Technical Reading : Must Hold Above 1,350 To Confirm A Bullish Breakout… - 27/07/2010
Local Market Leads:
♦ Led by strong buying support on key heavyweights, the FBM KLCI finally penetrated above the 1,350 threshold for the first time since end-Feb 2008.
♦ Earlier, investors snapped up stocks by lifting the FBM KLCI higher at above 1,350 in response to another tripledigit rally in the US DJIA last Friday amid encouraging US earnings news and the removal of uncertainties following the release of stress test results on European banks.
Mandarin Version : Market Technical Reading : Must Hold Above 1,350 To Confirm A Bullish Breakout… - 27/07/...
♦ Led by strong buying support on key heavyweights, the FBM KLCI finally penetrated above the 1,350 threshold for the first time since end-Feb 2008.
♦ Earlier, investors snapped up stocks by lifting the FBM KLCI higher at above 1,350 in response to another tripledigit rally in the US DJIA last Friday amid encouraging US earnings news and the removal of uncertainties following the release of stress test results on European banks.
Mandarin Version : Market Technical Reading : Must Hold Above 1,350 To Confirm A Bullish Breakout… - 27/07/...
Market Technical Reading : Must Hold Above 1,350 To Confirm A Bullish Breakout… - 27/07/2010
Local Market Leads:
♦ Led by strong buying support on key heavyweights, the FBM KLCI finally penetrated above the 1,350 threshold for the first time since end-Feb 2008.
♦ Earlier, investors snapped up stocks by lifting the FBM KLCI higher at above 1,350 in response to another tripledigit rally in the US DJIA last Friday amid encouraging US earnings news and the removal of uncertainties following the release of stress test results on European banks.
Market Technical Reading : Must Hold Above 1,350 To Confirm A Bullish Breakout… - 27/07/2010
♦ Led by strong buying support on key heavyweights, the FBM KLCI finally penetrated above the 1,350 threshold for the first time since end-Feb 2008.
♦ Earlier, investors snapped up stocks by lifting the FBM KLCI higher at above 1,350 in response to another tripledigit rally in the US DJIA last Friday amid encouraging US earnings news and the removal of uncertainties following the release of stress test results on European banks.
Market Technical Reading : Must Hold Above 1,350 To Confirm A Bullish Breakout… - 27/07/2010
KPJ Healthcare Berhad : Back To Fundamentals - 27/07/2010
M&A’s concluded. Khazanah yesterday offered to buy all remaining shares that it does not own in Parkway Holdings for S$3.95 per share. We note that the offer price is 3.9% higher than Fortis’ offer of S$3.80 per share. Fortis has reportedly decided to bow out of the bidding war and accept Khazanah’s offer. Khazanah will thus need to fork out approximately S$3.5bn (RM8.2bn)for the takeover. We note that the other takeover for Healthscope in Australia has also been concluded with the consortium comprising US private equity firms, Carlyle Group and TPG Capital winning the bid at A$2bn.
KPJ Healthcare Berhad : Back To Fundamentals - 27/07/2010
KPJ Healthcare Berhad : Back To Fundamentals - 27/07/2010
CSC Steel Berhad : Strong Performance To Sustain Into 2QFY12/10 - 27/07/2010
♦ 1HFY12/10 results preview. Taking the cue from the strong steel product prices that were sustained into early-May, we believe CSC Steel’s 2QFY12/10 results (due out on 6 Aug 10) is likely to come in at RM32-33m, which is 5-8% higher than the previous quarter’s net profit of RM30.6m. This means CSC Steel’s 1HFY12/10 net profit is likely to come in at RM62-64m, which is 74.3-76.7% of our full-year forecast.
CSC Steel Berhad : Strong Performance To Sustain Into 2QFY12/10 - 27/07/2010
CSC Steel Berhad : Strong Performance To Sustain Into 2QFY12/10 - 27/07/2010
RHB Equity 360° - 27 July 2010 (CSC Steel, KPJ; Technical: KKB)
Top Story : CSC Steel – Strong performance to sustain into 2QFY12/10 Outperform
Results Preview
- We believe 2QFY12/10 results are likely to come in at RM32-33m, which is 5-8% higher than the previous quarter’s net profit of RM30.6m. This means 1HFY12/10 net profit is likely to come in at RM61-64m, which is 74.3-76.7% of our full-year forecast.
- Despite having anticipated a strong 2Q, we are keeping our FY12/10 net profit forecast unchanged, as we believe CSC Steel’s performance is likely to weaken significantly in 3Q.
- We expect the prices of steel products will likely stage a rebound in 4Q, as: 1) Steel consumption is seasonally stronger in 4Q; and 2) Concerns on overcapacity are likely to ease in the near term.
- Indicative fair value is RM2.10, based on unchanged 9x FY12/11 EPS of 23.3 sen.
RHB Equity 360° - 27 July 2010 (CSC Steel, KPJ; Technical: KKB)
Results Preview
- We believe 2QFY12/10 results are likely to come in at RM32-33m, which is 5-8% higher than the previous quarter’s net profit of RM30.6m. This means 1HFY12/10 net profit is likely to come in at RM61-64m, which is 74.3-76.7% of our full-year forecast.
- Despite having anticipated a strong 2Q, we are keeping our FY12/10 net profit forecast unchanged, as we believe CSC Steel’s performance is likely to weaken significantly in 3Q.
- We expect the prices of steel products will likely stage a rebound in 4Q, as: 1) Steel consumption is seasonally stronger in 4Q; and 2) Concerns on overcapacity are likely to ease in the near term.
- Indicative fair value is RM2.10, based on unchanged 9x FY12/11 EPS of 23.3 sen.
RHB Equity 360° - 27 July 2010 (CSC Steel, KPJ; Technical: KKB)
Corporate Highlights - 27/07/2010
♦ CSC Steel
Results Preview : Strong Performance To Sustain Into 2QFY12/10
♦ KPJ Healthcare
Company Update : Back To Fundamentals
Corporate Highlights - 27/07/2010
Results Preview : Strong Performance To Sustain Into 2QFY12/10
♦ KPJ Healthcare
Company Update : Back To Fundamentals
Corporate Highlights - 27/07/2010
Monday, July 26, 2010
Mandarin Version : Scomi Marine : In Anticipation Of A Tchnical Rebound Soon… - 26/07/2010
ScomiMR closed at above RM0.50 last week. The share price of ScomiMr turned
bearish when its 10-day SMA cut below the 40-day SMA in Nov 2009. It fell to below
the RM0.50 level in the same month and since then, sustained at below RM0.50.
The stock launched a powerful technical rebound in Jul 2010, with the 10-day SMA
rebounding to above the 40-day SMA. It hit a fresh year high of RM0.565, before
closing last Friday at RM0.51, near the resistance-turn-support level of RM0.50
Mandarin Version : Commodities & Currencies - A Possible Further Rebound On Commodities… - 26/07/2010
bearish when its 10-day SMA cut below the 40-day SMA in Nov 2009. It fell to below
the RM0.50 level in the same month and since then, sustained at below RM0.50.
The stock launched a powerful technical rebound in Jul 2010, with the 10-day SMA
rebounding to above the 40-day SMA. It hit a fresh year high of RM0.565, before
closing last Friday at RM0.51, near the resistance-turn-support level of RM0.50
Mandarin Version : Commodities & Currencies - A Possible Further Rebound On Commodities… - 26/07/2010
Market Technical Reading - Next Challenge Is To Confirm The 1,350 Breakout Pattern! - 26/07/2010
Local Market Leads:
♦ Buoyed by the overnight US and European markets’ rallies, Bursa Malaysia finished higher on Friday amid the return of fresh bargain-hunting support.
♦ Investors cheered on the strong earnings from US major corporates, as well as the better-than-expected manufacturing data in the Eurozone, that have prompted the US and European markets to soar more than 2%
Market Technical Reading - Next Challenge Is To Confirm The 1,350 Breakout Pattern! - 26/07/2010
♦ Buoyed by the overnight US and European markets’ rallies, Bursa Malaysia finished higher on Friday amid the return of fresh bargain-hunting support.
♦ Investors cheered on the strong earnings from US major corporates, as well as the better-than-expected manufacturing data in the Eurozone, that have prompted the US and European markets to soar more than 2%
Market Technical Reading - Next Challenge Is To Confirm The 1,350 Breakout Pattern! - 26/07/2010
In for a Bumpy Ride - Khoo Ban Yu, 24 July 2010
In for a Bumpy Ride - Khoo Ban Yu, 24 July 2010
- As the FBM KLCI sustained at above the 10-day SMA (1,337), the short-term trading
sentiment should stay upbeat.
- Given the positive short-term chart indicators, upward momentum may accelerate if
the index manages to remove 1,350.
In for a Bumpy Ride - Khoo Ban Yu, 24 July 2010
- As the FBM KLCI sustained at above the 10-day SMA (1,337), the short-term trading
sentiment should stay upbeat.
- Given the positive short-term chart indicators, upward momentum may accelerate if
the index manages to remove 1,350.
In for a Bumpy Ride - Khoo Ban Yu, 24 July 2010
In for a Bumpy Ride - Lim Chee Sing, 24 July 2010
Market Outlook 2H 2010: Still a Bumpy Ride
Uncertainty persists in the global economy.
- Investors are nervous about the speed at which countries in Europe withdraw fiscal support for their economies.
- Past experience suggests that premature fiscal tightening is as big a danger as delayed tightening.
In for a Bumpy Ride - Lim Chee Sing, 24 July 2010
Uncertainty persists in the global economy.
- Investors are nervous about the speed at which countries in Europe withdraw fiscal support for their economies.
- Past experience suggests that premature fiscal tightening is as big a danger as delayed tightening.
In for a Bumpy Ride - Lim Chee Sing, 24 July 2010
Corporate Highlights
♦ Banking
Sector Update : Revisiting FRS139 - Overweight
♦ MISC
Company Update : Divulging More Details On MMHE’s Listing
Corporate Highlights
Sector Update : Revisiting FRS139 - Overweight
♦ MISC
Company Update : Divulging More Details On MMHE’s Listing
Corporate Highlights
Tracking The World Economy... - 26/07/2010
European Banking Supervisors (CEBS).
This implies that the tests ignored the majority of banks’ holdings of sovereign debt. The tests also assessed the impact of a four-step credit rating downgrade on securitised debt products, a 20% slump in European equities in both 2010 and 2011 and 50 other macroeconomic parameters, including a drop in the EU’s GDP over two years. At the same time, regulators tested portfolios of sovereign five-year bonds, assuming a loss of 23.1% on Greek debt, 12.3% on Spanish bonds, 14% on Portuguese bonds and 4.7% on German state debt.
Tracking The World Economy... - 26/07/2010
This implies that the tests ignored the majority of banks’ holdings of sovereign debt. The tests also assessed the impact of a four-step credit rating downgrade on securitised debt products, a 20% slump in European equities in both 2010 and 2011 and 50 other macroeconomic parameters, including a drop in the EU’s GDP over two years. At the same time, regulators tested portfolios of sovereign five-year bonds, assuming a loss of 23.1% on Greek debt, 12.3% on Spanish bonds, 14% on Portuguese bonds and 4.7% on German state debt.
Tracking The World Economy... - 26/07/2010
Commodities & Currencies - A Possible Further Rebound On Commodities… - 26/07/2010
Light Sweet Crude Oil futures (Crude)
♦ The US Light Sweet Crude Oil futures resumed its uptrend last week, after registering a “doji” candle on the chart, indicated a pause on the previous upswing.
♦ It recorded a positive candle last week, and closed at above the US$78 key resistance level, as well as the 40-week SMA near US$77.4.
Commodities & Currencies - A Possible Further Rebound On Commodities… - 26/07/2010
♦ The US Light Sweet Crude Oil futures resumed its uptrend last week, after registering a “doji” candle on the chart, indicated a pause on the previous upswing.
♦ It recorded a positive candle last week, and closed at above the US$78 key resistance level, as well as the 40-week SMA near US$77.4.
Commodities & Currencies - A Possible Further Rebound On Commodities… - 26/07/2010
Scomi Marine : In Anticipation Of A Tchnical Rebound Soon… - 26/07/2010
ScomiMR closed at above RM0.50 last week. The share price of ScomiMr turned
bearish when its 10-day SMA cut below the 40-day SMA in Nov 2009. It fell to below
the RM0.50 level in the same month and since then, sustained at below RM0.50.
The stock launched a powerful technical rebound in Jul 2010, with the 10-day SMA
rebounding to above the 40-day SMA. It hit a fresh year high of RM0.565, before
closing last Friday at RM0.51, near the resistance-turn-support level of RM0.50.
Scomi Marine : In Anticipation Of A Tchnical Rebound Soon… - 26/07/2010
bearish when its 10-day SMA cut below the 40-day SMA in Nov 2009. It fell to below
the RM0.50 level in the same month and since then, sustained at below RM0.50.
The stock launched a powerful technical rebound in Jul 2010, with the 10-day SMA
rebounding to above the 40-day SMA. It hit a fresh year high of RM0.565, before
closing last Friday at RM0.51, near the resistance-turn-support level of RM0.50.
Scomi Marine : In Anticipation Of A Tchnical Rebound Soon… - 26/07/2010
Market Technical Reading - Next Challenge Is To Confirm The 1,350 Breakout Pattern! - 26/07/2010
Local Market Leads:
♦ Buoyed by the overnight US and European markets’ rallies, Bursa Malaysia finished higher on Friday amid the return of fresh bargain-hunting support.
♦ Investors cheered on the strong earnings from US major corporates, as well as the better-than-expected manufacturing data in the Eurozone, that have prompted the US and European markets to soar more than 2%
Market Technical Reading - Next Challenge Is To Confirm The 1,350 Breakout Pattern! - 26/07/2010
♦ Buoyed by the overnight US and European markets’ rallies, Bursa Malaysia finished higher on Friday amid the return of fresh bargain-hunting support.
♦ Investors cheered on the strong earnings from US major corporates, as well as the better-than-expected manufacturing data in the Eurozone, that have prompted the US and European markets to soar more than 2%
Market Technical Reading - Next Challenge Is To Confirm The 1,350 Breakout Pattern! - 26/07/2010
MISC Berhad : Divulging More Details On MMHE’s Listing - 26/07/2010
1.6bn share base for MMHE. Upon listing, Malaysia Marine & Heavy Engineering (MMHE) will have a share base of 1.6bn shares, of which MISC will retain 1.19bn shares or 74.5%. The initial public offering (IPO) will entail a public issue of 262m new MMHE shares and an offer for sale by MISC of 146m vendor shares.
MISC Berhad : Divulging More Details On MMHE’s Listing - 26/07/2010
MISC Berhad : Divulging More Details On MMHE’s Listing - 26/07/2010
Banking Sector Update : Revisiting FRS139 - 26/07/2010
Singaporean banks adopted FRS39 back in 2005 and with the economy having gone through a full economic cycle during this period, we have, thus, turned to the recent experience of the banks there to serve as a rough guide on the potential impact ahead of FRS139 on the local banks.
Banking Sector Update : Revisiting FRS139 - 26/07/2010
Banking Sector Update : Revisiting FRS139 - 26/07/2010
Corporate Highlights - 26/7/2010
♦ Banking
Sector Update : Revisiting FRS139 - Overweight
♦ MISC
Company Update : Divulging More Details On MMHE’s Listing
Corporate Highlights - 26/7/2010
Sector Update : Revisiting FRS139 - Overweight
♦ MISC
Company Update : Divulging More Details On MMHE’s Listing
Corporate Highlights - 26/7/2010
RHB Equity 360° - 26 July 2010 (Banks, MISC; Technical: MMC, Scomi Marine)
Sector Update
- We have looked at the recent experience of the Singaporean banks to serve as a rough guide on the potential impact ahead of FRS139 on the local banks.
- The experience there suggest that the current loan loss model is procyclical, which would help lend support to our view that credit cost should remain relatively benign if economic conditions hold up.
RHB Equity 360° - 26 July 2010 (Banks, MISC; Technical: MMC, Scomi Marine)
- We have looked at the recent experience of the Singaporean banks to serve as a rough guide on the potential impact ahead of FRS139 on the local banks.
- The experience there suggest that the current loan loss model is procyclical, which would help lend support to our view that credit cost should remain relatively benign if economic conditions hold up.
RHB Equity 360° - 26 July 2010 (Banks, MISC; Technical: MMC, Scomi Marine)
Friday, July 23, 2010
SCC Holdings Berhad : Public Issue Of 11.1m Shares to Malaysian Public, Eligible Employees and Identified Investors - 23/07/2010
Background. SCC Holdings (“SCC”) was founded by Mr. Chee Long Sing @ Cher Hwee Seng, Cher Sew Seng and Goh Ah Heng @ Goh Keng Chin in 1972. Over the years, the company has built up a reputation as a supplier of animal products to many local livestock farms and feed millers, particularly those in the poultry and swine livestock industry. The company also supplies and distributes a wide range of food service equipment. The company’s clients include Charoen Pokhand Group, Emivest Bhd, KFC Malaysia, Golden Screen Cinemas and Giant Hypermarkets.
SCC Holdings Berhad : Public Issue Of 11.1m Shares to Malaysian Public, Eligible Employees and Identified I...
SCC Holdings Berhad : Public Issue Of 11.1m Shares to Malaysian Public, Eligible Employees and Identified I...
The World Economy... - 23/07/2010
US Economic Growth Will Likely Slow Down In 2H 2010
The US Conference Board’s index of leading indicators, which provides early signal on the direction of the economy over the next three to six months, fell by 0.2% mom in June, after a rebound to +0.5% in May. This was the second month of decline in three months, suggesting that the US economic recovery is losing momentum. The decline was reflected in drops in average workweek and the pace of deliveries as well as a slowdown in contribution from consumer expectations, money supply and interest rate spread. These were, however, mitigated by a pick-up in consumer goods orders and building permits as well as an improvement in orders of non-defence capital goods, indicating that the US economy will likely remain resilient despite some weakness. Meanwhile, the leading index’s six-month annual rate of change slowed down to 5.3% in June, from +8.1% in May and a high of +11.6% in December last year. This was the third consecutive month of easing, suggesting that the US economy will likely grow at a more moderate pace in the 2H of the year.
The World Economy...- 23/07/2010
The US Conference Board’s index of leading indicators, which provides early signal on the direction of the economy over the next three to six months, fell by 0.2% mom in June, after a rebound to +0.5% in May. This was the second month of decline in three months, suggesting that the US economic recovery is losing momentum. The decline was reflected in drops in average workweek and the pace of deliveries as well as a slowdown in contribution from consumer expectations, money supply and interest rate spread. These were, however, mitigated by a pick-up in consumer goods orders and building permits as well as an improvement in orders of non-defence capital goods, indicating that the US economy will likely remain resilient despite some weakness. Meanwhile, the leading index’s six-month annual rate of change slowed down to 5.3% in June, from +8.1% in May and a high of +11.6% in December last year. This was the third consecutive month of easing, suggesting that the US economy will likely grow at a more moderate pace in the 2H of the year.
The World Economy...- 23/07/2010
RHB Equity 360° - (Steel, BAT; Technical: Faber)
Sector Update
Ann Joo Resources : Target PER raised from 7x to 9x Market - Perform (up from UP)
CSC Steel : Target PER raised from 7x to 9x - Outperform (up from MP)
Hiap Teck Venture : Target PER raised from 7x to 9x - Market Perform
Kinsteel : Target PER raised from 7x to 9x - Underperform
Perwaja : Target PER raised from 7x to 9x - Outperform
Sino Hua-An : Target PER raised from 7x to 9x - Underperform
- We believe prices of steel products will likely stage a rebound in 4Q, as: 1) steel consumption is seasonally stronger in 4Q; 2) concerns on overcapacity in the steel sector are likely to ease in the near term; and 3) spot price of iron ore fines (key steelmaking input for most large steel mills in the world) has bottomed.
RHB Equity 360° - 23 July 2010 (Steel, BAT; Technical: Faber)
Ann Joo Resources : Target PER raised from 7x to 9x Market - Perform (up from UP)
CSC Steel : Target PER raised from 7x to 9x - Outperform (up from MP)
Hiap Teck Venture : Target PER raised from 7x to 9x - Market Perform
Kinsteel : Target PER raised from 7x to 9x - Underperform
Perwaja : Target PER raised from 7x to 9x - Outperform
Sino Hua-An : Target PER raised from 7x to 9x - Underperform
- We believe prices of steel products will likely stage a rebound in 4Q, as: 1) steel consumption is seasonally stronger in 4Q; 2) concerns on overcapacity in the steel sector are likely to ease in the near term; and 3) spot price of iron ore fines (key steelmaking input for most large steel mills in the world) has bottomed.
RHB Equity 360° - 23 July 2010 (Steel, BAT; Technical: Faber)
Economic Highlights - Foreign Exchange Reserves Remained Relatively - 23/07/2010
The foreign exchange reserves remained relatively stable, inched up marginally by US$0.04bn or RM0.1bn in 1H July to US$94.8bn or RM309.9bn as at 15 July, after a decline of US$1.34bn or -RM4.6bn in 2H June. This suggests that the repatriation of export proceeds was offset by some outflow of foreign portfolio funds and payment of import bills. As it stands, the inflow of foreign portfolio investment in fixed income papers slowed down sharply to RM0.1bn in May, from +RM8.5bn in April and a high of RM12.9bn in March. As a result, total holdings in fixed income instruments by foreign portfolio investors remained relatively stable at RM93.8bn at end-May, compared with RM93.7bn at end-April and RM85.2bn at end-March (Chart 1). At the current level, the foreign exchange reserves are sufficient to finance 8.0 months of retained imports and cover 4.4 times the short-term external debt of the nation, compared with a high of 10.0 months of retained imports and 4.3x of short-term external debt cover as at end-February
Economic Highlights - Foreign Exchange Reserves Remained Relatively - 23/07/2010
Economic Highlights - Foreign Exchange Reserves Remained Relatively - 23/07/2010
Thursday, July 22, 2010
Tracking The World Economy... - 22/7/2010
European Bank Stress Tests Said To Describe Three Scenarios
European regulators plan to release three detail scenarios when they publish the results of their stress tests on the region’s banks on 23 July, according to a template prepared by the Committee of European Banking Supervisors (CEBS) for the banks and obtained by Bloomberg News. According to the document, banks will publish their estimated Tier 1 capital ratios under a benchmark for 2011, an adverse scenario and a third test that includes sovereign shock. In the last scenario, banks will publish their estimated losses on sovereign debt they hold in their trading book as well as additional impairment losses on the banking book that they may suffer after a sovereign debt crisis.
Tracking The World Economy... - 22/7/2010
European regulators plan to release three detail scenarios when they publish the results of their stress tests on the region’s banks on 23 July, according to a template prepared by the Committee of European Banking Supervisors (CEBS) for the banks and obtained by Bloomberg News. According to the document, banks will publish their estimated Tier 1 capital ratios under a benchmark for 2011, an adverse scenario and a third test that includes sovereign shock. In the last scenario, banks will publish their estimated losses on sovereign debt they hold in their trading book as well as additional impairment losses on the banking book that they may suffer after a sovereign debt crisis.
Tracking The World Economy... - 22/7/2010
Mandarin Version : Market Technical Reading - Selling On The Recent Highflyers May Dampen Sentiment… - 22/07/2010
Local Market Leads:
♦ Bursa Malaysia expanded its gains for a second day yesterday, thanks to the overnight US markets’ recovery.
♦ But as regional investors turned cautious ahead of the US Federal Reserve Chairman, Ben Bernanke’s 2-day congressional testimony starting late Wednesday, plus strong selling pressure in glove-related stocks in the local bourse, profit-taking activities persisted in the afternoon session.
Mandarin Version : Market Technical Reading - Selling On The Recent Highflyers May Dampen Sentiment… - 22/0...
♦ Bursa Malaysia expanded its gains for a second day yesterday, thanks to the overnight US markets’ recovery.
♦ But as regional investors turned cautious ahead of the US Federal Reserve Chairman, Ben Bernanke’s 2-day congressional testimony starting late Wednesday, plus strong selling pressure in glove-related stocks in the local bourse, profit-taking activities persisted in the afternoon session.
Mandarin Version : Market Technical Reading - Selling On The Recent Highflyers May Dampen Sentiment… - 22/0...
Market Technical Reading - Selling On The Recent Highflyers May Dampen Sentiment… - 22/07/2010
Local Market Leads:
♦ Bursa Malaysia expanded its gains for a second day yesterday, thanks to the overnight US markets’ recovery.
♦ But as regional investors turned cautious ahead of the US Federal Reserve Chairman, Ben Bernanke’s 2-day congressional testimony starting late Wednesday, plus strong selling pressure in glove-related stocks in the local bourse, profit-taking activities persisted in the afternoon session.
Market Technical Reading - Selling On The Recent Highflyers May Dampen Sentiment… - 22/07/2010
♦ Bursa Malaysia expanded its gains for a second day yesterday, thanks to the overnight US markets’ recovery.
♦ But as regional investors turned cautious ahead of the US Federal Reserve Chairman, Ben Bernanke’s 2-day congressional testimony starting late Wednesday, plus strong selling pressure in glove-related stocks in the local bourse, profit-taking activities persisted in the afternoon session.
Market Technical Reading - Selling On The Recent Highflyers May Dampen Sentiment… - 22/07/2010