U.S. stocks declined on Tuesday, with the S&P 500 retreating from its record, as news from China hit commodity prices, concern about Ukraine lingered and investors awaited signals on the direction of the economy. Meanwhile, European stocks closed mixed as the crisis in Ukraine curbed enthusiasm for riskier assets, while better-than-expected German trade data helped the DAX to outperform.
On the local market, the FBM KLCI climbed 6.49 points to 1828.55 points. Asian shares appear set for a lower open on Wednesday, after U.S. stocks closed down overnight over lingering worries about the outlook for China's economy. We expect the KLCI to continue its sideways trend around the 1825-point level.
Stocks under investors’ radar screen are: a) MKH, as the group has proposed a bonus issue for every five shares held; b) Deleum, as the group has proposed 1-for-3 bonus issue and 1-into-2 share split; c) IHH, after the media reported that group is making a US$4.5b or RM15b offer for Australian healthcare firm Healthscope; d) Selangor water concessionaires such as Gamuda and Puncak Niaga, following the federal government’s decision to invoke Water Service Industry Act 2006 (WSIA) to take-over their assets and subsequently put under the control of Selangor government; e) Astral Supreme and Merge Energy, following with their contracts win of RM105m and RM158m respectively; and f) Allianz Malaysia, after the Germany’s Allianz revealed it is the lead insurer covering MAS’s missing airplane MH370; and g) SAM, as the group could benefit from the aircraft maintenance works pursuant to the incident of missing MAS airplane.
11 March 2014
U.S. stocks fell on Monday, bringing the S&P 500 down from its latest record, as a deceleration in China's exports had investors fretting about the health of the global economy. Similarly, European shares closed lower with basic resources stocks weighing heavily on bourses after weak data from China over the weekend.
On the local exchange, the FBM KLCI fell 10.20 points to 1822.06 points. Asian stocks seemed set for a rebound on Tuesday, shrugging off a slightly lower close on Wall Street amid concerns about the outlook for global growth following an unexpected fall in Chinese exports.
The Bank of Japan concludes a two-day policy meeting on Tuesday and while no action is expected, investors will be looking out for clues on the timing of any future monetary stimulus. Meanwhile, India releases February trade data later in the day.
Stocks in focus are: a) Kian Joo, as the group has received a non-binding offer from Toyota Tsusho to purchase its 51% stake for a tentative maximum price of RM3.74; b) Plantation counters, as the production in Malaysia dropped to the lowest level since April 2012; c) Gamuda and Puncak Niaga, after the two have rejected the offer by Selangor government to takeover their water assets; d) Pestech, following the group has secured RM242m engineering works in Cambodia; and e) Property counters, as the survey indicated that majority of Rehda members found pessimistic or neutral on outlook for this year.
10 March 2014
U.S. stocks staged a mixed finish Friday, with the S&P 500 ending at another record, as investors tracked the standoff in Ukraine and after February's jobs report indicated the harsh winter could be the culprit behind recent weakness in economic data. Meanwhile, European stocks closed lower despite better-than-expected U.S. jobs data, as geopolitical fears lingered after a week dominated by events in Ukraine's Crimea.
On the local market, the FBM KLCI fell 6.43 points to 1832.26 points. Following the mixed performance in the US, we expect the KLCI to remain range bound and hover above the 1825-point support level.
Stocks in focus are: a) MAS, after its airplane MH370 heading to Beijing went missing; b) Genting group, as the media reported that the group is venturing into casino in Sri Lanka; c) OKA, following the group proposed to split shares with a par value of RM1 each into two units of 50sen each;
|Unit Price As At: 12-03-2014|
|Apex Fund||NAV (RM)|
|Apex Malaysia Growth Trust||0.3044|
|Apex Quantum Fund||0.2760|
|Apex Dana Aslah||0.9233|
|Apex Dana Al-Sofi-I||0.2791|
|Apex Dana Al-Faiz-I||0.2448|
|Apex Dynamic Fund**||0.2766|
|Apex Dana Al-Kanz||0.2956|
|Apex Asian (Ex Japan) Fund**||0.2427|
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