US markets plunged almost 3% following concerns on China's economic growth and timing of Federal Reserve's rate hike. Similarly, European stocks tumbled after weak Chinese economic data.
Yesterday, the FBM KLCI ended 3.53 points lower at 1609.21 points after opening at an intra-day high of 1660.22 points. Following the bearish performance in the US and Europe, we expect the KLCI to decline with support at 1570 points.
Stocks to watch are: a) LBS Bina, the group earmarked 40% from a HK$200 million (RM108 million) part payment as special dividend as the group had received this second tranche of deferred cash payment early by four months from the due date; b) CCM, the group is closing down its fertiliser plant in Shah Alam, Selangor, and retrenching 230 staff amid the weak market demand for ammonium nitrate-based fertilisers as oil palm planters opt for cheaper fertilisers given the low crude palm oil (CPO) prices; c) MWE Holdings, the group’s wholly-owned subsidiary United Sweethearts Garment Sdn Bhd (USG) expects to contribute about US$40 million (RM166.8 million) to the group’s revenue from FY17 upon the completion of its expansion plan in Vietnam.
1 September 2015
US markets declined following uncertainty on China and the Federal Reserve's rate hike. Similarly, European stocks ended lower following concerns that the Chinese government will stop supporting its stock market.
On the local market, the FBM KLCI gained 11.04 points to 1612.74 points to extend its rebound rally. Following the decline in the US and Europe, we expect the KLCI to be negative today and test its psychological support level of 1600 points. Resistance is seen at 1630 points.
Among companies to watch are CIMB, Tan Chong, TH Plantations, Masteel and Censof after their second quarter profits declined, while MyEG, Wellcall, Heveaboard and GD Express saw their quarterly earnings improved.
PRIME.JFAPEX.COM.MY - SSL IMPLEMENTATION
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|Unit Price As At: 24-08-2015|
|Apex Fund||NAV (RM)|
|Apex Dana Aslah||0.8466|
|Apex Malaysia Growth Trust||0.2710|
|Apex Quantum Fund||0.1979|
|Apex Dana Al-Sofi-I||0.2351|
|Apex Dana Al-Faiz-I||0.2210|
|Apex Dynamic Fund**||0.2410|
|Apex Dana Al-Kanz||0.3080|
|Apex Asian (Ex Japan) Fund**||0.2299|
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