US markets rallied over 1.5% to recover from post-Brexit plunge following higher oil prices. Similarly, European stocks surged and extended the rebound as Brexit concerns eased.
On the local market, the FBM KLCI continued its ascend after rising 8.17 points to 1642.21 points. Following the bullish performance in the US and Europe, the FBM KLCI is expected to extend its rebound with resistance at 1665 points.
Stocks to watch include: a) Maxis, the group's unit, Maxis Broadband Sdn Bhd (MBSB), is planning a sukuk issuance with up to 30 years in tenure to raise as much as RM10 billion; b) Hai-O, the group’s 4QFY16 net profit grew 24.4% yoy to RM11.2 million thanks to higher revenue achieved by the multi-level marketing (MLM) division; c) George Kent, the group reported a 52% yoy jump in its 1QFY17 net profit due to the spike in revenue in its engineering division with steady progress of ongoing projects; d) Gamuda, the group’s 3QFY16 net profit fell 4.8% yoy to RM152.69 million as earnings were affected by the softening of the domestic property market and tapering of underground and elevated works for the Klang Valley Mass Rapid Transit (KVMRT) Line 1 project; e) Kim Loong, the group’s 1QFY17 net earnings down 16% yoy due to lower fresh fruit bunches (FFB) yield and lower oil extraction rate; f) Rubber glove stocks, as the gas price of non-power sector will increase nearly 6% effective July 15.
28 June 2016
US markets tumbled over 1% lead by materials counters after last week's Brexit vote. Similarly, European stocks plunged for a second day as post-Brexit concerns continue to rock the market.
On the local market, the FBM KLCI ended 4.53 points lower at 1629.52 points after recovering from an intraday low of 1618.25 points. The bearish sentiment continue to linger after Brexit and the FBM KLCI is expected to remain volatile with immediate support at 1610 points.
Stocks to watch include: a) MMC and Gamuda, as the JV consortium for KVMRT is being sued for over RM300 million for allegedly breaching a land acquisition contract; b) Genting Plantations, the group is acquiring 21,995-hectare more of land in Indonesia, for a sum of US$42.15 million; c) Ahmad Zaki, the group has bagged a RM152.3 million contract from the Public Works Department (JKR) to build a bridge in Pahang; d) SapuraKencana, the group has inked an agreement to sell gas produced from its SK310 B15 gas field to Petronas; e) Sunway Construction, the group has bagged a RM66.3 million contract to provide electrical services, and air conditioning and mechanical ventilation system (including a cold room) for the Children's Specialist Hospital at University Kebangsaan Malaysia; f) Bison, following its 2QFY16 results announcement yesterday with net profit of RM4m.
27 June 2016
US markets plunged over 3% on Friday after Brexit caught investors by surprise. Similarly, European stocks nosedived after the UK voted to leave the EU.
On the local market, the FBM KLCI ended 5.93 points lower at 1634.05 points after a late surge lifted the index from an intra-day low of 1611.88 points. Following the bearish sentiment and uncertainty from Brexit, the FBM KLCI is expected to remain volatile with a bearish bias as immediate support is seen at 1610 points. The local market and currency could be under foreign selling pressure for this week with crude oil prices retreat from US$50/barrel.
Stocks to watch include: a) MyEG, after The Malaysian Competition Commission (MyCC) has decided to fine the group a total of RM2.27 million and possibly impose daily fines going forward, for “abusing its dominant position in the provision and management of online Foreign Workers Permit renewals; b) REDtone International, the group recorded a loss of RM23.53 million for the fourth quarter ended April 30, due to high project costs arising from prolonged delay in major projects, high impairment of trade receivables and impairment of goodwill and property, plant and equipment; c) Tadmax Resources, the group is no longer selling its 60-acre leasehold land in Pulau Indah in Klang, Selangor, to Inai Kiara Sdn Bhd for RM48.35 million, after the two decided to mutually terminate the deal.
17 June 2016
US markets ended its 5-day losing streak after rising overnight led by telecommunication counters. Earlier, European stocks declined after the latest interest rate decisions by central banks in the US and Japan as well as lingering concerns on Brexit.
On the local market, the FBM KLCI plunged 13.06 points to 1614.90 points. Following the rebound in US stocks, the FBM KLCI could follow suit with support at 1610 points.
Stocks to watch include: a) AE Multi, the group has entered into an agreement with JMT Kelantan Baru Sdn Bhd, which will pave the way for it to venture into the growing renewable energy industry; b) AmanahRaya REIT, the group is acquiring a land together with a four-storey office building in Cyberjaya for RM40 million; c) DKSH, after the EPF has emerged as a substantial shareholder in the group with a 5.02% stake; d) Reach Energy, as its target of the proposed qualifying asset (QA) acquisition, Emir Oil LLP, has found oil and gas bearing reservoirs in its first exploration well in the Aidai Block in the southwestern region of Kazakhstan; e) MRCB, the group has entered into a non-binding memorandum of understanding with Wondrous Vista Development Sdn Bhd and IWH CREC Sdn Bhd to collaborate on developing an integrated transportation terminal at Bandar Malaysia.
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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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