US markets closed lower following decline in transportation stocks and rising doubt on Greece's debt situation. Similarly, European stocks declined due to uncertainty on Greece's agreement with its creditors.
Back home, the FBM KLCI ended flat after adding 0.51 points to 1755.56 points. Following the negative performance of global markets due to Greece, we expect the KLCI to remain lackluster with immediate support at 1747 points.
Stocks to watch are: a) AirAsia, after the group returned to the black in its 1QFY15 following losses in last quarter thanks to lower fuel and operating costs; b) Dominant Enterprise, the group has proposed bonus issue of shares and warrants; c) WCT, the group has bought three pieces of land worth RM118m in Klang; d) UEM Sunrise, after the group has cancelled its MOU with Chinamall Holdings Pte Ltd to co-operate in the development of a trade and exhibition centre in Nusajaya; e) MKH, the group’s 2QFY15 net profit plummeted 78% yoy mainly due to the inclusion of unrealised foreign exchange losses of RM13.8 million, and lower revenue and profit contribution from its plantation division.
28 May 2015
US markets rebounded sharply with the Nasdaq hitting record high as the ascent in US dollar and bond yields took a break. Similarly, European stocks rallied after news of Greece potentially avoiding default with an agreement with its creditors.
On the local market, the FBM KLCI ended 9.02 points lower at 1755.05 points after regaining some grounds from an intraday low of 1749.78 points. Following the positive performance led by Greece, we expect the KLCI to rebound with support around 1750 points.
Stocks to watch following slew of corporate results announcement yesterday: AirAsia X, Prestariang, Parkson, Jaya Tiasa, Genting Plantations, Icon Offshore, Maybulk after the groups posted lower yoy net earnings or incurred losses; whilst SHL, Malton, Zelan, UOA Development recorded better yoy net profit.
27 May 2015
US markets declined sharply following the appreciation of the dollar and mixed economic data could call for interest rate hike. Similarly, European stocks fell due to concern on Greece nearing a loan default.
On the local market, the FBMKLCI declined 3.31 points to 1764.07 points. Following the bearish performance of global markets, the KLCI could come under more selling pressure and extend its downtrend after testing it's support at 1760 points.
Stocks to watch are: WZ Satu, the group has been awarded a project worth RM499 million to construct part of the West Coast Expressway Section 9 mainline works from Kampung Lekir Interchange to Changkat Cermin Interchange; IJM Corp, the group has proposed a bonus issue of up to 1.79 billion new ordinary shares of RM1.00 each, on the basis of one bonus share for every one existing IJM share (1:1) held by entitled shareholders; Nexgram, the group is eyeing the last available acres of land at 1MDB’s Tun Razak Exchange; FGV, Daya Material, TDM, Barakah, YNH, Naim, UMW Holdings following their quarterly results announcements yesterday.
26 May 2015
U.S. markets were also closed for the Memorial Day holiday while UK's FTSE and the German DAX were both closed for the Whit Monday holiday. Other European markets closed lower following Spain's elections and renewed concern on Greece's exit from European Union.
On the local market, the FBM KLCI plunged 20.12 points to 1767.38 points. Following the bearish sentiment and lack of positive leads, the KLCI is expected to remain lackluster with support at 1760 points.
Stocks to watch are: a) Uzma, the group has secured two contracts from Petronas Carigali Sdn Bhd for the provision of aviation services, collectively worth RM166.5 million; b) Signature International, the group’s 3QFY15 net profit up 225% yoy on higher revenue from its kitchen and wardrobe segment and improved margin. The group also proposed a first interim dividend of four sen per share for FY15; c) Cocoaland, the group has decided to reject Navis Asia Fund VII, LP's takeover offer of RM377.52 million or RM2.20 per share; d) FGV, the group decided to venture into the Philippines markets to supply its premier oil palm seeds to planters in Mindanao; e) Barakah, the group has received a letter of award from Sarawak Shell Bhd and Sabah Shell Petroleum Co Ltd to supply equipment which would be used to ensure the smooth flow of oil and gas.
25th May 2015
US markets ended lower after Federal Reserve Chairperson Janet Yellen's speech indicated an interest rate hike this year should the economy improve. Meanwhile, European stocks closed mixed after Germany's business confidence declined marginally in May. On the local markt, the FBM KLCI dropped 7.54 points to 1787.50 points to extend its selldown. With no catalyst in sight, we expect the index to remain lackluster and hover above the critical support of 1780 points.
Stocks to watch are: a) Cocoaland, the group has received a non-binding indicative offer from Fund management firm Navis Asia VII Management Company Ltd to take over all its assets and liabilities; b) Landmarks, the group has slipped into the red in its 1QFY15, after posting a net loss of RM1.54 million from a net profit of RM1.6 million mainly dragged by its “continued construction works for infrastructure and the Crystal Lagoon in Phase 1 of Treasure Bay Bintan” in Indonesia; c) Sime Darby, the group's 3QFY15 net profit fell 55% yoy on lower contribution from its plantation, industrial and automobile divisions; d) Ewein, the group said that it is unaware of any potential takeover offer for the company, responding to a news report that Ewein could be the target of a RTO, with the takeover price to likely be between 90 sen and RM1.20; e) YTL Power, as the media reported that the group and Powertek Bhd, a subsidiary of 1MDB, could be awarded a power purchase agreement (PPA) extension in the Energy Commission’s (EC) recent bidding exercise that will help ease the anticipated power supply shortage in 2018.
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|Unit Price As At: 29-05-2015|
|Apex Fund||NAV (RM)|
|Apex Malaysia Growth Trust||0.2909|
|Apex Quantum Fund||0.2152|
|Apex Dana Aslah||0.9163|
|Apex Dana Al-Sofi-I||0.2589|
|Apex Dana Al-Faiz-I||0.2418|
|Apex Dynamic Fund**||0.2576|
|Apex Dana Al-Kanz||0.3058|
|Apex Asian (Ex Japan) Fund**||0.2387|
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