U.S. stocks declined on Wednesday, with Wall Street retreating after a sixth day of gains for the S&P 500 and Nasdaq, after data had new home sales declining in March and companies including Boeing and AT&T reported quarterly results. Similarly, European markets also declined amid political tension in Ukraine.
On the local market, the FBM KLCI added 0.93 points to 1867.35 points. Despite the negative performance in the US, we expect the KLCI to remain buoyant and resilient in its effort to test the resistance of 1870 points.
Investors may find interest in the following stocks: a) Alam Maritim, as the group announced that a Hong Leong unit and another firm have agreed to subscribe to 123m new shares for RM166m; b) TAS Offshore, as the group’s third quarter net profit doubled year-on-year on the back of higher revenue to the completion and delivery of several vessels; c) Barakah, after the group has secured a RM260m contract from Petronas Gas for the construction of Pengerang gas pipeline; d) Cycle & Carriage, following the group made a turnaround for its 1Q14 pre-tax profit as compared to loss in the same period last year; and e) Cypark, after the media reported that Chua Ma Yu’s son emerges as a major shareholder in the group.
23 April 2014
U.S. stocks rose on Tuesday, with the S&P 500 extending its longest winning run of the year, as investors considered earnings from companies including McDonald's and Netflix along with a roughly $45 billion offer for Allergan. Meanwhile, European shares closed higher with merger and acquisition activity starting a shortened trading week on a positive note.
On the local exchange, the FBM KLCI rose 3.49 points to 1866.42 points. Following the optimism in global markets, we expect the KLCI to test its immediate resistance of 1870 points before the all time intraday high of 1882 points. Stocks to watch are: SP Setia and Sime Darby, as the consortium is seeking RM11b borrowings from local and overseas banks to fund its London project; AirAsia, after the news that Directorate of General of Civil Aviation in India is expected to clear the group’s operating permit this week; PDZ, as the group has confirmed that its largest shareholder, low-profile tycoon Tan Sri Tan Hua Choon, is holding talks with some parties to divest his shareholdings in the loss-making container shipping firm; and Seacera, after the group won a RM151.98 million contract from Malaysia Airports Holdings Bhd to develop Malaysia Airports Academy and other associated works at the Kuala Lumpur International Airport.
22 April 2014
U.S. stocks rose on Monday, with the S&P 500 netting its first five-day winning streak since October, as investors looked to a slew of quarterly earnings reports from companies including online film service Netflix.
On the local market, the FBM KLCI surged 10.24 points to 1862.93 points. Asian equity markets are poised for modest gains on Tuesday following a rally on Wall Street overnight and as many regional markets resume trade following the long Easter weekend. Following the optimism, we expect the KLCI to test its resistance of 1870 points.
Stocks in action for today are: a) IJM, as the group was awarded a job to build a commercial development in Damansara Utama for RM396m; b) Alam Maritim, as the media reported that the group is in discussion with Barakah, Puncak Niaga and Sapurakencana to become their subcontractor for a RM10b Pan Malaysia Offshore Transportation and Installation job the trio won recently and possible to have tycoon Quek Leng Chan emerging as a strategic investor through a new share sale; c) SCGM, after the share rose to an all-time high impending market talk of positive newsflow; d) OSK Holdings, as the group plans to announce an acquisition of a business unrelated to the financial industry within the next six months; e) OSK Property and PJ Development, pursuant to the earlier statement that OSK Holdings is looking for new business, possible venturing into property development, whereby these companies are sharing common shareholder; and f) Iris, after the group is in JV with Swiss Firm To Provide GST Refund Services.
|Unit Price As At: 23-04-2014|
|Apex Fund||NAV (RM)|
|Apex Dana Al-Kanz||0.2965|
|Apex Dynamic Fund**||0.2636|
|Apex Malaysia Growth Trust||0.3108|
|Apex Asian (Ex Japan) Fund**||0.2436|
|Apex Dana Al-Sofi-I||0.2677|
|Apex Dana Al-Faiz-I||0.2494|
|Apex Quantum Fund||0.2813|
|Apex Dana Aslah||0.9411|
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