The Star Online: Business
The Star Online: Business |
- KLCI range bound in early trade
- RHB Research sees Perisai testing RM1.04 in short term
- Bankia to get emergency funds by mid-September
| KLCI range bound in early trade Posted: 03 Sep 2012 06:43 PM PDT KUALA LUMPUR: Blue chips were marginally higher in early trade on Tuesday, where the FBM KLCI was range bound in the absence of strong external leads after the 30-stock index inched up to close at a record high on Monday. At 9.22am, the KLCI was up 0.71 point to 1,654.61. Turnover was 125.23 million shares valued at RM43.30mil. There were 127 gainers, 92 losers and 164 counters unchanged. Bloomberg reported Asian stocks swung between gains and losses as the European Union's outlook was cut by Moody's Investors Service ahead of meetings of the region's policy makers today. Energy companies rose after oil advanced. At Bursa Malaysia, the quality of buying was relatively lacklustre while the top gainers reported thin trade only except for OSK Properties WC warrants which jumped 27.5 sen to 28 sen with 5.95 million units done. F&N and Aeon Credit added 10 sen each to RM20.10 and RM13 while Ta Ann, Tradewinds and MNRB edged up six sen to RM4.10, RM7.68 and RM3.16 in thin trade. Genting Plantations rose five sen to RM9.36. Dutch Lady fell 20 sen to RM42.30 with 1,000 shares done, KLK shed 12 sen to RM23.28 with 100 units done while Lafarge and CIMB gave up five sen each to RM8.58 and RM7.82. Tenaga eased four sen to RM6.80. Bonia lost seven sen to RM2.45 and Padini two sen lower at RM2.18. |
| RHB Research sees Perisai testing RM1.04 in short term Posted: 03 Sep 2012 06:26 PM PDT KUALA LUMPUR: RHB Research Institute expects more upside for Perisai Petroleum and expects the stock price to retest its all-time high of RM1.04 in the short term. It said on Tuesday the technical outlook for the share price was based on the convincing breakout above the triangle formation in early August. "Given the positive medium-term outlook, we are maintaining our view that the stock's price would continue to advance towards the next projected levels of RM1.26 and RM1.40 over the medium term," it said. RHB Research advised investors to continue accumulating within the region of 93-96 sen on expectations of further upside over the medium term. On the downside, it noted that the breaching of the 88 sen support would turn the overall outlook negative. Thus, investors should strictly cut loss below 88 sen. "Overall, we see a compelling risk-to-reward ratio for investors with a theoretical entry price of 95 sen given the limited downside risk of 7 sen from the cut loss level of 88 sen compared to an upside of 31 sen and 45 sen to the resistance of RM1.26 and the projected level of RM1.40 respectively," said RHB Research. |
| Bankia to get emergency funds by mid-September Posted: 03 Sep 2012 06:26 PM PDT MADRID: Spain's nationalised bank BFABankia will receive up to five billion euros (US$6.3bil) in emergency funds by Sept 14 to cover steep losses and comply with stringent capital requirements, a source with knowledge of the matter said. The capital injection of between four and five billion euros in the lender was set to be approved yesterday by the national bank rescue fund FROB, the source added. It follows weeks of wrangling behind closed doors between Madrid and the European authorities on the need for help for the lender, heavily exposed to soured real estate assets. A spokesman for Bankia declined to comment. Bankia reported on Friday losses of over four billion euros in the first of half of 2012, while its core capital ratio a measure of financial strength was 6.3%. Its parent company BFA had a capital ratio of 1.8%, far below the 9% level the government requires lenders to meet at the end of the year under the terms of the 100-billion-euro European aid for Spanish banks. FROB had 4.14 billion euros available, the economy ministry said. Banking sources told Reuters that FROB could inject cash into Bankia or use state-backed debt instruments to capitalise the bank, which it could in turn use as a collateral to obtain cash from the European Central Bank. That constitutes an advance on the 19 billion euros that Bankia asked the state to inject as part of a total rescue package of 23.5 billion euros. Several senior sources told Reuters last month that the eurozone wanted to wait for the conclusion of a final stress test of Spain's wobbly banking sector to be published in the second half of this month before disbursing the first tranches of the aid. In June, consultancy firm Oliver Wyman said Spain's banks would need as much as 62 billion euros of extra capital from funds to be made available under a European rescue package. - Reuters |
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