The Star Online: Business

KLCI reverses gains, TM, Genting drop
KLCI opens higher, Maybank, PetGas lift
Strong UEM Land Q3 results seen

Posted: 15 Nov 2012 06:26 PM PST

Published: Friday November 16, 2012 MYT 10:27:00 AM

KUALA LUMPUR: Blue chips fell in late morning trade on Friday, giving up its early gains, as fund took profit on Telekom Malaysia and SP Setia while Genting Bhd extended its decline.

At 10.08am, the FBM KLCI was down 5.29 points to 1,626.39. Turnover was 161.89 million shares valued at RM243.76mil. There were 134 gainers, 189 losers and 231 counters unchanged.

Bloomberg reported Asian equites rose, led by Japanese consumer stocks amid speculation an election next month will hand power to an opposition party that advocates more aggressive monetary easing in the world's third-biggest economy.

Maybank KE Research said following the KLCI's fall on Wednesday to 1,631.68, the index's resistance level of 1,631 and 1,650 would cap market gains, whilst weaker support areas are at 1,609 and 1,621.

"The FBM KLCI made an all-time high of 1,679.37 on Oct 29, 2012. Negative price action has resulted in the index forming a Bearish Engulfing Pattern for its weekly chart in early November, with further downside confirmation.

"As such, all rebound rallies should be sold. With the Dow's fall over the last two days, expect a volatile day to the downside locally," it said in its technical outlook for the KLCI.

At Bursa Malaysia, TM fell 13 sen to RM5.42, PetGas 12 sen to RM19.16 while HLBank dropped 12 sen to RM14.42.

SP Setia lost 19 sen to RM3.37 with 793,300 shares done and it was the second worst performer.

Genting Bhd extended its decline from Wednesday from the weaker Genting Singapore results.

KLCI opens higher, Maybank, PetGas lift

Posted: 15 Nov 2012 05:16 PM PST

KUALA LUMPUR: Blue chips opened higher on Friday, boosted by gains in Maybank and Petronas Gas in line with the steadier Asian markets.

At 9am, the FBM KLCI was up 3.30 points to 1,634.98. Turnover was 13.13 million shares valued at RM21.79mil. There were 58 gainers, 26 losers and 73 counters unchanged.

BIMB Securities Research said investors' sentiments are currently at a slump following a host of political and economic developments worldwide.

"Locally, the FBMKLCI was down 5.91 points to 1,631.68 on Wednesday on low volume as many investors are sidelined on a shortened trading week of only 3 days. We believe trading to remain ominous today with the immediate support at 1,630 level," it said.

Reuters reported Asian shares steadied on Friday after falling nearly 2 percent this week amid concerns about the looming U.S. "fiscal cliff", while Japanese stocks rallied for a second day on expectations of further monetary policy easing after an election next month.

It said overnight on Wall Street, stocks were little changed on Thursday as the prospect of a drawn-out battle over impending tax and spending changes made investors wary of getting into the water, while retailer Wal-Mart tumbled after disappointing sales, Reuters reported.

The Dow Jones industrial average slipped 0.23% to 12,542.46. The Standard & Poor's 500 Index lost 0.16%, to 1,353.33. The Nasdaq Composite Index was off 0.35% to 2,836.94.

At Bursa Malaysia, BAT rose 50 sen to RM56.98, PetGas 18 sen to RM19.46 and PetDag added 10 sen to RM21.78.

Bursa rose seven sen to RM6.33 while Maybank and Axiata edged up five sen each to RM9.10 and RM5.99. Top Glove jumped 13 sen to RM5.58.

Among the plantations, Genting Plantations jumped 41 sen to RM8.88 and KL Kepong 12 sen to RM20.92.

However, Public Bank Bhd shed 10 sen to RM15.36, HLFG eight sen lower at RM12.62, HL Bank eased four sen to RM14.50 and Astro dropped two sen to RM2.70.

Strong UEM Land Q3 results seen

Posted: 15 Nov 2012 05:13 PM PST

Friday November 16, 2012

PETALING JAYA: Although UEM Land Holdings Bhd might miss its RM3bil target, RHB Research believed that its third-quarter results, scheduled to be announced on Nov 28, will be much stronger.

In a recent note, the research house said the developer's third-quarter earnings would be much stronger with its annualised earnings potentially surpassing the previous full-year forecast.

This would match the management's key performance index of 40% growth at the profit after tax and minority interest level, the research firm noted.

"Progress billings are expected to pick up more substantially, mainly from East Ledang, Nusa Bayu, Nusa Idaman, MK28 and Quintet," RHB Research said.

"New projects will also flow in progressively, such as Somerset, Imperia, Summer VOS and Arcoris."

As at October, about RM1.4bil to RM1.5bil sales were achieved, much higher from the RM795mil secured in the first half, the research house said, noting that news flow ahead would largely centre on the development of Gerbang Nusajaya.

The research unit has raised UEM Land's financial year ending Dec 31, 2012 (FY12) to FY14 earnings forecasts upward by 16% to 28%, with anticipation of stronger second half of 2012 results and better property sales.

Its fair value was raised to RM2.48 from RM2.18 with a "trading buy" call.

Kredit: www.thestar.com.my

Khamis, 15 November 2012