Thursday, December 24, 2009

20091224 1856 FCPO EOD Daily Chart Study.

FCPO closed : 2554, changed : +54 points, volume : lower.
Bollinger band reading : neutral with side way range bound likely.
MACD Histrogram : just reverted upward slightly, buyer returned but volume just too low.
Support : middle Bollinger band, 2490 level.
Resistant : 2570, upper Bollinger band level.
Comment :
Too early to call for a resume uptrend movement due to today's thin volume traded. Expecting market to trade side way range bound waiting more volume to come back into the market for confirmation of market direction.
When to buy : buy at support or weakness with quick cut loss and profit target.
When to sell : sell at resistant or strength with quick cut loss and profit target

20091224 1748 FKLI EOD Daily Chart Study.

FKLI closed : 1264, changed : -0.5 point, volume : High but lower than yesterday.
Bollinger band reading : neutral, side way ranging likely.
MACD Histrogram : continue to improve, buyer still in the market.
Support : the lower upward triangle line, 1255 level. 
Resistant : the upper downward triangle line, 1269.5 level.
Comment :
No break out happen today. Side way ranging likely to continue until a break out(up or down) occurs.
When to buy : buy at support or weakness with quick cut loss and profit target.
When to sell : sell at resistant or strength with quick cut loss and profit target.

20091224 1252 FKLI Mid Day Hourly Chart Study.

FKLI closed : 1264.5, changed : +1 points, volume : high.
Bollinger band reading : bullish with further upside potential.
MACD Histrogram : stay nearly flat with activities slightly sided to the buyer.
Support : middle Bollinger band level.
Resistant : 1266.5, 1269.5 level.
Comment :
Hourly chart wise, FKLI do looks bullish with further upside potential.

20091224 1239 FCPO Mid Day Hourly Chart Study.

FCPO closed : 2531, changed : +31 points, volume : low.
Bollinger band reading : neutral, side way range bound likely.
MACD Histrogram : improving, short position locking in partial profit.
Support : 2500, lower Bollinger band level.
Resistant : 2550, upper Bollinger band level.
Comment :
Low volume upward correction taking place. Side way range bound market likely to continue.

20091224 0938 Malaysia Corporate News.

Prime Minister Datuk Seri Najib Razak announced yesterday that the real property gains tax (RPGT) will now only be applicable to properties sold within five years of their purchase. The government will be foregoing about RM200m in revenue. He said, “This policy was also decided as the government wants to see stronger growth in the property sector next year”, adding that the decision was made following requests from the business sector and Hua Zong (Federation of Chinese Associations of Malaysia). “I have taken note of some of the requests which are reasonable, sensible and fair, and the government will give some positive considerations”, he said. He commented that the property sector had shown signs of improvement but the government felt that it required further impetus so that it could continue to grow from strength to strength. (The Sun)

Local bank consolidation may help the industry withstand new competition emerging from the issue of new banking licence to foreign banks. Institute of Bankers Malaysia Council Chairman Tan Sri Azman Hashim said consolidation was a natural process and the bank's size did not matter if it can sustain on its own. "But, in our market today, there may be one or two banks which needs to be bigger to be able to stand alone and EON Bank maybe one of it," he said. Azman said in order for Malaysian banks to compete globally it was inevitable for the local market to open up to foreign banks. (Bernama)

EON Bank will carry on with its transformation plan amid the takeover talk that involved shareholders of its holding company. "We will continue to aggressively pursue our aspirations to build 'The preferred Malaysian bank' for our customers," CEO Michael Lor said. Two major shareholders of EON Capital, the bank's holding company, this week said they were granted the central bank's approval to start discussion with Hong Leong Bank on a potential share sale. (BT)

The Sabah Land Development Board (SLDB) is developing oil palm plantations covering some 5,700 hectares in the interior district of Nabawan and also plans to set up a palm oil mill there next year. CEO Jhuvarri Majid said the state-owned agency had started land clearing and terracing at the 2,104-hectare site at Pandewan while land clearing at the 3,600-hectare land in the Nabawan Settlement Scheme area would start sometime early next year. "We have also identified a 40-hectare site for the palm oil mill, and all the necessary approvals from relevant agencies have been obtained. "We will try and start work on the mill by mid-2010," he said.
  • He said the mill would have the capacity to process 60 tonnes of fresh fruit bunches per hour and serve the smallholders and new estates in Pandewan and the Scheme as well as other estates that would also be opened up soon. 
  • He said SLDB had identified land for the upcoming estates in Sinua (4,800 hectares), Lumini (3,600 hectares), Labang (2,000 hectares) and Suwatalun (2,000 hectares). "In all these areas, including Pandewan and the Scheme, SLDB would develop the land on a joint venture with the people. (Bernama)
The Rubber Industry Smallholders Development Authority (Risda) plans to introduce a new system, Sistem e-TS, or One Touch Point, to hasten applications from the smallholders to replant rubber within a day. Deputy Rural and Regional Development Minister, Datuk Hasan Malek, said the system would allow Risda to improve its approval process, payment, distribution of seeds and fertilisers under its rubber replanting programme. He said the system was part of 1Malaysia concept to help the rakyat, especially smallholders. (Bernama)

Axiata Group Bhd has its eyes set on becoming the first among equals in the regional telecommunications scene by 2015. Its journey to become a champion is split in three phases. The first phase, which has been completed, was about setting the foundations right. The second phase, which will be between 2010 and 2012, is about competing on par with its regional peers such as SingTel and Hutchison, while the third phase (2013-2015) will be about becoming the region's top mobile operator group. The company has allocated not more than RM3.5bn as capital expenditure next year, the bulk of it will be for its Indonesian operations. (BT)

Mah Sing Group’s RM2.2bn property project in Wujin District, China’s Jiangsu province, will mark the company’s foray as a serious player in the global market, said MD-cum-group chief executive Tan Sri Leong Hoy Kum. (StarBiz)

UASC's Al-Mutanabbi became the first vessel to call on the first phase of the new Red Sea Gateway Terminal at Jeddah Islamic Port (JIP). MMC Corp, which holds an associate stake in the Saudi riyal 2bn terminal (100 Saudi riyal = RM89.23), said operations started on Tuesday with the opening of its first berth. Its chief executive officer (international), Feizal Ali, said the project marked MMC's first foray into the ports and logistics business outside of Malaysia. "We are confident this project will be a success and will provide MMC with a healthy long-term recurring income," he said. JIP handles approximately 73% of Saudi Arabia's total container trade and is located close to the southern entrance of the Suez Canal. (Bernama)

Sunway Developments Pte Ltd, a unit of Sunway Holdings, has entered into a joint venture agreement with Hoi Hup Realty to set up Hoi Hup Sunway Property. The proposed joint venture would undertake a residential property development project on a parcel of freehold land in Singapore. The group said the proposed project was projected to generate an estimated gross development value of RM1.03bn. Sunway would fund its investment in the joint venture via bank borrowings and internally generated funds. (Bernama)

Scomi Group has appointed Hilmy Zaini as its country president for Brazil effective 1 Jan 10, allowing the new group to focus on the country in tailoring product offerings and exploring opportunities. Hilmy was previously Scomi Engineering president, a unit of the group which would now be helmed by Syahrunizam Samsudin, Scomi said. Syahrunizam was formerly the COO and CFO for Scomi Engineering. (Bernama)

Yoong Onn Corporation (YOC), a home linen player, aims to achieve double-digit growth for FY6/10 following better economic outlook. MD Roland Chew said the retail sector had started to improve as the impact of the global financial crisis begin to ease, giving plenty of room to increase sales. "A rebound in consumer spending and income due to the economic recovery is expected to boost sales further," he said. (Bernama)

Pulai Springs has been co-awarded the bid for a plot of development land located at Guandu District, Kunming by the Government of Kunming. (TheStar)

Permodalan Nasional Bhd (PNB) has confirmed that it has bought the 22-storey Kenanga International Building in Kuala Lumpur from Injaz AsiaEquity Property. (BT)

PNB Darby Park Executives Suites Kuala Lumpur, which is owned by Permodalan National Bhd, has won the 2009 "Best Hotel Apartment" award for offering high-quality facilities and services to travelers. (BT)

The Franchise Blueprint, which would guide the development of the industry until 2020, is due to be revealed in the second quarter of 2010. (BT)

Hai-O Marketing aims to sell 30,000 units of various products worth RM40m monthly before the end of next year. Hai-O Enterprise MD Tan Kai Hee said the company presently sold about 20,000 units of various products worth RM30m monthly. (BT)

Coastal Contracts said its wholly-owned subsidiaries, Coastal Offshore (Labuan) Pte Ltd and Bonafile Shipbuilders & Repairs, have collectively secured RM49.2m of contracts. (BT)

Ahmad Zaki Resources has received the letter of award from Tenaga Nasional for the Hulu Terengganu Hydroelectric Project with preliminary works valued at RM49.5m. (StarBiz)