FCPO closed : 2590, changed : - 2 points, volume : Lower.
Bollinger band reading : Still bullish but not promising.
MACD Histrogram : continue higher, buyer has yet to leave.
Support : 2555, middle Bollinger band level.
Resistant : 2630 level.
Comment :
Profit taking activities push FCPO price lower after open gap up around the resistant level. Daily chart still look positive but profit taking may continue towards tomorrow and stay side way range bound.
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.
FKLI closed : 1278, changed : +4 points, volume : Lower.
Bollinger band reading : Still bullish with a little overbought.
MACD Histrogram : Continue higher, buyer still in.
Support : 1270, middle Bollinger band.
Resistant : 1283 level.
Comment :
Spot month FKLI candle closed a little above the upper Bollinger band suggest that market could be in overbought condition with possible pullback effect happen anytime. Market could trade side way range bound from here for FKLI spot month. Looking at the volume transacted, trader might consider trading Jan 2010 contract that registering higher volume.
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.
FKLI closed : 1276, changed : +2 points, volume : low.
Bollinger band reading : still bullish.
MACD Histrogram : getting weaker, buyer locking in profit.
Support : 1271, middle Bollinger band level.
Resistant : 1280, 1286 level.
Comment :
Expecting market to trade side way range bound with profit taking activities to continue in the second half session.
FCPO closed : 2611, changed : +19 points, volume : low.
Bollinger band reading : bullish but could go side way range bound.
MACD Histrogram : getting lower slowly, mild profit taking.
Support : 2606, 2590, 2560 level.
Resistant : 2630, 2670 level.
Comment :
Higher overnight soy oil futures price lead crude palm oils futures price to gap up to the resistant level followed by profit taking activities. Chart wise, FCPO might need some rest by going side way range bound or even downward(continue profit taking) before gathering enough strength to climb up further.
The Association of Banks in Malaysia (ABM) said that banks and other card issuers would collect the service tax from cardholders and pay the sum to the Director-General of Customs and Excise. The service tax becomes chargeable on the anniversary date of issue, or upon renewal of the card. The service tax will not be imposed on debit cards, petrol cards, closed-community charge cards, loyalty cards and E-money such as Touch 'n Go. Banks and other card issuers are allowed to enter into arrangements under which cardholders may apply for redemption/reward points or rebates towards payment of the service tax. (BT)
Gamuda is not ruling out the possibility of cost increases caused by delays related to land acquisitions for the electrified double-tracking project (EDTP) although it is not planning any cost revision at the moment. Group MD Datuk Lin Yun Ling, however, expressed optimism that such complications will be resolved soon with the remaining land in Penang scheduled to be handed over in the coming months. “With the extension of time, the new completion date has been pushed to 2014,” he said. (Financial Daily)
Malaysia is getting closer to reaching its 50% target of broadband penetration rate by 2010 in the domestic sector, having reached 31.4%, surpassing the 30% target set for this year. Minister of Information, Communications, Culture and Arts Datuk Seri Dr Rais Yatim said, “I am confident that the 50% target by end-10 will be an easy reach. Indeed, we might surpass the expectation.” (Bernama)
Celcom (Malaysia) has changed its name to "Celcom Axiata". The name change is in line with the Axiata Group’s branding strategy to fully leverage Celcom’s position as part of a regional telco. This is also in line with other Axiata subsidiaries. (BT)
Palm oil climbed for a second day after a gain in crude oil increased the appeal of the tropical commodity as an alternative fuel. The price “most probably will maintain its current level for this week,” Mona Surya, a director at PT Perkebunan Minanga Ogan, a palm oil producer, said. (Bloomberg, Financial Daily)
The acceptance rate from the total voting shares for the takeover of The News Straits Times Press (M) (NSTP) by Media Prima has passed 79% and the delisting of the former will proceed. "We want to encourage the swap of NSTP shares for Media Prima shares," Media Prima group MD Datuk Amrin Awaluddin. The delisting process would hopefully be completed by 1Q10, Amrin said. (StarBiz)
Astro’s subsidiary, Digital Five, has secured an RM8.9m contract for the supply and licensing of a content provider gateway software system to Saudi Bells Telecom Company LLC (SBC). It will build and develop the system within the Middle East and North of Africa territories. (Bernama)
Malaysia Airports Holdings, which operates the KL International Airport (KLIA), reported a 16.7% increase yoy in international and domestic passenger traffic in Oct for the country's main international airport. Data provided by MAHB showed 18.8% surge yoy to 1.76m international passengers for KLIA for Oct while the domestic passengers was up by 12.6% to 848,656. The company said there was a total 15.7% increase in passenger traffic to 4.48m for other airports operated in Malaysia and abroad for the month under review. It added that the total cargo movement for KLIA increased by 11.1% to 57.53m kg with international cargo increasing by 10.7% to 52.65m kg while domestic cargo rose 15.9% to 4.87m kg. (StarBiz)
AirAsia has incorporated a wholly-owned subsidiary know as Asia Air Ltd for the purpose of facilitating the airline's business transactions. The airline said it has also opened an office in London at 41, Chalton Street. (Starbiz)
The Health Ministry's move to impose a minimum price for cigarettes from 1 Jan is expected to lead to an increase in the smuggling of cheap cigarettes, which this year amounted to RM55.4m. Customs director-general Datuk Seri Ibrahim Jaapar said directors from all customs branches are discussing "strategic steps" to enforce the new decisions, which include monitoring of small retailers for illegal cigarettes. (The Sun)
No-smoking may be made a condition for youth and students to receive aid from the government. Youth and Sports Minister Datul Ahmad Shabery Cheek said the proposal was raised as many people, including youths and students, could still afford to buy cigarettes despite several price hikes. (Bernama, The Sun)
Malaysia Rating Corp (MARC) has revised WCT's bond ratings outlook to "developing" from "negative" as concerns regarding the latter's ability to weather the setback from a cancelled project decreased.
- MARC said that WCT has written back all of its profits in relation to the terminated Nad-Al Sheba race-course project and has settled its performance security deposits of RM218.6m.
- The company has shown it could replenish its order book, which now stood at RM3.3bn.(Starbiz)
General insurer Tahan Insurance Malaysia, currently under Bank Negara Malaysia's control, will call for bids through an open tender for its entire business in the first week of Jan 10. Phoon Soon Keong, a Bank Negara appointee now heading the insurer said, "We expect to take about four weeks (for the open tender process) and will then evaluate (the offers). Within another four weeks, we should be able to start negotiating with the selected parties." This sale exercise will be structured as an asset sale as opposed to a share sale, with Tahan eventually becoming a dormant company holding the proceeds from the sale of its general insurance business. Phoon expressed hopes that the exercise would be completed by Jun 10, adding that Bank Negara would decide on the final buyer. (BT)
Pertamina has lost its exclusive right to distribute subsidised oil products in 2010 after Petronas and a local firm PT Aneka Kimia Raya (AKR) won supply tenders. Petronas has won the right to distribute 128,547 barrels of subsidised low-octane petrol in Medan next year. AKR will also distribute 335,328 barrels of subsidised diesel oil in Lampung, Banjarmasin and Pontianak. (Reuters)
Octagon Consolidated has teamed up with Bahrain-based Tadhamon Capital BSC to construct and operate a 40MW waste-to-energy plant in Colombo, Sri Lanka. Under the agreement, Tadhamon and Octagon’s subsidiary, Green Energy and Technology, will hold 95% and 5% respectively of the new SPV with a paid-up capital of US$100. (Financial Daily)
Integrax’s subsidiary PT Indoexchange Tbk (INDX) plans to raise funds through the Indonesian capital market in the immediate future and has submitted a proposed quasireorganisation scheme to the relevant Indonesian authorities last week. To date, Integrax holds 70.3% of the issued and paid-up capital of INDX. (Bernama)
Crest Builder Holdings’s subsidiary, Crest Builder Sdn Bhd, has won a RM175.5m job to build two towers of 40-storey serviced apartments in Kuala Lumpur. The job is to be completed by 1 Jan 12. The subsidiary won the contract from Messrs Exceljade Sdn Bhd.(BT)
Pan Malaysia Capital, a member of MUI group controlled by tycoon Tan Sri Khoo Kay Peng, announced yesterday that the Ministry of Finance has “refused” to grant its subsidiary, PM Securities, a merchant banking licence or a restricted merchant banking licence. No reason for the rejection was disclosed. Obtaining an investment banking licence was said to be one of the major steps towards bringing back the glory days of the MUI group. (Financial Daily)
KPJ Healthcare’s shares will be suspended from 4 Jan 10 to facilitate the implementation of its 1-for-2 share split exercise. (Financial Daily)
Sapura Crest unit gets RM1.5bn worth of PSC jobs
SapuraCrest Petroleum Bhd’s wholly-owned subsidiary, TLO Offshore Sdn Bhd, has received confirmation that it has been awarded a joint-contract for the provision of works and services to 11 Petronas production sharing contractors (PSCs) for the transportation and installation of offshore oil and gas facilities and structures from 2010 to 2012. “The price for the confirmed scope of works in 2010 is approximately RM1.5bn. Sapuracrest said the works for the PSCs were for a duration of three years, from 2010 to 2012, with options for two further extensions of one year each. (Starbiz)
Mah Sing to sell office building for RM226m
Mah Sing Group Bhd has proposed the en bloc sale of 278,182 sq ft of a 20-storey grade A commercial building, including 301 car park bays in the east wing of the Icon@Tun Razak, to T.S. Law Realty Sdn Bhd for RM226.5m cash. In a filing with Bursa Malaysia last Thursday, Mah Sing said the Icon@Tun Razak was a freehold purpose-built office building by owned its subsidiary, Star Residence Sdn Bhd. “The group pursued the proposed en bloc sale to ensure that it will be able to maintain its earnings, net assets and cashflow. “And Star Residence offers to take up the tenancy of the Icon@Tun Razak for a period of three years commencing from the actual vacant possession date, which shall correspond with the date of the sales and purchase agreement. “Star Residence intends to lease the sale property for rental income in order to offset rental payable to the purchaser,” it said. With the proposed en bloc sale, the Icon @ Tun Razak is fully sold. (Starbiz)
Petra Perdana exec director seeking to stop sale of balance stake in Petra Energy
Petra Perdana Bhd has received an interim ex-parte order by the High Court of Malaya fixing an inter-parte hearing on 11 Jan, 2010 on the application of Shamsul Saad to stop the sale of the remaining 29.59% stake in its associate, Petra Energy Bhd. In a statement to Bursa Malaysia last Thursday, Petra Perdana said the order had named the company, Tengku Datuk Ibrahim Petra Tengku Indra Petra, his wife Datin Che Nariza Hashim, two other board directors Wong Fook Heng and Tiong Young Kong and TA Securities Holdings Bhd as defendants. The order is to restrain Petra Perdana, Tengku Ibrahim, Nariza, Wong, Tiong and any agents appointed by Petra Perdana as placement agent, from divesting the remaining shares in Petra Energy until an EGM or the final disposal of the suit is held, whichever is earlier. Petra Perdana is now awaiting further details of the suit and is seeking legal advice pending further announcements. (Starbiz)
EPF may back Hong Leong’s EON bid
The Employees Provident Fund (EPF) may back a deal to merge the country’s sixth and seventh biggest banking groups if it thinks the price offered is attractive. The pension fund holds 10.7% of EON Capital Bhd (EONCap), which is being eyed for a takeover by Hong Leong Bank Bhd. “If the price is right we will consider selling” said a source close to the EPF. (BT)
Ho Hup major shareholder opposes sale
Ho Hup Construction Bhd’s second largest shareholder Lo Chee & Sons Sdn Bhd (LCS) is opposing the board’s proposed sale of two tracts of land. LCS which holds 24.7% equity stake, put up a notice to Ho Hup’s shareholders in two major newspapers urging shareholders not to support the sale, contending that the disposal price is “significantly undervalued”. The notice was published last Friday before the EGM slated to be held on Thursday during which shareholders will cast their votes on the resolution. (Financial Daily)
Hock Heng plans overseas factory
Hock Heng Stone Industries Bhd, a maker of dimension stones that is slated for a listing next year, plans to set up a factory abroad as it seeks to expand business. Low, who started the family business, could not divulge details because the company has yet to release its prospectus. It targets to complete its IPO and list shares on the Main Market by the end of March 2010.(BT)
CB Industrial refutes allegations, demands apology
CB Industrial Product Holding Bhd (CBIP) said it is at risk of losing hundreds of millions of ringgit in future jobs, due to a published report by a Chinese daily that suggests it was involved in some form of corruption. In a hastily arranged press conference in Shah Alam, CBIP managing director Lim Chai Beng said, "The truth must be told soonest possible. We need to stop the damage (to the company). "CBIP, via its subsidiary Modipalm Engineering Sdn Bhd (MESB), has demanded a retraction of the defamatory and highly damaging allegation in the said article and a full-page apology to be published by tomorrow.’’ He refuted allegations in the news reports that insinuate that its Modipalm mills are of inferior quality. According to a translation sheet provided by CBIP, the daily quoted 1Malaysia Graduates Club secretary Ezaruddin Abd Rahman as alleging there was corruption involved in Felda awarding jobs to MESB to build 11mills worth a combined RM160m. (BT)
FCPO closed : 2592, changed : +38points, volume : Higher.
Bollinger band reading : Sentiment turned slightly positive.
MACD Histrogram : recovering, buyer returned but at a small scale.
Support : 2555, middle Bollinger band level.
Resistant : upper Bollinger band, 2630 level.
Comment :
FCPO managed to trade higher despite relatively low volume transacted last Thursday and today. Daily chart wise, FCPO still trading in an uptrend market but a little doubt here about the upward momentum sustainability will be the low volume transacted. Hope that fresh buying interest will come in soon. On the other hand, both ITS and SGS cargo survey recorded a drop of 11.4% and 14.5% in crude palm oil export for the period of 1~25 Dec 2009 respectively.
When to buy : buy at support/weakness/break up with quick cut loss and profit target.
When to sell : sell at resistant or strength with quick cut loss and profit target.
FKLI closed : 1273.5, changed : +9.5 points, volume : Higher.
Bollinger band reading : Just turned bullish.
MACD Histrogram : break above zero line, buyer rule.
Support : middle Bollinger band.
Resistant : 1276, 1283 level.
Comment :
Finally break up from the triangle with supporting volume. Further upside likely.
When to buy : buy at support/weakness/break up with larger cut loss and profit target.
When to sell : sell at resistant or strength with quick cut loss and profit target.
FKLI closed : 1272.5, changed : +8.5 points, volume : high.
Bollinger band reading : bullish with possible pullback.
MACD Histrogram : went higher and highe, buyer in charge.
Support : 1267.5, 1264.5 level.
Resistant : 1276, 1280 level.
Comment :
Bullish chart with a little overbought. With price closed above the upper Bollinger band, FKLI could take some rest before continue climbing up further. Having said that it can still potentially push up further without a rest taking today's high supporting volume into consideration.
FCPO closed : 2603, changed : +49 points, volume : high.
Bollinger band reading : bullish with possible pullback.
MACD Histrogram : edging up slowly, buyer is still around.
Support : 2580, 2560 level.
Resistant : 2620, 2670 level.
Comment :
A bullish chart but near resistant level with possible pullback before marching higher.
FCPO ended the week 66 points lower forming a doji bar candle. Price still closed above the middle Bollinger band with the band width expanding = bullish with further upside potential. However, MACD Histrogram has stop rising and turned lower = long position trade decided to lock in profit. Overall, the chart still looks healthly for a near term uptrend with possible correction taking place. Immediate support stands at 2520, 2430 level and resistant rest at 2630 and 2670 level.
FKLI closed the week up 4 points with higher volume transacted compare to last week. The doji weekly candle still traded above the middle Bollinger band with the band width contraction suggesting a side way range bound upside biased market. On the other hand, the MACD Histrogram getting lower by a fraction telling us that seller has yet to leave the market. Overall, expecting a side way ranging market ahead of the last week of the year with support comes in at the 1250 and middle Bollinger band level where resistant appears at the 1270 follow by 1276 level.
