Friday, January 1, 2010
Thursday, December 31, 2009
20091231 1441 FKLI Mid Day Hourly Chart Study.
FKLI(Jan 2010) closed : 1271.5, changed : +1.5 point, volume : low.
Bollinger band reading : Neutral.
MACD Histrogram : edging upward.
Support : 1266.5level.
Resistant : middle Bollinger band, 1276 level.
Comment :
Currently trading at resistant level, market will try to break the middle Bollinger band and march higher and if this effort
failed, it may stay side way ranging.
20091231 1236 FCPO Mid Day Hourly Chart Study.
FCPO closed : 2642, changed : +47, volume : low.
Bollinger band reading : bullish with further upside potential
MACD Histrogram : improving, buyer returned.
Support : 2630, middle Bollinger band level.
Resistant : 2650, 2670 level.
Comment :
Break and trade above crucial 2630 resistant level that turned into support shows some strength of the underlying market.
Further upside likely.
20091231 1035 Malaysia Corporate News.
Hunza Properties has bought four plots of freehold land in Penang for RM82m. The acquisition will enable the group to increase its landbank for future development and/or investment, at the same time continue its expansion plans in Penang. (BT) Please refer to our QT for further comments.
The race is on for Malaysian companies to win the hand of General Motors (GM) after the US carmaker ended a pact to sell Chevrolet cars in Malaysia with DRB-HICOM. Those rumoured to be in contention are Sime Darby, the Naza Group and Permaju Industries. Under its partnership with DRB-HICOM, Chevrolet sales were more than 3,000 units in a good year. However, they have since fallen to fewer than 1,000 units. (BT)
Proton has confirmed that its car-scrapping programme, Proton Xchange Programme, has been discontinued as the funding has been fully used up. The national car manufacturer said it had received a total of 25,862 applications from 10 Mar to 31 Oct, exhausting the funds provided by the government's economic stimulus plan even before the given yearend period. (Bernama)
DRB-Hicom aims to introduce its own hybrid car by 2012. Group director of automotive, Datuk Nik Hamdam Nik Hassan, said the company was currently in talks with three potential partners to manufacture the car and hoped to finalise the deal next year. On the discontinuance of existing JV between DRB-HICOM and GM, Nik Hamdam said, "We are having difficulty to agree on certain point of their business model. Both of us have different objectives." He said DRB-HICOM was looking to bid for stake in Proton once the opportunity arose. (Bernama)
The Naza Group targets to achieve sales of 25,970 units next year with major contribution coming from Kia vehicles. "2010 will be an exciting year for the Naza Group. We will be launching several Kia and Peugeot models that will appeal to all segments of the market," joint executive chairman SM Nasarudin SM Nasimuddin said. "Additionally, the domestic economy is expected to return to growth in 2010, which will be an added boost to our business and the overall automotive industry," he added. (Bernama)
Work on the Pahang-Selangor raw water transfer project has picked up pace with the government opening the tender for the Kelau Dam and related works. The bid documents will be available from Jan 5 to 19 and the closing date is on Mar 9. (Financial Daily)
CIMB Group is selling up to 65 properties that house its banking operations to the Employees Provident Fund (EPF) for RM302.4m in a related-party sale and leaseback deal. The group said the sale will raise cash for CIMB Bank's working capital, reduce its risk-weighted assets and property risks. The group is expected to make a gain of RM171m from the sale. (BT)
Local airlines are hopeful that next year will bring better days for the airline industry, with plans for capacity growth and aircraft delivery underway. Malaysia Airlines (MAS) will look to increase flight frequencies and add new destinations on the back of improving passenger traffic movement. Meanwhile, AirAsia group CEO Datuk Seri Tony Fernandes is optimistic about prospects for next year, with forward bookings looking good for Jan-10 and Feb-10. While AirAsia plans to introduce flights to new destinations in Indonesia, India and Maldives, Fernandes said the focus for the group's expansion will be with associate airlines, Thai AirAsia and Indonesia AirAsia. (BT)
The proposed partnership between AirAsia and Jetstar is nearing fruition after a year of talks and the deal will be announced in the first week of Jan-10. A media conference has been scheduled for Jan 6 in Sydney where both parties and Qantas will announce the details of a strategic agreement and how these parties will work “innovatively together’’ so as to drive greater cost efficiencies. (Starbiz)
Tune Talk expects to hit the 500,000 subscriber mark in two weeks, which is half of its target for its first year of operation. “We are ending 2009 with a resounding success and we believe 2010 will be even better. We attribute the overwhelming public response primarily to our unconventional marketing and communications strategy including our exciting Web-based approach,” said Tune Talk CEO Jason Lo. (BT)
MMC Corp, owner of both Port of Tanjung Pelepas (PTP) and Johor Port, is still waiting for the government's decision on the plan to rationalise their operations. According to an industry source, the outcome of recent talks on the issue will be submitted to the Transport Ministry soon. "The rationalisation proposal will also provide manufacturers savings in costs through more efficient port operations," the source said. (Bernama)
Media Prima (MPB) has to date received acceptance of more than 92.9m shares or 42.77% from New Straits Times Press (NSTP) shareholders as a result of the proposed takeover offer. This gives MPB 86.1% of the voting shares in NSTP. (Bernama)
Malaysian glove makers could continue exporting to the US after the Court of Appeals ruled in favour of the manufacturers over a patent tussle with giant firm Tillotson Corp. (Financial Daily)
Port operator Integrax has signed a deal with Vale International to provide transshipment services for the Brazilian mining company. The deal means that Integrax would have to invest about RM200m to expand the marine infrastructure and handling equipment at the terminal. Integrax will fund the expansion with internal funds and loans. It may even tap the capital markets for funds. (BT)
Rimbunan Sawit (RSB) plans to buy interests in nine plantation companies in Sarawak for RM286.1m to grow its plantation land bank. The purchase will be paid through the issuance of 28.33m RSB shares and 191.75m new irredeemable convertible preference shares (ICPS) at RM1.30/share. The completion of the deal will see RSB's total plantation land bank more than double from 31,645ha to about 91,000ha. (BT)
Kumpulan Hartanah Selangor (KHSB) said the Selangor state government has agreed to provide it with a grant of RM115m to relieve its burden. The grant could be in the form of land given to KHSB for free or as payment for claims made by the state. (BT)
Sapura Industrial, an automotive parts and components maker, says it will continue to refine quality and push for greater international standards to further penetrate overseas market. The company, which secured several customers recently from India and Brazil, is also looking at new markets in the Middle East. (BT, Bernama)
Ta Ann Holdings will further expand its oil palm plantations, especially in Sarawak, via landbank acquisitions, said group MD Datuk Wong Kuo Hea. The group has been on the lookout for available landbank to expand its existing 30,000ha landbank in an effort to become a medium-size oil palm plantation player. (Starbiz)
Shares of Sarawak Energy will be delisted from 5 Jan following the completion of its earlier VGO exercise. (Starbiz)
The race is on for Malaysian companies to win the hand of General Motors (GM) after the US carmaker ended a pact to sell Chevrolet cars in Malaysia with DRB-HICOM. Those rumoured to be in contention are Sime Darby, the Naza Group and Permaju Industries. Under its partnership with DRB-HICOM, Chevrolet sales were more than 3,000 units in a good year. However, they have since fallen to fewer than 1,000 units. (BT)
Proton has confirmed that its car-scrapping programme, Proton Xchange Programme, has been discontinued as the funding has been fully used up. The national car manufacturer said it had received a total of 25,862 applications from 10 Mar to 31 Oct, exhausting the funds provided by the government's economic stimulus plan even before the given yearend period. (Bernama)
DRB-Hicom aims to introduce its own hybrid car by 2012. Group director of automotive, Datuk Nik Hamdam Nik Hassan, said the company was currently in talks with three potential partners to manufacture the car and hoped to finalise the deal next year. On the discontinuance of existing JV between DRB-HICOM and GM, Nik Hamdam said, "We are having difficulty to agree on certain point of their business model. Both of us have different objectives." He said DRB-HICOM was looking to bid for stake in Proton once the opportunity arose. (Bernama)
The Naza Group targets to achieve sales of 25,970 units next year with major contribution coming from Kia vehicles. "2010 will be an exciting year for the Naza Group. We will be launching several Kia and Peugeot models that will appeal to all segments of the market," joint executive chairman SM Nasarudin SM Nasimuddin said. "Additionally, the domestic economy is expected to return to growth in 2010, which will be an added boost to our business and the overall automotive industry," he added. (Bernama)
Work on the Pahang-Selangor raw water transfer project has picked up pace with the government opening the tender for the Kelau Dam and related works. The bid documents will be available from Jan 5 to 19 and the closing date is on Mar 9. (Financial Daily)
CIMB Group is selling up to 65 properties that house its banking operations to the Employees Provident Fund (EPF) for RM302.4m in a related-party sale and leaseback deal. The group said the sale will raise cash for CIMB Bank's working capital, reduce its risk-weighted assets and property risks. The group is expected to make a gain of RM171m from the sale. (BT)
Local airlines are hopeful that next year will bring better days for the airline industry, with plans for capacity growth and aircraft delivery underway. Malaysia Airlines (MAS) will look to increase flight frequencies and add new destinations on the back of improving passenger traffic movement. Meanwhile, AirAsia group CEO Datuk Seri Tony Fernandes is optimistic about prospects for next year, with forward bookings looking good for Jan-10 and Feb-10. While AirAsia plans to introduce flights to new destinations in Indonesia, India and Maldives, Fernandes said the focus for the group's expansion will be with associate airlines, Thai AirAsia and Indonesia AirAsia. (BT)
The proposed partnership between AirAsia and Jetstar is nearing fruition after a year of talks and the deal will be announced in the first week of Jan-10. A media conference has been scheduled for Jan 6 in Sydney where both parties and Qantas will announce the details of a strategic agreement and how these parties will work “innovatively together’’ so as to drive greater cost efficiencies. (Starbiz)
Tune Talk expects to hit the 500,000 subscriber mark in two weeks, which is half of its target for its first year of operation. “We are ending 2009 with a resounding success and we believe 2010 will be even better. We attribute the overwhelming public response primarily to our unconventional marketing and communications strategy including our exciting Web-based approach,” said Tune Talk CEO Jason Lo. (BT)
MMC Corp, owner of both Port of Tanjung Pelepas (PTP) and Johor Port, is still waiting for the government's decision on the plan to rationalise their operations. According to an industry source, the outcome of recent talks on the issue will be submitted to the Transport Ministry soon. "The rationalisation proposal will also provide manufacturers savings in costs through more efficient port operations," the source said. (Bernama)
Media Prima (MPB) has to date received acceptance of more than 92.9m shares or 42.77% from New Straits Times Press (NSTP) shareholders as a result of the proposed takeover offer. This gives MPB 86.1% of the voting shares in NSTP. (Bernama)
Malaysian glove makers could continue exporting to the US after the Court of Appeals ruled in favour of the manufacturers over a patent tussle with giant firm Tillotson Corp. (Financial Daily)
Port operator Integrax has signed a deal with Vale International to provide transshipment services for the Brazilian mining company. The deal means that Integrax would have to invest about RM200m to expand the marine infrastructure and handling equipment at the terminal. Integrax will fund the expansion with internal funds and loans. It may even tap the capital markets for funds. (BT)
Rimbunan Sawit (RSB) plans to buy interests in nine plantation companies in Sarawak for RM286.1m to grow its plantation land bank. The purchase will be paid through the issuance of 28.33m RSB shares and 191.75m new irredeemable convertible preference shares (ICPS) at RM1.30/share. The completion of the deal will see RSB's total plantation land bank more than double from 31,645ha to about 91,000ha. (BT)
Kumpulan Hartanah Selangor (KHSB) said the Selangor state government has agreed to provide it with a grant of RM115m to relieve its burden. The grant could be in the form of land given to KHSB for free or as payment for claims made by the state. (BT)
Sapura Industrial, an automotive parts and components maker, says it will continue to refine quality and push for greater international standards to further penetrate overseas market. The company, which secured several customers recently from India and Brazil, is also looking at new markets in the Middle East. (BT, Bernama)
Ta Ann Holdings will further expand its oil palm plantations, especially in Sarawak, via landbank acquisitions, said group MD Datuk Wong Kuo Hea. The group has been on the lookout for available landbank to expand its existing 30,000ha landbank in an effort to become a medium-size oil palm plantation player. (Starbiz)
Shares of Sarawak Energy will be delisted from 5 Jan following the completion of its earlier VGO exercise. (Starbiz)
Wednesday, December 30, 2009
20091230 1816 FCPO EOD Daily Chart Study.
FCPO closed : 2595, changed : + 5 points, volume : Lower.
Bollinger band reading : Bullish but side way range bound likely.
MACD Histrogram : continue higher, buyer has yet to leave.
Support : 2555, middle Bollinger band level.
Resistant : 2630 level.
Comment :
Profit taking activities continue to take place today with lower volume changed hand. Chart still show that the uptrend market remained intact with some temporary side way range bound likely.
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.
20091230 1725 FKLI EOD Daily Chart Study.
FKLI closed(spot month) : 1270, changed : -8 points, volume : slightly lower.
Bollinger band reading : bullish but side way ranging likely.
MACD Histrogram : turned lower, long position profit taking.
Support : middle Bollinger band, 1256 level.
Resistant : 1279.5 level.
Comment :
Indeed a pullback effect due to overbought condition. Long position profit taking. Expecting market to trade side way ranging with possible further downside correction.
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
20091230 1254 FKLI Mid Day Hourly Chart Study.
Bollinger band reading : bearish with possible side ways.
MACD Histrogram : dropping slowly, seller in charge.
Support : 1270.5, 1266.5 level.
Resistant : 1276, 1279.5 level.
Comment :
Hourly chart, trend still up. Side way range bound likely to continue. Regional market traded mixed.
20091230 1238 FCPO Mid Day Hourly Chart Study.
FCPO closed : 2590, changed : unchanged, volume : Lower.
Bollinger band reading : neutral, side way range bound.
MACD Histrogram : dropping slowly, both buyer and seller in holiday mood.
Support : 2570, 2555 level.
Resistant : 2630 level.
Comment :
Nor here nor there, low volume, hoilday mood market today. Hourly chart wise, market likely to stay side way range bound with some
downside biased.
20091230 1028 Malaysia Corporate News.
Malaysia’s CPO prices are expected to stabilise at RM2,300-RM2,700/MT next year, supported by steady global demand, lower supply and new advances in oleochemicals research. MPOB chairman Datuk Sabri Ahmad said 2010 will be a good year for CPO prices as output is not expected to be as good as this year due to tree stress, pricey fertiliser as well as robust demand from the US. Palm oil production is expected to touch 17m-17.5m MT this year compared with 17m MT last year. (BT)
The board of EON Capital is expected to meet tomorrow to decide if it wants to be engaged in a takeover talk with Hong Leong Bank (HLB), sources said. EON Cap's seven-member board must now decide because it will also need the central bank's approval if it wants to talk to HLB, industry sources said. Primus, EON Cap’s major shareholder with a 20% stake, can potentially block the deal by voting against the decision to discuss with HLB. Yet, sources said the Hong Kong-based fund may have to let HLB present its offer and allow shareholders to decide. (BT)
Primus Pacific Partners Ltd, the major shareholder of EON Capital (EON Cap), is said to have made a last minute attempt to mount a counter bid to Hong Leong Bank’s proposed takeover. However, sources indicated that Primus’ invitation to Temasek Holdings was not likely to materialise as Temasek had declined the offer for a joint bid. Temasek is widely known to be deliberate and not ad-hoc in its decisions. It already has a 29.3% stake in the Alliance Bank and may want to tread carefully if it wants to enlarge that footprint. (Starbiz)
CIMB Islamic Bank has listed a RM2bn Islamic bond programme on Bursa Malaysia to promote the growth of Islamic finance in the country. This makes it the first ringgit sukuk to be listed on the local bourse. "The listing of our Islamic sub-debt on Bursa further strengthens our commitment to the development of the Islamic finance industry, in this case, the Islamic debt capital market," CIMB Islamic CEO Badlisyah Abdul Ghani said.
Perodua is confident that its car sales will not be affected following the implementation of the Asean Free Trade Area (Afta) in Jan. Its MD Datuk Syed Hafiz Syed Abu Bakar said based on the present situation, orders for its latest model, the Alza, have reached 15,000 units this month. "More than 50% of Malaysians have an income of less than RM3,000 monthly. Even with the implementation of the Afta, I do not expect the price of a foreign car to fall, as its manufacturing cost is increasing. Apart from that, local cars are still able to fulfill local consumers' preference," he said. (Bernama)
Linear Corp has won a RM1.7bn project from Global Investment Group Inc of Seychelles to build a district cooling plant in Manjung, Perak for the King Dome project. Linear will start work on the project 24 months from the approval of the development plan by the Manjung District Council. (BT)
Green Packet has fixed the issue price of its proposed private placement of 59.75m shares at RM1.15 per share. The issue price represented a discount of 5.57% to the weighted average market price of RM1.2178 from 21 Dec to 28 Dec. (Financial Daily)
Parkson’s six department stores in Vietnam posted the fastest sales growth this year, jumping 30% compared with 10% in China and 15% in Malaysia, the Saigon Times Daily reported. Parkson plans to open three more department stores in Vietnam next year. (Bloomberg, Financial Daily)
Ta Ann Holdings’ unit, Multi Maximum, will buy plantation firm Europalm for RM20.5m. Europalm owns 1,500ha of plantation land at Jemoreng Land, Sarawak, and has been awarded another 1,113ha at Seredeng Land. (BT)
Handal Resources has bagged a RM17.5m contract from Petronas Lubricants International for the engineering, procurement, construction and commissioning of 22 new storage tanks for the Malacca lube blending plant capacity improvement project. Work will start in early Jan 10 for 14 months. (BT)
YNH Property plans to launch two luxury projects, Fraser Residence in Jalan Sultan Ismail and Kiara 163 in Mont'Kiara, which are worth a combined RM1.6bn, next year. Its head of corporate services, Daniel Chan, said the company was optimistic of good response, given the product offering and location. (BT)
Hiap Teck Venture has entered into a share sale agreement with Datuk Law Tien Seng, Lau Chin An and Lee Ching Kion for the proposed acquisition of a 55% stake in Eastern Steel for RM110m. The purchase is to be funded via internally generated funds. The proposed acquisition will enable Hiap Teck to become an integrated player in both upstream and downstream operations in the local steel industry. (Bernama)
Technodex, a software developer, plans to move its shares to the Main Market next year to woo more investors. MD and CEO Nigel Lee Siew Tat said Technodex is in the midst of processing the application. "This would also enable us to attract bigger market players and help us raise more funds. It is a normal thing to do for such growing companies," he said. Technodex aims to register a 20% increase in revenue and profit for FYE6/10, largely to be driven by its online business community. (BT)
Majuperak Holdings has sold several parcels of industrial land and buildings in Penang to Alliance Contract Manufacturing for RM13m cash to pare debt and pay retrenchment benefits. (BT)
Seacera Tiles has proposed a private placement of up to 5.3m shares representing 10% of its existing paid-up capital. (Financial Daily)
Pan Malaysia Capital’s failed bid to convert its universal broker (UB) status to a standalone investment bank (IB) was due to the firm’s failure to comply with the prerequisite conditions outlined under the stockbroking consolidation plan introduced almost four years ago. A source said the only route now for stockbrokers to become an IB is to acquire an existing IB status player. (Starbiz)
Ho Hup Construction had instructed an independent firm to conduct a valuation of the parcels of land it planned to dispose. It said the market value for the first plot of land in Balakong was valued at RM30 psf while the parcel of land at Bukit Jalil was valued at RM50 psf. With the disposal of the lands, Ho Hup is expected to realise an estimated gain of RM9m. It was reported that there was a growing rift between the company’s management and a major shareholder over the valuation of the two plots of land. (Starbiz)
The board of EON Capital is expected to meet tomorrow to decide if it wants to be engaged in a takeover talk with Hong Leong Bank (HLB), sources said. EON Cap's seven-member board must now decide because it will also need the central bank's approval if it wants to talk to HLB, industry sources said. Primus, EON Cap’s major shareholder with a 20% stake, can potentially block the deal by voting against the decision to discuss with HLB. Yet, sources said the Hong Kong-based fund may have to let HLB present its offer and allow shareholders to decide. (BT)
Primus Pacific Partners Ltd, the major shareholder of EON Capital (EON Cap), is said to have made a last minute attempt to mount a counter bid to Hong Leong Bank’s proposed takeover. However, sources indicated that Primus’ invitation to Temasek Holdings was not likely to materialise as Temasek had declined the offer for a joint bid. Temasek is widely known to be deliberate and not ad-hoc in its decisions. It already has a 29.3% stake in the Alliance Bank and may want to tread carefully if it wants to enlarge that footprint. (Starbiz)
CIMB Islamic Bank has listed a RM2bn Islamic bond programme on Bursa Malaysia to promote the growth of Islamic finance in the country. This makes it the first ringgit sukuk to be listed on the local bourse. "The listing of our Islamic sub-debt on Bursa further strengthens our commitment to the development of the Islamic finance industry, in this case, the Islamic debt capital market," CIMB Islamic CEO Badlisyah Abdul Ghani said.
- Bursa registered its first sukuk listings by Petroliam Nasional and Cagamas MBS in Aug this year, followed by GE Capital's US$500m (RM1.7bn) sukuk listing in Nov. (BT)
Perodua is confident that its car sales will not be affected following the implementation of the Asean Free Trade Area (Afta) in Jan. Its MD Datuk Syed Hafiz Syed Abu Bakar said based on the present situation, orders for its latest model, the Alza, have reached 15,000 units this month. "More than 50% of Malaysians have an income of less than RM3,000 monthly. Even with the implementation of the Afta, I do not expect the price of a foreign car to fall, as its manufacturing cost is increasing. Apart from that, local cars are still able to fulfill local consumers' preference," he said. (Bernama)
Linear Corp has won a RM1.7bn project from Global Investment Group Inc of Seychelles to build a district cooling plant in Manjung, Perak for the King Dome project. Linear will start work on the project 24 months from the approval of the development plan by the Manjung District Council. (BT)
Green Packet has fixed the issue price of its proposed private placement of 59.75m shares at RM1.15 per share. The issue price represented a discount of 5.57% to the weighted average market price of RM1.2178 from 21 Dec to 28 Dec. (Financial Daily)
Parkson’s six department stores in Vietnam posted the fastest sales growth this year, jumping 30% compared with 10% in China and 15% in Malaysia, the Saigon Times Daily reported. Parkson plans to open three more department stores in Vietnam next year. (Bloomberg, Financial Daily)
Ta Ann Holdings’ unit, Multi Maximum, will buy plantation firm Europalm for RM20.5m. Europalm owns 1,500ha of plantation land at Jemoreng Land, Sarawak, and has been awarded another 1,113ha at Seredeng Land. (BT)
Handal Resources has bagged a RM17.5m contract from Petronas Lubricants International for the engineering, procurement, construction and commissioning of 22 new storage tanks for the Malacca lube blending plant capacity improvement project. Work will start in early Jan 10 for 14 months. (BT)
YNH Property plans to launch two luxury projects, Fraser Residence in Jalan Sultan Ismail and Kiara 163 in Mont'Kiara, which are worth a combined RM1.6bn, next year. Its head of corporate services, Daniel Chan, said the company was optimistic of good response, given the product offering and location. (BT)
Hiap Teck Venture has entered into a share sale agreement with Datuk Law Tien Seng, Lau Chin An and Lee Ching Kion for the proposed acquisition of a 55% stake in Eastern Steel for RM110m. The purchase is to be funded via internally generated funds. The proposed acquisition will enable Hiap Teck to become an integrated player in both upstream and downstream operations in the local steel industry. (Bernama)
Technodex, a software developer, plans to move its shares to the Main Market next year to woo more investors. MD and CEO Nigel Lee Siew Tat said Technodex is in the midst of processing the application. "This would also enable us to attract bigger market players and help us raise more funds. It is a normal thing to do for such growing companies," he said. Technodex aims to register a 20% increase in revenue and profit for FYE6/10, largely to be driven by its online business community. (BT)
Majuperak Holdings has sold several parcels of industrial land and buildings in Penang to Alliance Contract Manufacturing for RM13m cash to pare debt and pay retrenchment benefits. (BT)
Seacera Tiles has proposed a private placement of up to 5.3m shares representing 10% of its existing paid-up capital. (Financial Daily)
Pan Malaysia Capital’s failed bid to convert its universal broker (UB) status to a standalone investment bank (IB) was due to the firm’s failure to comply with the prerequisite conditions outlined under the stockbroking consolidation plan introduced almost four years ago. A source said the only route now for stockbrokers to become an IB is to acquire an existing IB status player. (Starbiz)
Ho Hup Construction had instructed an independent firm to conduct a valuation of the parcels of land it planned to dispose. It said the market value for the first plot of land in Balakong was valued at RM30 psf while the parcel of land at Bukit Jalil was valued at RM50 psf. With the disposal of the lands, Ho Hup is expected to realise an estimated gain of RM9m. It was reported that there was a growing rift between the company’s management and a major shareholder over the valuation of the two plots of land. (Starbiz)
Tuesday, December 29, 2009
20091229 1819 FCPO EOD Daily Chart Study.
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.
20091229 1736 FKLI EOD Daily Chart Study.
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.
20091229 1345 FKLI Mid Day Hourly Chart Study.
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.
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