Malaysia: Daily Market Commentary - 8 May

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1. Daily Note Daily Market Commentary (A Participating Organisation of Bursa Malaysia Securities Bhd) Menara TA One, 22 Jalan P Ramlee, 50250 Kuala Lumpur Tel : 603 - 2072 1277. Fax : 603 - 2032 5048 Monday, 08 May 2017 TA Research e-mail : taresearch@ta.com.my For Internal Circulation Only Review & Outlook KLSE Market Statistics (05.05.2017) Volume (mil) +/-chg (RMmn) Main Market 2,190.3 -139.5 2,322.7 Warrants 295.7 8.7 34.2 ACE Market 1,058.6 242.7 134.5 Bond 27.6 10.3 1.8 ETF 0.0 -0.02 0.0 Total 3,572.2 2,493.2 Off Market 50.2 -359.8 50.4 Value +/-chg -427.0 3.8 27.0 0.6 -0.02 -22.1 Major Indices Index +/- chg Malaysia FBMKLCI FBMEMAS FBMSCAP May Futures Other Markets DOW JONES NASDAQ (US) FTSE (UK) NIKKEI (JAPAN) KOSPI (KOREA) HANG SENG (HK) FSSTI (S'PORE) SET (BANGKOK) JCI (JAKARTA) SHANGHAI SHENZHEN AUSTRALIA Value/ Volume 1.06 0.12 0.13 0.07 1.34 0.70 1.00 Up Down 417 246 107 56 84 21 6 4 3 0 617 327 % chg % YTD chg 1,762.74 12,597.53 17,710.98 1,762.00 4.07 35.88 120.07 6.00 0.23 0.29 0.68 0.34 7.37 9.86 20.36 7.73 21,006.94 6,100.76 7,297.43 19,445.70 2,241.24 24,476.35 3,229.73 1,569.02 5,683.38 3,103.04 1,872.79 5,836.56 55.47 25.42 49.33 0.00 0.00 -207.53 1.11 -4.03 13.93 -24.33 -23.57 -39.81 0.26 0.42 0.68 0.00 0.00 -0.84 0.03 -0.26 0.25 -0.78 -1.24 -0.68 6.30 13.33 2.16 1.73 10.60 11.25 12.11 1.69 7.30 -0.02 -4.89 3.01 While daily momentum indicators for the FBM KLCI have been fully neutralized by last week's profit-taking correction, weekly momentum are still hooking down and displaying bearish potential. Also, weaker trend indicators imply this correction may need to absorb further profit-taking pressure this week, before bargain hunters return to rebuild support again. As for the index, immediate uptrend supports will be at 1,750 and 1,739, the rising 30 and 50-day moving average levels, with better support from the lower Bollinger band at 1,723. Immediate upside hurdle stays at 1,782, the 76.4%FR of the 1,867 to 1,503 downswing closely matching the recent two-year high, followed by the 1,800 psychological level and 18 May 2015 high of 1,823. Stock-wise, further breakout rally on aviation stocks AirAsia and AirAsia X to higher upside targets should encourage more profit-taking, while construction and property related stocks such as EcoWorld, MRCB, UEM Sunrise and WCT Holdings should attract buyers on speculation they may benefit from the aborted Bandar Malaysia deal with IWC CREC. Meantime, IWCity should suffer a severe correction upon re-listing from suspension this week, following the surprise cancellation of the said deal. News Bites • • • • • Top 10 KLCI Movers Based on Mkt Cap. Off Market SNTORIA PTB ANZO SPSETIA BJASSET DESTINI PMETAL (mn) 16.0 10.5 6.0 5.5 5.0 5.0 1.0 @ @ @ @ @ @ @ (RM) 0.73 0.36 0.32 3.68 1.00 0.75 2.85 Counter Mkt Cap. (RM’mn) MAYBANK 95,257 PBBANK 77,230 SIME 63,384 PCHEM 57,200 CIMB 52,593 MAXIS 48,818 AXIATA 46,664 DIGI 39,342 GENM 32,764 IOICORP 28,736 Chg (RM) 0.10 0.02 0.02 0.02 0.02 0.02 0.07 0.05 0.02 0.02 Vol. (mn) 18.99 1.72 9.35 8.49 15.99 4.45 2.33 4.56 2.56 3.00 • • • • • • Important Dates PASUK GB - 1:1 Rights Issue - RI of up to 405.8m shares. SUKGB 1 rights share for every 1 existing share held, at an issue price of RM0.10 per rights share. LISTING ON: 11/05/2017. L&G - 8:5 Rights Issue - RI of up to 1,914.1m shares. 8 rights shares for every 5 existing share held, at an issue price of RM0.21 per rights share. LISTING ON: 18/05/2017. • Malaysia's exports for March 2017 surged 24.1% YoY to RM82.6bn, exceeding the RM80bn mark for the first time, underpinned by manufactured, mining and agricultural products. Bank Negara Malaysia's international reserves rose US$400mn to US$96.1bn as at April 28 from US$95.7bn on April 14 and is sufficient to finance 7.9 months of retained imports and was 1.1 times the shortterm external debt. Iskandar Waterfront City Bhd has announced that there will be an injection of 3,598 acres of land worth RM4.3bn in relation to its proposed merger with Iskandar Waterfront Holdings Sdn Bhd. Uzma Bhd has proposed a private placement comprising up to 10% of its issued share cap, which is expected to raise up to RM50.6mn and will be issued in multiple tranches. Hua Yang Bhd is acquiring a 3.8-acre parcel of land in Bandar Meru Raya, Perak, which will be developed into a mixed project with a gross development value of RM295.1mn. Tenaga Nasional Bhd's second ultra-supercritical RM6.0bn coal-fired power plant, Manjung 5, is on track to meet its scheduled commercial operation date this coming October or 45 months from the project's starting date. Malaysia Airports Holdings Bhd has reached a settlement in the dispute with two of the consulting firms involved in the KLIA2 development project but did not disclose the amount of settlement. BIMB Holdings Bhd is considering a sale of a stake in its listed insurance unit amid a strategic review of its businesses, according to people with knowledge of the matter. Mah Sing Group Bhd launched its two-month celebration-cum-sales campaign, which will see the group give away up to RM23.0mn worth of rewards to ease home ownership for its customers. Prestar Resources Bhd is tightening its grip on its 75%-owned subsidiary Prestar Engineering Sdn Bhd by buying the rest of the shares in the company. Star Media Group Bhd said t it has received an expression of interest from a client of the legal firm Bird & Bird ATMD LLP to buy its 52.5% stake in Singapore-listed Cityneon Holdings Bhd. Emmanuel Macron pledged to unite France's rifts after his victory over Marine Le Pen in the presidential election. Exchange Rate USD/MYR 4.3400 0.0130 USD/JPY 112.39 -0.5900 EUR/USD 1.096 0.0028 Commodities Futures Palm Oil (RM/mt) 2,520.00 45.00 Crude Oil ($/Barrel) 46.47 0.98 Gold ($/tr.oz.) 1,228.40 0.00 DISCLAIMER The information in this report has been obtained from sources believed to be reliable. Its accuracy or completeness is not guaranteed and opinions are subject to change without notice. This report is for information only and not to be construed as a solicitation for contracts. We accept no liability for any direct or indirect loss arising from the use of this document. We, our associates, directors, employees may have an interest in the securities and/or companies mentioned herein. for TA SECURITIES HOLDINGS BERHAD Kaladher Govindan, Head of Research