Malaysia: Daily Market Commentary - 28 July

Transcription

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 Friday, 28 July 2017 TA Research e-mail : taresearch@ta.com.my For Internal Circulation Only Review & Outlook KLSE Market Statistics (27.07.2017) Volume (mil) +/-chg (RMmn) Main Market 1,010.1 122.3 1,843.5 Warrants 122.3 10.5 13.1 ACE Market 449.5 154.0 114.9 Bond 3.6 -4.5 0.6 ETF 0.0 0.03 0.0 Total 1,585.5 1,972.1 Off Market 39.9 -78.9 136.8 Value +/-chg 395.7 0.6 26.0 -0.2 0.04 -262.2 Major Indices Index +/- chg Malaysia FBMKLCI FBMEMAS FBMSCAP July 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 1.82 0.11 0.26 0.17 1.52 1.24 3.43 Up Down 303 286 74 77 45 44 1 2 2 1 425 410 % chg % YTD chg 1,770.07 12,605.16 17,319.57 1,771.00 4.07 37.56 45.31 0.00 0.23 0.30 0.26 0.00 7.82 9.93 17.70 8.28 21,796.55 6,382.19 7,443.01 20,079.64 2,443.24 27,131.17 3,354.71 1,581.06 5,819.74 3,249.78 1,865.96 5,785.01 85.54 -40.56 -9.31 29.48 8.73 190.15 17.99 -2.11 19.54 2.11 22.84 8.39 0.39 -0.63 -0.12 0.15 0.36 0.71 0.54 -0.13 0.34 0.06 1.24 0.15 10.29 18.56 4.20 5.05 20.57 23.32 16.45 2.47 9.87 4.71 -5.24 2.10 Blue chips rose further on Thursday, encouraged by firmer regional peers as stronger earnings and the dovish tone from the US Federal Reserve's monetary policy statement improved sentiment. The KLCI closed up 4.07 points at 1,770.07, off an early low of 1,765.84 and high of 1,772.03, as gainers edged losers 425 to 410 on cautious trade totaling 1.58bn shares worth RM1.97bn. The local market should stay range bound ahead of the weekend, with caution over the US Federal Reserve's eventual move to reduce the government's balance sheet discouraging trading commitments. Immediate support from the 100-day moving average remains at 1,758, which must hold to prevent further correction to 1,729, a key support level in April, while crucial uptrend support is from the 200-day moving average at 1,709. Immediate resistance stays at the 50-day moving average at 1,771, next 1,782, followed by the recent peak of 1,796. Any selling dips on AFG towards the lower Bollinger band (RM3.79), matching the 50%FR (RM3.78) support, should encourage bargain hunting for rebound upside towards the 100-day moving average (RM4.06), with next hurdle from the 76.4%FR (RM4.16). Stronger retracement support is from the 38.2%FR (RM3.61). Likewise, AMMB shares should attract buyers on dips towards the lower Bollinger band (RM4.92) or stronger support from the 50%FR (RM4.80), ahead of recovery to the 100-day moving average (RM5.06), the 76.4%FR (RM5.28) and RM5.50 going forward. News Bites • • • • Top 10 KLCI Movers Based on Mkt Cap. Off Market MAYBANK NICE SERBADK HLT VOIR VOIR-WA EKOVEST MEXTER BKAWAN YINSON EDEN (mn) 8.5 8.0 6.0 5.3 4.2 0.3 2.2 1.0 1.0 1.0 1.0 (RM) @ 9.41 @ 0.09 @ 2.00 @ 0.50 @ 0.80 @ 5.50 @ 1.12 @ 0.28 @ 18.90 @ 3.45 @ 0.20 Counter Mkt Cap. (RM’mn) MAYBANK 101,603 TENAGA 80,584 IHH 59,653 PCHEM 49,022 AXIATA 43,661 PETGAS 37,517 DIGI 37,165 GENTING 36,834 GENM 34,634 HAPSENG 22,781 Chg (RM) 0.01 0.02 0.19 0.01 0.02 0.06 0.03 0.05 0.01 0.05 Vol. (mn) 7.81 14.41 25.26 3.78 5.40 0.26 1.90 1.42 3.46 0.25 • • • • • • Tenaga Nasional Bhd's 9MFY17 core net profit of RM5.6bn (-8% YoY) was within our expectations and consensus, accounting for 76%/75% of FY17 forecasts respectively. Malayan Banking Bhd's Indonesia unit PT Bank Maybank Indonesia Tbk 1HFY17 net profit rose 16.3% YoY to IDR998.5bn on overall improvement in its core banking business. Felda Global Ventures Holdings Bhd will open employment opportunities to locals, especially new generation settlers, for a career in the plantation industry in an effort to reduce dependency on foreign workers. Pavilion Real Estate Investment Trust, which inked an agreement to buy Pavilion Elite Mall for RM580.0mn, is planning a private placement to raise RM370.6mn to help fund the purchase. Zecon Bhd has proposed a private placement that will raise about RM6.5mn as interim funding for the group's working capital pending the completion of a proposed RCULS. PTTEP, the exploration and production arm of Thailand's oil and gas giant PTT Group, has agreed to buy a 10% stake in Petronas' LNG 9 Sdn Bhd for US$500mn. Malaysia Airlines Bhd is expected to decide on the purchase of new or second-hand aircraft by the end of the year, said its Chief Executive Officer, Peter Bellew. CIMB Group Holdings Bhd has informed Bursa Malaysia Securities Bhd of the transfer of five million shares worth RM31.7mn in the company by Chairman and Non-Independent Non-Executive Director, Datuk Seri Nazir Razak. The US initial jobless claims rose by 10,000 to a seasonally adjusted 244,000 in the week ended July 22, vs. forecast 240,000 new claims. China's industrial profits surged 19.1% YoY to CNY 727.78bn Yuan ($107.83bn) in June, the fastest pace in three months in the latest sign economic momentum in the country remains solid. Important Dates CAB - 1:4 Bonus Issue - BI of 138.6m subdivided shares. 1 bonus share for every 4 subdivided shares. Ex-Date: 02/08/2017. Entitlement Date: 04/08/2017. LISTING ON: 07/08/2017. ORION - 7:2 Rights Issue - RI of up to 465.9m shares together with up to 232.9m free detachable warrants. 7 rights shares together every 2 existing shares held, at an issue price of RM0.17 per rights share, with 1 free warrant for every 2 rights shares subscribed. LISTING ON: 02/08/2017. Exchange Rate USD/MYR 4.2778 -0.0069 USD/JPY 111.35 -0.4400 EUR/USD 1.171 0.0063 Commodities Futures Palm Oil (RM/mt) 2,675.00 42.00 Crude Oil ($/Barrel) 49.15 0.43 Gold ($/tr.oz.) 1,258.70 -1.60 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
2. Technical Comments : Bargain AFG & AMMB Any selling dips on AFG towards the lower Bollinger band (RM3.79), matching the 50%FR (RM3.78) support, should encourage bargain hunting for rebound upside towards the 100-day moving average (RM4.06), with next hurdle from the 76.4%FR (RM4.16). Stronger retracement support is from the 38.2%FR (RM3.61). Likewise, AMMB shares should attract buyers on dips towards the lower Bollinger band (RM4.92) or stronger support from the 50%FR (RM4.80), ahead of recovery to the 100-day moving average (RM5.06), the 76.4%FR (RM5.28) and RM5.50 going forward. AFG Upper Middle RM3.93 (-0.02) BOLLINGER BANDS RM RM 3.99 3.89 10-day 30-day RM 3.79 50-day Lower DMI Recent Signal BUY Recent Signal 4.02 BUY Signal Change AMMB Recent Signal Signal Change RM DAILY MACD Signal Change Upper Middle Lower SIMPLE MOVING AVERAGES RM 3.92 RM 3.90 BOLLINGER BANDS RM RM RM DMI RM4.99 (-0.01) 5.13 5.02 4.92 SELL SIMPLE MOVING AVERAGES RM 5.03 RM 5.02 RM 5.09 DAILY MACD Recent Signal SELL Signal Change SELL 10-day 30-day 50-day Page 2 of 4