Malaysia: Daily Market Commentary - 7 August

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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, 07 August 2017 TA Research e-mail : taresearch@ta.com.my For Internal Circulation Only KLSE Market Statistics (04.08.2017) (mil) Main Market 894.5 Warrants 188.8 ACE Market 316.9 Bond 19.1 ETF 0.2 Total 1,419.4 Off Market 44.0 Volume +/-chg (RMmn) -229.3 1,323.1 -10.9 39.4 -110.8 106.5 16.1 3.2 0.14 0.2 1,472.5 -38.3 276.0 Value +/-chg -220.2 -13.3 -43.0 2.6 0.16 178.8 Major Indices Index +/- chg Malaysia FBMKLCI FBMEMAS FBMSCAP August 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 (mn) 20.0 11.1 5.7 2.0 2.0 1.0 Up Down 274 304 49 75 42 48 3 5 0 0 368 432 % chg % YTD chg While technical momentum indicators improved further due to the ability of the FBM KLCI to inch up to higher ground in spite of the July month-end selloff, the lack of confirmation from strong follow-through buying momentum and market breadth suggests that further upside should encounter keen profit-taking pressure. Nonetheless, a significant local positive catalyst will be key to lift the market from the current precautionary phase. Immediate support for the index remains at the 100-day moving average level now at 1,761, which must hold to prevent further correction to 1,729, a key support level in April. Crucial uptrend support will be from 200-day moving average at 1,712. Immediate resistance is raised to 1,782, which is the 76.4%FR of the April 2015 high of 1,867 to the Aug 2015 low of 1,503, followed by the recent peak of 1,796. 1,774.53 12,619.87 17,216.16 1,774.50 2.63 14.72 6.28 4.50 0.15 0.12 0.04 0.25 8.09 10.06 16.99 8.50 Sector-wise, the lower liners and small caps space should stay in lowvolume consolidation mode given the weak trading momentum, while blue chips continue to congest at current levels due to the cautious market undertone. 22,092.81 6,351.56 7,511.71 19,952.33 2,395.45 27,562.68 3,326.52 1,578.26 5,777.48 3,262.08 1,858.49 5,720.58 66.71 11.22 36.94 -76.93 8.60 31.67 -16.40 0.01 -3.09 -10.85 -10.72 -14.54 0.30 0.18 0.49 -0.38 0.36 0.12 -0.49 0.00 -0.05 -0.33 -0.57 -0.25 11.79 17.99 5.16 4.38 18.21 25.28 15.47 2.29 9.08 5.11 -5.62 0.97 News Bites Top 10 KLCI Movers Based on Mkt Cap. Off Market MAYBANK BIMB SPSETIA ATLAN VOIR MCT Review & Outlook Value/ Volume 1.48 0.21 0.34 0.17 1.08 1.04 6.28 @ @ @ @ @ @ (RM) 9.64 4.40 3.26 4.20 0.90 0.90 Counter Mkt Cap. (RM’mn) MAYBANK 101,747 PBBANK 80,165 IHH 59,925 CIMB 56,080 PCHEM 49,434 PETGAS 37,002 MISC 33,032 IOICORP 32,727 TM 24,051 HAPSENG 22,656 Chg (RM) 0.01 0.16 0.02 0.04 0.04 0.08 0.03 0.34 0.01 0.05 Vol. (mn) 10.85 2.66 12.68 4.75 0.32 0.22 0.83 0.46 0.98 0.08 Important Dates CAB - 1:4 Bonus Issue - BI of 138.6m subdivided shares. 1 bonus share for every 4 subdivided shares. LISTING ON: 07/08/2017. • • • • • • • • • • Malaysia's exports growth in June 2017 came in lower than expected at 10% YoY to RM73.1bn, against consensus estimate of 18.3% YoY. Malakoff Corp Bhd has reached an agreement with its consortium partners and three other Japanese boiler manufacturers to settle the lawsuits Malakoff had brought against them for an alleged breach of contract at its Tanjung Bin power plant. Affin Holdings Bhd is seeking Bank Negara Malaysia's approval to acquire 7.07% equity interest in AXA Affin General Insurance Bhd from Felda Marketing Services Sdn Bhd for RM99.09mn in cash. Zelan Bhd has raised the amount of its arbitration claim against Meena Holdings LLC by about RM120mn to 555.9mn Emirati dirhams (RM647.53mn). Gadang Holdings Bhd has secured a RM475mn contract to build a hospital at Cyberjaya, Selangor. The master developer of Forest City, launched its Industrialised Building System base with a projected cost of RM2.6bn. Matrix Concepts Holdings Bhd plans to buy 21 parcels of land in Port Dickson for RM56.99mn to increase its land bank to serve as an extension to its existing Bandar Sri Sendayan development. Global Oriental Bhd has signed two separate share sale agreements for the proposed disposal of its entire equity interests in seven companies for RM11mn. The Employees Provident Fund has yet to decide whether to invest in the Bandar Malaysia project. The US employers added 209,000 jobs to payrolls in July and the unemployment rate fell to 4.3%. Exchange Rate USD/MYR 4.2777 -0.0028 USD/JPY 110.07 -0.5600 EUR/USD 1.187 0.0032 Commodities Futures Palm Oil (RM/mt) 2,615.00 2.00 Crude Oil ($/Barrel) 49.52 0.59 Gold ($/tr.oz.) 1,261.30 -10.00 ELKDES A - 1:5 Rights Issue - RI of up to 51.6m shares. ELKDESA 1 rights share for every 5 existing shares held, at an issue price of RM1.16 per rights share. Entitlement Date: 08/08/2017. Trading of Rights: 09/08 - 15/08/2017. Application Closed: 23/08/2017. LISTING ON: 08/09/2017. 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