KL Trader Investment Research Articles
Maybank Research Highlights - 28 Aug 2013
| Technicals |
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Autumn Market Malaise To Persist The FBMKLCI tumbled 21.25 points to close at 1,701.24. Its resistance levels of 1,701 and 1,732 will cap market gains, whilst weaker support levels are at 1,664 and 1,698 respectively. Trading idea is a Take Profit call on UMW with downside target areas at MYR11.93 & MYR11.25. |
| Other Local News |
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Economy: The Ministry of Urban Well-being, Housing and Local Government is studying the possibility of increasing the real property gains tax (RPGT) to stabilise the prices of houses in the country. The current low RPGT has not been effective in stabilising house prices and it may need to be increased to curb unhealthy speculation in the housing market, Minister Datuk Abdul Rahman Dahlan said. The RPGT was reintroduced in 2011 to curb speculation and prevent the housing market from overheating, he said, adding that it was increased to 15% in 2012 from 10% in 2011 for property sold within two years. (Source: The Sun) Economy: Bank Negara Malaysia (BNM) will step in to stabilise the weakening ringgit if the market is disruptive and disorderly, said Governor Tan Sri Dr Zeti Akhtar Aziz (pic). She said what was important was to ensure orderly market conditions. "Otherwise, it will be very much determined by the market," she said. Zeti said the central bank would not focus on any specific level of exchange rate."We have liberalise the management of foreign exchange exposure and transactions so that businesses would be able to manage in an environment of greater volatility," she said. She said exporters should not rely on exchange rates to gain competitive advantage, instead they must focus on other measures such as enhancing productivity and being innovative. On whether BNM would raise interest rates, Zeti said the current rate was supportive of the economy as evidence by the strong domestic demand growth. (Source: The Sun) Economy: The fiscal policy committee will meet next week to discuss the country's current economic position, said Second Finance Minister Datuk Seri Ahmad Husni Mohamad Hanadzlah. He said the meeting would table for approval various initiatives and available options to ensure Malaysia's economy would be strong and sustainable. "Prime Minister Datuk Seri Najib Abdul Razak would announce the outcome of the meeting". (Source: The Sun) Hartalega: Targets emerging markets. Hartalega Holdings Bhd (Hartalega), the world's largest synthetic glove manufacturer, is eyeing emerging markets such as China and India to fuel its growth. MD Kuan Mun Leong said the group has set up two subsidiaries in the two countries as it believes that there is a good chance that there will be an increase in the per capita consumption of gloves in these countries. (Source: Business Times) PPB: Puteri Harbour project will boost earnings by 2015. PPB Group Bhd expects its mixed project in Puteri Harbour at Nusajaya, Johor to be launched in the middle of next year and begin contributing positively to the group by 2015, said its COO of properties division Chew Hwei Yeow. For the first half ended June 30, 2013, the property investment and development division contributed 19% to the group's segmental profit of MYR156m. (Source: The Sun) NCB: Northport to finalise MYR1b financing by Oct. Northport (Malaysia) Bhd, the port operating subsidiary of NCB Holdings Bhd, expects to finalise its funding options by October this year to its new redevelopment projects over the next five years beginning 2014, which require as much as MYR1b, said its CEO Abi Sofian Abdul Hamid. (Source: The Sun) Perdana: Propose two-for-five bonus issue. Perdana Petroleum Berhad (PPB) proposed up to 222.6m bonus shares on the basis of two bonus shares for every five existing PPB shares held by the shareholders. The exercise is to reward the existing shareholders and enhance the marketability and trading liquidity of PPB shares. (Source: Bursa Malaysia) |
| Outside Malaysia |
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U.S: Americans' confidence in August rises on employment prospects. The Conference Board's index of sentiment advanced to 81.5 from a revised 81 the prior month that was stronger than initially estimated, the New York-based private research group said. (Source: Bloomberg) U.S: Home prices in 20 cities climbed at slower pace in June. The S&P/Case-Shiller index of property values in 20 cities rose 12.1% YoY in June after rising 12.2% YoY in the year ended in May, which was the biggest gain since March 2006, the group said in New York. (Source: Bloomberg) Germany: Business confidence rose to the highest level in 16 months in August, beating forecasts and indicating that the recovery in Europe's largest economy is gathering pace. The Ifo business climate index, based on a survey of 7,000 executives, climbed to 107.5 from 106.2 in July, the Munich-based institute said. That's the highest since April 2012. (Source: Bloomberg) China: Industrial-profit growth rebounded in July, adding to signs that the world's second-biggest economy is stabilizing after a two-quarter slowdown and an interbank lending squeeze in June. Net income rose 12% YoY after gaining 6.3% YoY in June, the statistics bureau said. Power, telecommunications, and auto manufacturing contributed to the increase, while coal miners' profits slid. (Source: Bloomberg) S. Korea: Manufacturer confidence rebounds from 6-month low. An index measuring manufacturers' expectations for September rose to 77 from 73 a month earlier, the Bank of Korea says in a statement. A measure of at non-manufacturing companies in the meantime rose to 70 from 67 in August, which was the highest reading since May. Result is based on a survey conducted Aug. 13-21 with responses from 1,512 manufacturers and 1,065 non- manufacturers. (Source: Bloomberg) |
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2013-08-28 13:57