Technical | Fundamental Analysis Discussion Stocks Listed In Bursa

Tuesday, April 27, 2010

Tejari, Allianz, USD/MYR, KLCI

DJ MARKET TALK: KLCI Likely Stuck In Range; 1334-1344 Tipped

0024 GMT [Dow Jones] KLCI likely to open flat, taking lead from U.S. stocks' flat finish overnight, says dealer with local brokerage; thinks index likely trapped in 1334-1344 range in absence of fresh catalysts. "Blue chips should continue to be well-supported due to the positive growth outlook on the domestic and global front, while lower liners remain in consolidation with slight downward bias," says TA Research; tips KLCI's immediate support at 1329, followed by 1320 (50% Fibonacci Retracement of the 12-day rally from 1292 low of March 22 to April 7's peak of 1347), while resistance remains at 1344 (the previous two week's high), then 1347, (April 7's pivot high). KLCI ended +0.2% at 1340.07 yesterday. Allianz Malaysia (1163.KU) may fall after insurer announced plans to raise MYR611 million through rights issue of convertible preference shares.

DJ MARKET TALK: USD/MYR Higher; 3.1700-3.1900 Range Tipped

0032 GMT [Dow Jones] USD/MYR higher at 3.1810 vs 3.1725 late Monday, tracking USD/Asians, says dealer with local bank. "The ringgit is weakening more than the other Asian currencies because it was one of the best performers in the year-to-date, rising more than 6%," says dealer; adds, market participants also keeping on eye on developments in Greece for near-term direction. Tips pair to move in 3.1700-3.1900 range with upside bias.

DJ MARKET TALK: Allianz May Fall To MYR5.30 On Rights Issue Plan

0014 GMT [Dow Jones] Allianz Malaysia (1163.KU) may fall to MYR5.30 (April low) after insurer announced plans to raise MYR611 million through rights issue of convertible preference shares; issurance ratio, pricing yet to be determined, rights issue aimed at raising funds to repay existing debt, to meet Bank Negara's capital requirements. Company says immediate earnings dilution would be minimal since convertible shares can be converted into ordinary shares only 12 months after issuance completed; pricing and ratio for share issuance to be determined later. "There will still be some impact on sentiment, though the fact that any dilution will only happen later should help prevent any steep drop in the share price," dealer says. Allianz ends +4.3% at MYR5.56 yesterday.

DJ MARKET TALK: Tejari May Rise To 35.5 Sen On Profit Hopes

0003 GMT [Dow Jones] Tejari (0140.KU) may rise to 35.5 sen (January 2009 high) after signing to buy 51% stake in two computer products dealers for total of MYR9.3 million; company says acquisition of PC3 Technology Sdn Bhd, which sells Acer and Canon products, comes with profit guarantee of MYR2.4 million over 32-month period while acquisition of Essential Action Sdn Bhd, which sells Lenovo products, comes with MYR1.5 million guarantee over same period; dealers say acquisitions significant for Tejari, which posted loss of MYR2.4 million in FY09. "The company could return to profitability by as early as this fiscal year because of the contribution from the new companies," dealer says. Tejari ended +61% at 25 sen yesterday.

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