MARKET UPDATES :
MALAYSIAN shares closed higher on Thursday with the Kuala Lumpur Composite Index gaining 0.19 points to 1,803.21. Some 1.6 billion lots, valued at RM2.1 billion were traded. Losers outnumbered gainers 433 to 344.
Switzerland’s ABB has won a contract worth more than US$50mil (about RM180mil) to supply the electrical system for Petroliam Nasional Bhd’s commercial floating liquefied natural gas (FLNG) facilities.It said on Thursday it would support the optimisation of the facility’s electrical side by designing, manufacturing and supplying transformers, switchboards, motor-control centers and power management system. “ABB will also manage the installation of the equipment and ensure the electrical supply is integrated with systems it is powering,” said the leading power and automation technology group.The FLNG is the second to be owned by Petronas and it will be called PFLNG2.ABB said the contract was awarded in the fourth quarter of 2014 by Japanese engineering contractor JGC Corporation.
The State Secretary, Johor (Incorporated) will take a 10% stake in two terminals at Petroliam Nasional Bhd’s Pengerang Integrated Complex (PIC).The Johor government had on Thursday signed two lease agreements with Pengerang Terminals (Two) Sdn Bhd (PT-2) and Pengerang LNG (Two) Sdn Bhd (PLNG-2) respectively. “The issuance of the lease agreements by the state of Johor marks the next stage of progress in the development of Petronas’ Pengerang Integrated Complex (PIC) in Pengerang, Johor,” said the national oil company.Subsequent to the signing of the agreements, the Johor government would hold a 10% equity in PT-2 and PLNG-2 respectively.PT-2 terminal will serve as a dedicated storage and industrial terminal for Petronas’ Refinery and Petrochemical Integrated Development (RAPID) complex.
Foreign funds emerged as net buyers on Bursa Malaysia on Wednesday, snapping up key index linked stocks, with net buying at RM333mil.BIMB Securities Research said on Thursday the foreign funds bought RM1.184bil of Malaysian equities and sold RM851.50mil.It was the local funds turn instead to lock in gains and emerging as net sellers at RM300mil. The institutions sold RM1.332bil of equities and bought RM1.031bil. Local retail investors were net sellers at RM32.9mil. At Bursa Malaysia on Wednesday, the FBM KLCI shot to a high of 1,831.41 in early trading following the four-day break during which time global crude oil prices rose by some 20% from its recent low. However, the FBM KLCI gave up the huge gain yesterday and closed 21.76 points or 1.22% higher at 1,803.02.
STOCK RECOMMENDATION :
BUY CHIN WELL HLDNG ABOVE 1.550 TARGET 1.590 1.640 SL 1.500
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