KUALA LUMPUR (June 29): The FBM KLCI will be hard pressed to end the final trading day of the first half of 2012 on a high note as gloomy external factors continue to sap investor confidence.
Even the world's second largest initial public offering (IPO) involving Felda Global Ventures Holdings Bhd (FGVH) on Thursday failed to excite the market significantly, as profit taking sent the 30-stock benchmark index well below the 1,600-point mark.
Meanwhile, European shares fell on Thursday, as rising German unemployment caused the country's DAX equity index to drop, and investors remained sceptical that a political summit on Europe's debt crisis would be able to agree concrete measures, according to Reuters.
Among the stocks that could be in focus on Friday are FGVH, Multi-Code Electronics Industries (M) Bhd (Multico), Perdana Petroleum Bhd and MBf HOLDINGS BHD [].
FGVH shares failed to sustain their momentum, after having surged at the opening bell on Thursday when the stock made a strong debut, rising nearly 20% or 82 sen to RM5.37 with 26.4 million shares traded. At the close, FGVH was up 14.1% or 75 sen to RM5.30 with 261.57 million shares done. Given the weakening market sentiment, FGVH could succumb to some mild profit taking.
Multico secured a five-year contract worth RM90.6 million from PROTON HOLDINGS BHD [] to supply spare parts for a new car model. The company said on Thursday that it would supply reverse sensor eyes (Parking Sensors), and power window regulators for the car.
Multico said the estimated total investment cost for toolings and equipment is RM0.9 million. It said the project was expected to contribute positively to its earnings from the financial year ending July 31, 2014.
Perdana Petroleum's subsidiary Perdana Nautika Sdn Bhd has secured a contract worth RM86 million from Murphy Sabah/Sarawak Oil Co Ltd (Murphy) to supply one anchor handling tug supply vessel. The company said on Thursday that the contract secured was to support Murphy's 2012/2014 Shallow Water Drilling Programme.
It said the contract was for a period of two years with an extension option of an additional year, effective from June 27, 2012. Perdana Petroleum said the contract was expected to its earnings for the financial year ending Dec 31, 2012 and the financial periods thereafter for the duration of the contract.
MBf is set divest its credit card business by the third quarter this year. MBf group chief executive officer and executive director Tan Sri Dr Ninian Mogan Lourdenadin said the company is going through tender process presently.
"We had some very good bids and we definitely will consider some of the bids. We are looking for healthy gain to book value (for the card business)," said Lourdenadin after the group's AGM on Thursday, adding MBf is expected to conclude the exercise within the next 60 days.
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