KUALA LUMPUR (June 26): The FBM KLCI could sustain its momentum and remain in positive for the third day running on Tuesday, as local investor sentiment stayed very much intact on Monday despite the gloomier performance at key regional markets. However, the spectre of the still struggling eurozone dragged global equities on Monday, and could in turn cap gains at the local bourse.
European shares hit a one-week low on Monday as global growth concerns and muted expectations that this week's European Union summit will yield significant measures to tackle the eurozone crisis hurt sentiment, with charts pointing to further losses, according to Reuters. The market focus was on the June 28-29 summit, when European leaders are expected to discuss specific steps towards a cross-border banking union, closer fiscal integration and the possibility of a debt redemption fund, according to a document prepared for the meeting, it said.
Among the stocks that could be in focus on Tuesday are Handal Resources Bhd, PADIBERAS NASIONAL BHD [] (Bernas), MINETECH RESOURCES BHD [], FAVELLE FAVCO BHD [] and APEX EQUITY HOLDINGS BHD [].
Handal's unit Handal Offshore Services Sdn Bhd has secured a contract worth RM150 million from ExxonMobil Exploration and Production Malaysia Inc to provide integrated crane services. In a filing on Monday, Handal said the contract was for a period of five years starting in June 2012 with an option of one year extension. It said the contract would contribute positively to its earnings for financial year ending Dec 31, 2012.
Bernas is setting aside RM250 million in FY12 ending Dec 31 to acquire new mills and improve existing rice mills, said its managing director Datuk Bakry Hamzah. He said RM100 million will be allocated for acquisition of mills while the balance of RM150 million will be set aside to improve existing mills.
Minetech's unit Minetech CONSTRUCTION [] Sdn Bhd has secured a subcontract worth RM29.46 million from MMC Gamuda KVMRT for the to build and complete underground excavation work for the Cochrane Station under the Sungai Buloh-Kajang Mass Rapid Transit (MRT) project. In a filing on Monday, Minetech said the cub-contract works were to be completed by May 31, 2013. It said the contract was expected to contribute positively to its future earnings.
Favelle Favco Bhd's units have secured separated Letters of Intent (LOIs) for orders worth a total RM71.5 million to supply a tower crane and two offshore cranes. In a filing on Monday, Favelle said its unit Favelle Favco Cranes Pty Ltd had receive dan order from Form 700 Pty Ltd to supply one tower crane, to be delivered by end 2012. Meanwhile, Favelle Favco Cranes (M) Sdn Bhd received an order from Shin Yang Shipyard Sdn Bhd for an offshore crane to be delivered by early 2013.
Apex could be in focus after it was issued an unusual market activity (UMA) query By Bursa Malaysia Securities Bhd on Monday over the limit-up in price of the company's shares. Apex closed 20 sen higher at RM1.15 on Monday with 5.52 million shares done.
The regulator queried the company whether there was any corporate development relating to the group's business and affairs that has not been previously announced that may account for the UMA. It also asked the company whether there was any rumour or report concerning the business and affairs of the group that may account for the UMA.
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