Wednesday, June 29, 2011

Stock Watch : KNM

FBM KLCI rises to historic high

Written by Surin Murugiah of
Wednesday, 29 June 2011 17:41

KUALA LUMPUR: The FBM KLCI surged to close at a fresh historic high on Wednesday, June 29, lifted by gains including at index-linked plantation stocks and select blue chips on some late window-dressing activities as the second quarter draws to an end.

The 30-stock FBM KLCI was up 4.99 points to 1,575.01, surpassing its previous record high close of 1,574.49 on Jan 17 this year. Gainers led losers by 434 to 333, while 319 counters traded unchanged. Volume was 1.04 billion shares valued at RM1.79 billion.

KNM : Closed at 1.84. Indicators showing positive signs and bullish. BUY at 1.81-1.83. Cut if goes below 1.78. RSI at 33(low). High beta(2.70) for trading as fundamentally NOT a good stock. More for speculative play and shorter terms.

Call-warrants : None of her babies worth punting. Too high of premium, so did not satisfy my criteria but IF KNM do reverse from here, these CWs will gain substantially.

Announcement : Click here

KNM Group to bid for RM17b jobs
Published: 2011/06/29

KNM Group Bhd is tendering for projects worth RM17 billion, said its executive chairman and chief executive officer, Lee Swee Eng.

He said the secured projects amounted to RM5.5 billion, mostly from overseas. "We are expecting this year to be better. As for profit outlook, we hope to see better results with more activities in the industry and with oil prices at around US$90 per barrel," he said.

Lee said this at a media briefing after the company's annual general meeting here today. He said a substantial amount of investment would be required this year for the company's joint ventures in Sabah and South Africa.

"The total capital expenditure (capex) for the business undertakings in Sabah and South Africa for this year will amount to approximately RM50 million to RM60 million, which we will share with our partners," he said.

For the financial year ended Dec 31, 2010, KNM's pre-tax profit fell to RM46.51 million from RM138.114 million previously. -- Bernama


No comments: