For the week ended Sept 1, some RM9.89 million flowed into the top 20 stocks on Bloomberg’s buying-on-weakness list while RM27.6 million flowed out of the top 20 stocks on its selling-on-strength list.
Sarawak-based shipbuilder TAS Offshore Bhd — which was listed on Aug 28, with 77 million shares being issued to the public at 90 sen apiece — topped the buying-on-weakness list. Some RM1.68 million flowed into the counter on its first two days of being listed. It closed at 80 sen last Tuesday.
Mudajaya Group Bhd saw RM1.56 million flow into the stock, as its share price declined 1.47% during the week to RM3.34. The company released its results for 2Q2009 ended June 30 on Aug 26. Revenue and net profit for the six months to June 30 climbed 69.6% and 52% respectively compared with the corresponding period a year earlier. A second interim dividend of one sen was declared.
Last week, The Edge Financial Daily reported that the company was looking to raise funds, likely through a private placement, to increase its liquidity and shore up its capital base. However, it did not indicate a time frame for the corporate exercise.
AMMB Holdings Bhd fell by 1.44% over the four trading days to RM4.10, prompting investors to buy RM1.33 million worth of the stock. The group had earlier released the results for its 1Q ended June 30, 2009, which were above market expectations.
YNH Property Bhd saw its share price tumble 6.6% over the week to RM1.84, with some RM580,000 flowing into the property counter.
The most significant decline among the 20 stocks on the buying-on-weakness list for the week was the 14.73% plunge in Multi Sports Holdings Ltd’s share price to 55 sen. The Quek family, a major shareholder in the Chinese shoe-sole maker, sold off a 3.6% stake in the company on Aug 24. The family, via GuoLine Group Management Co Ltd, now owns 11.4% in Multi Sports.
Multi Sports, which made its debut on Bursa Malaysia on Aug 19 at 85 sen, fell to a historical low of 55 sen on Sept 1.
Leading the selling-on-strength list was Sime Darby Bhd, which saw an outflow of RM8.7 million during the week. It closed at RM8.26 last Tuesday. The stock hit its year high of RM8.55 on Aug 14.
On Aug 27, the conglomerate released its financial statements for the full year ended June 30, 2009, which beat market expectations and its own key performance indicators (KPIs).
On the price of crude palm oil (CPO), it was reported that Sime Darby president and group CEO Datuk Seri Ahmad Zubir Murshid expects current prices to hold until the end of this year. However, he says prices could decline next year as yields recover. For FY2010, CPO is expected to trade at between RM2,000 and RM2,200, he says.
YTL Power International Bhd saw its share price rise 3.76% to RM2.21 during the week, as RM4.4 million flowed out of the counter. The company recently announced the numbers for its fiscal year ended June 30, 2009, which were below consensus expectations. Nevertheless, the board has proposed a fourth gross interim dividend of 3.75 sen, bringing the total dividend for FY2009 to 13.9 sen compared with 11.3 sen in FY2008. This translates to a higher dividend payout ratio of 86%, compared with 56% the year before.
This article appeared in Capital page of The Edge Malaysia, Issue 771, Sep 7-13, 2009