British American Tobacco Bhd (BAT) topped the buying-on-weakness list, attracting a total of RM5.81 million. The counter fell 1.7% during the week to close at RM44 on May 5.
BAT reported a 1.5% and 2.6% drop in revenue and net profit respectively in its 1QFY12/2009 results, released two weeks ago. The company recently declared an interim dividend of 72.1 sen per share. The company said it had been affected by lower sales volume brought about by rising illicit trade and weaker consumer spending.
DiGi.Com Bhd saw RM3.45 million flowing into the stock during the week as its share price shed a marginal 0.45%, closing at RM22.20 on May 5. Maybank Investment Bank downgraded DiGi to a “sell” following the release of its 1QFY12/2009 results, which saw its average revenue per user, or ARPU, decline 3% year on year while profit margins contracted.
Some RM2.13 million flowed into plantation company Kuala Lumpur Kepong Bhd as the counter shed 10 sen, or 0.87%, to close at RM11.40 last Tuesday. Strong crude palm oil (CPO) prices continued to draw interest in plantation counters as CPO futures continue to rally. However, traders say the rally is losing steam and prices may consolidate after hitting seven-month highs.
MISC Bhd foreign shares also saw buying interest as RM1.31 million flowed into the stock. The counter declined 1.12% over the week to close at RM8.80 last Tuesday.
There was buying interest in Ramunia Holdings Bhd, which has received an offer from Sime Darby Bhd’s subsidiary Sime Darby Engineering Sdn Bhd for its business and undertakings for a total provisional purchase consideration of RM232 million. This will be satisfied with RM46.2 million cash and RM185.8 million worth of new shares in Sime Darby Engineering. The offer was accepted by Ramunia’s board last Thursday.
QL Resources Bhd topped Bloomberg’s selling-on-strength list as investors took the opportunity to exit the stock. Some RM1.46 million flowed out of the stock as the counter climbed 2.75% to close at RM2.62 last Tuesday.
MISC Bhd rose 1.18% over the week to close at RM8.60 last Tuesday, with RM1.45 million flowing out of the stock.
There was some profit-taking in fast food restaurant operator KFC Holdings Malaysia Bhd as RM900,000 flowed out of the stock. KFC rose 0.72% to close at RM6.95 during the week. On March 30, the company announced on Bursa Malaysia that it had accepted an offer from Yum! Restaurants (India) Pvt Ltd to operate the KFC franchise in Mumbai and Pune in India.
YTL Power International Bhd saw RM820,000 flowing out of the counter during the week as the stock added 1.48% to close at RM2.06 last Tuesday. A total of 1.2 million new ordinary shares of 50 sen each were listed on April 30, arising from the exercise of the company’s warrants.
This article appeared in the Capital page, The Edge Malaysia, Issue 754, May 11-17, 2009.