PETALING JAYA (Dec 20): The FBM KLCI could extend its gains for a fourth day on Friday, riding on the momentum it had built in the final dash to end the year on a high note, aided by window dressing activities on defensive blue chips counters.
The local index reversed its earlier losses on Thursday to close above the 1,670-point level, moving upward in tandem with the advance at most regional markets that had earlier dipped on persistent concern over the outcome of US budget talks.
Europe and Britain's top share indexes edged up on Thursday, though concern over the state of play in US budget talks may keep a check on any gains, according to Reuters.
Among the stocks that could be in focus on Friday are select blue chips; Subur Tiasa Holdings Bhd; Chin Well Holdings Bhd; Sanichi Technology Bhd; and Apex Healthcare Bhd.
Subur Tiasa's net profit for the first quarter (1Q) ended Oct 31, 2012 fell 70.1% to RM3.22 million from RM10.8 million a year earlier, due mainly to continued compression of profit margin as a result of easing of average selling price of logs and higher operation costs.
The company said on Thursday that revenue for the quarter increased to RM229.54 million versus RM151.22 million in 2011.
Malaysia's largest carbon steel fastener manufacturer Chin Well targets to increase revenue contribution from its Do-It-Yourself (DIY) fastener segment to 40% in the financial year ending June 30, 2013 (FY2013) from 20% now.
In a statement Thursday, its managing director Tsai Yung Chuan said that there was tremendous opportunity in the DIY segment, in line with evolving consumer lifestyles.
Tsai said end-users are increasingly preferring hands-on approach in household repairs, restoration and refitting works.
He said Chin Well was working together with DKSH Holdings Ltd to capture the growing demand of DIY tools.
Bursa Malaysia Securities has queried Sanichi over the unusual market activity (UMA) in the trading of the company's shares.
It said on Thursday that the query was regarding the sharp rise in the price of the shares of the company on Thursday.
At 5pm on Thursday, Sanichi was the most actively traded counter with 53.34 million shares done. The stock jumped 10 sen to 30 sen.
Pharmaceutical group Apex said it is setting up a joint venture with Darren Wong Khor Weng to contract manufacture surgical grade orthopaedic devices, components and surgical instruments.
In an announcement to Bursa Malaysia, Apex said its wholly-owned subsidiary ABio Marketing Sdn Bhd had entered into a Memorandum of Understanding with Wong to form the JV company, of which will be 40% owned by the group via ABio.