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									JF APEX SECURITIES BERHAD                                                                       KDN PP13226/04/2010 (023662)
(47680-X)




  Equity & Derivatives Highlights                                                                           14 April 2010


    Malaysia Equities & Derivatives                                     Index Movers




    Market Review
    Kuala Lumpur Composite Index

    Stocks in Bursa Malaysia fell 5.09 points to close at 1334.52 points on profit-taking activities, mirroring the
    regional downtrend where most bellwether indices also retreated on valuation concerns. The Finance Index
    declined 0.22% to 12003.15 points, the Properties Index lost 0.55% to 834.61 points and the Plantation Index
    eased 0.23% to 6504.63 points. The market traded within a range of 7.41 points between an intra-day high of
    1341.01 and a low of 1333.60 during the session. Actively traded stocks include TALAM, AFFIN-WC, KNM,
    PERISAI, SAAG, HWGB-WB, BJCORP-LC, SCOMI, IOI and TIMECOM. Trading volume declined to 1027.53mn
    shares worth RM1413.19mn as compared to Monday's 1106.12mn shares worth RM1658.18mn. Lagging Movers
    were TNB (-18 sen to RM8.37), AXIATA (-6 sen to RM3.71), CIMB (-4 sen to RM14.18), YTL (-10 sen to RM7.47)
    and UMW HOLDINGS (-10 sen to RM6.45).

    Market Thoughts

    US market was generally flat yesterday but DJIA managed to stay above 11,000 points to end 13.45 points
    higher at 11,019.42. After US market close, Intel reported better-than-expected earnings of 43 cents per share,
    beating consensus estimate of 38 cents per share. We believe that the news will be slightly positive to FBM KLCI
    today.




                           Please read carefully the important disclosures at end of this publication
14-Apr-10                                     Daily Highlights                           JF APEX SECURITIES

Futures Kuala Lumpur Composite Index                      Futures Crude Palm Oil




*As at 8.00am 14 April 2010

US contracts                                              Asia contracts




Futures Kuala Lumpur Index

FKLI were broadly lower in early trade Tuesday amid profit taking in the cash market. Spot month Apr10
contract opened at 1,342.0.

At midday, the FKLI were in downtrend with Apr10 10 points easier at 1,342.0 and May10 slipped 10.5 points to
1,342.5.

At the close yesterday, the FKLI settled south in line with the bearish cash market. Apr10 and May10 contracts
dropped 12 points to 1,334.0 each, Jun10 went down 10.5 points to 1,334.0 and Sep10 declined 10 points to
1,333.0.

A total of 5,286 lots were transacted, up from 3,984 lots recorded a day before, while open interest rose to
20,236 contracts from 20,230 contracts previously.

The underlying FBM KLCI was down 5.09 points to 1,334.52 at 5pm.

Futures Crude Palm Oil

The FCPO benchmark of Jun10 contract opened at RM2,520 per ton on Tuesday.

FCPO ended lower yesterday with reduced demand for the commodity. The decline was reflected in reports by
two cargo surveyors - Intertek Testing Services and Societe Generale de Surveillance, both reported a 30%
drop in palm oil exports in the first ten days of April.

Apr10 declined RM5 to RM2,580 a ton, May10 added RM3 to RM2,550, Jun10 fell RM4 to RM2,531 and Jul10
eased RM3 to RM2,525.

Volume fell to 11,203 lots from 14,632 lots on Tuesday while open interest declined to 74,101 contracts from
76,407 previously.

On the physical market, April South fell RM20 to settle at RM2,565 a ton.
14-Apr-10                                      Daily Highlights                             JF APEX SECURITIES

Malaysia Top & Corporate News

EPF conditional takeover on MRCB lapsed
The Employees Provident Fund Board (EPF) has allowed its conditional takeover offer of Malaysian Resources
Corporation Bhd (MRCB) to lapse after receiving acceptances amounting to only 3.34% comprising 45.64 million
shares. The EPF said its RM1.50 per share offer had failed to meet the acceptance condition and it would not
extend the offer period, which had lapsed at 5pm on Tuesday. (Source: The Edge)

EPF seeks RM50mn debt repayment from Transmile
The Employees Provident Fund (EPF) is taking all legal avenues to recover the RM50mn owed to it by Transmile
Group Bhd and is believed to be the main party behind the winding-up petition filed against the beleaguered air
cargo company late last month. (Source: The Star)

Perodua breaks monthly sales record in March
Perodua's monthly sales for March hit an all-time high of 18,500 units compared with the previous high of
17,050 cars in July 2008. The Company also serviced 148,000 cars last month, also the highest ever compared
with 145,000 vehicles serviced in July 2009. Riding on this strong performance, sales for the first quarter
(1Q10) jumped 24.5% to 47,800 units from 38,400 units in 1Q09. (Source: The Edge)

Bursa gives nod to CIMB dual listing
CIMB received Bursa Malaysia’s nod for its dual listing on the Stock Exchange of Thailand (SET) in addition to
Malaysia. The corporate exercise included the listing and quotation of up to 100mn new CIMB shares to be
issued in relation to the proposed SET listing. Bursa Malaysia also approved the listing and quotation of 3.58 bn
new CIMB shares to be issued in relation to a proposed bonus issue. (Source: The Edge)

Walker Corp invests RM1.7bn in waterfront project
Australian property developer Walker Corporation is investing RM1.7bn in the development of the first exclusive
waterfront project in the eastern corridor of Iskandar Malaysia. Dubbed Senibong Cove, the world-class project
is spread over 208 acres of freehold land on the banks of Sungai Lunchoo and the Straits of Johor, the company
said in a statement on Tuesday, April 13. (Source: The Edge)

Diversification on the cards for KYM
KYM Holdings Bhd, a packaging products manufacturer, is moving out of its comfort zone, with planned forays
into the construction and iron ore processing businesses. The budding property developer is also seeking fresh
opportunities in the Klang Valley real estate market to expand its income base. (Source: The Edge)

Texchem to expand Asean seafood ops
Texchem Resources Bhd plans to set up a second seafood processing facility in the Asean region and expand its
disposable medical devices manufacturing activities. Indonesia was a potential location for the facility which
required an initial investment of RM15mil to RM20mil, chairman Tan Sri Fumihiko Konishi told StarBiz (Source:
The Star)

MMC upbeat on energy, utilities
MMC Corp Bhd expects its energy and utilities division to remain the group's main earnings driver, as it positions
itself to take advantage of the country's improving economic outlook. Datuk Hasni Harun, chief executive officer
of MMC, who will also be the group managing director effective May 3, said the economic recovery bodes well
for the country's electricity demand and the company's 51 per cent-owned power generation subsidiary Malakoff
Corp. (Source: Business Times)

Uzma in deal with China firm
Uzma Bhd has entered into a deal with China's Junlun International Holding Ltd for the latter to provide
technical services in Baiyin Chagan, Inner Mongolia dense petroleum block. An agreement was signed between
Uzma's 35 per cent-unit Uzma Oriental Co Ltd, its joint venture partner Hefei XinXin Petrochemical Co Ltd and
the joint venture company Hefei Shun Xin Mineral Development Co Ltd with Junlun on April 12 2010. (Source:
Business Times)
14-Apr-10                                     Daily Highlights                                JF APEX SECURITIES

Ariantec bids for RM250mn jobs
ACE-listed information technology (IT) company Ariantec Global Bhd is bidding for projects worth RM250mil
both locally and overseas, says executive director Vincent Loy. (Source: The Star)

DiGi ups ante in broadband plan
DiGi Telecommunications Sdn Bhd has upped the ante in luring customers to use its broadband network with
the implementation of the country's first all-in-one postpaid plan that encourages smartphone usage. (Source:
The Edge)

MAHB says it has received proposals
Malaysia Airports Holdings Bhd (MAHB), in a reply to Bursa Malaysia’s query over a press report, said yesterday
it had received “proposals from interested parties” with respect to its Eraman duty-free retail outlets. (Source:
The Star)

Results

ARREIT's 1Q net income at RM8.67mn
AmanahRaya Real Estate Investment Trust (ARREIT) posted a net income of RM8.67mn in its first quarter (1Q)
ended March 31, 2010, compared with RM7.76mn a year earlier. First quarter revenue increased to RM12.22mn
from RM11.47mn previously while earnings per unit improved to 2.01 sen from 1.8 sen. ARREIT also declared a
higher dividend of 1.86 sen per share in the first quarter ended March 31, up from 1.8 sen per share previously.
(Source: The Edge)

US Market                                                            Advances & Declines:

                                                                                           NYSE          NASDAQ
                                                                         Advances      1,980 (50%)    1,382 (49%)
                                                                         Declines      1,810 (46%)    1,298 (46%)
                                                                         Unchanged     143 (4%)       133 (5%)
                                                                         Up Vol*       1,979 (127%)   1,385 (54%)
                                                                         Down Vol*     3,726 (239%)   1,138 (44%)
                                                                         Unch. Vol*    147 (9%)       36 (1%)
                                                                         New Hi's      452            194
                                                                         New Lo's      38             12
                                                                     *
                                                                         in millions
*As at 8.00am 14 April 2010

Market Review

Stocks scratched out slim gains Tuesday, pushing the Dow and S&P 500 to fresh 18-month highs and the
Nasdaq to the highest point in almost two years, as economic optimism again lifted equities.

The Dow Jones industrial average added 13 points, or 0.1%, ending at 11,019.42, the highest point since Sept.
26, 2008. The S&P 500 index was little changed, but nonetheless managed to end at a fresh 18-month high.
The Nasdaq composite added 8 points, or 0.3%, ending at a new 22-month high.

Credit Market

Treasury prices rallied, lowering the yield on the 10-year note to 3.82% from 3.85% late Monday.

Oil & Gold

COMEX gold for June delivery fell $8.80 to settle at $1,153.40 per ounce.

U.S. light crude oil for May delivery fell 29 cents to settle at $84.05 a barrel on the New York Mercantile
Exchange.
14-Apr-10                                     Daily Highlights                            JF APEX SECURITIES


U.S Top News

Economy News

Trade Deficit in U.S. Widens More Than Anticipated as Import Demand Grows
The trade deficit in the U.S. widened in February more than anticipated as Americans snapped up foreign-made
televisions and computers, illustrating the rebound in economic growth.

Fed's Fisher Says Inflation Not a Threat as Economy Has Too Much `Slack'
Federal Reserve Bank of Dallas President Richard Fisher said inflation isn’t a threat for now because the U.S.
economy has too much slack, or unused capacity.

Corporate News

Intel Sales Forecast Tops Estimates as PC Recovery Holds Up; Shares Climb
Intel Corp., the world’s biggest chipmaker, forecast second-quarter sales that topped analysts’ predictions,
citing growing worldwide demand for computers. The shares rose in late trading.

Coach May Raise Quarterly Payout by More Than 13% as Cash Grows, Data Show
Coach Inc., the largest U.S. maker of luxury leather handbags, may raise its quarterly dividend by more than 13
percent in the coming weeks, after initiating the payout a year ago, according to data compiled by Bloomberg.

(Source: Bloomberg, Smartmoney.com)

Regional Market




*As at 8.00am 14 April 2010

Regional Top News

Economy News

China May Post 11.7% Growth, Making `Good Time' to End Yuan Peg to Dollar
China’s economy may have expanded 11.7 percent in the first quarter, the fastest pace in almost three years,
making officials more likely to raise interest rates and scrap the yuan’s peg to the dollar.

Australian Rents to Increase 10% on Price Gains, Borrowing Costs, APM Says
Australian residential rents may rise by more than 10 percent this year as landlords pass on higher home prices
and increased borrowing costs to tenants, Australian Property Monitors said.

Corporate News

Sinopec Pays a Premium for Oil Stake as Price for China's Energy Security
China Petrochemical Corp.’s purchase of a stake in a Canada oil venture brings the nation’s spending on
resources to $64bn since 2005 and underlines its willingness to pay a premium for energy security.
14-Apr-10                                       Daily Highlights                                  JF APEX SECURITIES

China Merchants Bank's First-Quarter Profit Increases 40% to $864mn
China Merchants Bank Co. said first-quarter net income rose 40 percent from a year earlier to 5.9bn yuan,
according to a filing to Shanghai’s stock exchange.

Toyota Temporarily Halts Sales of Lexus GX 460 SUV Following Safety Report
Toyota Motor Corp. asked U.S. Lexus dealers to halt sales of GX 460 sport-utility vehicles after Consumer
Reports labeled the model a “safety risk,” the magazine’s first such designation in nine years.

(Source: Bloomberg)


Technical Review:
FBM KLCI Index




Closing:     1334.52
Support:     (S1) 1316 / (S2) 1310 (S3) 1300                Resistance: (R1) 1340 / (R2) 1350 / (R3) 1400
Comments:    The FBM KLCI index dropped 5.09 points or 0.38%, reversing Monday’s gains, to close at 1334.52
             points. The index has returned to below its immediate support level at 1335 and crossing below the 9
             days SMA hinting that the outlook may have turned unfavourable. This is supported by a decreasing
             MACD line which suggests that the uptrend momentum is declining. On the other hand, the RSI and ADX
             indicators retained its positive view. Given the mixed signal, the near-term outlook is uncertain. As for
             now, the immediate overhead resistance is pegged at 1340 followed by 1350. The immediate support
             is envisaged to be at 1316 followed by 1310.
14-Apr-10                                        Daily Highlights                                 JF APEX SECURITIES

FKLI Spot Month Contract




FKLI Closing: 1334.00
Support:      (S1) 1320 / (S2) 1310 / (S3) 1300           Resistance:     (R1) 1340 / (R2) 1350 / (R3) 1400
Comments:     At the close, the spot-month FKLI futures sank 12 points or 0.9% to close at 1334.00 points with a slim
              discount of 0.52 points as compared to a premium of 6.39 points previously. In consistent with its cash
              market, the price has also fell below the 9 days SMA line which hints that the contract outlook may have
              turned unfavourable. This is supported by the MACD indicator with the MACD value crossing below the 9
              days EMA line. The declining RSI value hints that the buying interest is diminishing. In summary, the
              contract outlook seems to be unfavourable with a negative outweighing signal. The immediate support is
              envisaged to be at 1320 followed by 1310.
3rd Month Crude Palm Oil Contract




CPO Closing: RM2534
Support:     (S1) 2500/ (S2) 2450/ (S3) 2400           Resistance: (R1) 2600/ (R2) 2650 / (R3) 2700
Comments:    The price of the 3rd month CPO futures dropped slightly by RM1 or 0.04% to close at RM2534. The
             price remains below the 30-50 days SMAs and breaks below the 9 and 100 days SMAs indicating
             that the outlook is unfavourable. We also take note that the CPO price is currently traded within a
             downtrend channel which has just started in the previous week. On its momentum indicator, the
             MACD value maintained below the zero and the 9 days EMA line showing that the CPO outlook
             remains negative. As for now, the immediate support is envisaged to be at RM2500 followed by
              RM2450, whilst the immediate resistance is pegged at 2600-mark followed by 2650.
14-Apr-10                    Daily Highlights   JF APEX SECURITIES

Pivot Table (For Intraday)
14-Apr-10            Daily Highlights   JF APEX SECURITIES

Market At a Glance
14-Apr-10                                                     Daily Highlights                                            JF APEX SECURITIES

                                            JF APEX SECURITIES BERHAD – CONTACT LIST


 JF APEX SECURITIES BHD                              DEALING TEAM                                             RESEARCH TEAM

 Head Office:                                        Head Office:                                             Head Office:
 6th Floor, Menara Apex                              Valerie Gan Ai Lynn (ext 3238)                           Norhashmilaidi Hashim (ext 758)
 Off Jalan Semenyih                                  Kong Ming Ming (ext 3237)                                Ng Keat Yung (ext 753)
 Bukit Mewah                                         Shirley Chang (ext 3211)                                 Lim Seong Chun (ext 759)
 43000 Kajang                                        Norisam Bojo (ext 3233)                                  Phoon Thai Yoon (ext 755)
 Selangor Darul Ehsan                                Derrick Ng Wei Yee (ext 3239)                            Afif Termizi (ext 757)
 Malaysia                                            Edwin Loh Ming Hon (ext 3236)                            Chai San San (ext 756)
                                                     Wong Wing Haur, Alvin (ext 3226)                         Jason Tan (ext 752)
 General Line: (603) 8736 1118                       Gan Huai Hsia (ext 3214)
 Facsimile: (603) 8737 4532                          Yap Maow Jun, David (ext 3228)
                                                     Lim Soo Yee, Chloe (ext 3235)
 PJ Office:
 15th Floor, Menara Choy Fook On                     Institutional Dealing Team:
 No. 1B, Jalan Yong Shook Lin                        Lim Teck Seng
 46050 Petaling Jaya                                 Sanusi Manso (ext 740)
 Selangor Darul Ehsan                                Edy Sukasma (ext 745)
 Malaysia                                            Fathul Rahman Buyong (ext 741)
                                                     Ramlee Sulaiman (ext 742)
 General Line: (603) 7620 1118                       Ahmad Mansor (ext 744)
 Facsimile: (603) 7620 6388                          Lum Meng Chan (ext 743)

                                                     PJ Office:
                                                     Tengku Badrul Hisham (ext 363)
                                                     Mohd Hanif Wan Said (ext 111)
                                                     Elle Chan (ext 862)



                                             JF APEX SECURITIES BERHAD - DISCLAIMER


Disclaimer: The report is for internal and private circulation only and shall not be reproduced either in part or otherwise without the prior written
consent of JF Apex Securities Berhad. The opinions and information contained herein are based on available data believed to be reliable. It is not to
be construed as an offer, invitation or solicitation to buy or sell the securities covered by this report.

Opinions, estimates and projections in this report constitute the current judgment of the author. They do not necessarily reflect the opinion of JF
Apex Securities Berhad and are subject to change without notice. JF Apex Securities Berhad has no obligation to update, modify or amend this report
or to otherwise notify a reader thereof in the event that any matter stated herein, or any opinion, projection, forecast or estimate set forth herein,
changes or subsequently becomes inaccurate.

JF Apex Securities Berhad does not warrant the accuracy of anything stated herein in any manner whatsoever and no reliance upon such statement
by anyone shall give rise to any claim whatsoever against JF Apex Securities Berhad. JF Apex Securities Berhad may from time to time have an
interest in the company mentioned by this report. This report may not be reproduced, copied or circulated without the prior written approval of JF
Apex Securities Berhad.


                                                           Published & Printed by:
                                              JF Apex Securities Berhad (47680-X)
                                        (A Participating Organisation of Bursa Malaysia Securities Berhad)

								
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