Business & Markets 2013
Written by Ho Wah Foon of theedgemalaysia.com
Monday, 14 January 2013 19:36
KUALA LUMPUR (Jan 14): Amid scant news flow, stocks that might attract some attention on Jan 15 could include BRIGHT PACKAGING INDUSTRY BHD , AIRASIA BHD , PLANTATION  stocks and penny stocks of under 50 sen per unit.
The tussle for control of the board at Bright Packaging Industry Bhd has intensified and the outcome will be known on Feb 21 after an extraordinary general meeting. The EGM was at the requisition of four shareholders -- Datuk Wira Syed Ali Abbas Alhabshee, Ang Lay Chieng, Tee Wee Keat and Lye Jun Feito -- to remove managing director Wong See Yaw and directors Yap Kok Eng, Wong Siew Yooong and Yeap Cheng Chuan. The four shareholders have a collective 31.19% stake in the company.
But in the same statement, Bright Packaging said the current board was proposing to pay dividends out of the profit for the year ended August 2012. While the tussle may scare investors, the dividend could be a sweetener.
AirAsia shares may see some movement if investors are not comfortable that the Employees Provident Fund sold 3.7 million shares in the company on Jan 9. The disposal was announced to the exchange on Monday.
Plantation stocks could get a lift if investors share the optimism expressed by the government that the implementation of the 10% palm biodiesel blending (B10 programme) for the non-subsidised sector will ease the current record high palm oil stock.
Plantation, Industries and Commodities Minister Tan Sri Bernard Dompok said at a palm oil conference: "We expect the full implementation of the B10 programme by end of this year to ease the palm oil stock to a more comfortable level of less than two million tonnes."
The Malaysian Palm Oil Board (MPOB) reported last week that palm oil inventories in December 2012 had increased 2.41% from November to 2.63 million tonnes.
Penny stocks could continue to dominate activities as investors hold the view that they are cheap and easy to make money fast, according to dealers. The recent surge in the price of super-penny stocks in Singapore has given some impetus to this segment of shares, they added.