Conflict In Israel Force Share Market Down

KUALA LUMPUR-- Share prices on Bursa Malaysia closed on 14/07/2006
sharply lower on panic selling amid concerns over higher crude oil prices and a
possible interest rate hike by the end of this month, dealers said.
Oil price remained above US$78 per barrel Friday after bombings in Israel
and Lebanon and the conflict between western nations and Iran over the nuclear
programme.
The 100-quality stock Composite Index, which opened 1.06 points lower at
925.49, eased 12.92 points to 913.63 at 5.00 pm.
A dealer said trading in the local market was relatively quiet throughout
the day with interest only on consumer, plantation and industrial stocks.
The Second Board Index was down 3.22 points to 90.92 and the Industrial
Index was 36.06 points lower at 1,885.20.
As for the FTSE-BM Index series, FBMEmas decreased 96.56 points to 5,947.16
while the FBM30, which comprise the top 30 companies by full market
capitalisation, lost 73.65 points to 5,909.22.
Losers outnumbered gainers by 827 to 90 while 164 counters were unchanged
and 239 untraded. Volume stood 1.162 billion shares worth RM1.242 billion.
Another dealer said that given the weaker external tone, the downtrend is
likely to continue next week as institutional interest dwindles on a lack of
positive domestic leads.
If there are some gains, he said, it will be limited on profit taking
activities among selected lower liners and bluechips.
Main Board turnover rose to 725.331 million shares worth RM906.957 million
shares from 521.003 million shares worth RM866.610 million Thursday.
Volume on the Second Board also appreciated to 114.226 million shares worth
RM87.690 million compared with 84.934 million shares valued at RM79.071 million
previously.
Turnover on the Mesdaq Market increased to 315.375 million shares worth
RM245.519 million versus 301.505 million shares valued at RM252.314 million.
Direct business deals, however eased to 75.730 million shares valued at
RM147.409 million from 81.354 million shares worth RM156.289 million.
Call warrants declined to 7.074 million shares valued at RM2.106 million
against 8.218 million shares valued at RM3.431 million yesterday.
Iris Corp led the actives list at RM1.03, decreased 34 sen, followed by
Karambunai Corp, which lost two sen to 10.5 sen while Sugar Bun Corp depreciate
32 sen to 90 sen.
Among heavyweights, Maybank declined 20 sen to RM10.50, Tenaga remained flat
at RM9.20, Telekom inched down five sen to RM9.05 and MISC lost 2.5 sen to
RM7.60.
Air Asia remained flat at RM1.30 for the second consecutive day. Yesterday,
shares of the low-cost carrier plunged to a 19-month low after the government
backed Malaysia Airlines in offering discounted prices for domestic flights.
However, MAS' shares eased eight sen to RM2.79 today.
On a sectoral basis, consumer products accounted for 20.734 million shares
traded on the Main Board, industrial products 105.936 million, construction
45.263 million, trade/services 200.332 million, technology 7.454 million,
infrastructure 17.705 million, finance 74.588 million, hotels 4.451 million,
properties 165.126 million, plantation 9.601 million, mining 5,900 shares, REIT
449,200 shares, closed/fund 189,400 and loans 73.494 million.

For Next week...more selling pressure...sell KLOFF target 885 in near term...

For CPO market...more selling pressure coming in the market...near term target 1475 points...

Regard

Anthony Wong