Kuala Lumpur shares close flat in rangebound trade - UPDATE 10/07/2006
- Share prices closed flat in rangebound trade as
investors lacked fresh leads to spur buying interest, dealers said.
The benchmark index was weighed down by mild profit-taking in blue chips,
they said, adding that the market could consolidate further tomorrow if Wall
Street extends losses tonight after a downturn on Friday.
The benchmark Kuala Lumpur Composite Index (KLCI) closed down 0.70 points
at 924.86. The second board Index lost 0.73 points at 93.58.
Volume was 1.06 bln shares valued at 992.81 mln rgt.
Losers outnumbered gainers 366 to 338, with 304 stocks unchanged and 308
counters untraded.
The ringgit was quoted at 3.6405/6455 to the dollar, against 3.6310/6360
in opening trade.
A local brokerage dealer said the market was "lethargic with many
investors remaining on the sidelines."
Trading was "rangebound and dull," he said, adding that he expects
profit-taking activity to continue tomorrow as the market consolidates
towards the 920 points level.
TA Securities, however, said that the end of the World Cup soccer
tournament should bring retail investors, who have been distracted over the
past month, back to the market.
Among blue chips, Tenaga Nasional closed down 0.05 rgt at 9.10, Telekom
Malaysia was flat at 9.05 rgt and Malayan Banking gained 0.10 rgt to 10.70.
Air Asia was down 0.02 rgt at 1.46 on news that the government has
removed the floor price on fares for Malaysia Airlines, which will enable the
national carrier to offer discounted tickets.
Time dotCom was up 0.04 rgt or 5.33 pct at 0.79 on speculation that Digi.
com may take a stake in the company.
Rashid Hussain was down 0.01 rgt at 1.09 on profit-taking after gaining
earlier on speculation that the Employees Provident Fund may team up with
Bank of Nova Scotia to take over the Utama Banking Group's stake in RHB.

For tomorrow...best chance to SHORT KLOFF before 9.45am...short term target 895 points...

For CPO Market...more profit taking in near term...target 1475 points near term...

Regard

Anthony Wong