Kuala Lumpur shares close flat, interest seen in lower liners - UPDATE 11/07/2006
- Share prices closed flat in active trade, with
lower liners attracting interest, dealers said.
They said trading was dominated by second board and Mesdaq counters, as
the market awaits fresh catalysts to overcome its current tough resistance
levels.
The Kuala Lumpur Composite Index (KLCI) was down 0.26 points or 0.03 pct
at 924.60. The second board index was up 0.27 points or 0.29 pct at 93.85.
Trading volume was 1.06 bln shares valued at 962.5 mln shares.
Gainers beat losers 434 to 303, with 315 stocks unchanged.
At the close, the ringgit was quoted at 3.6525/6575 to the dollar
A local fund manager said that since the main index has held firm above
the 920 points level, there could be further upside going forward.
However, he noted that as the market has rebounded from a low of 880
points and many stocks have recovered from previous losses, investors are
advised to select stocks that have not been benefiting from the recent gains,
he added.
"To breach the 930 points resistance mark, the market needs fresh
leads ... market interest is expected to linger around stocks with a
development theme, like companies with greater chances of getting involved in
the Ninth Malaysia Plan, such as the Penang monorail project and South Johor
development plans " he said.
Among blue chips, Tenaga was up 0.10 rgt at 9.20 on volume of 6.84 mln
shares, while Telekom Malaysia was steady at 9.05 rgt on volume of 359,400
shares and Maybank was flat at 10.70 rgt on volume of 1.30 mln shares.
AirAsia was lower on extended selling after the announcement by Malaysia
Airlines that the government is allowing the national carrier to offer
discount fares for its domestic routes. AirAsia closed down 0.05 rgt at 1.41
on volume of 6.70 mln shares.
Rashid Hussain (RHB) and Utama Banking Group (UBG) were higher on
speculation that the Canadian Nova Scotia Bank is interested in buy UBG's
stake in RHB. RHB was up 0.22 rgt at 1.31 and UBG was up 0.215 rgt at 1.21.
New listing Frontken Corp was the most actively traded stock, rising 0.08
rgt to 0.29 on volume of 74.1 mln shares.

For tomorrow...KLOFF issueing a very clear SELLING SIGNAL...target 895 points in near term...

For CPO market...profit taking expected in near term ...target 1475 points...

Regard


Anthony Wong