Kuala Lumpur shares close higher led by blue chips after economic data -
UPDATE 9/07/2006
- Share prices closed higher as investors picked
up blue chips on expectations that the market's technical rebound will
continue into next week, dealers said.
They said investor confidence was bolstered by strong industrial output
figures released today and robust exports data announced earlier this week.
The benchmark Kuala Lumpur Composite Index (KLCI) closed up 5.56 points
or 0.06 pct at 925.56, ending the week up 10.87 points or 1.19 pct.
The second board Index added 0.07 points at 94.31.
Volume was 794.39 mln shares valued at 913.64 mln rgt.
Gainers outnumbered losers 482 to 241, with 301 stocks unchanged and 292
counters untraded.
The ringgit was quoted at 3.6505/6555 to the dollar, against 3.6600/6630
in opening trade.
Dealers said they expect blue chips to attract follow-through interest
next week, judging from today's brisk activity.
They said there was strong buying in late trade, which is a good sign as
investors normally unload positions ahead of weekend.
A local brokerage dealer said the market's performance this week
suggests the gains are sustainable and that the rebound could last at least
for the next few trading days.
Another dealer, however, sounded a note of caution.
"Even though sentiment seems to be improving... concerns of higher
interest rates and geopolitical uncertainties continue to persist," the
dealer said.
"The concerns may have abated but they have not entirely gone away from
investors' radar screen," he said.
Among blue chips, BAT (Malaysia) was up 0.50 rgt at 41.00, Tenaga
Nasional was up 0.05 rgt at 9.15 and Telekom Malaysia gained 0.10 rgt to 9.05.
Other notable gainers included Kuala Lumpur Kepong, which advanced 0.20
rgt to 10.50; UMW Holdings, which added 0.15 rgt to 7.55; and Proton
Holdings, up 0.10 rgt at 5.20.
LPI Capital fell 0.10 rgt to 7.55 after announcing weaker results for the
second quarter to June.
Digi.com Bhd rose 0.20 rgt to 11.20 on its proposed second capital
repayment.
Petra Perdana was up 0.10 rgt at 3.54 on its proposal to list unit Petra
Energy.
YTL Corp added 0.07 rgt to 5.05 on a report that the government will
allow the company to conduct a feasibility study on a bullet train service
proposal.


For next week, we see a big chance of profit taking...beware...short KLOFF target 885
points in near term...

For CPO Market...profit taking most certain to take place ...good buy back at1485 points...

Regard

Anthony Wong