Share Down On Middle East War

KUALA LUMPUR-- Share prices on Bursa Malaysia closed on 17/07/2006
lower amid some panic selling today following a rise in world oil price amid
fears of a possible escalation in the conflicts in West Asia.
The rising oil price has caused concerns that the growth prospect of the
global economy would be adversely affected, said a dealer.
The Kuala Lumpur Composite Index lost 10.93 points to 902.70 and the
Industrial Index fell 24.98 points to 1,860.22.
The Second Board Index shed 0.91 of a point to 90.01 and MESDAQ Market lost
2.05 points to 117.28.
The FBMEmas lost 63.18 to 5,882.10 and FBM30 shed 65.84 to 5,840.09.
Losers overwhelmed gainers by 661 to 146, while 217 counters were unchanged,
295 untraded and 31 suspended.
The turnover dropped to 862.093 million shares worth RM1.079 billion from
1.162 billion worth RM1.242 billion last Friday.
Turnover on the Main Board fell to 535.244 million shares worth RM817.110
million from 725.331 million worth RM906.957 million last Friday.
The Second Board's volume meanwhile eased to 88.037 million shares worth
RM91.107 million from 114.227 million shares worth RM87.691 million.
The MESDAQ Market's volume fell to 235.127 million shares valued at
RM170.140 million from 315.376 million shares worth RM245.520 million.
Call warrants decreased to 3.685 million shares valued at RM1.305 million
from 7.074 million shares worth RM2.106 million.
Direct business deals shrank to 17.163 million shares valued at RM12.532
million from 75.730 million shares worth RM147.409 million.
An analyst said worries about the conflict in West Asia influenced
investors' mood today, resulting in some degree of panic selling in Asian
bourses.
In Hong Kong, the Hang Seng Index closed 70.89 points down to 16,064.82,
while in Singapore the Straits Times Index closed 43.35 points lower at
2,320.20.
The dealer said he expected further selling tomorrow unless worries over the
West Asia conflict eases and the Wall Street rebounds sharply overnight.
He said while oil price has eased to around US$77 per barrel from a high of
US$78.40 last week, many expect it to breach the US$80 price level in the near
term, driven mainly by speculative activities than actual shortage of oil.
However, he also expected some selective bargain hunting tomorrow,
particularly on stocks expected to gain from projects under the Ninth Malaysia
Plan such as Tebrau and UEM.
Those related to the oil and gas sectors are also likely to get some
attention as investors expect major investments in the sector, he added.
Among the active counters, Tebrau rose 2.5 sen to 58 sen, Iris Preference
Share was unchanged at 86.5 sen, Iris gained two sen to RM1.05, Mulpha warrant
stayed at 19 sen and Jadi lost two sen to 29.5 sen.
As for bluechips, Maybank was unchanged at RM10.50, Tenaga lost 10 sen to
RM9.10, Telekom shed 10 sen to RM8.95, Bintulu Port rose 16 sen to RM4.80, Shel
lost 50 sen to RM10.00 and Genting lost 90 sen to RM23.00.
On a sectoral basis, consumer products accounted for 20.616 million shares
traded on the Main Board, industrial products 62.389 million, construction
47.144 million, trade/services 131.120 million, technology 4.288 million,
infrastructure 11.814 million, finance 55.621 million, hotels 4.949 millon,
properties 132.521 million, plantation 10.444 million, mining 2,100 shares,
REITS 1.283 million, closed/fund 174,800, ETF nil and loans 52.879 million. --

For tomorrow...we strongly expected technical rebound...LONG KLOFF short term target 895 points...

For CPO Market...big chance to make money...Short CPO when market rally tomorrow...Short term target 1500 points...

Regard

Anthony Wong