Kuala Lumpur shares close firmer led by plantations sector - UPDATE 14/8/2006
- Share prices closed firmer in rangebound trade,
with plantation stocks supporting the benchmark index amid rising crude palm
oil prices, dealer said.
The Kuala Lumpur Composite Index (KLCI) closed up 3.73 points or 0.40 pct
at 946.
The FTSE Bursa Malaysia-30 large cap index gained 26.03 points to 6128.
44, while the second board index was down 0.01 points at 88.47.
The plantations sector posted the biggest gains, with the sub-index up 42.
62 points or 1.16 pct at 3,742.39, followed by the industrial sector with a
gain of 0.76 pct. The construction sector was down 0.15 pct.
Losers outnumbered gainers 368 to 336, with 334 stocks unchanged and 279
counters untraded. Trading volume was 514.63 mln shares valued at 634.
50 mln rgt
"I suspect buying interest in blue chips is coming from local institutions
that want to support the market at current levels," a local brokerage dealer
said.
He said interest in plantations stocks helped to spur interest in select
blue chips, a phenomenon likely to continue in the next few days.
"Plantation stocks are likely to post further gains in the next few days,
with some rotational play in cheaper counters like Kumpulan Guthrie," he
added.

TA Securities said in a note to clients that any market movement upward
is expected to be met with relatively strong selling pressure as investors
are likely to sell on strength for now.
"Hence, a further rise toward the more significant resistance of 950,
backed by weak buying momentum, will prove unsustainable," it said.
Among key blue chips, Maybank gained 0.10 rgt to 10.80 and Tenaga rose 0.
05 rgt to 9.20, while Telekom Malaysia was steady at 9.10 rgt.
AMMB Holdings Bhd was flat at 2.43 rgt on mild profit-taking after
gaining earlier following its first-quarter to June results announcement.
Iris Corp Bhd fell sharply after Bursa Malaysia advised investors to
exercise caution in trading the company's shares. The stock was down 0.05 rgt
or 11.11 pct at 0.40.
ECM Libra Avenue Bhd was down 0.035 rgt at 0.665 on reports that three
key shareholders have sold off their stakes in the company.
AmInvestment Group was flat at 1.66 after posting weaker-than-expected
net profit for the first quarter to June.
DRB-Hicom Bhd was down 0.01 rgt at 1.37 on profit taking after gaining
earlier on speculation that Syed Mokhtar Al-Bukhary, a major shareholder of
DRB-Hicom, is considering acquiring a stake in national car maker Proton.

For tomorrow...any upward is good chance to SHORT KLOFF...target 900 points


For CPO market...BULL is back on tomorrow...target RM1700...

Regard


Anthony Wong