Kuala Lumpur shares close firmer led by select blue chips; volumes light
UPDATE 22/8/2006
- Share prices closed firmer led by select blue
chips and plantation stocks, though volumes were light ahead of key economic
data and corporate results announcements later this month, dealers said.
The central bank will release second-quarter GDP data at the end of the
month.
The Kuala Lumpur Composite Index ended the day up 2.41 points or 0.26 pct
at 945.02.
The FTSE Bursa Malaysia 30 large-cap was up 14.21 points or 0.23 pct at
6107.98.
The second board index was down 0.78 point or 0.92 pct at 84.43.
Trading volume was 385.22 mln shares valued at 695.56 mln rgt.
Gainers and losers were even at 338 stocks, while 338 stocks were
unchanged and 305 counters untraded.
A dealer at a local brokerage said the market will move sideways for the
next two weeks as investors await economic data and earnings announcements
from some big companies.
She said the main index's upside is likely to be capped at 948 points
while support is seen at the 930 to 920 range.
The dealer said she does not expect the weak quarterly results seen in
major plantation companies to have an adverse impact on investor sentiment as
fund managers expect palm oil producers' earnings next year to be benefit
from higher crude palm oil prices.
Plantation stocks were broadly higher today, with PPB Oil Palms rising 0.
15 rgt or 1.91 pct to 8.00, IOI Corp gaining 0.10 rgt or 0.62 pct to 16.20
and Golden Hope up 0.02 rgt to 4.82.
Maxis Communications rose 0.15 rgt or 1.73 pct to 8.80 ahead of its
second-quarter results tomorrow.
AirAsia was sharply higher despite some worries over the budget carrier's
earnings prospects after Malaysia Airlines launched lower fares on certain
routes. The stock was up 0.03 rgt or 2.22 pct to 1.38.
AirAsia will announce its year to June results later this week.
Malaysia Airlines rose sharply on follow-through buying, ended the day up
0.08 rgt or 2.74 pct to 3.00.
Telekom Malaysia lost 0.05 rgt to 8.95 as investors locked in profits
after yesterday's gains, while Maybank rose 0.10 rgt to 10.80 ahead its
full-year results and Tenaga was steady at 9.15 rgt.
Gaming operator Tanjong rose 0.20 rgt or 1.52 pct to 13.40, British
American Tobacco gained 0.25 rgt or 0.59 pct to 42.75 and Resorts was up 0.20
rgt or 1.67 pct to 12.20.

For tomorrow...SHORT KLOFF...target 900 points in near term...

For CPO market...short term not good...target 1550 points...

Regard

Anthony Wong