Kuala Lumpur shares close firmer, supported by plantation sector - UPDATE 10/8/2006
- Share prices closed the day slightly higher,
with last-minute buying supporting the benchmark index as plantation stocks
gained momentum on the back of stronger crude palm oil (CPO) futures prices,
dealers said.
The Kuala Lumpur Composite Index closed up 1.73 points or 0.18 pct at 942.
99.
The FTSE Bursa Malaysia-30 large cap was up 8.85 points or 0.14 pct at
6115.98.
The second board index was up 0.04 points or 0.04 pct at 88.92.
Trading volume was 556.29 mln shares valued at 794.18 mln rgt.
Gainers outnumbered losers 367 to 326, with 335 stocks unchanged.
Leading the day's gains was the plantations sector, with the sub-index up
53.77 points or 1.52 pct at 3,592.47.
Kuala Lumpur Kepong, one of the biggest palm oil producers in the country
rose 0.30 rgt or 2.70 pct to 11.40, PPB Oil Palms advanced 0.20 rgt or 2.58
pct to 7.95, Golden Hope added 0.18 rgt or 4.05 pct to 4.62 and Guthrie
climbed 0.10 rgt or 3.25 pct to 3.18.
"CPO futures have been rising significantly since mid-June amid growing
optimism about biodiesel demand," a dealer at a Malaysian brokerage said.
Latest production figures show that the country's palm oil inventory has
come down, and investors are expecting CPO prices to trend higher as demand
for palm oil grows, along with the use of biodiesel, the dealer said.
Among the key blue chips, Telekom Malaysia was steady at 9.10 rgt, while
Tenaga added 0.05 rgt to 9.20 and Maybank edged up 0.10 to 10.90
Petronas Gas was lower after the company posted unexciting first-quarter
to June results. The stock fell 0.10 rgt or 1.14 pct to 8.70.
Cycle & Carriage Bintang was suspended in the afternoon, after the stock
ended the morning sharply higher at 2.45, up 0.12 rgt or 5.15 pct. At the
midday break, the company announced a 203 sen special dividend pay-out.
Scomi Group rose sharply after announcing plans to list its oilfield
services unit on the Singapore Stock Exchange to raise new funds. The stock
closed the day up 0.04 rgt or 4.04 pct at 1.03.
AMMB ended the day lower, falling 0.04 rgt or 1.61 pct to 2.44, while
AmInvestment was steady at 1.67 rgt. Both companies are expected to release
their first-quarter results tomorrow, dealers said.

For tomorrow...SHORT KLOFF when reach 940 points...short term target 900 points...

For CPO market...market will move higher after today profit taking...target 1700 points...

Regard


Anthony Wong