Share Market Top To Turn Down

Kuala Lumpur shares close slightly lower ahead of Telekom results - UPDATE 2/08/2006
- Share prices eased back from steady morning
trade and finished slightly lower as investors kept to the sidelines for most
of the afternoon session awaiting Telekom Malaysia's first-half results,
which were announced after the market close, dealers said.
Profit-taking in blue chips and lower-liners helped weigh the market
down, they said.
The Kuala Lumpur Composite Index (KLCI) lost 1.97 points or 0.21pct to
close at 934.07. The second board index gained 0.19 points to 90.12 .
Total trading volume was 565.12 mln shares valued at 787.88 mln rgt.
Losers outnumbered gainers 367 to 300, with 350 stocks unchanged and
301counters untraded.
Telekom Malaysia closed was down 0.10 rgt at 8.95 on volume of 4.05 mln
shares. Later, the company announced its first-half to June net profit rose
to 955.04 mln rgt from 800.61 mln a year earlier, as sales grew to 7.76 bln
rgt from 6.74 bln.
Trading is expected to remain in a tight range tomorrow as investors take
a wait-and-see stance, dealers said.
"Investors are just taking a wait-and-see approach on the market ahead of
big corporate earnings announcements this month," MIDF Sisma's analyst S.
Sharath said.
"The results are expected to provide much-needed leads for the market.
Good results will help to spur buying interest," he added.
SJ Asset Management Sdn Bhd chief executive officer Meor Khairi Bazid
said trading is expected to remain lackluster tomorrow on a lack of
market-moving news. This is in line with the relatively flat performance
today of regional markets, he said.
"There is nothing much happening on the macro side and investors are
looking not so much at sectors but more at individual stocks. (Given) the
dull trade, the market will continue to see some rotational play," Meor added.
TA Securities, in a note to clients, said the current phase of
consolidation with some profit-taking will continue for a few more days
pending fresh market leads, following the recent major investment initiative
in the Southern Johor Economic Region announced recently by the Prime
Minister.
The brokerage added that the ongoing correction in speculative
lower-liners, especially in the Mesdaq sector, will tend to restrict retail
participation and limit the daily trading volume at the 500-mln shares mark.
Among key blue chips, Genting closed down 0.45 rgt at 24.80, IOI Corp
fell 0.20 rgt to 16.10, Transmile slipped 0.10 rgt to 12.50.
ISS Consulting Solutions Bhd, an integrated software solutions provider,
was down 0.09 rgt or 21.95 pct at 0.32, compared to its initial public
offering (IPO) price on its debut on the Mesdaq board.
Dialog Group eased 0.005 rgt to 0.545 after the company said its unit has
lost a potential 75 mln usd contract.
Malayan Banking added 0.10 rgt to 10.80 after the banking group said it
has become the largest card player in Malaysia following its acquisition of
American Express' local charge card operations
Wah Seong Corp fell 0.01 rgt to 2.29 despite Bursa Malaysia's decision to
include the stock in the list of KLCI component stocks.
Gamuda was up 0.02 rgt at 3.46 on news that the construction company has
won an 640 mln rgt bridge contract in Bahrain.

For tomorrow...Short KLOFF when reach 930 points...near term target 900 points

For CPO market...market is cooling off after recent gain and make some foundation...near term target 1600 point s...

Regard

Anthony Wong