Kuala Lumpur shares close firmer after Genting rally reverses early fall
-UPDATE 6/10/2006
- Share prices closed slightly higher as Genting
extended its previous gains on the back of strong prospects for its bid for a
Singapore resort project, and led the market to rebound from an early session
fall, dealers said.
The market opened weak, losing 1.21 points, but recouped some of its
losses by the midday break and advanced further to close with modest gains on
interest in Genting.
The Kuala Lumpur Composite Index (KLCI) closed up 2.09 points or 0.22 pct
at 970.98. For the week, the KLCI gained 3.43 points or 0.35 pct.
The FTSE Bursa Malaylsia 30 large-cap index gained 19.93 points to 6,286.
85, while the second board index was up 0.42 pts at 83.77.
Gainers led losers 355 to 318, with 342 stocks unchanged and 307 untraded.
Trading volume was 570.44 mln shares valued at 848.42 mln rgt.
Investors welcomed the news that Genting's rival Harrah's Entertainment
is reviewing its bid for an integrated resort on Singapore's Sentosa Island
after receiving a buyout offer, dealers said.

''There is a perception right now that Genting's shares are relatively
cheap in relation to its potential,'' an analyst from SJ Securities said.
"The market also perceives that besides the Sentosa Island bid, Genting's
bid on Stanley Leisure plc is also gaining momentum,'' the analyst added.
Going forward, however, analysts still maintain that the market is still
not out of its bearish phase.
''Sentiment is still weak,'' another analyst said.
An economist from Maybank Securities said the outlook is still uncertain
as the economy may face a slowdown in the last quarter.
At the close, Genting Bhd was up 0.75 rgt or 3.06 pct at 25.25 on 2.47
mln shares.
Tanjong also helped boost today's market, with the counter gaining 0.30
rgt or 2.36 pct to 13.00.
Among other heavyweights, Tenaga and Maybank were steady at 9.75 and 11.
10 rgt respectively, while Telekom Malaysia eased 0.05 rgt to 9.10.
Elsewhere, Mesdaq's newly listed Scan Associates made an impressive debut
with a gain of 0.115 rgt or 23 pct at 0.615.
Ramunia Holdings Bhd was lower after a report that Sime Darby is seeking
an unprecedented waiver that would effectively lower the price of its
acquisition bid for Ramunia.
The counter was down 0.01 rgt at 1.22.
Malaysian Mosaic Bhd was higher in heavy trade after the company fixed
the entitlement date for the company's capital return of 0.90 rgt per share
for October 23, gaining 0.05 rgt or 2.82 pct at 1.82.
Ta Ann Holdings Bhd was higher on hopes that its earnings will be boosted
by rising prices of timber and plywood, gaining 0.45 rgt or 5.52 pct to 8.60.

For next week...market will correct down to 950 points...

For CPO market...market correction to 1500 levels...

Regard

Anhony Wong