Kuala Lumpur shares close little changed as late buying offsets losses -
UPDATE 16/10/2006
- Share prices closed little changed with late
buying interest recouping earlier losses, dealers said.
Nevertheless, the key index is likely to trend downwards towards the end
of the week as investors are expected to stay on the sidelines ahead of next
week's long holidays, they added.
The Kuala Lumpur Composite Index (KLCI) was up 0.25 points or 0.03 pct at
983.79, off an intraday low of 977.12.
The FTSE Bursa Malaysia 30-large cap index was down 11.18 points or 0.18
pct at 6,374.40, while the second board index was down 0.27 points or 0.32
pct at 85.08.
Losers outnumbered gainers 468 to 279, with 300 stocks unchanged and 269
untraded.
Trading volume was 576.16 mln shares valued at 709.37 mln rgt.
"There was a broad-based downtrend and profit-taking could be seen
everywhere," said Tee Sze Chian, an investment analyst at Mayban Securities,
adding that trading momentum was weak.
Stocks fell on continued profit-taking, with Transmile losing 0.20 rgt or
1.01 pct to 12.20 and oil and gas firm KNM Group shedding 0.20 rgt or 2.99
pct to 6.50.
Palm oil producer IOI Corp was down 0.20 rgt or 1.22 pct at 16.20, while
property arm IOI Properties gained 0.25 rgt or 3.14 pct to 8.20.
Gaming operator Genting was steady at 26.75 rgt, while associate Resorts
fell 0.20 rgt or 1.67 pct to 11.80.
Water treatment plant operator Puncak Niaga was sharply higher after
Water Minister Lim Keng Yaik reportedly said the government has approved a 15
pct water tariff hike in Selangor. The stock was up 0.07 rgt or 2.39 pct at 3.
00.
John Teoh, a fund manager from a local asset management firm, said he
does not see the potential 15 pct water tariff hike having an adverse impact
on the equity market.
"I don't think it will trigger further inflationary pressure as the hike
will be confined within Klang Valley and the government has given assurances
that the 42 pct low-income group will not be affected," the fund manager said.
Tronoh was sharply higher on speculation it may secure a power plant
project in Indonesia. The stock was up 0.10 rgt or 2.31 pct at 4.42.
Tenaga gained 0.10 rgt or 1.00 pct to 10.10, on expectations the national
energy firm will report strong earnings growth over the next two years.
Maybank was flat at 11.50 rgt and Telekom Malaysia steady at 9.10.

For tomorrow...profit taking continue to 950 points...

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

Regard

Anthony Wong