Kuala Lumpur shares close mixed; KLCI higher led by selected blue chips -
UPDATE 31/10/2006
- Share prices closed mixed, with the key index
higher on interest in selected blue chips, dealers said.
Sentiment remained buoyant, with the profit-taking seen in the past
session proving to be a healthy correction, they added.
The Kuala Lumpur Composite Index (KLCI) was up 2.23 points or 0.23 pct at
988.30.
The FTSE Bursa Malaysia 30-large cap index was up 11.14 points or 0.17
pct at 6,388.24, while the second board index was down 0.80 points or 0.90
pct at 87.74.
Losers outnumbered gainers 411 to 392, with 299 stocks unchanged and 218
untraded.
Trading volume was 930.63 mln shares valued at 1.12 bln rgt.
SBB Securities senior investment analyst Ng Jun Sheng said that regarding
the near-term outlook, he expects the market to trend higher, mainly driven
by an improving external environment and year-end window dressing activities
by fund managers.
"I think our market can play catch-up and the KLCI can touch 1,000 points
by the end of the year," the analyst said.
However, that said, the KLCI is likely to remain rangebound in the next
few days, he added.
Meanwhile, EON Capital Securities head of research Pong Teng Siew said
investors are taking a "wait-and-see" approach, after the US reported
sluggish third-quarter economic growth data
"The Asian markets are disconcerted by the prospects of an economic
slowdown in the US," he said
The US economy registered its slowest growth rate in more than three
years, the commerce department said Friday.
It estimated the economy grew at a 1.6 pct annualized rate in the three
months to September, down on the 2.6 pct growth in the preceding quarter.
Among the gainers on the local bourse today, Hong Leong Industries was
sharply higher on speculation that its major shareholder Quek Leng Chan may
sell his stake in the company following the sale of OYL Industries. The stock
was up 0.32 rgt at 4.98.
Gaming group Genting gained 0.25 rgt to 26.75 and air cargo operator
Transmile was up 0.30 rgt at 12.70.
IOI Properties rebounded from earlier losses, finishing the day up 0.15
rgt at 8.60. The chairman of IOI Corp said yesterday that there are no plans
at present to take the unit private.
K&N Kenanga Research said in a note to clients that it believes it may
prove earnings-accretive to take IOI Properties private.
IOI Corp was up 0.10 rgt at 17.20.
Palm oil producer Kuala Lumpur Kepong rose 0.10 rgt to 11.70.
Timber firm Ta Ann gained 0.10 rgt to 10.40, while WTK Holdings lost 0.20
rgt to 7.30.
Cigarette maker BAT (Malaysia) fell 0.50 rgt to 42.25 and leisure group
Tanjong lost 0.20 rgt to 12.10.
Financially-troubled property firm Talam was sharply lower, after IJM
Corp said it has no plans to acquire a direct stake in the company. Talam was
down 0.055 rgt or 22.92 pct at 0.185.
Among heavyweights, Telekom Malaysia fell 0.05 rgt to 8.75, energy firm
Tenaga was steady at 10.00 rgt and Maybank was flat at 11.20.

For tomorrow...market higher to 1000 points...

For CPO Market...correction to 1600 points...

Regard

Anthony Wong