KUALA LUMPUR, 17/11/2006 -- Kuala Lumpur shares finished the
day mixed, with profit-taking limiting the index's gains on selected key blue
chips such as gaming group Genting and Resorts, dealers said.
The local bourse is now overbought based on technical readings and is likely
to be hit by further profit-taking next week, they added.
The Kuala Lumpur Composite Index was up 3.19 points or 0.31 pct at 1,040.
79. For the week, the KLCI was up 18.49 points or 1.81 pct.
The FTSE Bursa Malaysia 30-large cap index was up 5.63 points or 0.08 pct at
6,649.90, while the second board index was down 0.25 points or 0.28 pct at
89.02.
Losers outnumbered gainers 446 to 420, with 279 stocks unchanged and 173
untraded.
Trading volume was 1.21 bln shares valued at 1.39 bln rgt.
"We had seen some sideways trading today but volume remained strong -- there
had been a mixture of both local and foreign funds buying," said Tee Sze Chiah,
investment analyst at Mayban Securities.
Next week, trading is likely to turn relatively quiet after the
three-day-long UMNO (ruling United Malays National Organization) general
assembly ends today.
Nevertheless, the benchmark KLCI may test the 1,045-1,050 points resistance
level first, before shifting into a significant correction mode, he added.
Index heavyweights finished the day mixed, with Telekom Malaysia falling
0.25 rgt or 2.62 pct to 9.30 on profit-taking, Tenaga steady at 10.50 rgt and
Maybank up 0.10 rgt or 0.88 pct at 11.40.
Among blue chips, Genting posted the biggest gain, rising 1.25 rgt or 4. 81
pct to 27.25.
Resorts was up 0.20 rgt or 1.64 pct at 12.40.
Share prices have also been given a boost by strong corporate earnings
results, dealers said.
UMW Holdings was sharply higher, rising 0.35 rgt or 4.61 pct to 7.95, after
recording an 8 pct year-on-year rise in a third-quarter net profit to 88.61 mln
rgt. The group's net profit had been supported by its strong oil and gas segmen
amid softer Toyota car sales, analysts said.
Ornasteel Holdings rose 0.045 rgt or 5.96 pct to 0.80, after the company
turned in a profit for the third quarter to September from a loss a year
earlier.
Timber firm Lingui Development was sharply higher, gaining 0.33 rgt or 27.
73 pct to 1.52, after recording an improved net profit of 86.14 mln rgt for the
first quarter to September from 4.56 mln a year earlier. The stock was limit-up
in the morning session.
Shipping firm Alam Maritim was sharply higher, up 0.23 rgt or 8.88 pct at
2.80, after saying its third-quarter net profit came in at 9.61 mln rgt on sale
of 41.88 mln. Hwang-DBS Vickers Research said in a note it has raised its targe
price for Alam Maritim to 3.40 rgt, from 2.80.
Kossan Rubber Industries was sharply higher, rising 0.16 rgt or 3.70 pct to
4.48, after the company posted a 43 pct year-on-year rise in third-quarter net
profit to 10.89 mln rgt. CIMB Research said it has raised its target price for
Kossan to 6.10 rgt from 4.85, given the rubber maker's aggressive capacity
expansion.
Elsewhere, MTD Capital gained 0.04 rgt or 1.44 pct to 2.12 on speculation
that unit MTD Infraperdana is planning another capital repayment of about 350
mln rgt.
MTD Infraperdana was down 0.02 rgt or 1.63 pct at 1.21.
Sin Heng Chan was sharply higher, rising 0.055 rgt or 6.18 pct to 0.945,
after saying it plans to venture into the plantation sector by acquiring a palm
oil company for 30.6 mln rgt.

For next week...market expecet to keeping up...

For CPO Market...profit taking may come anytime...

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