Kuala Lumpur shares close mixed as profit-taking pares gains; index up -
UPDATE 8/11/2006
- Share prices closed the day mixed, with gains
in plantations and select major index stocks pared by profit-taking, dealers
said.
The key weighted index, however, settled higher and remained above the 1,
000-point benchmark, driven mostly by gains in earlier trade on the back of
an extended rally on Wall Street overnight and a positive political outlook
ahead of the ruling party's general assembly, they said.
The Kuala Lumpur Composite Index (KLCI) closed up 4.01 points or 0.39 pct
at 1,007.29, off an intraday high of 1,011.20 hit in the morning session.
The FTSE Bursa Malaysia 30-large cap index gained 10.28 points to 6,489.
89, while the second board index lost 0.74 of a point to 87.03.
Losers outnumbered gainers 419 to 389, with 322 stocks unchanged and 193
untraded.
Trading volume was 984.13 mln shares valued at 1.27 bln rgt.
''The market performed to our expectations today,'' said Peter Lim,
deputy managing director of SJ Securities.
''We expected the market to pull back a little bit and finished with
about a five-point gain,'' he said.
''Going forward, we remain positive about the near-term outlook and
maintain our forecast that the market is on an upswing until the UMNO General
Assembly starts November 13,'' Lim said.
OSK Securities Research said its outlook on the market also ''remains
bullish in the immediate term, with the market marching toward major
technical resistance at the 1,021-point level, which is the peak of the year
2000 technical rally.''
''We expect to see profit-taking activity to kick in at the 1,021-point
level,'' OSK Research said in a note to clients.
At the close, plantation and timber stocks, as well as units of the Hong
Leong Group, were down on profit-taking following their recent gains.
From the plantation sector, IOI Corp lost 0.20 rgt or 1.09 pct to 18.20,
while PPB Oil dropped 0.20 rgt or 2.23 pct to 8.75 and Kulim shed 0.15 rgt or
2.78 pct to 5.25.
Timber stocks TA Ann was flat at 10.70, while Jaya Tiasa lost 0.05 rgt to
2.99.
Hong Leong Group units - HL Industries, HL Capital and Camerlin all fell
on profit-taking. HL Ind lost 0.10 rgt or 1.68 pct to 5.85, HL Capital lost 0.
12 rgt or 8.96 pct to 1.22 while Camerlin shed 0.03 rgt or 1.29 pct to 2.29.
Among the heavyweights, Tenaga was flat at 10.10, Telekom Malaysia added
0.05 rgt to 9.00 while Maybank was flat at 11.20.
Elsewhere, Sime Darby Bhd was sharply higher on its expansion plans in
the plantation, automotive and oil and gas businesses, dealers said. Sime
Darby was up 0.15 rgt or 2.38 pct at 6.45.
Titan Chemicals Corp Bhd was also sharply higher after the petrochemicals
and polymer producer reported a 154 pct jump in net profit for the third
quarter to 124 mln rgt.
Titan was up 0.10 rgt or 7.69 pct at 1.40.
Sugar Bun was down on profit-taking, sliding 0.19 rgt or 10.73 pct to 1.
58.

For tomorrow...market very strong...

For CPO Market...profit taking to 1600 levels...

Regard

Anthony Wong