Kuala Lumpur shares close flat ahead of weekend- UPDATE 1/12/2006
- Investors also kept a cautious stance ahead of the weekend and the
release of October exports data on Monday, they added.
The Kuala Lumpur Composite Index (KLCI) was down 0.55 of a point or 0.05
pct at 1,080.11, off an intraday low of 1,074.88.
Gainers outnumbered losers 527 to 362, with 276 stocks unchanged and 151
counters untraded.
Trading volume was heavy at 1.6 bln shares valued at 1.99 bln rgt.
Dealers said next week's trade will start off with Malaysia's October
trade figures possibly affecting sentiment. Economists are expecting growth
in exports to slow as demand from the US is likely to have softened.
However, the general market undertone remains optimistic, they said.
Deutsche Bank in a note to clients said it has raised its target for KLCI
to 1,110 points from 1,075.
Telekom Malaysia finished the day up 0.05 rgt or 0.52 pct at 9.60 rgt.
There were rumors in the market that this Khazanah-controlled company may
seek to acquire another Khazanah-linked telco Timedotcom at 1.20 rgt per
share, dealers said.
Khazanah controls some 44 pct stake in Timedotcom via Time Engineering.
Timedotcom closed sharply higher at 0.89 rgt, up 0.085 rgt or 10.56 pct.
Parent Time Engineering gained 0.05 rgt or 7.69 pct to 0.70.
Energy firm Tenaga fell 0.10 rgt or 0.91 pct to 10.90 while Maybank was
steady at 11.60 rgt.
Gaming group Genting rose 0.25 rgt or 0.85 pct to 10.90.
Six out of seven analysts polled by XFN-Asia said the Malaysian
conglomerate stands a high chance to secure Singapore's second integrated
casino resorts on the Sentosa Island.
Malaysia Airports gained despite a weaker-than-expected third quarter
results on higher staff costs. The stock was up 0.01 rgt at 2.11.
Credit Suisse in a note to clients said it is keeping its "underweight"
call on Airports as it does not expect the airport operator's request to
impose a security surcharge will be granted by the government in the near
future. Also, the brokerage said it does not expect a restructuring, under
which Malaysia Airports may be taken private, to take place soon.
Budget airline AirAsia was lower after it said its net profit in the
first quarter to September fell nearly 35 pct to 6 mln rgt despite revenue
grew 29 pct. The stock fell 0.05 rgt or 3.27 pct to 1.48.
Chris Oh, an analyst at JP Morgan in a note to clients said he is keeping
his "underweight" call and target price of 1 rgt for the stock unchanged
given the airline's uninspiring bottom-line growth.
Banking group Rashid Hussain Bhd, the holding company of RHB Capital,
which runs RHB Bank, added 0.06 rgt or 4.14 pct to 1.51 after Kuwait Finance
House (Malaysia) confirmed its interest in taking up a stake in the bank.
RHB Capital rose 0.04 rgt or 1.11 pct to 3.64.
Media Prima fell 0.10 rgt or 3.73 pct to 2.58 on profit-taking after unit
New Straits Times Press (NSTP) sought a trading suspension saying a material
corporate announcement is expected next week.
Utusan Melayu, a United Malays National Organization (UMNO)-linked
company, which publishes Malay newspapers, has also requested a trading
suspension. Speculation was rife that the two media companies may merge and
create the largest print media group in the country.
NSTP was traded at 2.94 rgt and Utusan Melayu at 1.83 rgt before they
were suspended this morning.
Speculative stock KBES continued to lose ground after it was queried by
Bursa Malaysia over the unusual trading activities involving its shares. The
stock lost 0.065 rgt or 8.18 pct to 0.73.

For next week...as profit taking is very light...market is continueing to higer 1100 points...

For CPO Market...correction continued to 1800 levels...

SOCK TO WATCH

0010 IRIS CL 0.20 0042 MOBIF CL 0.52 7277 DIALOG CL 0.70

0079 CWORK CL 0.30 3859 MPHB CL 1.00 9636 KOSMO CL 1.00

0086 YGL CL 1.00 0135 SCN CL 1.20 3549 OPUS CL 1.20