Kuala Lumpur shares close flat - UPDATE 21/12/2006
- Share prices closed flat as many investors
moved to the sidelines ahead of Christmas holidays, dealers said.
The Kuala Lumpur Composite Index (KLCI) closed up 0.38 point at 1,076.68.
Losers outnumbered gainers 433 to 373, with 257 stocks unchanged and 257
counters untraded.
Trading volume was 747.04 mln shares valued at 1.18 bln rgt.
The government announced yesterday that it will waive a regulation
requiring foreigners to obtain approval from the foreign investment committee
for purchases of houses worth more than 250,000 rgt.
The local brokerage dealer said that the property sector could resume its
gains when the market opens again on Tuesday after the Christmas holiday on
Monday.
A further boost next week will come from last-minute window-dressing
activity by local fund managers as the year end approaches, dealers said.
Among blue chips,Genting dropped 0.50 rgt to 31.25, Malayan Banking fell
0.10 rgt to 11.60 and Tenaga Nasional was flat at 11.30.
In the property sector, SP Setia gained 0.42 rgt or 8.79 pct to 5.20 ,
Glomac rose 0.10 rgt or 9.09 pct to 1.20 and Mah Sing added 0.14 rgt or 4.32
pct to 3.38.
Telekom Malaysia was up 0.05 rgt at 9.80 on reports that it is in talks
with US telecommunications giant AT&T and Singapore's Starhub Ltd to build a
cable link between the US and South-East Asia.
Kencana Petroleum surged 0.19 rgt or 18.81 pct to 1.20 following a report
that Hong Leong Group's Quek Leng Chan may emerge as a substantial
shareholder.
Sime Darby and Sime UEP Properties Bhd were both suspended today. The
companies announced they will accept Synergy Drive Sdn Bhd's takeover offer.
The two stocks will resume trading tomorrow.

For tomorrow...market higher toward 1100 points...

For CPO Market...correction toward 1800 levels...