Kuala Lumpur shares close higher - UPDATE 5/12/2006
- Share prices closed higher on strong buying
interest in selected blue chips, with Wall Street's overnight gains and
advances in many regional markets providing encouragement.
The Kuala Lumpur Composite Index closed up 11.52 points 1,088.96.
The FTSE Bursa Malaysia 30-large cap index gained 90.61 points to 7,000.
62 while the second board index added 0.89 of a point to 93.76.
The biggest sectoral gainer was construction, which rose 3.14 points or 1.
59 pct to 200.84, followed by the trading sector with a gain of 1.86 points
or 1.25 pct to 150.31.
Gainers outnumbered losers 616 to 276, with 273 stocks unchanged and 157
counters untraded.
Volume was 1.69 bln shares valued at 2.04 bln rgt.
The dealer cautioned, however, that even though the undertone of the
market remains intact, investors could get burnt if they invest too heavily
in lower liners as their gains are based on speculation and not on
fundamentals.
Dealers said buying momentum is expected to remain steady in the next few
days with intermittent profit-taking in blue chips.
Among blue chips, BAT Malaysia rose 0.50 rgt to 42.50, Nestle gained 0.30
rgt to 24.60, and Bursa Malaysia advanced 0.25 rgt to 8.00.
Telekom Malaysia climbed 0.35 rgt to 9.75 after rejecting reports that it
plans to acquire a stake in Timedotcom Bhd from Time Engineering Bhd.
TRC Synergy slid 0.04 rgt to 1.42 on profit-taking after gaining earlier
on news that its unit's joint venture has been awarded an airport runway
project worth about 200 mln rgt.
Sumatec Resources rose 0.04 rgt to 0.88 after it announced that its unit
has been awarded a 109.12 mln rgt turnkey contract to build a 200,000-metric
ton biodiesel plant by Himpunan Sari Sdn Bhd.
The New Straits Times Press (NSTP) and Utusan Melayu were sharply lower
on speculation that a merger proposal may not push ahead. NSTP plunged 0.40
rgt or 13.61 pct to 2.54 while Utusan slipped 0.27 rgt or 14.75 pct to 1.56.

For tomorrow...bull run continued to 1100 points before a break...

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

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