Kuala Lumpur shares close lower on profit-takingUPDATE 13/12/2006
- Share prices closed lower as investors
continued to lock in profits, with construction stocks -- one of the biggest
gainers over the past few weeks -- leading the decline.
The Kuala Lumpur Composite Index (KLCI) closed down 8.82 points or 0.81
pct to 1,079.60.
The construction sector sub-index fell 3.41 points or 1.73 pct to 193.39.
Losers outnumbered gainers 594 to 257, with 246 stocks unchanged and 215
counters untraded.
Trading volume was 955.48 mln shares valued at 1.69 bln rgt.
"Despite the current downtrend, we believe the market will do much better
in January. In that sense, now is a good time to buy," he added.
He said the strengthening of the ringgit and continued merger and
acquisition news should keep the market's longer-term uptrend intact.
Genting had been receiving good support despite some intermittent
profit-taking, finishing the day up 0.50 rgt or 1.54 pct to 33 while unit
Resorts was down 0.30 rgt or 2.07 pct to 14.20.
Among the index heavyweights, Telekom Malaysia was flat at 9.65 rgt,
Tenaga was unchanged at 11.10 rgt and Maybank was steady at 11.50.
SP Setia was lower after saying its net profit for the fourth quarter to
October fell 9.61 pct year-on-year to 71.85 mln rgt after sales plunged
nearly 49 pct during the quarter. The stock lost 0.08 rgt or 1.79 pct to 4.40.
Government-linked ECM Libra Avenue fell 0.03 rgt or 4.35 pct to 0.66
after it reported a net loss of 15.09 mln rgt in the third quarter to
October, compared to a net profit of 9.13 mln.
Among gainers, KUB Malaysia was sharply higher after saying it has
offered to acquire a 32 pct stake in Kejuruteraan Samudra Timur for 1.30 rgt
per share. The stock rose 0.01 rgt or 2.17 pct to 0.47.
Electrical and electronics product assembler VS Industry finished the day
unchanged at 1.71 rgt as profit-taking wiped out earlier gains.
The company said its net profit for the first quarter improved to 16.12
mln rgt, from 11.90 mln a year earlier.
Toll road operator Litrak was higher on hopes that the company's earnings
will be boosted by the planned toll hike next month. Litrak gained 0.05 rgt
or 1.67 pct to 3.04.
Plus, which operates the North South Highway, was lower at 2.77 rgt, down
0.05 rgt or 1.77 pct.
Trading in PPB Group and PPB Oil Palm had been suspended amid speculation
that the group may merge with Singapore's Wilmar International Ltd. PPB was
last traded at 4.90 rgt and... PPB Oil Palms was at 8.95 rgt.

For tomorrow...any futher decline is a good buy signal...

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

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