Kuala Lumpur shares close lower - UPDATE 4/12/2006
- Share prices closed lower as
weaker-than-expected October trade data sparked concerns over Malaysia's
export prospects, dealers said.
The government announced that exports fell 3.4 pct year-on-year in
October, after rising 11.4 pct in the preceding month.
The Kuala Lumpur Composite Index (KLCI) closed down 2.67 points or 0.25
pct at 1,077.44, off a low of 1,076.53.
The FTSE Bursa Malaysia 30-large cap index lost 31.17 points to 1,080.11
while the second board index gained 0.48 of a point to 92.87.
Gainers outnumbered losers 470 to 429, with 270 stocks unchanged and 154
counters untraded.
Trading volume was heavy at 1.465 bln shares valued at 1.735 bln rgt.
"The lower than expected Oct trade figures suggest that US economic
growth is slowing down. Coupled with the softer US economic data during the
weekend, it is difficult for investors to be optimistic," said Pong Teng
Siew, head of research at EON Capital Securities.
Dealers said profit taking has been fairly well absorbed on relatively
strong buying support from local funds, which remain bullish on the market
outlook for the short to medium term.
Among blue chips, BAT Malaysia plunged 2.00 rgt to 42.00, Tenaga
Nasional shed 0.10 rgt to 10.80, and Genting eased 0.50 rgt to 29.00.
Iris Corp surged 0.055 rgt or 19.30 pct to 0.34 after the company said it
has filed lawsuits against the US government and Japan Air Lines for patent
infringement.
Telekom Malaysia fell 0.20 rgt to 9.40 on speculation that the
Khazanah-controlled company may acquire a substantial stake in Timedotcom Bhd
from debt-ridden Time Engineering Bhd. Timedotcom eased 0.095 rgt or 10.67
pct to 0.795.
Digi.com surged 0.90 rgt or 6.43 pct to 14.90 after the foreign
investment committee (FIC) approved its application for an extension to the
end of Dec 2007 to comply with the FIC's shareholding requirements.

For tomorrow...market continue to edge higher toward 1100 points...

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

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