Kuala Lumpur shares close lower UPDATE 14/12/2006
- Share prices closed lower for the third
straight session as investors continued to lock in gains, with IOI Corp and
Genting leading today's falls, dealers said.
Dealers said the market has demonstrated good support at the 1,069 points
level and should stay steady from now on.
The Kuala Lumpur Composite Index (KLCI) closed down 4.13 points or 0.38
pct at 1,075.47.
Losers outnumbered gainers 416 to 391, with 299 stocks unchanged and 207
counters untraded.
Trading volume was 786.84 mln shares valued at 1.24 bln rgt.
"Going forward, we think institutional buying will slow down as part of
year-end window dressing until January -- we don't expect much window
dressing this year," said the analyst.
Among index heavyweights, Telekom Malaysia fell 0.05 rgt or 0.52 pct to 9.
60.
Tenaga lost 0.10 rgt or 0.90 pct to 11.00 as investors ignored news that
the national energy firm's debt level has come down to 54 pct from 58 pct
since August due mainly to the strengthening of the ringgit.
Maybank was steady at 11.50.
Palm oil group IOI Corp posted the biggest loss, falling 0.60 rgt or 3.16
pct to 18.40.
Gaming group Genting slid 0.50 rgt or 1.52 pct to 32.50 and unit Resorts
was down 0.30 rgt or 2.11 pct at 13.90. Dealers said profit-taking in these
two stocks was expected given their share prices had run up significantly
earlier this week after the group had won the license last Friday to build a
casino resort in Singapore.
Among gainers, the UEM group of companies were broadly higher after UEM
World said it has been awarded a government project worth 767 mln rgt to
complete an electric-powered double-track railway connecting Rawang and Ipoh
towns.
UEM World gained 0.03 rgt or 1.75 pct to 1.74 and unit UEM Builder rose 0.
03 rgt or 2.16 pct to 1.42.
Dealers said UEM Builder is expected to be the biggest beneficiary of the
deal given UEM World had said it plans to transfer all the rights under the
contract to UEM Builder upon execution of the contract.
Toll road operators were higher after the government approved road toll
hikes for five highways in the state of Selangor leading into Kuala Lumpur,
with Lingkaran Trans Kota Holdings Bhd (Litrak) rising 0.02 rgt or 0.68 pct
to 3.06 and Gamuda Bhd up 0.10 rgt or 16.13 pct at 4.78.
Padiberas Nasional Bhd (Bernas) was sharply higher on a report that
businessman Syed Mokhtar al-Bukhary is finalizing a privatization plan for
the company, which has a monopoly on the import and distribution of rice in
the country.
A New Straits Times report said Syed Mokhtar may offer 2.50 rgt per share
to buy out other shareholders. The stock rose 0.06 rgt or 3.08 pct to 2.01.

For tomorrow...market side way for further gain...

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

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