[Malaysia Daily] Malaysia Shares End Up; Bargain Hunting Ahead Of Holidays
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Muhammad
Nov 4, 2005, 4:33:55 AM11/4/05
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KUALA LUMPUR --Malaysian shares ended slightly higher in quiet trade Wednesday, supported by mild bargain hunting from mostly local government linked funds, traders said.
Trade was listless with most investors and traders away from the market ahead of holidays on Thursday and Friday to commemorate the Muslim Hari Raya festival, which marks the end of the fasting month. The stock market was also closed Tuesday for another religious holiday.
"There were a few local funds nibbling, but other than that, the market was quiet for most of the day," said a trader with a large Kuala Lumpur-based brokerage.
The weighted Composite Index of 100 blue chip stocks closed up 3.16 points, or 0.4%, at 913.92, after trading in a narrow 910.51-914.93 range.
Advancers outnumbered decliners 445 to 187, with 208 stocks unchanged and 487 untraded.
Volume was thin, falling to 226 million shares valued at MYR559 million, down from 238 million shares valued at MYR520 million Monday.
Plantation and property firm IOI Corp. led gainers, closing up 2.3% at MYR13.40. Investors bought on hopes the company's plan to acquire or set up an oleochemical plant overseas will expand its capacity to meet rising demand, traders said.
Group Executive Director Lee Yeow Chor said Monday that the company's existing oleochemical operations in the northern state of Penang are already running at full capacity of 370,000 tons annually.
He added that IOI Corp. has enough money to fund its expansion abroad and is looking for a suitable site to locate the new plant.
Shares of budget carrier AirAsia rose 2.5% to MYR1.64 after its joint-venture airline Thai AirAsia began services Tuesday connecting Phnom Penh with Bangkok and Kuala Lumpur.
While the launch was widely expected, the new destination will boost the company's regional expansion plans, traders said.
Last week, the airline said it carried 38.7% more passengers on year in September, with Malaysian operations enjoying 23.2% on-year growth in traffic, while the Thai associate handled 23.4% more travelers.
Shares of some units of Petroliam Nasional Bhd. or Petronas rose after the national oil & gas corporation posted strong earnings in the first half of its fiscal year ending Sept. 30.
State-owned Petronas reported a 23% on-year rise in first-half net profit, despite a drop in total production. Net profit in the half year to Sept. 30 rose to a record $5.46 billion, from $4.44 billion in the same period a year ago, putting the unlisted company on track to report record annual earnings.
Shares of the company's shipping arm MISC rose 2.1% to MYR9.70 while Petronas Gas rose 1.2% to MYR8.80. Petronas Dagangan, the retail arm of Petronas, however, closed flat at MYR4.02.
Shares of Malayan Banking closed flat at MYR11.60, after falling earlier in the day to a low of MYR11.50, on concerns a possible lending rate hike by the year end may crimp margins if deposit rates are not equally raised, traders said. Sentiment was also bearish ahead of the stock going ex-dividend on Monday, traders noted.
Shares of power utility Tenaga Nasional ended flat at MYR10.00 while shares of Telekom Malaysia fell 1% to MYR9.75.
Next week, investors are expected to focus on big capitalized stocks with strong fundamentals," traders said.
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Posted by Muhammad to Malaysia Daily at 11/04/2005 01:29:00 AM
Trade was listless with most investors and traders away from the market ahead of holidays on Thursday and Friday to commemorate the Muslim Hari Raya festival, which marks the end of the fasting month. The stock market was also closed Tuesday for another religious holiday.
"There were a few local funds nibbling, but other than that, the market was quiet for most of the day," said a trader with a large Kuala Lumpur-based brokerage.
The weighted Composite Index of 100 blue chip stocks closed up 3.16 points, or 0.4%, at 913.92, after trading in a narrow 910.51-914.93 range.
Advancers outnumbered decliners 445 to 187, with 208 stocks unchanged and 487 untraded.
Volume was thin, falling to 226 million shares valued at MYR559 million, down from 238 million shares valued at MYR520 million Monday.
Plantation and property firm IOI Corp. led gainers, closing up 2.3% at MYR13.40. Investors bought on hopes the company's plan to acquire or set up an oleochemical plant overseas will expand its capacity to meet rising demand, traders said.
Group Executive Director Lee Yeow Chor said Monday that the company's existing oleochemical operations in the northern state of Penang are already running at full capacity of 370,000 tons annually.
He added that IOI Corp. has enough money to fund its expansion abroad and is looking for a suitable site to locate the new plant.
Shares of budget carrier AirAsia rose 2.5% to MYR1.64 after its joint-venture airline Thai AirAsia began services Tuesday connecting Phnom Penh with Bangkok and Kuala Lumpur.
While the launch was widely expected, the new destination will boost the company's regional expansion plans, traders said.
Last week, the airline said it carried 38.7% more passengers on year in September, with Malaysian operations enjoying 23.2% on-year growth in traffic, while the Thai associate handled 23.4% more travelers.
Shares of some units of Petroliam Nasional Bhd. or Petronas rose after the national oil & gas corporation posted strong earnings in the first half of its fiscal year ending Sept. 30.
State-owned Petronas reported a 23% on-year rise in first-half net profit, despite a drop in total production. Net profit in the half year to Sept. 30 rose to a record $5.46 billion, from $4.44 billion in the same period a year ago, putting the unlisted company on track to report record annual earnings.
Shares of the company's shipping arm MISC rose 2.1% to MYR9.70 while Petronas Gas rose 1.2% to MYR8.80. Petronas Dagangan, the retail arm of Petronas, however, closed flat at MYR4.02.
Shares of Malayan Banking closed flat at MYR11.60, after falling earlier in the day to a low of MYR11.50, on concerns a possible lending rate hike by the year end may crimp margins if deposit rates are not equally raised, traders said. Sentiment was also bearish ahead of the stock going ex-dividend on Monday, traders noted.
Shares of power utility Tenaga Nasional ended flat at MYR10.00 while shares of Telekom Malaysia fell 1% to MYR9.75.
Next week, investors are expected to focus on big capitalized stocks with strong fundamentals," traders said.
--
Posted by Muhammad to Malaysia Daily at 11/04/2005 01:29:00 AM
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