[Malaysia Daily] Malaysia Shares End Higher, Tracking Regional Markets
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Muhammad
Oct 31, 2005, 7:06:43 AM10/31/05
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KUALA LUMPUR (Dow Jones)--Malaysian shares ended higher Monday, tracking regional markets, with select bank stocks leading gainers, traders said.
The mild buying was attributed mostly to local government-led funds that bargain hunted select index-linked issues in quiet, late afternoon trade, traders added.
"There were a few local funds nibbling, but other than that, the market was quiet with most investors away," because of the holiday-shortened week due to the Deepavali and Hari Raya celebrations, said a trader with a mid-sized Kuala Lumpur-based brokerage.
The weighted Composite Index of 100 blue chip stocks closed up 4.97 points, or 0.6%, at 910.76, after trading in a narrow 905.38 to 911.53 range.
Advancers outnumbered decliners 368 to 233, with 306 stocks unchanged and 420 untraded.
Volume was thin, falling to 238 million shares valued at MYR520 million, down from 277 million shares valued at MYR645.9 million Friday.
Some banking stocks advanced on improved loan growth and non-performing loan data for September, with RHB Capital rising 2.1% to MYR2.44, Hong Leong Bank gaining 1.9% to MYR5.25 and Malayan Banking adding MYR11.60.
National car maker Proton Holdings rose 2% to MYR7.70 in thin volume of 901,000 shares, despite a report by business weekly The Edge that Proton could be exploring partnership options with other auto makers as talks with Germany's Volkswagen may have been called off.
The report cited unnamed sources close to Proton. Proton officials weren't available for comment, but an industry source told Dow Jones Newswires that talks are still ongoing.
Proton needs to partner with a major global carmaker to stop declines in its market share and to raise exports, analysts said.
On the downside, national carrier Malaysian Airline System fell 1.9% to MYR3.10 after announcing its third fuel surcharge increase in as many months. The latest increase will send the long-haul surcharge up by a steep 39% to US$50 one-way from Nov. 15.
The new surcharge matches that of more profitable rival Singapore Airlines, and shows Malaysian Air is "getting tough" on managing its fuel bill, a trader said. But other traders warned that raising fuel surcharges could deter some passengers from flying with the airline.
The market is closed on Tuesday, Thursday and Friday.
In the Wednesday session, the KLCI is expected to drift within 905 and 915 points.
"We expect trading to remain on big capitalized stocks with strong fundamentals," said a Kuala Lumpur based trader, citing a year-end target of 960 points for the KLCI.
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Posted by Muhammad to Malaysia Daily at 10/31/2005 04:06:00 AM
The mild buying was attributed mostly to local government-led funds that bargain hunted select index-linked issues in quiet, late afternoon trade, traders added.
"There were a few local funds nibbling, but other than that, the market was quiet with most investors away," because of the holiday-shortened week due to the Deepavali and Hari Raya celebrations, said a trader with a mid-sized Kuala Lumpur-based brokerage.
The weighted Composite Index of 100 blue chip stocks closed up 4.97 points, or 0.6%, at 910.76, after trading in a narrow 905.38 to 911.53 range.
Advancers outnumbered decliners 368 to 233, with 306 stocks unchanged and 420 untraded.
Volume was thin, falling to 238 million shares valued at MYR520 million, down from 277 million shares valued at MYR645.9 million Friday.
Some banking stocks advanced on improved loan growth and non-performing loan data for September, with RHB Capital rising 2.1% to MYR2.44, Hong Leong Bank gaining 1.9% to MYR5.25 and Malayan Banking adding MYR11.60.
National car maker Proton Holdings rose 2% to MYR7.70 in thin volume of 901,000 shares, despite a report by business weekly The Edge that Proton could be exploring partnership options with other auto makers as talks with Germany's Volkswagen may have been called off.
The report cited unnamed sources close to Proton. Proton officials weren't available for comment, but an industry source told Dow Jones Newswires that talks are still ongoing.
Proton needs to partner with a major global carmaker to stop declines in its market share and to raise exports, analysts said.
On the downside, national carrier Malaysian Airline System fell 1.9% to MYR3.10 after announcing its third fuel surcharge increase in as many months. The latest increase will send the long-haul surcharge up by a steep 39% to US$50 one-way from Nov. 15.
The new surcharge matches that of more profitable rival Singapore Airlines, and shows Malaysian Air is "getting tough" on managing its fuel bill, a trader said. But other traders warned that raising fuel surcharges could deter some passengers from flying with the airline.
The market is closed on Tuesday, Thursday and Friday.
In the Wednesday session, the KLCI is expected to drift within 905 and 915 points.
"We expect trading to remain on big capitalized stocks with strong fundamentals," said a Kuala Lumpur based trader, citing a year-end target of 960 points for the KLCI.
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Posted by Muhammad to Malaysia Daily at 10/31/2005 04:06:00 AM
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