20050921 Market Roundup JetFM
Market Roundup ( 22/9/2005 ) by Jupiter Research
Sluggish trade on Bursa
At 5 pm, the Kuala Lumpur Composite Index (KLCI) added 0.48 point to 923.05. Volume expanded to 479.05 mln shares valued at RM771.89 mln. Losers outpaced gainers 383 to 289, while 313 counters were unchanged and 430 untraded. The Emas Index improved 0.07 points to 210.09, while the Second Board fell 0.23 points to 87.59. Share prices ended slightly higher in sluggish trade as most investors are keeping to the sidelines in the absence of market moving news locally, with everyone focusing on the Federal Budget next Friday. Among blue chips, Tenaga was unchanged at RM10.80, while both Malayan Banking at RM11.60 and Telekom at RM10.30 were higher by 10 sen. Pantai-WA at 95 sen gained 4 sen was the most active counter with 22.70 mln shares done, followed by Avenue-WA unchanged at 9 sen and Time dotCom at 57.5 sen fell 0.5 sen.
The government is worried about high crude oil prices, but inflation is under control, the country's economic planning minister Dato' Mustapa Mohamed said on Thursday. Inflation reached a 6-1/2-year high of 3.7% in August from a year earlier, but Mustapa said it was being held in check. Asked whether the currency should rise to contain inflation, Mustapa replied that the Ringgit value depends on the market, as it is unpegged and the Ringgit was at fair value. The government said this month it was confident of meeting its target of cutting the fiscal deficit to 3.8% of gross domestic product this year from 4.3% in 2004. It expects the economy to expand by 5% to 5.5% this year, although GDP growth slowed to 4.1% in the year through the 2nd quarter, its weakest pace in 3 years, as manufacturing exports cooled.
Sime Engineering Services was limit-up on speculation that the company may win a significant contract from a crude oil corp, or it could be linked to progress on work on the Bakun Dam project. Sime Engineering was up 29.5 sen at RM1.10. However, the session limit gain in the morning session prompted Bursa Malaysia to query the company over the unusual market activity.
Parkway Holdings has declined to comment on whether it is keen to raise its existing 31% stake in Pantai Holdings. A spokeswoman for Parkway declined to comment when asked whether the firm intends to buy more Pantai shares as Pantai is trading well below its acquisition price. Pantai Holdings at RM1.89 advanced 11 sen.
WTK Holdings was higher on talk of a share buyback. A report from ITTO also said Malaysian timber and plywood exports to Japan have gained more than 20%YoY in the recent month. The timber stock gained 16 sen to RM3.86. AKN group of companies were higher following a report that boutique financial consultancy Binafikir has been given the mandate to reorient the business direction of AKN Capital's subsidiaries and investee companies. However, at 5pm AKN was lower by 0.5 sen to 92.5 sen.
Among highlights for today, Jaks Resources at RM1.06 (+1 sen); Cosway Corp at 62.5 sen (-0.5 sen); Avenue Capital at 66 sen (-3 sen); Johan Holdings at 13 sen (+1 sen); Green Packet at RM1.57 (+4 sen); Tanjong Plc at RM14.00 (-20 sen); SP Setia at RM3.78 (-4 sen); Star Publications at RM7.40 (+10 sen); Amalgamated Industrial Steel at 58 sen (+0.5 sen).
Tokyo's Nikkei 225-Average ended down 0.28% on Thursday after concerns that Hurricane Rita could drive crude oil prices higher and further dampen the US economy prompted investors to cash in recent winners. With Rita's landfall in Texas expected late on Friday or early on Saturday, and all but guaranteeing another rise in gasoline prices, investors had a hard time overlooking higher oil prices. On Wednesday, the International Monetary Fund shaved its 2005 growth forecast for the world's largest economy to 3.5% from 3.6%. It also trimmed its 2006 outlook to 3.3% from 3.6%. The Nikkei 225-Average finished down 37.21 points at 13,159.36, snapping a 2-day rally in which it gained 1.84% and topped 13,100 for the 1st time since 2001. The Tokyo market will close on Friday for a national holiday.
The losers in the region were Hong Kong's Hang Seng at 15,179.95 (-0.29%), Singapore's STI at 2,290.68 (-0.35%), Taiwan's TWSE at 5,972.06 (-1.57%) and Indonesia's JCI at 1,016.758 (-2.61%). While the gainers included South Korea's KOSPI at 1,199.97 (+0.28%), Thailand's SET at 722.96 (+0.25%) and Philippines' PCOMP at 1,965.27 (+0.31%) were the gainers, gaining on foreign interest.
Sluggish trade on Bursa
At 5 pm, the Kuala Lumpur Composite Index (KLCI) added 0.48 point to 923.05. Volume expanded to 479.05 mln shares valued at RM771.89 mln. Losers outpaced gainers 383 to 289, while 313 counters were unchanged and 430 untraded. The Emas Index improved 0.07 points to 210.09, while the Second Board fell 0.23 points to 87.59. Share prices ended slightly higher in sluggish trade as most investors are keeping to the sidelines in the absence of market moving news locally, with everyone focusing on the Federal Budget next Friday. Among blue chips, Tenaga was unchanged at RM10.80, while both Malayan Banking at RM11.60 and Telekom at RM10.30 were higher by 10 sen. Pantai-WA at 95 sen gained 4 sen was the most active counter with 22.70 mln shares done, followed by Avenue-WA unchanged at 9 sen and Time dotCom at 57.5 sen fell 0.5 sen.
The government is worried about high crude oil prices, but inflation is under control, the country's economic planning minister Dato' Mustapa Mohamed said on Thursday. Inflation reached a 6-1/2-year high of 3.7% in August from a year earlier, but Mustapa said it was being held in check. Asked whether the currency should rise to contain inflation, Mustapa replied that the Ringgit value depends on the market, as it is unpegged and the Ringgit was at fair value. The government said this month it was confident of meeting its target of cutting the fiscal deficit to 3.8% of gross domestic product this year from 4.3% in 2004. It expects the economy to expand by 5% to 5.5% this year, although GDP growth slowed to 4.1% in the year through the 2nd quarter, its weakest pace in 3 years, as manufacturing exports cooled.
Sime Engineering Services was limit-up on speculation that the company may win a significant contract from a crude oil corp, or it could be linked to progress on work on the Bakun Dam project. Sime Engineering was up 29.5 sen at RM1.10. However, the session limit gain in the morning session prompted Bursa Malaysia to query the company over the unusual market activity.
Parkway Holdings has declined to comment on whether it is keen to raise its existing 31% stake in Pantai Holdings. A spokeswoman for Parkway declined to comment when asked whether the firm intends to buy more Pantai shares as Pantai is trading well below its acquisition price. Pantai Holdings at RM1.89 advanced 11 sen.
WTK Holdings was higher on talk of a share buyback. A report from ITTO also said Malaysian timber and plywood exports to Japan have gained more than 20%YoY in the recent month. The timber stock gained 16 sen to RM3.86. AKN group of companies were higher following a report that boutique financial consultancy Binafikir has been given the mandate to reorient the business direction of AKN Capital's subsidiaries and investee companies. However, at 5pm AKN was lower by 0.5 sen to 92.5 sen.
Among highlights for today, Jaks Resources at RM1.06 (+1 sen); Cosway Corp at 62.5 sen (-0.5 sen); Avenue Capital at 66 sen (-3 sen); Johan Holdings at 13 sen (+1 sen); Green Packet at RM1.57 (+4 sen); Tanjong Plc at RM14.00 (-20 sen); SP Setia at RM3.78 (-4 sen); Star Publications at RM7.40 (+10 sen); Amalgamated Industrial Steel at 58 sen (+0.5 sen).
Tokyo's Nikkei 225-Average ended down 0.28% on Thursday after concerns that Hurricane Rita could drive crude oil prices higher and further dampen the US economy prompted investors to cash in recent winners. With Rita's landfall in Texas expected late on Friday or early on Saturday, and all but guaranteeing another rise in gasoline prices, investors had a hard time overlooking higher oil prices. On Wednesday, the International Monetary Fund shaved its 2005 growth forecast for the world's largest economy to 3.5% from 3.6%. It also trimmed its 2006 outlook to 3.3% from 3.6%. The Nikkei 225-Average finished down 37.21 points at 13,159.36, snapping a 2-day rally in which it gained 1.84% and topped 13,100 for the 1st time since 2001. The Tokyo market will close on Friday for a national holiday.
The losers in the region were Hong Kong's Hang Seng at 15,179.95 (-0.29%), Singapore's STI at 2,290.68 (-0.35%), Taiwan's TWSE at 5,972.06 (-1.57%) and Indonesia's JCI at 1,016.758 (-2.61%). While the gainers included South Korea's KOSPI at 1,199.97 (+0.28%), Thailand's SET at 722.96 (+0.25%) and Philippines' PCOMP at 1,965.27 (+0.31%) were the gainers, gaining on foreign interest.
posted by emacro @ 5:36 AM
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