Market Roundup - 21 Sep 2005
KLCI unchanged
At 5 pm, the Kuala Lumpur Composite Index (KLCI) added 0.54 points to 922.57. Volume expanded to 512.49 mln shares valued at RM948.56 mln. Gainers slightly outpaced losers 337 to 327, while 343 counters were unchanged and 409 untraded. The Emas Index increased 0.43 points to 210.02, while the Second Board fell 0.24 points to 87.82. Share prices ended the day flat after the US Federal Reserve raised interest rates and signaled more increases to come. Most investors were also sidelined ahead of the 2006 Budget next Friday. Among blue chips, Tenaga gained 10 sen to RM10.80, Malayan Banking closed at RM11.50 was unchanged, while Telekom shed 20 sen to RM10.20. Time dotCom at 88 sen added 2.5 sen was the most active counter with 20.59 mln shares done. RHB at 91.5 sen gained 5 sen was on 2nd place, followed by Pantai-WA at 91 sen advanced 13 sen.
The Ringgit has been kept on a tight leash since the currency's peg against the US Dollar was abandoned, but markets are starting to bet that high inflation could tempt authorities to relax their control. Investors who have bet on Ringgit strength following July's currency reform have been disappointed by the less than 1% appreciation against the US Dollar. But the Ringgit's strength is now increasingly seen as an answer to inflation, running at a 6-1/2-year high of 3.7%. And with high crude oil prices a greater worry for manufacturers than Ringgit strength, the central bank could afford to let the currency appreciate.
AirAsia Wednesday said passenger traffic in August increased 28% on year, slower than July's 35% rise. As was the case in July, much of the on-year rise in passengers was due to contributions from the low-cost carrier's newly acquired Indonesian associate. AirAsia at RM1.56 improved 1 sen.
Teck Guan Perdana has reported an interim pre-tax profit of RM5.044 mln, a sharp turnaround from a pre-tax loss of RM749,000 for the same period last year due to improved profit margin and higher selling prices for its cocoa products. Teck Guan at RM1.91 fell 1 sen.
Tractors Malaysia Holdings was higher as the stock was seen providing a cheaper point of entry into parent Sime Darby. The stock was up 6 sen at RM3.50. It was reported earlier that Sime Darby will complete the privatization of 71.7% owned Tractors by the end of the year. Tractors at RM3.52 advanced 8 sen, while Sime Darby declined 5 sen to RM6.20.
Among highlights for today, QSR Brands at RM3.14 (unchanged); Carotech at 58.5 sen (+6 sen); Pantai Holdings at RM1.78 (+11 sen); Lion Forest Industries at RM2.35 (unchanged); Malaysia International Shipping Corp at RM18.30 (unchanged); Fotronics Corp at 54 sen (-0.5 sen); Furqan Business Organization at 19 sen (-1 sen); CB Industrial Product Holding at RM1.36 (unchanged); SMPC Corp at 42 sen (unchanged); JobStreet Corp at RM1.17 (-5 sen); Malaysian Airline System at RM3.22 (+6 sen).
Tokyo shares reached fresh 4 years high on Wednesday, as the Nikkei 225-Average stayed above the key 13,000-point level on continued investor optimism regarding the strength of Japans economic recovery. The benchmark Nikkei 225-Average closed up 0.37% to 13,196.57, its highest level since June 11, 2001. Financial institutions were broadly higher after Goldman Sachs said that Japanese banks had more upside potential if short-term interest rate rises were discounted. Shares of Japans leading property developers rose after the land ministry said on Tuesday that both commercial and residential real estate prices in Tokyo rose for the 1st time in 15 years, signaling that deflation was ebbing. Shares of department stores were broadly lower after Deutsche Bank downgraded ratings on various companies to hold from buy, as it said most shares were trading at a valuation premium.
Regional indices were mostly in red, Hong Kongs Hang Seng at 15,223.62 (-0.12%); Singapores STI at 2,298.65 (-0.38%); South Koreas KOSPI at 1,196.67 (+0.48%); Taiwans TWSE at 6,067.34 (-0.62%); Thailands SET at 723.07 (-0.01%); Philippines PCOMP at 1,959.15 (+1.33%); Indonesias JCI at 1,044.056 (-1.09%).
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posted by emacro @ 6:49 AM
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