Friday, May 23, 2008
9:27 pm - Malaysian shares close flat; key index down for fourth straight day
Malaysian shares close flat; key index down for fourth straight day - UPDATE KUALA LUMPUR (Thomson Financial) - Malaysian shares closed little changed in quiet trade on Friday after an early session advance triggered by a rebound on Wall Street overnight lost steam due to caution ahead of the weekend. Market sentiment remains bearish and cautious, said Lee Cheng Hooi, an analyst at MIMB Investment Bank. The composite index was down for a fourth trading day in a row as investors cashed in early gains. The Kuala Lumpur Composite Index eased 2.79 points or 0.2 percent to finish at 1,274.78. "We expect a visit to the key 1,271-point support area again quite soon,'' Lee said. The FTSE Bursa Malaysia 30-large cap index dropped 9.62 points or 0.1 percent to 8,223.37, while the FTSE Bursa Malaysia second board index added 16.61 points or 0.3 percent to 5,827.57. Advancers slightly outnumbered decliners 320 to 319, with 264 stocks unchanged and 518 untraded. Trading volume was low at 544 million shares valued at 1.3 billion ringgit. "Continue to sell and take profit on rallies,'' Lee said. "The local bourse will likely continue to consolidate going forward,'' said Pong Teng Siew, head of research at MIMB Investment Bank. "The U.S. economy does not look good and may spring more unpleasant surprises.'' Wall Street steadied itself Thursday after two sessions of steep declines, rebounding moderately as oil prices retreated from record-breaking rallies. Better-than-expected figures from the Labor Department showing the number of workers seeking unemployment benefits declined by 9,000 last week to 365,000 also supported the U.S. market. But the economic fallout from ascendent energy prices remained Wall Street's focus. Uncertainties on the domestic political front also cast a pall of gloom on the local stock market. "We are maintaining our 'sell on rally' strategy as unsettling newsflow in the local political scene have fogged up the market,'' said Phua Kwee Hock, an analyst at SJ Securities. Political factors weighed on the market this week after former prime minister Mahathir Mohamad quit the ruling party, UMNO, and called on other party members to follow his lead in an effort to put pressure on Prime Minister Abdullah Ahmad Badawi to step down. "Until clarity emerges on the political front, the Malaysian market will just be (dawdling),'' Phua said. Telekom Malaysia was down 0.6 percent at 3.22 ringgit. Malaysia's largest telecommunications company said on Thursday its net profit fell 12.8 percent to 519.7 million ringgit ($162.4 million) in the first quarter on higher operating and financing costs. Diversified conglomerate YTL Corp was flat at 7.45 ringgit. The company reported on Thursday a 32 percent jump in its nine-month net profit to 1.07 billion ringgit. Plantation majors put in a mixed performance, with Sime Darby, the largest palm oil producer in the country, down 1.6 percent at 9.50 ringgit while IOI Corp, the second largest plantation stock on the Malaysian bourse, was flat at 7.40 ringgit and Kuala Lumpur Kepong 1.1 percent higher at 17.80 ringgit. National carmaker Proton Holdings was up 0.6 percent at 3.64 ringgit after domestic car sales surged 49.3 percent in April from a year earlier. Among index heavyweights, national power company Tenaga was flat at 6.85 ringgit while Maybank, the largest bank in Malaysia, was down 0.7 percent at 7.60 ringgit. The ringgit closed at 3.2155/2160 while 3-month interbank rates stood at 3.61/62 and overnight rates were at 3.48/50.
9:22 pm - Chart of the Week - HLFG - Hong Leong Financial Group
Put your stop loss at Rm4.90. I believe HLFG is Hong Leong Financial Group. Let me know if I got it wrong ?
Put your stop at Rm4.90. Is this a buying opportunity ? I believe HLFG is Hong Leong Financial Group ???
3:44 pm - Berjaya Toto is weaking and mushrooming down !
If you are short term on this counter, better take profit now as it is testing major support @ RM4.85
2:48 pm - Government agenices are supporting MayBank
Look at the big players who just bought into MayBank ! It worth about RM 250 mio purchase of Maybank. That's a lot of money !
10:37 am : KLCI is forming a bullish pattern i.e. saucer shape
On a intraday, it is bullish ! Let's see if this trend continue in the afternoon.
9:37 am - KLCI recovering today to see if it can go higher
However, KLCI's trading volume is low. KLCI might just pop up and selldown again. Just becareful !
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