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DJIA closed the day with:

12,240.01 +57.88 +0.48%

DJIA opens the day with:

12,297.16 +57.15 +0.47%

DJIA closed the day with:

12,373.41 +133.40 +1.09%

DJIA starts the day with:

12,482.25 +108.84 +0.88%

KLCI ends higher despite profit taking

KUALA LUMPUR: News of the dissolution of Parliament led to profit taking on Bursa Malaysia yesterday but the market pared its losses and mustered a strong finish to close 5.63 points higher at 1,423.15.

Analysts expect some profit taking in the next few days with the general election imminent. However, they feel that it would be business as usual after investors digest data on the market and prospects of the companies on the local stock exchange.

"If 2004 is used as an indicator, profit taking should continue for a few days and then the market will be higher until the election,'' said the head of research at a local broking firm.

The KL Composite Index (KLCI) opened on a high note, closing up 10.6 points in the morning session but as news of the dissolution of Parliament filtered down, profit taking set in as the afternoon trading began, bringing the benchmark index down 3.52 points.

However, the KLCI managed to claw back into positive territory and finished higher.

"Investors sold on news and it is just a question of how aggressively they would do so,'' said a head of research at a local stockbroking firm.

Market breadth was negative as 561 counters ended the day lower compared with 273 gainers. But it was the gains by plantation stocks and other key component stocks such as Public Bank Bhd that helped push the KLCI into positive territory.

Kuala Lumpur Kepong Bhd gained 50 sen to RM18.60, United Plantations Bhd rose 30 sen to RM13.80, IOI Corp Bhd climbed 20 sen to RM7.95 and Sime Darby Bhd finished 10 sen higher at RM12.

The belief is that attention will now shift to the political sphere over the next few weeks and that could see trading volume on Bursa dip. As for the much-anticipated play on so-called election counters, analysts believe that time might have passed.

URL: http://biz.thestar.com.my/news/story.asp?f...67&sec=business

DJIA starts the day with:

12,524.28 -27.96 -0.22%

DJIA starts the day with:

12,341.38 -35.60 -0.29%

It has dropped 50 points now:

12,324.88 -52.10 -0.42%

DJIA closed the day with:

12,337.22 -10.99 -0.09%

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DJIA opens the day with:

12,479.52 +52.26 +0.42%

It's hard to predict nowadays. It could be green in the first half but ended the day with red.

DJIA is in RED now:

12,422.37 -4.89 -0.04%

Selling pressure on blue chips dampen KLCI

PETALING JAYA: The KL Composite Index (KLCI) fell below 1,400 points for the first time this month as blue-chip stocks succumbed to sustained selling pressure for the second straight day.

Even plantations stocks were not spared despite soaring crude palm oil (CPO) prices, which saw the benchmark futures contract on Bursa Derivatives rising to a fresh record of RM3,702 per tonne.

The KLCI lost 19.56 points, or 1.4%, to 1,394.76. Market turnover was moderate, with 770 million shares worth RM1.96bil changing hands.

Losers outnumbered gainers by about four-to-one.

Yesterday's most active stock Gamuda Bhd tumbled 15.7% as investors reacted strongly to news that managing director Datuk Lin Yun Ling had cut his stake to 1.7% from 5.2% after he sold 70 million shares in the company.

The steep fall that followed the news shaved off Gamuda's market value by some RM1.5bil.

"Investors don't react well to uncertainties,'' a fund manager at a local asset management firm said.

He added that with lingering concerns over the economy and the general election to be held soon, most people would rather wait on the sidelines before re-entering the market.

Investors' mood, however, was better elsewhere in the region.

Asian bourses were mostly higher yesterday, with the MSCI Asia-Pacific index perking up 1.7% propelled by rebounding stocks in Japan, Hong Kong, South Korea and Australia.

Shares in commodity producers like Japan's Sumitomo Metal Mining Co gained on expectation that earnings would rise as prices of gold and nickel surged.

Spot gold was quoted at US$942.6 an ounce in Asian trade, just off the record US$944.1 set on Wednesday.

Gold has been rising on inflation fears fuelled by record high crude oil prices. Crude oil futures in New York eased back to below US$100 at about 7pm in Asian trade yesterday.

URL: http://biz.thestar.com.my/news/story.asp?f...88&sec=business