Bursa-listed stocks finish May on high notePETALING JAYA: Malaysian stocks ended May on a high note as the first-quarter earnings season drew to a close. Most companies did reasonably well during the January-March period and plantation firms again led the overall charge with another bumper quarter as they continued to profit from surging crude palm oil (CPO) price.
Analysts said there were no major surprises from the big companies, which was a good thing considering the weak overall market sentiment. A slip-up would have invited a quick sell down.
The benchmark KL Composite Index (KLCI) finished 14.28 points higher yesterday at 1,276.10. At the close, it was down 0.2% from a month ago.
The KLCIs performance yesterday was held back by the sharp fall in Gamuda Bhd and SP Setia Bhds share prices on concerns over their exposure to Vietnam.
Recent reports suggested that Vietnams economy is in a crisis, and this prompted investors to unload shares in local companies with significant operations in that country, including Berjaya Land Bhd.
Meanwhile, Proton Holdings Bhd plunged 7.2% to RM3.34 yesterday - the lowest in almost 10 years. Like Gamuda, SP Setia and Berjaya Land, the sell down on Proton was due to external factors.
Shares in Proton have declined 16% since May 6, when MSCI announced the stocks removal from its local index at the end of yesterdays trading.
Proton on Monday said it made a net profit of RM233mil for the year ended March 31, reversing a loss of RM590mil a year earlier.
Protons return to profit was partlydriven by higher sales of its new best sellers, the Persona and the new Saga.
Successful introduction of new models also helped Tan Chong Motor Holdings Bhd to post better-than-expected earnings in the first three months this year.
The stock was up one sen yesterday at RM1.99, rising 8.7% over the past one month.
Shares in Sime Darby Bhd, the worlds largest listed palm oil planter and the most valuable stock on Bursa Malaysia, gained five sen yesterday to RM9.50. Sime Darby is also involved in the motor vehicle business.
The conglomerate posted its third-quarter results ended March 31 earlier this week. Its nine-month net profit was up 42% to RM2.49bil versus a year earlier, well within market expectations.
Pure plantations firm Asiatic Development Bhd also had a sterling quarter. CIMB Investment Bank said both Sime Darby and Asiatic were traded at below its targets based on Fridays closing prices.
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