Big caps up midday, interest on lower priced property stocks
Posted on | March 24, 2007
By JOSEPH CHIN
Big capitalised stocks led the KLCI up nearly 0.7% higher at midday on March 23 while the government’s decision to waive the real property gains tax (RPGT) saw trading interest spilling over to lower priced property stocks.
The KLCI rose 0.7% or 8.59 points to 1,230.31, the FBM Emas added 53.95 points to 8,199.65 but the Second Board Index fell 0.17 point to 96.92. The property sector index rose 7.96 points to 880.53. The KLCI futures for March fell one point to 1,229.
Turnover was 1.31 billion shares valued at RM1.35 billion. There were 485 losers and 319 gainers while 256 counters were traded unchanged.
Among the Asian markets, Singapore’s Straits Times Index fell 0.37% to 3,207.66, South Korea’s KOSPI 0.19% lower to 1,445.71 and Hong Kong’s Hang Seng Index fell 0.15% to 19,660.57. However, Japan’s Nikkei 225 rose 0.4% or 68.83 points to 17,488.03.
OSK Investment Research said the ability of the KLCI to break through the 1,214-1,216 area and the rising volume suggested the rebound was likely to be sustainable. It also shifted its view on the near-term market to bullish.
“From the current level, now look for an immediate resistance at the 1,239.08 level,followed by the 1,250 level,” it said in a research note.
Among the heavyweights, Maybank and Tenaga rose 10 sen each to RM12.70 and RM11.50 but Telekom fell 10 sen to RM10.10.
Tanjong rose 50 sen to RM15.60 after its net profit rose 36.6% to RM509.53 million for its financial year ended Jan 31, 2007.
Sustained foreign interest in IOI Corp saw the share price rising 50 sen to RM19.70, DiGi added 40 sen to RM18.20 and UMW 30 sen to RM10.40. Gamuda added 30 sen to RM7.95 and Gamuda-WC 28 sen to RM4.06.
SP Setia was the top gainer among property stocks, up 40 sen to RM7.60. Daiman added 10 sen to RM1.75, UM Land and Binaik seven sen each to RM2.01 and 84 sen, E&O Property four sen to RM2.84. Ibraco gained six sen to 86 sen and AP Land 5.5 sen to 61 sen.
Construction stocks were the top performers, led by Gamuda, up 30 sen to RM7.95 and Gamnuda-WC 28 sen to RM4.06 as they were expected to benefit from the rollout of construction projects.
GPA was the most active with 72.4 million shares done. It rose 4.5 sen to 39.5 sen.
Negara was the top loser, down 26 sen to RM2.42 in thin trade. Genting fell 25 sen to RM39.50 and Resorts 20 sen to RM15.10. TRC fell 11 sen to RM1.57 and IJM-WB 10 sen to RM3.88.
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