Property stocks in focus, Proton falls
Posted on | March 30, 2007
By JOSEPH CHIN
Property stocks were in focus in the morning session on March 30, with those priced below RM1 accounting for half of the top 20 most active counters. Proton fell on a news report that Volkswagen had scrapped the talks for a possible tie-up.
At 12.30pm, the KLCI rose 0.44% or 5.38 points to 1,241.27, the FBM Emas added 50.54 points to 8,296.44 and the Second Board Index 0.34 of a point to 98.83. The KLCI futures for March rose 3.5 points to 1,240.5.
Turnover was 1.89 billion shares valued at RM1.49 billion. There were 494 gainers, 308 losers and 278 counters unchanged.
Asian markets were mixed. Japan’s Nikkei 225 rose 0.2% or 35.36 points to 17,299.3, South Korea’s Kospi inched up 0.03% to 1,451.36 while Singapore’s Straits Times Index fell 0.02% to 3,228.21 and Hong Kong’s Hang Seng Index declined 0.29% to 19,764.24.
Crude palm oil (CPO) prices rallied to its highest in more than eight years to RM2,069 per tonne for June delivery, up RM21. The surge in CPO prices was fuelled by rising light crude oil prices which hit a six-month high of US$66.71 (RM230.26) per barrel.
The ringgit was firmer against the US dollar at RM3.454 to US$1.
At Bursa, 18 of the top 20 most active counters were penny stocks, reflecting the rising retail investors’ interest in the market, analysts said. They expected the KLCI to hold above the 1,240 level.
Among the heavyweights, Tenaga and Telekom rose 10 sen each to RM11.60 and RM10.10. Maybank was flat at RM12.70.
Property counters that rose in very active trade. Damansara Realty was up 2.5 sen to 54.5 sen. It was the most active with 139 million shares done.
AMDB rose 3.5 sen to 32 sen, Furqan Business two sen to 27.5 sen, Karambunai rose one sen to 21 sen. Those that rose 1.5 sen each were L&G to 46 sen, Talam to 37 sen and Meda to 25.5 sen. Tebrau Teguh, which had rallied recently, was flat at RM1.69.
Major gainers among property stocks were Kumpulan Hartanah Selangor, up 21.5 sen to 87.5 sen, Keladi Maju 15 sen to RM1.90 while Crescendo added 10 sen to RM1.57. However, Negara fell 36 sen to RM3.02.
Genting rose 50 sen to RM39.25 and Resorts 70 sen to RM16.90. Oil-related counter Shell added 40 sen to RM10.80 and Dialog 16 sen to RM1.53.
Plantation stocks were mixed. IOI Corp added 30 sen to RM21.60 while PPB Oil and Hi&Lo rose 10 sen each to RM13 and RM6.20 but KL Kepong lost 20 sen to RM11.60.
Proton fell 25 sen to RM6.40 on a news report that Volkswagen had scrapped the talks for a possible tie-up. Other losers were Hexagon, down 30 sen to RM5.35, while Bursa and DiGi lost 20 sen each to RM10.90 and RM18.60.
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