Tuesday, December 30, 2008

KL Composite Index Gain 14.28 Points.

MALAYSIA'S Kuala Lumpur Composite Index rose 14.28, or 1.7 per cent, to close at 881.63, its biggest advance since December 18. The market was closed yesterday for a public holiday. The gauge has fallen 39 per cent this year, set for its steepest annual decline since the 1997 Asian financial crisis, when it slumped 52 per cent.

The Finance Index climbed 118.87 points to 6,875.69, the Plantation Index went up 63.40 points to 4,142.69 and the Industrial Index was 37.24 points higher at 2,070.61. The FBMEmas gained 84.46 points to 5,750.80 and the FBM30 surged 100.76 points to 5,678.24.

The FBMMesdaq meanwhile slipped 118.70 points to 3,312.00 and the FBM2BRD declined 18.66 points to 3,974.20. Gainers outnumbered losers by 270 to 211, while 123 counters were unchanged, 571 untraded and 49 others suspended. A total of 261.44 million shares worth RM402.14 million were traded today compared with last Friday’s 181.09 million shares worth RM156.35 million.

The market was closed in conjunction with the Awal Muharram holiday yesterday. Sime Darby Bhd, Malaysia’s largest palm-oil producer, added 10 sen, or 2 per cent, to RM5.20, the most since December 18. Kuala Lumpur Kepong Bhd climbed 10 sen, or 1.1 per cent, to RM8.85. IOI Corp rose 8 sen, or 2.3 per cent, to RM3.58. Palm oil futures in Malaysia jumped as much as 4.5 per cent amid gains in crude oil yesterday.

Bumiputra-Commerce Holdings Bhd rose 10 sen, or 1.7 per cent, to RM6, its highest level since December 19. CIMB Bank Bhd, the banking unit of the country’s second-biggest financial group, said it raised RM1 billion (US$287 million) for its tier-1 capital, part of a US$4 billion debt sale program.

Gamuda Bhd climbed 6 sen, or 3.3 per cent, to RM1.90, the highest since December 18. MMC-Gamuda, a joint venture with MMC Corp that’s building the US$12.5 billion Ipoh-Padang Besar double-track railway project in Malaysia, last week submitted a detailed proposal to acquire land for the development after the state government of Penang ordered it to stop work, a local newspaper reported on December 27, citing a statement.

The proposal covers how the company plans to acquire land for the development of the 63-kilometer (39-mile) line in Penang state, which forms part of the railway network, the report said. Hong Leong Bank Bhd added 10 sen, or 2 per cent, to RM5.15, the highest since November 10.

The Malaysian bank received a license from Vietnam’s central bank to open a 100 per cent foreign-owned bank in the country. The bank, called Hong Leong Bank Vietnam Ltd, will have registered capital of 1 trillion dong (US$57 million), according to a statement posted on the State Bank of Vietnam’s Web site.

Tenaga Nasional Bhd advanced 25 sen, or 4.1 per cent, to RM6.30 , its largest increase since October 13. The country’s biggest power producer said it started talks to buy 40 per cent of Kapar Energy Ventures from Malakoff Bhd, a unit of MMC. YTL Corp, Malaysia’s biggest builder, gained 10 sen, or 1.4 per cent, to RM7.10, its highest close since December 18, after a Business Times report said the company is planning its second real estate investment trust and is seeking acquisitions.

The company plans a REIT that will comprise its hotels and resorts and is looking to buy “quality” assets next year to take advantage of depressed prices sparked by the global financial crisis, the report stated, citing an executive director - Agencies

Article from Business Times.com

No comments:

Post a Comment