Friday, January 9, 2009

KL Shares Higher Ahead Of Weekend.

MALAYSIAN shares ended the day higher on further support of some foreign funds in heavyweights, particularly in Tenaga and Bumiputra-Commerce, dealers said.The Kuala Lumpur Composite Index rose 8.55, or 0.9 per cent, to close at 919.07, rebounding fr om yesterday’s 1.8 per cent fall. Almost five stocks climbed for each one that fell on the 100-member gauge.

The benchmark index had its second weekly advance after gaining 2.8 per cent this week. Overall, gainers thumped losers by 292 to 179 while 204 counters were unchanged, 576 untraded and 28 others suspended. Turnover rose to 414.9 million shares valued at RM605.9 million from 390.95 million units worth RM632.27 million previously.

Tenaga Nasional Bhd added 25 sen, or 3.9 per cent, to RM6.60, accounting for almost a quarter of the benchmark Composite Index’s gain. The power utility is among four “bombed-out” stocks investors should buy, Macquarie Group Ltd said in a report. Macquarie raised its weighting recommendation on Malaysia to “neutral” from “underweight.”

KNM Group Bhd rose 2 sen, or 4.1 per cent, to 50.5 sen, the most active stock in Malaysia with 34.5 million shares traded. Scomi Group Bhd climbed 1.5 sen, or 4 per cent, to 39 sen, its first gain in four days. SapuraCrest Petroleum Bhd climbed 3 sen, or 3.5 per cent, to 88 sen, after crude oil rose for the first time in four days, boosting optimism exploration-related contracts will increase.

Eastern & Oriental Bhd jumped 13 sen, or 22 per cent, to 69 sen, the most since May 6, 2005. Goldman Sachs Group Inc bought 10.9 million shares in the property developer from the open market, boosting its stake to 8 per cent, a stock exchange filing showed. Goldman Sachs bought the shares on December 31, the filing showed.

LPI Capital Bhd advanced 20 sen, or 2 per cent, to RM10, on course for its highest level since October 9. The insurer offers the “greatest value and long-term growth prospects” among its peers, OSK Research Sdn Bhd said in a report today. LPI said in a statement yesterday that profit in the fourth quarter ended December 31 rose 30 per cent to RM32.7 million from a year earlier.

WCT Bhd rose 4 sen, or 3.5 per cent to RM1.17, snapping a three-day, 38 per cent slump. The stock’s 14-day relative strength index, which shows how rapidly prices have advanced or dropped, fell to 33 yesterday, near the 30 level that some investors use as a trigger to buy. - Bernama, Bloomberg

Article from Business

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