MALAYSIA'S Kuala Lumpur Composite Index fell 2.47, or 0.3 per cent, to close at 894.60, the lowest close in a week.
More than two stocks dropped for each that rose on the 100-member gauge. February index futures slid 1.1 percent to 883.00.
Kuala Lumpur Kepong Bhd slid 0.9 per cent to RM10.90, the lowest close in a week.
IOI Corp lost 1 per cent to RM3.80. Sime Darby Bhd declined 1.7 per cent to RM5.75, the most active stock on the stock exchange with 14.3 million shares traded.
Concerns over the outlook for demand and rising supply may lead to lower palm oil prices from the second half of the year, Maybank Investment Bank Bhd. said in a report today.
Compugates Holdings Bhd, an electronics parts distributor, was the third-most active stock on the Kuala Lumpur stock exchange with 10.8 million shares traded.
The stock rose 3.2 per cent to 16 sen. Its managing director, Goh Kheng Peow, yesterday sold 4.4 million shares at 15 sen each, a stock exchange filing showed. On February 10, he sold 3.5 million shares, according to a separate filing.
Perusahaan Sadur Timah Malaysia Bhd dropped 8.7 per cent to RM2, the biggest decline since November 26.
The Malaysian maker of tin plate used to make cans and other forms of packaging said fiscal third-quarter profit ending December fell 88 per cent to RM1.2 million from a year earlier after its profit margin was squeezed by higher production costs.
Sales rose 59 per cent to RM281.3 million(US$78 million), it said in a statement.
Puncak Niaga Holdings Bhd jumped 12 per cent to RM3.02, the most since November 4, making it the largest gainer on the Composite Index.
Malaysia’s Selangor state said it will make an offer within two days to buy the assets and equity of Puncak’s water units, Puncak Niaga (M)Sdn Bhd, and Syarikat Bekalan Air Selangor. Kumpulan Perangsang Selangor Bhd, which also owns part of Syarikat Bekalan, surged 10 per cent to RM1.54, the second-best performer on the benchmark stock index.
Tenaga Nasional Bhd, Malaysia’s state-owned electricity company, advanced 2.6 per cent to RM5.95, its steepest gain since January 9, after analysts upgraded the stock, saying the cut in gas costs will more than offset a drop in electricity prices.
Tenaga was raised to “neutral” from “underweight” at JPMorgan Chase & Co.
Maybank Investment Bank Bhd. boosted the stock’s rating to a “trading buy” from “hold,” saying the power price cuts are “net positive” for earnings in the year ending August 31. - Bloomberg
More than two stocks dropped for each that rose on the 100-member gauge. February index futures slid 1.1 percent to 883.00.
Kuala Lumpur Kepong Bhd slid 0.9 per cent to RM10.90, the lowest close in a week.
IOI Corp lost 1 per cent to RM3.80. Sime Darby Bhd declined 1.7 per cent to RM5.75, the most active stock on the stock exchange with 14.3 million shares traded.
Concerns over the outlook for demand and rising supply may lead to lower palm oil prices from the second half of the year, Maybank Investment Bank Bhd. said in a report today.
Compugates Holdings Bhd, an electronics parts distributor, was the third-most active stock on the Kuala Lumpur stock exchange with 10.8 million shares traded.
The stock rose 3.2 per cent to 16 sen. Its managing director, Goh Kheng Peow, yesterday sold 4.4 million shares at 15 sen each, a stock exchange filing showed. On February 10, he sold 3.5 million shares, according to a separate filing.
Perusahaan Sadur Timah Malaysia Bhd dropped 8.7 per cent to RM2, the biggest decline since November 26.
The Malaysian maker of tin plate used to make cans and other forms of packaging said fiscal third-quarter profit ending December fell 88 per cent to RM1.2 million from a year earlier after its profit margin was squeezed by higher production costs.
Sales rose 59 per cent to RM281.3 million(US$78 million), it said in a statement.
Puncak Niaga Holdings Bhd jumped 12 per cent to RM3.02, the most since November 4, making it the largest gainer on the Composite Index.
Malaysia’s Selangor state said it will make an offer within two days to buy the assets and equity of Puncak’s water units, Puncak Niaga (M)Sdn Bhd, and Syarikat Bekalan Air Selangor. Kumpulan Perangsang Selangor Bhd, which also owns part of Syarikat Bekalan, surged 10 per cent to RM1.54, the second-best performer on the benchmark stock index.
Tenaga Nasional Bhd, Malaysia’s state-owned electricity company, advanced 2.6 per cent to RM5.95, its steepest gain since January 9, after analysts upgraded the stock, saying the cut in gas costs will more than offset a drop in electricity prices.
Tenaga was raised to “neutral” from “underweight” at JPMorgan Chase & Co.
Maybank Investment Bank Bhd. boosted the stock’s rating to a “trading buy” from “hold,” saying the power price cuts are “net positive” for earnings in the year ending August 31. - Bloomberg
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