MALAYSIAN shares were flat today as property and oil stocks were sold off, dealers said.
The benchmark Kuala Lumpur Composite Index fell 0.18 of a point, or less than 0.1 per cent, to close at 1,022.84, the third straight day of declines.
Forty-five stocks advanced and 30 fell on the 102-member gauge. May index futures slid 0.5 percent to 1,020.00.
In the market, 3.2 billion shares changed hands, more than triple the three-month daily average of 973 million shares.
“Retail favoured stocks continued to dominate trade with laggard property, oil and gas and plantation stocks among the most actively traded,” a dealer said.
“KLCI’s current congestion within (the) 1,013-1,027 range suggests the index may have peaked and may be poised for a more meaningful correction,” the dealer added.
Petra Perdana Bhd surged 6.8 per cent to RM2.81, the 10th day of gains, capping the longest winning streak since August 2000, on speculation gains in crude oil will boost the prospects for new contracts. KNM Group Bhd advanced 6.3 per cent to 84.5 sen, the highest level since October 14. SapuraCrest Petroleum Bhd added 2.2 per cent to RM1.37.
Crude oil rose for a second day, gaining as much as 1.8 per cent, after an industry group reported US crude stockpiles dropped for the second week in a row and the dollar declined.
Goldis Bhd gained 2.2 per cent to RM1.38, the most in a week. The investment company and information technology services provider said it plans a bonus issue of up to 162.5 million shares on the basis of one new share for every two held.
Scomi Group Bhd, an oil and gas engineering group, leapt 23 per cent to 76 sen, the steepest gain since September 16, 2003, making it the best performer on the key stock index. Its unit Scomi Engineering Bhd is one step closer to getting a US$2.4 billion contract to build a 59-kilometer (37 mile) monorail in Bangalore after an Indian state government approved its technical proposal for the project, a financial daily reported.
Scomi group chief executive officer Shah Hakim Zain was at a meeting and couldn’t be reached for comment, his secretary said. Scomi Engineering surged 22 per cent to RM1.05, the most since February 13.
The benchmark Kuala Lumpur Composite Index fell 0.18 of a point, or less than 0.1 per cent, to close at 1,022.84, the third straight day of declines.
Forty-five stocks advanced and 30 fell on the 102-member gauge. May index futures slid 0.5 percent to 1,020.00.
In the market, 3.2 billion shares changed hands, more than triple the three-month daily average of 973 million shares.
“Retail favoured stocks continued to dominate trade with laggard property, oil and gas and plantation stocks among the most actively traded,” a dealer said.
“KLCI’s current congestion within (the) 1,013-1,027 range suggests the index may have peaked and may be poised for a more meaningful correction,” the dealer added.
Petra Perdana Bhd surged 6.8 per cent to RM2.81, the 10th day of gains, capping the longest winning streak since August 2000, on speculation gains in crude oil will boost the prospects for new contracts. KNM Group Bhd advanced 6.3 per cent to 84.5 sen, the highest level since October 14. SapuraCrest Petroleum Bhd added 2.2 per cent to RM1.37.
Crude oil rose for a second day, gaining as much as 1.8 per cent, after an industry group reported US crude stockpiles dropped for the second week in a row and the dollar declined.
Goldis Bhd gained 2.2 per cent to RM1.38, the most in a week. The investment company and information technology services provider said it plans a bonus issue of up to 162.5 million shares on the basis of one new share for every two held.
Scomi Group Bhd, an oil and gas engineering group, leapt 23 per cent to 76 sen, the steepest gain since September 16, 2003, making it the best performer on the key stock index. Its unit Scomi Engineering Bhd is one step closer to getting a US$2.4 billion contract to build a 59-kilometer (37 mile) monorail in Bangalore after an Indian state government approved its technical proposal for the project, a financial daily reported.
Scomi group chief executive officer Shah Hakim Zain was at a meeting and couldn’t be reached for comment, his secretary said. Scomi Engineering surged 22 per cent to RM1.05, the most since February 13.
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