28.5.07 C.I Market Outlook

28.5.07 C.I Market Outlook

Kuala Lumpur shares outlook - Higher on robust corporate results, Wall St gains
28/05/2007 08:14:00
KUALA LUMPUR (XFN-ASIA) - Share prices are expected to open higher, with
investors heartened by the robust earnings reported by some major companies and
Wall Street's firmer close last Friday, dealers said.
But they said the upside will likely be limited as the market is still in a
consolidation mode and as some investors may opt for caution ahead of the
release of first quarter gross domestic product (GDP) results midweek.
"Although the consolidation phase may still continue, the outlook is generally
positive and gradually improving," RHB Research's head of research Lim Chee Seng
said.
Dealers said stocks likely to be in focus today include oil and gas heavyweight
KNM Group, which may advance after reporting that its first quarter net profit
surged to 38.31 mln rgt from 19.80 mln a year earlier, as well as transport
group Litrak, after it reported a fourth quarter to March net profit of 44.53
mln rgt against 21.09 mln previously.
OSK Holdings may also attract buying after its first quarter net profit jumped
to 77.62 mln rgt against 24.77 mln in the previous corresponding period.
Last Friday, share prices closed off their lows, with strong bargain-hunting
emerging in late trade to recoup most of the earlier losses. The Kuala Lumpur
Composite Index (KLCI) fell by a marginal 1.90 points or 0.14 pct to 1,339.08,
off a low of 1,319.75.
For the week, the key index lost 17 points or 1.25 pct.
The FTSE Bursa Malaysia 30-large cap index lost 14.21 points to 8,558.43 and
the second board index was up 0.48 point at 100.03.
Losers led gainers 428 to 391, with 312 stocks unchanged and 212 counters
untraded.
Trading volume was 951.70 mln shares, valued at 1.92 bln rgt.


Source: OSK Wirenews