Kuala Lumpur shares outlook - Mixed on consolidation, focus on oil & gas stocks

Kuala Lumpur shares outlook - Mixed on consolidation, focus on oil & gas stocks
29/05/2007 08:16:00
KUALA LUMPUR (XFN-ASIA) - Share prices are expected to open mixed as market
consolidation continues, although positive corporate results such as that of
Malaysia Airlines System (MAS) and follow-through interest in oil and gas stocks
may support sentiment, dealers said.
Teoh Cheng Guan, head of retail research at Kenanga Investment Bank, said there
is downside risk amid lingering fears that China's stock market bubble may burst
anytime.
"Stock picking is key," said Teoh.
He said investors should go for quality blue chips and avoid lower-liners that
involve greater risks when the broader market is consolidating.
Dealers said stocks to watch today include MAS, which is likely to advance
after it reported a first quarter net profit of 133 mln rgt against loss of 321
mln a year earlier.
This is the third consecutive profitable quarter for the national carrier.
Malaysian Plantations may also attract buying after registering a fourth
quarter to March net profit of 55.212 mln rgt from a loss 11.587 mln the
previous year.
Yesterday, the Kuala Lumpur Composite Index (KLCI) closed up 6.91 points or
0.52 pct at 1,345.99.
The FTSE Bursa Malaysia 30-large cap index added 68.61 points or 0.80 pct to
8,627.04 and the second board index was down 1.08 points or 1.08 pct at 101.11.
Gainers led losers 449 to 402, with 274 stocks unchanged and 211 counters
untraded.
Trading volume was 660.481 mln shares, valued at 1.276 bln rgt.


Source : Osk Wirenews