Malaysia Property News is a free resource website sharing Daily Property News & information about Property in Malaysia, which related to, Property Market, Property Investment, Commercial Property , Hot Properties Malaysia, Real Estate, Retail Shop, Business Park, Condominium Malaysia, Terraces & Apartment Malaysia, Houses, Residence, Resort and many more.

Friday, May 30, 2008

Gamuda, BLand down on Vietnam worries

KUALA LUMPUR: Property stocks Gamuda and Berjaya Land fell in the morning session Friday, dragged down by worries about their Vietnam ventures on the country’s worsening macro outlook and surge in inflation.

However, gains by blue chips including DiGi, BAT and Genting lifted the KL Composite Index.

At 12.30pm, the KLCI was up 5.99 points to 1,267.81. The FBM Emas added 17.18 points to 8,475.15 and the FBM Second Board gained 7.51 points to 5,795.44. The property sector index fell 5.45 points to 790.84.

Turnover was 371.88 million shares valued at RM950mil. There were 204 gainers, 291 losers while 254 counters were unchanged.

Asian markets were mixed, with Japan’s Nikkei 225 up 1.24% to 14,299.53, Singapore’s Straits Times Index added 0.55% to 3,178.08 while Hong Kong’s Hang Seng Index gained 0.56% to 24,520.69 but Shanghai’s A Share Index fell 0.27% to 3,559.12.

Vietnam’s stock market was the world’s biggest decliner when it fell 55% to 414 after a government report showed inflation had jumped the most since 1992. The stock exchange has yet to resume trading after a technical glitch over the past three days.

Light crude oil eased to US$126.27 (RM409.12) per barrel while crude palm oil fell RM61 to RM3,504 per tonne in line. The ringgit was quoted at RM3.24 to the US dollar.

At Bursa Malaysia, Berjaya Land-LB fell 55 sen to RM5 with 9,000 units done. IOI Properties lost 50 sen to RM9.90. Gamuda was the most active with 53.73 million shares done, down 38 sen to RM2.60 while Berjaya Land lost 30 sen to RM5.

Other decliners were Shell, falling 30 sen to RM10.90, MPI and Nestle 25 sen each to RM8 and RM29.50 while Proton gave up 20 sen to RM3.40 and Tradewinds 19 sen to RM4.96. Actively traded MRCB lost seven sen to RM1.35.

United Plantations fell 30 sen to RM13.80 but KL Kepong rose 40 sen to RM17.60 and Kulim gained 25 sen to RM9.10 and Kulim-WB 15 sen to RM6.45.

DiGi, BAT and PPB advanced 50 sen each to RM25.50, RM44 and RM11.50 respectively as they are viewed as defensive counters.

Genting rose 20 sen to RM6.50 and Resorts two sen to RM3.24, despite Genting’s first quarter net profit fell 33% to RM439.4mil.

By The Star (by Joseph Chin)

No comments: