MALAYSIAN shares opened higher today despite the overnight fall on Wall Street, supported by buying interest in selected blue chips and mid-cap stocks, dealers said.The Kuala Lumpur Composite Index rose 2.06, or 0.2 per cent, to 1,057.46 at 9.29am local time. May index futures added 0.1 per cent to 1,055.00.
The dealers said the key support areas for the KLCI today would be between 1.036 and 1,050, but the market could remain under selling pressure due to the Dow Jones Industrial Average's minor overnight drop.US stocks fell overnight on weaker-than-expected economic reports following renewed worries about recovery prospects.
On the local front, the dealers said investors were unlikely to take heavy position as sentiment remain bearish ahead of export data, which is likely to show a further drop in line with the continued weak global demand.
The Ministry of International Trade and Industry is releasing the data later today.Can-One Bhd, a Malaysian maker of tin cans, rose 3.2 per cent to 96 sen, set for the highest level since December 4, 2007.
The company aims to push ahead with a plan to buy a 32.9 per cent stake in rival Kian Joo Can Factory Bhd, the Business Times said, citing a company executive. Acquiring Kian Joo would allow Can-One to control 80 per cent of the domestic tin can industry, the newspaper said, citing Can-One Chief Operating Officer Chee Khay Leong.
Dialog Group Bhd, a Malaysian oil and gas services provider, rose 5.1 per cent to RM1.23, set for the biggest gain since February 27. The Edge Financial Daily reported that the company will sign an agreement with the state of Johor to develop a deepwater petroleum terminal in the southern Pengerang area.
The accord will be signed on June 8, the report said.Proton Holdings Bhd, a Malaysian state-controlled carmaker, gained 2.5 per cent to RM2.88, set for the largest increase since May 25. The target price was raised to RM3.62 from RM3.20 by AmResearch Sdn, reflecting optimism that a new auto policy being worked out by the government will help boost the company’s prospects. -- Bloomberg, Bernama
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About Me
- Nuang
- Ibrahim bin Ramli@Nuang started his career with CIMB Wealth Advisors Berhad as Agency Manager in April, 2008.Previously he was an Internal Auditors and Accounts Executive with Perodua Sales Sdn Bhd since 17 August, 1994. His background:- 1.Certified of Achievement for Master Sales Leadership from Dr Lawrence Walter Ng of President of The Art Of Learning and International Of Learning Without Learning 2.Certified for eXtra Ordinary Performance of Lawrence Walter Award Certificate for One Million Ringgit Club 2007 3. Certified Life & General insurances 4. Conferred with Diploma in Business Studiess & Bachelor of Business Admin(Hons)Finance from UiTM, Terengganu Branch & Shah Alam respectively;
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