KL shares end lower on profit-taking

Published: 2009/07/29

Malaysian shares closed lower today on profit-taking after the recent run-up, dealers said.SJ Securities technical analyst Phua Kwee Hock said one of the reasons for the selloff was funds from regional markets being drawn to China State Construction Engineering Corp's US$7.3 billion initial public offering (IPO) - the world's largest this year.

The IPO surged 56 per cent in its Shanghai debut today. Locally, investors were cautious ahead of the Bank Negara meeting later today, he said.At 5pm, the benchmark FTSE Bursa Malaysia (FBM) KLCI fell 7.9 points or 0.674 percent to 1,164.48 after reaching an intraday high of 1,179.08. It had opened 2.15 lower at 1,170.23.

Losers beat gainers by 478 to 219 while 230 counters were unchanged, 304 untraded and 32 others suspended. A total of 1.302 billion shares worth RM1.962 billion changed hands, up from yesterday's 1.123 billion shares worth RM1.633 billion.

Carlsberg Brewery Malaysia Bhd, Malaysia’s biggest brewery, jumped 9.8 per cent to RM4.24, the steepest gain since March 22, 1999. The company said it agreed to buy the entire equity interest in Carlsberg Singapore Pte Ltd for RM370 million from their Danish parent.

The Singapore affiliate has a 20-year licence to distribute and sells Carlsberg products on the island-state. As part of this deal, Carlsberg Singapore will source products manufactured by Malaysia’s Carlsberg, it said in a statement.Genting Bhd, Asia’s largest listed casino operator, fell 4.5 per cent to RM6.40, snapping a five-day, 14 per cent rally.

CIMB Investment Bank Bhd said in a report today it dropped the stock from its top 10 list.John Master Industries Bhd, a clothing maker and property group, jumped 24 per cent to 91 sen, the highest level since July 14, 2003.

A Chinese textile group plans to buy a controlling stake in John Master in a reverse takeover valued at RM328.1 million.Ranhill Bhd, a Malaysian builder, fell 4.4 per cent to 97.5 sen, the biggest drop since July 2. The company plans to gradually quit the oil and gas business after less successful investments in Indonesia and Sudan, the Business Times said, citing unidentified people familiar with the plan.

The ventures were the main reason for the company’s loss in the last fiscal year, the newspaper said.Unisem Bhd, Malaysia’s second-biggest listed chipmaker, slid 4.8 per cent to RM1.58, the steepest slide since June 15. The company said second-quarter profit fell 5 per cent to RM23.9 million from a year earlier.

Sales dropped to RM255.3 million from RM324.1 million, the company said in a statement.Among the actives, KNM Group eased 3.0 sen to 86.5 sen, Tebrau Teguh added 2.0 sen to 82.5 sen, SAAG Consolidated fell 1.5 sen to 28 sen and Jotech Holdings was flat at 8.5 sen. Among the heavyweights, Sime Darby slipped 5.0 sen to RM8.10 while Maybank, Bumiputra-Commerce and Tenaga remained at RM6.55, RM10.20 and RM8.10 respectively. -- Bernama, Bloomberg