KLCI ends 1.6pc lower

Published: 2009/06/16

MALAYSIA'S Kuala Lumpur Composite Index fell 17.05, or 1.6 per cent, to close at 1,074.12, the biggest decline since March 30.It is the first drop in five days. Seven stocks fell for each that rose on the 102-member measure.

June index futures declined 0.8 per cent to 1,077.In the market, 1.6 billion shares changed hands, higher than the three-month daily average of 1.5 billion shares.Berjaya Sports Toto Bhd, Malaysia’s biggest number-betting operator, rose 5.9 per cent to RM5.25, the most since April 30.

The company announced a special dividend after fourth-quarter profit surged. OSK Research increased its target price on Berjaya Sports to RM5.60 from RM5.10 and kept its “buy” rating.Maybank Investment increased the target price to RM5.80 from RM5.40.Scomi Engineering Bhd jumped 13 per cent to RM1.26, the largest increase since May 13.

The engineering group will submit a bid for a US$2.5 billion project to construct a monorail system in Sao Paulo in Brazil, the Business Times reported, citing President Hilmy Zaini. The Sao Paolo state government will invite bids next month, the newspaper said, citing Hilmy. Hilmy is out of the office and couldn’t immediately comment, his secretary said.

The company’s parent, Scomi Group Bhd added 7.2 per cent to 82 sen.Vastalux Energy Bhd, an oil and gas contractor, jumped 31 percent to 65.5 sen, the steepest advance on record.The company expects to win 30 per cent of the RM771 million of projects the company will bid for this year, Executive Director Azman Abd Ghafar said in a phone interview today.

The company is also expanding in Vietnam, Saudi Arabia and Indonesia, he said.Business Times reported today the company was trying to win RM771 million of projects. - Bloomberg