Thursday May 15, 2008 MYT 3:41:28 PM
Sime Darby, IOI boost for KLCI
By JOSEPH CHIN
KUALA LUMPUR: Sime Darby and IOI Corp lifted the 100-stock KLCI in the morning session on Thursday on fund buying of plantation stocks but steel stocks lost ground after three days of hefty gains.
After the market closed for the morning session, IOI Corp announced second quarter net profit of RM601.64mil, up 53% from RM392.17mil while revenue jumped 55.2% to RM3.52bil versus RM2.27bil a year ago, boosted by strong CPO and palm kernel prices.
At 12.30pm, the KLCI was up 5.69 points to 1,293.43, the FBM Emas added 37.74 points to 8,700.67 and the FBM Second Board gained 9.88 points to 5,847.54.
Turnover was 294.9 million shares valued at RM543.3mil. There were 245 gainers, 279 losers while 254 counters were unchanged.
Asian markets were mostly higher, Japan’s Nikkei 225 rose 191 points or 1.35% to 14,309.81, Shanghai’s A Share Index added 0.54% to 3,858.32, Singapore’s Straits Times Index 0.57% higher to 3,216.77. Hong Kong’s Hang Seng Index fell 0.52% to 25,401.33.
Light crude oil was at US$123.88 per barrel while crude palm oil futures RM39 to RM3,519 per tonne. The ringgit was quoted at RM3.267 to the US dollar.
At Bursa Malaysia, Sime Darby rose 25 sen to RM9.75 and IOI Corp, 15 sen higher to RM7.50 while KL Kepong gained 10 sen to RM17.50.
Narra Industries was the top gainer, up 30 sen to 79 sen but with only 700 shares done. BAT added 25 sen to RM43, Petronas Gas 25 sen to RM9.75 while food-based Apollo and Malayan Flour rose 16 sen each to RM2.85and RM3.18.
IJM was up 15 sen to RM5.90 on expectations that the Ninth Malaysia Plan projects would go ahead. AMMB rose two sen to RM3.98 after its stellar full year results while Maybank was flat at RM7.80.
Steel stocks hogged the losers list. Actively traded Leader Steel fell five sen to 91 in active trade. Southern Steel and Sunchirin Industries 16 sen lower at RM3.64 and RM1.09 while Southern Steel-LA gave up 10 sen to RM3.38 while Ann Joo resources and the warrants lost eight sen each to RM4 and RM1.79 respectively.
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