The Correction in Mass Media

ChinaPress (12 December 2006)

外資縮減買盤 - 隆股進入盤整期

報導：陳玉燕

（吉隆坡12日訊）馬股綜合指數昨日衝破1100點關卡后，今日外資縮減買盤下，盤中出現盤整，分析員指出，隨市場出現套利，加上海外基金減少買進，綜指走勢料波動無常，惟整體局勢仍屬健康。綜指今早以1103.21點，上揚1.51點迎市，爾后揚升幅度逐漸擴大，惟漲潮未見持久，約在10時35分，綜指開始滑落后，下跌幅度加劇。休市時，綜指挂1091.04點，挫10.66點，成交量為6億4057萬3300股，其中10大下跌股多為藍籌股如英美煙草（BAT）、馬銀行（MAYBANK）及普騰控股（PROTON）。馬銀行證券（Mayban Securities）研究主管拉惹英德拉回應《中國報》提問時說，預測大盤將出現反覆無常的波動，未來數日料走低至1090點。

分批脫手: “過去數週因為海外基金大量買進，本地基金則分批脫手，並未大量拋售，使大盤走勢亮眼。” 他指出，從上週五及本週綜指走勢看來，海外基金已開縮小買盤，因此綜指將進入盤整期。不過，他表示，目前的盤整是健康的，過去幾天綜指揚幅大，相對盤整機率也會上揚。此外，達證券研究主管也指出，銀行與政聯企業股項因受合併揣測而高漲，市場在過去7週連續揚升，目前是出現盤整的時刻。

75%外資: 另一方面，大馬交易所（BURSA）總執行長拿督尤斯里近日在接受《星報》訪問時曾表示，目前馬股的揚勢，大部份由海外基金帶動。“依據我們的記錄，相信約75%買盤來自海外基金。” 他指出，大馬股市在去年幾乎持平，今年來揚升20%並非不尋常現象。“我不認為股市持續上揚會造成問題，未來欲持續吸引外國投資者的較高興致，本地企業須維持優秀表現。”閉市時，綜指報1088.42點，下跌13.28點，成交量挂12億3130萬9300股。

Business Times

KL shares end almost flat (December 12 2006)

SHARE prices on Bursa Malaysia ended almost flat yesterday on profit-taking with the Kuala Lumpur Composite Index (KLCI) bucking the trend on late selective buying in blue chips, a dealer said. At the close, the 100 quality-stock KLCI increased by 3.11 points, or 0.28 per cent, to 1,101.02 points. It opened 5.3 points higher at 1,103.89 in the morning. The KLCI touched an intra-day high of 1,110.12 points. "The market opened higher with sentiment spurred by positive signals about the US economy but profit-taking capped further gains," he said. The November payroll data released by the US Labour Department last Friday revealed that new jobs rose by 132,000, up from 79,000 in October but jobless rate rose to 4.5 per cent. The dealer said the market was expected to consolidate after the recent sharp rise with immediate support seen at 1,080-point level. Of the FTSE-BM Index series, the FBMEmas gained 2.18 points to 7,157.12 and the FBM30, which comprises the top 30 companies by full market capitalisation, jumped 22.9 points to 7,083.77. Decliners outnumbered advancers by 592 to 299, 246 counters were unchanged, 238 counters untraded and 25 others suspended. Volume fell to 1.081 billion shares worth RM2.035 billion from 1.21 billlion shares worth RM1.847 billion registered last Friday. Genting and its related counters attracted a lot of interest. Genting rose by RM2.75 to RM32.00 and Resorts World increased by RM1.00 to RM14.00. Genting-warrants were among the most active counters. It increased by 17.5 sen to RM1.15 and the Resorts-warrants perked 17 sen to RM1.16. Genting hit an intra-day high of RM35.75, up RM6.50. Meanwhile, the Kuala Lumpur Composite Index (KLCI) futures contracts on the Bursa Malaysia Derivatives ended higher, despite some profit-taking after the recent sharp gains, a dealer said. At close, December 2006 and January 2007 contract rose 9.0 points each to 1,103.5 and 1,101.0 respectively, March 2007 added 8.0 points to 1,098.0 and June 2007 went up 7.0 points to 1,094.5. Turnover stood at 7,682 lots, up from 6,834 registered last Friday and open positions stood at 29,993 contracts, also up from 29,462 contracts previously. - Bernama

The Edge Daily

Citigroup: M&As to continue KLCI's bullish run
By Ashwin Raman (12 December 2006)

The recent rally on Bursa Malaysia will continue as the rise in merger and acquisition (M&A) activities will attract more foreign investments, a senior Citigroup executive said. Its vice president for Asia-Pacific economic and market analysis, Sim Moh Siong, said the positive run of the Kuala Lumpur Composite Index (KLCI) recently was in response to major M&A activities in the market. In the last two months, there were several corporate deals including IJM Corporation Bhd's proposed acquisition of Road Builder (M) Holdings Bhd, and the mega merger exercise of Golden Hope Plantations Bhd, Kumpulan Guthrie Bhd and Sime Darby Bhd. Sim said there was potential for more M&As of a similar scale involving government-linked corporations (GLCs). Golden Hope, Kumpulan Guthrie and Sime Darby are subsidiaries of government-owned Permodalan Nasional Bhd. Speaking at a briefing on the country’s economic outlook in Kuala Lumpur on Dec 12, he said the ringgit’s recent gain was not a “flash in the pan” and increased foreign investment and M&A flows would strengthen the ringgit. Sim said the ringgit could strengthen further next year if China allowed the yuan to appreciate, and Citigroup was looking at RM3.50 against the US dollar in 12 months. He said there was a possibility Bank Negara Malaysia would increase interest rates moderately next year to accommodate the economy’s growth and control inflation. Citigroup has forecast Malaysia’s gross domestic product (GDP) to grow 6% this year and 5.7 next year. For 2008, the group has projected a 5.8% growth. “We are expecting modest interest rate hikes at 25 basis points in the middle of next year and another 25 basis points in the fourth quarter,” he said. On increasing foreign investment, Sim said the government would need to relax non-internationalisation of the ringgit policy and provide further cuts in corporate tax. “The threat of hot money is quite low and the system in the country can cope with capital outflows,” he said. Sim said the government would need to implement a goods and services tax first before another round of corporate tax reductions, adding that earlier reductions had regained investor confidence.