Business

Wednesday May 14, 2008 MYT 12:05:17 PM

Tanjong, Sime, AMMB lead blue chips higher

By JOSEPH CHIN


KUALA LUMPUR: Tanjong, Sime Darby and AMMB led blue chips higher in early trade on Wednesday while steel stocks continued to attract buying interest after the government liberalised the industry.

At 10am, the KLCI was up 7.94 points to 1,294.48. Turnover was 101.8 million shares valued at RM158.73mil. There were 188 gainers, 118 losers while 182 counters were unchanged.

Hong Kong’s Hang Seng Index opened 0.29% lower at 25,478.34 while Japan’s Nikkei 225 fell 0.2% to 13,951.53. However, Singapore’s Straits Times Index edged up 0.18% to 3,209.12 and Shanghai’s A Share Index was 1.52% higher at 3,792.54.

In New York, blue chips fell on Tuesday as oil rose to another record high and underscored concerns about inflation, while the Federal Reserve chairman said financial markets are still troubled.

Reuters reported crude oil futures came within a whisker of US$127 per barrel after Iran said it was mulling production cuts, and several Federal Reserve officials highlighted the growing threat of inflation in speeches throughout the session.

The Dow Jones industrial average fell 44.13 points, or 0.34%, to 12,832.18.

At Bursa Malaysia, Boustead Properties was the top gainer, up 30 sen to RM4.70, while Tanjung rose 20 sen to RM16.50. Plantation heavyweights were traded higher with Sime Darby up 15 sen to RM9.60 and IOI Corp gained 10 sen to RM7.35

AMMB, which turned around in the financial year ended March 31 with RM668.54mil net profit compared with a net loss of RM282.45mil in the previous financial year, attracted strong buying interest. AMMB rose 14 sen to RM3.98.

Steel counters extended their gains, with Southern Steel shares up 18 sen to RM3.94 and the loan stocks gaining 30 sen to RM3.60. Kinsteel added six sen to RM1.64 and MaSteel eight sen to RM1.99 and Lion Industries six sen to RM2.81.

However, BAT was the top loser, down 25 sen to RM42.75, VADS lost 15 sen to RM6.45 and IJM 10 sen lower RM5.75.

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