Business

Published: Wednesday February 6, 2013 MYT 10:30:00 AM

UMW down in line with weaker market sentiment


KUALA LUMPUR: Shares of UMW Holdings Bhd fell in mid-morning on Wednesday, in line with the weaker market sentiment despite analysts' positive outlook for the oil-gas and automobile company.

At 10.17am, UMW was down 16 sen to RM12.02. There were 283,600 shares done.

The FBM KLCI fell 14.35 points to 1,619. Turnover was 283.93 million shares valued at RM269.86mil. Losers beat gainers 304 to 80 while 229 counters were unchanged.

CIMB Equities Research is maintaining its Outperform on UMW and raised its revised net asset value-based target price by 10% to RM14.45.

It said the higher target price was mainly due to the impact of the weakening US dollar and yen on the group's auto business.

On Tuesday, UMW's O&G unit secured a US$140mil contract from Sabah Shell.

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