Wednesday, August 02, 2006

02-08-2006: Listless market

The KL Composite Index opened in positive territory on Aug 2, but gradually succumbed to some mild profit taking. The closely monitored benchmark index ended the day marginally lower at 934.1 points.

Trading was fairly quiet, even listless, in the absence of market-moving developments. About 565 million shares changed hands. Second and lower-liner stocks accounted for the bulk of market volume. Iris Corp was, by far, the most actively traded counter. The stock closed marginally higher at 69.5 sen.

New Mesdaq-listing, ISS Consulting Solutions was the second most actively traded for the day. The stock never really took off, opening in the red. Losses widened as the day progressed. The shares eventually ended its first day of trading nine sen below its IPO price of 41 sen.

Market breadth leaned towards the negative. At the close, losing counters outnumbered gaining ones by 1.2 to one. On the positive note, selling pressure appears relatively mild. The market is likely to continue treading water as investors wait for fresh leads.

Tanjong was the topped the gainers list on Aug 2, recouping losses from the previous trading day. On the whole, interest in most blue-chip stocks remained lacklustre. IOI Corp, DiGi and KL Kepong succumbed to some profit taking on the back of recent gains. -- InsiderAsia


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