Friday 26 Apr 2024
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KUALA LUMPUR: Proton and DRB-Hicom were in focus in the morning session on July 28 after CIMB Equities Research raised its total industry vehicle (TIV) forecast from 465,732 units to 493,303 units.

The broader market was also firmer, while gains in big capitalised stocks Genting, Bursa and Sime Darby helped nudge the 30-stock FBM KLCI up more than 11 points.

At midday, the FBM KLCI rose 11.27 points to 1,167.7. Turnover was nearly 500 million shares valued at RM667 million. There were 347 gainers, 229 losers and 221 counters unchanged.

Singapore's Straits Times Index added 1.17% to 2,606.79, Hong Kong's Hang Seng Index 0.7% higher to 20,392.71 while Shanghai's Composite Index fell 0.34% to 3,423.64 and Japan's Nikkei 225 fell 0.2% to 10,068.98.

Light crude oil fell 13 cen to US$68.25 while crude palm oil futures for third month delivery added RM20 to RM2,118. Gold rose US$33 to US$954.17.

CIMB Research said in auto sales volume for 1H09 made up 54% of its 2009 TIV assumption of 465,732 units. It was pleasantly surprised by the general improvement in auto sales and the quick recovery of consumer sentiment.

"Given the better-than-expected sales volume so far, the anticipated economic recovery in 4Q and new models lined up for 2H, our previous assumption of a 15% contraction in TIV looks too bearish.

"Sales should be strong in July and August, the two months leading up to Hari Raya Puasa. This should be followed by a slight dip towards the end of the year. We are revising upwards our TIV forecast from 465,732 units (-15%) to 493,303 units (-10%)," it said.

At Bursa, Proton rose 15 sen to RM2.83 while DRB-Hicom added seven sen to RM1.16.

Kulim was the top gainer, adding 35 sen to RM7.60, Genting 25 sen to RM6.80, Shell 20 sen to RM10.60 while Bursa and Sime Darby added 15 sen each to RM7/70 and RM8.05.

Perstima added 11 sen to RM2.74 after its chairman Tan Sri Ab Rahman Omar said the companu had the potential to pay higher dividends.

Supermax, rose 11 sen to RM2.44. RAM Ratings revised upwards the outlook on the A2 rating of Supermax Corporation Bhd's RM120 million fixed-rate serial bonds (2005/2012), from negative to stable.

The ratings agency said the upward revision was because of the glove maker's healthier operating cashflow due to better collection of receivables (including from its associates) and lower inventory levels.

United Plantations fell 20 sen to RM12.20 in lift profit taking while CHHB lost 11.5 sen to 60 sen, Petronas Gas 10 sen to RM10.20 while down 10 sen each also were DiGi, Parkson and KFCH to RM22.10, RM5.40 and RM7.40 respectively.

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