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| KLCI breaches 1,060-point level in early trade |
| Written by Surin Murugiah | |||
| Thursday, 25 June 2009 09:26 | |||
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The OECD raised its forecast for the economy of its 30-member nations for the first time in two years as it expected the US slump to ease. The slowdown in OECD economies is reaching the bottom following the deepest decline in more than 60 years, according to the organisation's latest Economic Outlook. "But recovery is likely to be weak and fragile, and the economic and social damage caused by the crisis will be long-lasting, it added. At 9.05am, the KLCI was up 6.74 points to 1,064.59, led by gains at Genting, Tanjong, KL Kepong, BCHB and DiGi. Turnover was 62.64 million shares valued at RM45.76 million. Gainers led losers 161 to 16, while 56 counters traded unchanged. Genting was up 15 sen to RM5.85, Tanjong, KLK and BCHB gained 10 sen each to RM13.60, RM12.10 and RM8.90, while DiGi rose 20 sen to RM22.10. Other gainers included Jaya Tiasa, Panasonic and PLUS Expressways. Nestle was the top loser, falling 50 sen to RM30.75; Lafarge Malayan Cement and Maybank fell 5 sen to RM6 and RM5.70, respectively, while Media and Samchem lost 1 sen each to RM1.19 and 89 sen. MK Land was the most actively traded counter with 8.61 million shares done. The stock added 4 sen to 43.5 sen. MK Land Holdings Bhd is venturing into India via a JV with India's property developer Embassy Group for an integrated township development with a RM3 billion gross development value, on a 300-acre parcel of land in northern Bangalore. MK Land sees the project as a stepping-stone for the group to expand to other parts of India. KNM Group was also actively traded with 7.74 million shares done. The stock added 2.5 sen to 88 sen. The company said it expects its earnings for this year to be "comparable to last year", underpinned by the recovery in oil prices and as it moves up the value chain.
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