BURSA MALAYSIA Mixed trading ahead of Q1 GDP release 12.45pm 27 May 2009

Stocks on Bursa Malaysia were mixed ahead of the release of first quarter’s economic data by Bank Negara this evening.

It was indicated that gross domestic product (GDP) this year could be lower than earlier estimated contraction of 1% while positive growth is expected next year.

Yesterday, the central bank left the overnight policy rate unchanged at 2% for the second time on the back of stabilising external environment, which signalled the likelihood of a gradual recovery in the second half of this year.

At 12.30pm, the Kuala Lumpur Composite Index was slightly down by 0.81 point at 1,050.8 points. Gainers outnumbered losers 283 to 233 while 226 counters were unchanged.

Leading laggers were Genting Bhd, Top Glove Corp Bhd and Tanjong plc. Both Genting and Top Glove lost 25 sen to RM5.25 and RM5.80 respectively while Tanjong fell 20 sen to RM13.80.
On the gainers list, Boustead Heavy Industries Corp Bhd rose 22 sen to RM4.74 while Batu Kawan Bhd gained 15 sen to RM8.90 and Kuala Lumpur Kepong Bhd added 10 sen to RM11.80. Both Batu Kawan and KLK were moderately traded.

Companies that released their respective quarterly results yesterday saw some trading interests. Coastal Contracts Bhd increased by 10 sen to RM1.65, Perisai Petroleum Teknologi Bhd surged 7.5 sen to 64 sen while Eastern & Oriental Bhd lost 3 sen to 83 sen.

OSK Investment Bank, in a report, said in the immediate term, the local bourse was likely to take cue from the first quarter GDP data and the Government’s new GDP projections for this year.