950803

KL shares end off highs

KUALA LUMPUR: Motor stocks Proton and Edaran Otomobil were driven higher by expectations that a weaker yen will improve profit margins, traders said.

But the overall market ended mixed as profit taking set in after climbing yesterday and at the opening, they said.

"It's profit taking time after the recent sharp gains in speculatives," said an institutional dealer.

The Kuala Lumpur Stock Exchange's Composite Index ended 4.58 points higher to 1,072.83.

Volume dropped to 284 million shares from 294 million on Wednesday. Losers beat gainers 332 to 193.

Proton rose 55 cents to 9.60 ringgit and Edaran Otomobil up 40 cents to 23.40. Top active Kelanamas shed 10 cents to 5.45 ringgit after surging to 5.80 earlier. Speculation on a privatisation deal and takeover had buoyed the counter.

Multi-Purpose, Magnum Corp and Bandar Raya, which reported interim earnings late yesterday, were little changed.

Multi-Purpose was down 10 cents to 4.36 ringgit, while both Magnum and Bandar Raya were unchanged.

The market's heavy interest on speculative stocks is expected to continue tomorrow, traders said.-Reuter