Bursa Malaysia Market ends mid-year 2008 on jittery ground

Investor confidence remains on shaky ground on June 30. Investors are troubled by persistent uncertainties, both domestically and in the global financial market. There is no evidence to suggest that prevailing trading conditions are about to change anytime soon.

The KL Composite Index opened on a weaker footing and remained in negative territory throughout the day. The benchmark index eventually closed four points lower at 1,186.6 points. This brings its total losses for the first half of the year to nearly 18%.

Few investors are motivated to buy under current climate. Wall Street's sharp losses last week may portend more difficult times ahead. The upcoming corporate reporting season for 2Q08 could see more earnings downgrades. The financial sector, in particular, could witness more write-downs related to the credit crisis. Investors will also be looking closely at US jobs figures slated for release later in the week.

Crude oil futures traded on the New York Mercantile Exchange hit fresh all-time high of US$142.99 (RM471.87) per barrel -– adding further to investor concerns about rising inflationary pressures. Oil is currently trading nearly 48% higher from the start of 2008.

Unsurprisingly, key Asian stock markets too ended the mid-year on a nervous note. Most relevant bellwether indices in regional markets have lost between 12-20% for the year to date while the Shanghai Composite Index has fallen by some 48%.

Market breadth in the local bourse was in the red all through the day. At the close, the number of losing counters outpaced gaining ones by a ratio of roughly seven to three. Volume was low. Less than 371 million shares changed hands, one of the lowest recorded this year.

Some of the days' bigger losers were TM International, Tanjong plc, Public Bank, Bumiputra-Commerce and Bursa Malaysia. At the other end, shares for BAT, KL Kepong, Kulim, Lafarge Malayan Cement and IOI Corp finished higher on Monday.

Off Market Transactions On KLSE (30 June 2008)

Stock	Dir-Vol	Dir-Val	Av-Price
AXIS	3,450,000	6,210,000	1.8
ASB-LA	2,600,000	130,000	0.05
PRDUREN	1,270,300	588,737	0.463
EIG	769,000	515,230	0.67
FRB	705,000	528,750	0.75
AVENTUR	600,000	540,000	0.9
INIX	505,500	103,628	0.205
SARAWAK	500,000	1,460,000	2.92
SIGN	500,000	550,000	1.1
GKENT	320,000	153,600	0.48
PERISAI	300,000	333,000	1.11
DAYANG	300,000	375,000	1.25
BORNOIL	229,500	66,555	0.29
LATITUD	220,350	220,350	1
MPHB	200,000	300,000	1.5
YTLPOWR	195,000	380,250	1.95
LITESPD	160,000	14,400	0.09
YSPSAH	50,000	48,750	0.975
GAMUDA	50,000	120,500	2.41
TRANMIL	50,000	63,000	1.26
KPS	50,000	124,000	2.48
SPSETIA	50,000	164,450	3.289
HEXZA	15,200	9,348	0.615

Football: Euro 2008 End With Spain beats Germany 1-0 to win Euro 2008 title

VIENNA, Austria: Fernando Torres finally lived up to his billing as one of the world's great strikers Sunday by scoring to give Spain a 1-0 win over Germany and the European Championship title.

Torres, who had been overshadowed by teammate David Villa all tournament, scored in the 33rd minute of the final to down the three-time European champions and earn his nation's first major title in 44 years.

Touching a sliding pass from Xavi Hernandez past Philipp Lahm, Torres turned and ran past his marker on the opposite side, collected the ball and lifted a shot over sliding goalkeeper Jens Lehmann and into the far corner.

"My job is to score goals,'' Torres said.

"I want to win more titles and be the most important player in Europe and the world.''
Spain's Sergio Ramos, center, and Iker Casillas, right, celebrates with the trophy after the Euro 2008 final between Germany and Spain in the Ernst-Happel stadium in Vienna - AP

Spain had more chances but the goal was enough to give the country its first title since the 1964 European Championship.

"Spain played very well during whole tournament. and they were technically excellent,'' Germany coach Joachim Loew said.

"They fully deserve victory.''

In the end, Spain was a deserved winner of the 13th European Championship.

Long known as an underachiever that peaked between tournaments rather than at them, the team reached the final at Ernst Happel Stadium with a string of beguiling attacking displays orchestrated by a vibrant midfield - and held true to its values in the highest pressure match.
Germanfan reacts after the defeat - AP

Xavi, Andres Iniesta and David Silva swapped positions constantly against a midfield marshaled by Michael Ballack and eventually wore out their opponents until it seemed Spain was simply counting down time until the final whistle.

Red-shirted fans started to greet each successful pass with cheers of "Ole!'' before erupting into relieved delirium on the whistle.

The overjoyed players gathered to throw 69-year-old coach Luis Aragones into the air in celebration, while the massed ranks of Spanish fans sang themselves hoarse with "Viva Espana'' as fireworks went off overhead.

"It is the most imporant day in Spanish football in many, many years,'' Torres said.

Germany, playing in its seventh European Championship final, had a strong appeal for a first-half penalty turned down but, despite Ballack's imperious performance, could not find a way past the Spain defense.

Ballack's tender right calf had meant that, until right before kickoff, it looked like he was about to add a missed European Championship final to the World Cup final he sat out in 2002.

But he took his place in the lineup and, against a team with even slightly less skill and passion, could have been the driving force in another German win.
A soccer fan with German and Spanish national flags reacts at the ' Fan-Mile', a public viewing zone in central Berlin, Germany on Sunday during the last minutes of the final of the Euro 2008 soccer championships in Vienna - AP

"We had a great tournament, but made one mistake too many,'' Ballack said.

"We were lacking of power against a great Spanish team, we couldn't keep up with them.''

Germany dominated the opening exchanges until a lucky break in the 14th gave the Spanish their first chance on goal and a boost that clearly lifted their play.

"We controlled the game for 15 minutes, but had no answer after Spain found to its rhythm,'' Loew said.

"Spain played better. We couldn't match their level.''

On a rare foray forward, Iniesta sent a cross into the box from the left and Germany defender Christoph Metzelder stuck out a boot to send the ball rocketing toward his own goal.

Only a diving reaction save by Jens Lehmann kept it out and prevented an own-goal. Spain never looked back.

Per Mertesacker had to dispossess Torres in the area with a well-timed sliding tackle before Torres found space for a couple of dangerous headers.

He put the first just over the bar before sending the second against the foot of the post with Lehmann beaten.

Germany then was left to rue its luck in what could have been the decisive moment of the match in the 29th.

Fullback Joan Capdevila mis-controlled the ball and it clearly bounced up to hit his hand, but referee Roberto Rosetti waved away the appeals.

Moments later, Torres showed why he is rated one of the best strikers in the world. With leading tournament scorer Villa absent because of injury, Torres was again the sole outlet in attack.

He took Xavi's pass and finished off his chance by flipping the ball over Lehmann and watching it roll softly into the corner for his second goal of Euro 2008.

Germany replaced the struggling Lahm with Marcell Jansen at halftime but Silva still got in a 54th-minute shot that right back Sergio Ramos almost deflected in with a back heel.

Ballack, who had already received treatment for a head wound and was railing against every decision in Spain's favor, shot past the post and almost set up substitute Kevin Kuranyi with a cross that goalkeeper Iker Casillas just tipped away.

"We wanted to come back in the second half, but we just couldn't do it,'' Ballack said.

"For us, to reach the final was a great achievement. We have to be satisfied with that regarding the quality of the other teams competing.''

But aside from isolated passages of play, it was all Spain.

Ramos sent a diving header onto the bar from Xavi's deep cross, Iniesta almost scored with a near post shot that Torsten Frings just managed to block, and Senna just missed a cross in front of an open goal in the 82nd.

It was a dramatic change from the start of the match, when all the attacking had come from Germany.

Exploiting space left by Ramos, who was pushing forward down the wing and leaving captain Carles Puyol to cover, Miroslav Klose, Lahm and Ballack all found openings.

Klose could have had a shot in the third, but his poor touch took the ball out for a goal kick, Lahm sent a cross too far across the area, and Ballack beat Puyol before the recovering Ramos got a toe to the cross to deflect it from danger.

"We will analyze the next couple of days what went wrong and work on that for the near future,'' Loew said.

"Overall, the team had a great result, considering the other contenders, like Italy, France, or the Netherlands.''

Lineups:

Spain: Iker Casillas, Sergio Ramos, Carles Puyol, Carlos Marchena, Joan Capdevila, Xavi Hernandez, David Silva (Santi Cazorla, 66), Marcos Senna, Andres Iniesta, Cesc Fabregas (Xabi Alonso, 63), Fernando Torres (Dani Guiza, 78).

Germany: Jens Lehmann, Christoph Metzelder, Per Mertesacker, Philipp Lahm (Marcell Jansen, 46), Arne Friedrich, Bastian Schweinsteiger, Thomas Hitzlsperger (Kevin Kuranyi, 58), Torsten Frings, Michael Ballack, Lukas Podolski, Miroslav Klose (Mario Gomez, 79). - AP

European Championship Champions

2008_Spain

2004_Greece

2000_France

1996_Germany

1992_Denmark

1988_Netherlands

1984_France

1980_Germany

1976_Czechoslovakia

1972_Germany

1968_Italy

1964_Spain

1960_Soviet Union

Bursa Malaysia Index (KLCI) falls as US Wall Street Market plunges

KUALA LUMPUR: Stock prices on Bursa Malaysia closed sharply lower on Friday, as an overnight plunge on Wall Street sent regional markets reeling.

On Thursday, the Dow Jones Industrials Average Index plunged 358 points to 11,453 points - its lowest close since Sept 2006.

While concerns over the health of the US economy, the housing market and inflation continue, the latest plunge was precipitated by a worsening outlook for the financial and auto sectors, as well as rapidly rising oil prices. Crude oil prices topped a record high of just over US$140 (RM462) per barrel - fueling further inflationary fears.

The local stock market also took its cue from Wall Street, with the KLCI in negative territory throughout the day. The benchmark index fell as much as 17 points at the open, but recovered part of it to end 13.3 points lower at 1,190.5 points - below the psychologically important 1,200 point level.

Market breadth was negative, with declining stocks beating advancing ones by a 2-to-1 margin at the close. Trading volume remained low with just 378 million shares changing hands.

Volume leaders on Friday include AirAsia, Luxchem, Gamuda, Resorts, TMI, IOI Corp and TM. Gainers include LCL, Loh & Loh, Berjaya Land and Hai-O. Losers include CCB, DiGi, Luxchem, TMI and MPI.

It is unclear where the market will head next given the prevailing host of external economic uncertainties. The low trading volume suggests more investors are staying on the sidelines.

Investor confidence has already been affected by earlier domestic political issues, prevailing external uncertainties and rising inflationary pressures following the recent sharp petrol price hike. Investors will likely continue taking their cues from external factors. Further falls on Wall Street and escalating crude oil prices will further dampen sentiment.

Off Market Transactions On KLSE (27 June 2008)

Stock	Dir-Vol	Dir-Val	Av-Price
INSAS-LA	29,400,700	13,230,315	0.45
SAUJANA	13,250,000	13,250,000	1
CUSCAPI	7,000,000	1,260,000	0.18
PANTECH	4,378,900	3,525,015	0.805
AXIS	4,150,000	7,470,000	1.8
OCNCASH	3,879,700	349,173	0.09
TDEX	2,500,000	625,000	0.25
ARREIT	1,000,000	955,000	0.955
BSDREIT	1,000,000	1,460,000	1.46
PERISAI	1,000,000	1,230,000	1.23
TM	1,000,000	3,340,000	3.34
WCT	1,000,000	3,080,000	3.08
JPK	805,900	81,396	0.101
BONIA	780,600	1,467,528	1.88
HUAYANG	550,000	374,000	0.68
AEONCR	500,000	1,780,000	3.56
SCOPE	500,000	42,500	0.085
WCT-PA	490,000	284,200	0.58
ENVAIR	439,900	87,980	0.2
KNM	410,000	2,585,500	6.306
SWKPLNT	300,000	1,122,000	3.74
HEVEA	300,000	300,000	1
IOICORP	290,000	2,160,500	7.45
ANNJOO-WB	250,000	402,500	1.61
IJMPLNT	200,000	732,000	3.66
SARAWAK	200,000	594,000	2.97
THPLANT	200,000	692,000	3.46
WCT-WB	200,000	132,000	0.66
BURSA	195,300	1,503,810	7.7
SUNCITY-WA	150,000	64,500	0.43
RESORTS	116,000	316,680	2.73
KULIM-WB	100,000	745,000	7.45
TDM	64,000	134,400	2.1
PW	60,000	36,000	0.6
BKAWAN	50,297	533,148	10.6
MAYBANK	47,439	339,211	7.15
HARTA	47,000	71,910	1.53
AMMB	44,000	139,920	3.18
GAMUDA	34,000	74,800	2.2
GENTING	30,900	178,230	5.768
UCHITEC	30,050	63,406	2.11
MTDINFR	30,000	22,200	0.74
RHBCAP	17,000	73,100	4.3
TONGHER	15,000	39,300	2.62
PIE	12,000	58,800	4.9
KURNIA-WA	10,000	13,800	1.38
POS	10,000	23,000	2.3
PRTASCO	6,100	5,094	0.835
FABER	4,510	3,991	0.885
MPI	4,000	28,800	7.2
COMMERZ	3,000	24,750	8.25
PARAMON	3,000	6,660	2.22
APLAND	1,467	455	0.31
TEBRAU	1,333	680	0.51