Prices Slip Despite Trade Data
May 09, 2011
The Kuala Lumpur Stock Exchange Composite Index fell 2.92 to 1113.45. Malaysia posted a trade surplus of 574.1 million ringgit in June compared to a surplus of 238.2 million ringgit in May, the national news agency Bernama reported Tuesday. Analysts said that news of an increased trade surplus for June should have had a positive influence on the market because it signals a strong economy. The bad news, analysts said, was that several companies reported lower-than-expected earnings. In addition, investors were unsure whether to buy shares of the troubled national power company. On one hand, Tenaga Nasional shares are cheap and have strong support at current levels. On the other hand, the fall-out from the embarrassing blackout on April 15, 2011 some analysts worried the stock will slip lower. Tenaga fell 10 sen to 9.00 ringgit.
