Astro falls as investors lock-in profits


  • Business
  • Thursday, 13 Nov 2003

By Pauline S.N.Ng

Astro 

Astro's inclusion in the Morgan Stanley Capital International (MSCI) Standard Indices failed yesterday to prevent its share price from slipping. Indeed, the counter was traded lower right from the opening bell and closed at its day's low of RM4.50 for a loss of 20 sen as investors locked-in profits. 

The pay-TV operator made its debut on the KLSE main board on Oct 30 at a RM1.35 or 36% premium over its initial public offering (IPO) price of RM3.65. The IPO was one of the largest in Malaysia in recent times, raising a massive RM2bil for the company. 

TANAH EMAS 

It was another volatile day for Tanah Emas shares yesterday. To the delight of investors, the stock shot up 80 sen to RM6.45 early in the day, but then began sliding back. At one point, it plunged to as low as RM4.28 before regaining some ground to close at RM4.50 for a loss of RM1.15 or 20% for the day. 

Tanah Emas, which has been actively traded in recent weeks, topped of the active's list yesterday with 45.8 million shares changing hands. The stock has added considerable “speculative excitement” to the market, but observers have pointed out that it is “definitely not for the faint of heart”. 

JUSCO 

This stock was one of the top gainers yesterday, closing 35 sen higher at RM8.90. Jusco has endeared itself to investors – many of whom consider it a blue chip – with its consistent earnings growth. Despite operating in an increasingly competitive retail environment, the Japanese-owned company has managed to keep one step ahead of its rivals and analysts expect that dominance to continue in the future.

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