Wednesday, July 21, 2010

Auto stocks up on MAA forecast

KUALA LUMPUR: Automotive-related stocks rose in early trade on Wednesday, July 21 after the Malaysian Automotive Association (MAA) said vehicles sales in the country are expected to hit a record high of 570,000 units this year.

The MAA has raised its annual forecast on vehicle sales to 570,000 this year, exceeding the previous record of 552,316 units achieved in 2008, in view of the healthy growth in the first half of this year.

At 9.40am, TAN CHONG MOTOR HOLDINGS BHD [] and APM AUTOMOTIVE HOLDINGS BHD [] added three sen each to RM4.43 and RM4.38; UMW HOLDINGS BHD [] rose eight sen to RM6.33 while PROTON HOLDINGS BHD [] gained one sen to RM4.46.

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