Malaysian share prices closed 0.28 percent higher on Friday with the key index firmer on continued interest in selected blue chips in the banking and plantations sectors, dealers said. They said profit-taking activity kept the market in check after the main index hit the 1,000 level during the day.
The Kuala Lumpur Composite Index closed up 2.77 points at 998.02, after touching an intraday high of 1,000.06. Turnover was 792.43 million shares worth 1.11 billion ringgit (317 million dollars) while losers led gainers 436 to 385 with 296 stocks unchanged. At the close, the ringgit was quoted at 3.6470/6500 to the dollar.
"As expected the market experienced resistance at the thousand-point level," said N.Kaladher of TA Securities. "In the near term, we remain positive due to various (government) announcements to boost the economy ahead of the UMNO general assembly, starting from November 13," he added. However Kaladher noted that after the general assembly of the ruling United Malays National Organisation (UMNO) was over, the market may run out of catalysts and will depend on the performance of the US market for leads. Key heavyweights, Maybank was up 0.20 ringgit at 11.30, Tenaga was flat at 10.10 while Telekom Malaysia was down 0.05 ringgit to 8.90.
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