Malaysian share prices closed up 0.1 percent on Wednesday as investors continued to buy palm oil-related plantation stocks, dealers said. The Kuala Lumpur Composite Index (KLCI) was up 0.78 points at 1,424.02. The local bourse was closed Tuesday for Christmas.
"The market is still in holiday mood and the bourse is going nowhere," said Kenny Yee, the head of research at OSK Investment Bank. Investors were waiting to see how Waall Street performed, he said. Trading volume was 632.45 million shares valued at 1.01 billion ringgit (303 million dollars).
Palm oil firm IOI Corp finished up 15 sen at 7.50 ringgit. Kuala Lumpur Kepong, which owns oil palm estates in Malaysia and neighbouring Indonesia, advanced 20 sen to 16.70 ringgit. Sime Darby, the world's largest listed palm oil company by planted area, rose 10 sen to 11.40 ringgit.
On the Malaysian derivatives exchange, the benchmark crude palm oil contract for March delivery jumped 50 ringgit to an all-time high of 3,080 ringgit per metric ton amid flooding in major palm oil-producing states. Major floods have hit Johor and Pahang, two of the largest palm oil producing states in Malaysia, prompting fears that output will be hurt.
National power supplier Tenaga added five sen to 9.60 ringgit and Maybank, Malaysia's largest bank, gained 10 sen to 11.80 ringgit. Telekom Malaysia dropped 20 sen to 11.30 ringgit.
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