Malaysian share prices closed up 0.6 percent on Thursday amid mild profit-taking and weak sentiment ahead of the upcoming Lunar New Year holidays, dealers said. The Kuala Lumpur Composite Index rose 5.61 points to close at 879.02 points on turnover of 371.8 million shares worth 460.40 million ringgit (127.36 million dollars).
"The Malaysian central bank's move to cut interest rates and boost liquidity in the banking system by reducing the statutory reserve requirement to 2 percent from 3.5 percent provided some relief to investors," a dealer told Dow Jones Newswires. "There may be some follow-through buying tomorrow," he added.
On Wednesday, Malaysia's central bank also slashed the key policy interest rate by 75 basis points - its biggest cut since 2004 - in a bid to cushion the weakening economy and avert a recession. Dealers said the market remains weak as many investors have already left for the upcoming Lunar New Year celebrations. Among gainers, Bumiputra Commerce rose 1.7 percent to 6.10 ringgit while Gamuda was up 3.2 percent to 1.94 ringgit. On the downside, TMI dropped 4.5 percent to 3.38 as RHB Capital fell 4.6 percent to 3.70 ringgit.
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