Malaysian shares ended higher on Friday, its second day of gains, as UEM Builders rose to its highest in two months on hopes it would get a road contract from a related firm.
UEM Builders gave up early gains but still ended 3.3 percent up at 1.24 ringgit, its highest close since July 19, on expectations that toll road operator Plus Expressways would award a road expansion contract to the company.
UEM Builders and Plus are both controlled by UEM World. Shares of UEM World, which is controlled by the government, finished unchanged at 1.08 ringgit.
Plus said on Thursday that the government has agreed to let it widen certain stretches of its main 848km (530 mile) North-South expressway.
The market's main indicator, the Kuala Lumpur Composite Index, ambled in a tight three-point range before ending 0.22 percent up at 859.66.
Overall volume stood at 393 million shares worth 737 million ringgit ($194 million). Gainers beat decliners 392 to 318.
Shares of leading tobacco firm British American Tobacco(BAT) fell 1.6 percent to 46.50 ringgit, its lowest in six months, on concerns that sales would be hit after it hiked cigarette prices by 20 percent. Shares of second-biggest lender Commerce Asset-Holding gained 1.3 percent to 4.74 ringgit after it completed the sale of a $110 million convertible bond. Proceeds from the sale would be used to finance working capital, the company said after the market closed on Thursday.
Among Kuala Lumpur's heavyweights, gains in top lender Malayan Banking and fourth-biggest Public Bank helped to buoy the key index.
Maybank was up 0.9 percent to 11.00 ringgit while Public Bank gained 0.8 percent to 6.40 ringgit.
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