Malaysian share prices closed 0.66 percent higher on Monday on a technical rebound, with index heavyweights and banking stocks attracting bargain hunting interest, dealers said. The Kuala Lumpur Composite Index rose 5.85 points at 891.18. Volume was 493.86 million shares worth 921.65 million ringgit (243 million dollars), with 385 gainers against 336 losers. "As expected, the market staged a technical rebound in line with the rally on Wall Street but the buying was concentrated on blue chips," a local brokerage dealer said.
Among blue chips, power firm Tenaga Nasional shed 0.10 ringgit at 10.00 ringgit but Malayan Banking rose 0.30 ringgit at 12.10, while Telekom Malaysia added 0.10 ringgit at 10.30 after a report that it planned to list its Sri Lankan subsidiary MTN Networks (Pte) Ltd on the Colombo Stock Exchange.
Hong Leong Bank was up 0.15 ringgit at 5.40, after a block of 2.6 million shares was traded off-market at an average price of 5.30 each.
Scomi Group was flat at 1.62 despite news its unit Oiltools Pte. Ltd had won a 70 million ringgit order from the Saudi Arabian Oil Company.
Setron Malaysia was up 0.075 ringgit at 0.595 on renewed talk that major shareholder Amin Shah Omar Shah was in discussions to sell his 34 percent stake in the electrical products maker.
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