Malaysian share prices closed 0.81 percent higher on Thursday, led by gains in construction stocks on hopes the sector will benefit from a forthcoming government development plan, dealers said.
The Kuala Lumpur composite index added 7.38 points at 920.91. Gains declines 475 to 289, with 300 stocks unchanged and 258 untraded. Volume was 659.87 million shares worth 993.54 million ringgit (267 million dollars). The ringgit was at 3.7190 to the dollar.
"Funds were buying construction stocks due to the Ninth Malaysia Plan," a local brokerage analyst said, refering to the plan which is due to be released at the end of this month.
"The construction sector is expecting a turnaround from contracts following the plan," he said. Another dealer said market sentiment was also boosted by news that Malaysia and the United States are launching talks for a Free Trade Agreement.
In the construction sector, UEM Builders rose 0.085 to 0.645 ringgit, Gamuda was up 0.08 at 3.58, Road Builder (M) Holdings rose 0.07 to 1.94 and MTD Capital added 0.07 to 2.15.
Among blue chips, Tenaga Nasional gained 0.15 ringgit to 8.30 and Telekom Malaysia rose 0.05 to 9.50 while Malayan Banking was flat at 11.00.
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