Malaysian share prices closed 0.65 percent higher on Friday, bucking mostly weaker regional markets as investors showed continued interest in blue chips, dealers said. The Kuala Lumpur Composite Index rose 5.87 points at 906.34, ending the week with a gain of 12.84 points or 1.44 percent.
Volume totalled 486.25 million worth 647.66 million ringgit (175.8 million dollars). Declines led gains 360 to 324, with 354 stocks untraded and 278 unchanged. The ringgit was at 3.6825/3.6875 to the dollar.
Speculative activity is expected to boost trading further in the week ahead amid improving liquidity but investors will watch the outcome of the June 28-29 US Federal Reserve meeting closely to gauge the prospects for global interest rates and economic growth, dealers said.
"Today's positive close of the market is a good sign that sentiment has relatively recovered and gains can be sustainable," a local brokerage dealer said. "If nothing major happens during the weekend, this could suggest that the market is likely to open up on Monday with further speculative interest and liquidity support," he said.
He said strong buying interest in blue chips and speculative lower liners can be expected next week, with further gains seen in Iris Corp and Versatile Creative.
Another dealer said the mood in the market is generally upbeat, with retail investor participation expected to gain further momentum in the coming days.
Among blue chips, Maybank gained 0.10 ringgit to 10.60 while Telekom Malaysia was flat at 9.00 and Genting down 0.10 at 23.70,. Iris Corp rose 0.08 or 7.14 percent at 1.20 on strong follow-through buying.
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