Malaysian share prices closed 0.68 percent higher on Wednesday on follow-through interest in plantation stocks and blue chips, dealers said. The Kuala Lumpur Composite Index added 6.29 points at 934.34 on volume of 825.33 million shares worth 856.86 million ringgit (244.8 million dollars).
Gainers led losers 404 to 290 with 338 stocks unchanged The ringgit was at 3.6875/6925 to the dollar at the close. Dealers said the plantation sector has attracted interest from foreign and local investors led by hopes for bio-diesel which is based on palm oil.
Choo Swee Kee from TA Investment Management said gains in plantation stocks were again driven by bio-diesel hopes and higher demand for palm oil. Malaysia is one of the world's largest palm oil producers and investing in local producers is a good way of ensuring exposure to the plantation and crude palm oil sector, he said.
Among blue chips, Tenaga was up 0.10 ringgit 9.20, Telekom Malaysia gained 0.05 ringgit to 9.10 and Maybank rose 0.20 ringgit at 10.70.
At the close, gains by plantation stocks were trimmed by profit-taking. IOI Corp rose 0.10 ringgit to 16.50, Kuala Lumpur Kepong gained 0.10 ringgit to 11.30 and Asiatic rose 0.04 ringgit at 3.54. Bursa Malaysia was sharply higher ahead of the release Thursday of its results for the second quarter to June, rising 0.15 ringgit to 5.90.
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