Malaysian share prices closed higher on Friday with local funds buying up blue chips amid a positive outlook for the short to medium term, dealers said. The gains were supported by record high closes in regional markets and on Wall Street, they said.
The Kuala Lumpur Composite Index closed up 7.27 points or 0.74 percent at 989.90. Gainers outnumbered losers 579 to 230 and trading volume remained heavy at 906.53 million shares worth 1.08 billion ringgit (294.3 million dollars). Dealers said the gains were also due to pent-up buying after a three-day holiday.
"Investors, who were sidelined before the long weekend, seem to have sprung back strongly into the market with renewed vigor. This is partly due to the fact that the market is playing catch-up with regional bourses and Wall Street which have risen sharply in recent days," said TA Securities' technical analyst Stephen Soo.
Among blue chips, BAT Malaysia was up 1.00 ringgit at 42.75, IOI Corp gained 0.40 to 17.40 and Resorts World advanced 0.20 to 11.80. Genting rose 1.00 ringgit or 3.92 percent to 26.50 on follow-through interest after yesterday's sharp gains.
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