Malaysian share prices closed 0.39 percent higher on Wednesday in mixed trade with gains pared back by late profit-taking, dealers said. However, the key index remained above the 1,000-point benchmark, driven by gains on the back of a rally on Wall Street overnight and positive sentiment ahead of a key political meeting of Malaysia's ruling party, they said.
The Kuala Lumpur Composite Index gained 4.01 points to 1,007.29, off an intraday high of 1,011.20 in morning trade. Volumes reached 984.13 million shares valued at 1.27 billion ringgit (348.61 million dollars) while losers outnumbered gainers 419 to 389, with 322 stocks unchanged and 193 untraded.
The ringgit was traded at 3.6430/6460 to the dollar. "The market performed to our expectations today," said deputy managing director of SJ Securities, Peter Lim.
Lim said the outlook was positive in the near-term and that the market would continue its upswing until the start of the ruling United Malays National Organisation general assembly on November 13.
At the close, plantation and timber stocks were down on profit-taking following their recent gains. From the plantation sector, IOI Corp lost 0.20 ringgit to 18.20, while PPB Oil dropped 0.20 ringgit to 8.75 and Kulim shed 0.15 to 5.25. In timber stocks, TA Ann was flat at 10.70, while Jaya Tiasa lost 0.05 ringgit to 2.99. Among blue chips, Tenaga was flat at 10.10, Telekom Malaysia added 0.05 ringgit to 9.00 while Maybank was flat at 11.20.
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