Malaysian share prices closed up 0.23 percent on Friday at their highest levels in nine years on selective investor interest in blue chips, dealers said. The Kuala Lumpur Composite Index closed the day 2.37 points higher at 1,022.30, off an intraday record high of 1,022.76.
It was the highest closing level since July 1997. Turnover was 1.01 billion shares worth 1.23 billion ringgit (339 million dollars) while losers led gainers 440 to 380, with 317 stocks unchanged. At the close, the ringgit was traded at 3.6390/6420.
Dealers said blue chips had gained further momentum on investor expectations of better third-quarter corporate earnings data and the start of year-end window dressing activity. They said the market also anticipated more projects to be announced under the Ninth Malaysian Plan. "Overall, I think there's a lot going for the market at the moment, such as the upcoming favourable corporate results and window dressing activities," said Stephen Soo of TA Securities.
"The market anticipates more favourable announcements soon from the rollout of the Ninth Malaysia Plan, especially the Padang Besar to Ipoh double-tracking railway project and the KL-Singapore high speed train project," he added. Select blue chips, Tenaga lost 0.10 ringgit at 10.40, Maybank shed 0.10 ringgit at 11.30 while Telekom Malaysia lost 0.05 ringgit at 9.05.
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