Malaysian share prices closed sharply higher on Tuesday led by construction and banking stocks on expectations they may gain from government pump-priming measures, dealers said. They said the local bourse was expected to continue to play catch-up with its regional peers, which have risen substantially over the past few months.
The Kuala Lumpur Composite Index closed up 10.28 points, or 1.01 percent, at 1,030.09. Trading volume was 1.12 billion shares valued at 1.42 billion ringgit (389 million dollars) while gainers outnumbered losers 604 to 240.
The ringgit closed at 3.63 to the dollar. TA Securities senior chartist Stephen Soo said gains in construction stocks were driven by expectations that the government will roll out more projects under its five-year development plan.
Among key blue chips, Tenaga was up 0.30 ringgit at 10.50, Telekom Malaysia gained 0.15 to 9.05 and Maybank rose 0.10 to 11.50. Gamuda ended at 4.78, up 0.18. Both of UEM Builders and UEM World were sharply higher on expectations that the companies may secure more projects soon. UEM Builders was up 0.20 at 1.50 and UEM World gained 0.07 to 1.72.
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