Malaysian share prices closed 1.07 percent higher on Tuesday on strong buying in selected blue chips and buoyed by gains on Wall Street overnight and advances in regional markets, dealers said.
The Kuala Lumpur Composite Index gained 11.52 points to 1,088.96 and volume was 1.69 billion shares valued at 2.04 billion ringgit (573.60 million dollars).
Gainers outnumbered losers 616 to 276, with 273 stocks unchanged and 157 counters untraded. At the close, the ringgit was quoted at 3.5570/5620 to the dollar. "Market activity continues to be abuzz ... on strong buying interest from both local and foreign funds in blue chips," a local brokerage dealer said.
"It seems there is no immediate limit to the uptrend and investors are taking this cue to buy more to reap big gains," he added. Dealers said buying momentum was expected to remain steady in the next few days with intermittent profit-taking in blue chips.
Among blue chips, Telekom Malaysia climbed 0.35 ringgit to 9.75 after rejecting reports that it plans to acquire a stake in telecommunications company Timedotcom Berhad. Tenaga was up by 0.20 ringgit at 11.00 ringgit and Malayan Banking was flat at 11.70.
Newspaper groups The New Straits Times Press (NSTP) and Utusan Melayu were sharply lower on speculation that a merger proposal may not push ahead. NSTP plunged 0.40 ringgit to 2.54 while Utusan slipped 0.27 ringgit to 1.56.
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