Malaysian share prices closed 0.35 percent higher on Thursday in a mixed market, with bargain hunting of select index stocks offsetting negative sentiment over the Transmile issue, dealers said.
Cargo carrier Transmile came under extensive selling after announcing earlier this week that it was unable to meet a deadline to submit audited 2006 earnings due to accounting irregularities.
The Kuala Lumpur Composite Index was up 4.78 points at 1,355.62. Volume traded was 1.36 billion shares valued at 2.86 billion ringgit (841.18 million dollars), while losers led gainers 445 to 401, with 326 stocks unchanged. At the close, the ringgit was quoted at 3.4010/4025 against the dollar.
Pong Teng Siew of MIMB Investment Bank said trading was generally quiet "as the market continues to digest the negative news flow at Transmile." Transmile, who had said auditors could not complete their review of the company's 2006 accounts as some supporting documents related to trade receivables and other entries could not be found, fell 0.90 ringgit to 8.65. Index heavyweight Maybank gained 0.10 ringgit to 12.40 while national utility Tenaga was down 0.10 at 11.90 and Telekom Malaysia rose 0.10 to 10.50.
Comments
Comments are closed.