Malaysian share prices closed 0.26 percent higher on Friday in thin trade with select construction and property counters leading gains, dealers said. They said property stocks were higher on news that more supportive measures will be introduced for the sector in the 2008 Budget announcement in September.
The Kuala Lumpur Composite Index was up 3.47 points at 1,360.65 on turnover of 1.159 billion shares, worth 2.033 billion ringgit (587.6 million dollars). The ringgit was quoted at 3.4605 against the dollar at the close while losers outnumbered gainers 442 to 402, with 317 stocks unchanged. "It looks like this is a toppish market with limited upside," said Kok Chee Leong, a dealer with CIMB Investment Bank.
He said trading was quiet as major blue chips failed to provide a boost to the broader market given that the valuation of these stocks is already rich. Kok said the only bright spot in the market was the property sector. "Property stocks are doing well on expectations that the upcoming 2008 Budget may introduce more friendly measures for developers," he said.
As part of the government's efforts to boost the country's sluggish property sector, investors have been given waivers from having to pay taxes on capital gains arising from property disposals since April 1 this year. At the close, index heavyweights were mostly flat as Telekom Malaysia was unchanged at 10.40 ringgit, Maybank was flat at 12.20 ringgit but national utility firm Tenaga gained 0.10 ringgit to 11.40.
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