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Malaysian share prices closed 0.33 percent higher on Tuesday in line with regional markets, with the benchmark index setting a new record high, dealers said. The continued advance of regional bourses fuelled extended buying interest locally, but gains were capped by a lack of fresh leads as well as the overnight fall on Wall Street, they said.
The Kuala Lumpur Composite Index rose 4.51 points to 1,376.79, off an intraday high of 1,377.50. The previous closing high was 1,372.38, set on June 6. Trading volume was 1.06 billion shares valued at 1.69 billion ringgit (492.7 million dollars), while gainers led losers 416 to 410 and 326 stocks were unchanged. At the close, the ringgit was quoted at 3.4320/3.4350 against the dollar.
"There was no bad news today to affect the local market. So it just went higher in line with the region," an analyst with a local brokerage said on condition of anonymity.
Kenanga Research said it expects the local bourse to remain resilient in the face of a volatile bond market and the uncertainty in global interest rates. "While the current rout in the Malaysian bond market exposes its vulnerability to external risk, the spill-over has been less contagious on equities," it said.
Index heavyweights ended mostly flat, with Telekom Malaysia unchanged at 10.40 ringgit, as were national utility Tenaga and Maybank, at 11.50 and 12.40 respectively. Transmile was one of the top losers, closing 0.85 ringgit or 12.9 percent lower at 5.75, off a low of 5.45, after the air cargo firm released the final report of a special audit into its financial accounts. The report revealed improper accounting extending to its 2004 audited results as well as questionable dealings with a key customer.

Copyright Agence France-Presse, 2007

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