Malaysian share prices closed 0.64 percent higher on Tuesday with heavy buying in property and construction stocks following Wall Street's overnight rally, dealers said. The Kuala Lumpur Composite Index gained 8.77 points to 1,373.14, just off the session's high of 1,373.25.
Volume traded reached 1.23 billion shares worth 2.29 billion ringgit (667.6 million dollars, while gainers led losers 642 to 273 and 261 stocks were unchanged. At the close, the ringgit was quoted at 3.4260/3.4485 against the dollar. "The local bourse got a real boost today from Wall Street with theme plays evident in sectors like construction, property and consumer," said Cheah King Yoong, head of research at SJ Securities.
He said expectations of stronger consumption growth in the second half of the year, together with growing tourist numbers, also moved stocks involved in the leisure business.
Construction firms IJM Corp gained 0.25 ringgit to 8.45 and Malaysian Resources Corp added 0.23 to 3.00. Property developer Sunway City rose 0.16 ringgit to 5.00 while gaming and leisure conglomerate Genting was up 0.25 at 8.75 ringgit and its unit Resorts World rose 0.10 to 3.76.
Index heavyweights had a mixed day, with Tenaga Nasional flat at 11.40 ringgit, Telekom Malaysia dropped 0.10 to 10.30 and Maybank, Malaysia's largest bank, was steady at 12.30.
Comments
Comments are closed.