Malaysian share prices closed 1.6 percent higher on Tuesday on a technical rebound led by mining and industrial-related stocks after Wall Street's overnight recovery, dealers said. The Kuala Lumpur Composite Index gained 21.3 points to 1,373.71 on volume of 2.12 billion shares worth 2.89 billion ringgit (837.7 million dollars).
Gainers led losers 544 to 393 and 250 stocks were unchanged. At the close, the ringgit was quoted at 3.4520/4570 against the dollar. "The market is mainly up on a technical rebound but it has not escaped its consolidation phase," said Phua Kwee Hock, technical chartist at SJ Securities.
Investors bought up stocks seen likely to benefit from the 177-billion ringgit Northern Corridor Economic Region (NCER) project launched by Prime Minister Abdullah Ahmad Badawi on Monday. The 18-year project aims to boost economic growth in the northern peninsular states of Perlis, Kedah, Penang and Perak.
MRCB added 0.04 ringgit to 3.12 ringgit after it said it will team up with state-controlled Pelaburan Hartanah Bumiputra to develop an integrated transportation hub in Penang.
IJM Corp, which has a large landbank in Penang, a key state under the NCER masterplan, gained 0.15 ringgit to 8.70. Index heavyweights were mostly higher, with Telekom Malaysia up 0.10 ringgit at 10.20, national power producer Tenaga Nasional was unchanged at 11.00 and Maybank rose 0.30 to 12.30.
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