Malaysian shares up

Malaysian shares closed up 0.38 percent on Monday led by gains in banking, construction and government-linked stocks, dealers said. The Kuala Lumpur Composite Index gained 4.72 points to a new 2009 closing high at 1,261.49. Gainers outpaced losers 439 to 291.
Dealers said the market is likely to see sustained buying interest in the coming days ahead of the 2010 budget to be announced by Prime Minister Najib Razak on Friday. "Typically stocks run up prior to the announcement but a sell-off emerges once the budget is announced," a dealer told Dow Jones Newswires. Among major stocks, gaming group Genting rose 2.50 percent to 7.67 ringgit, CIMB bank added 1.50 percent to 12.52 and media group NSTP lost 15.0 percent to 2.09.