Malaysian share prices closed 0.25 percent higher on Wednesday, supported by overnight gains on Wall Street, dealers said. They said trading was moderately active as most investors refrained from taking heavy positions in the absence of market moving news. The Kuala Lumpur Composite Index was up 2.24 points at 918.51, on volume of 544.37 million shares worth some 1.31 billion ringgit (345 million dollars). Losers led gainers 403 to 352.
"Except for the sell-down of Lion-linked counters, it was rather a quiet day as most investors chose to stay on the sidelines before deciding their next course of action," a dealer at a local brokerage said.
He said the market was likely to continue to trade within a tight range Thursday, with resistance seen around the 928-930 points level.Among blue chips, Tenaga Nasional was up 0.10 ringgit at 10.80 ringgit, Telekom Malaysia shed 0.20 ringgit at 10.80, while Malayan Banking was flat at 12.30.Pulp and paper producer Lion Forest Industries fell 0.27 ringgit at 2.29, on concerns its borrowings would rise after the company announced plans to buy tire-maker Silverstone's entire capital of 203.88 million ordinary shares.
Lion Industries Corp fell 0.11 ringgit at 1.36, while Lion Corp lost 0.08 ringgit to 1.31.
Low-cost carrier AirAsia was up 0.04 ringgit at 1.81, on news that it planned to set up a budget airline joint venture in China.
MP Technology Bhd was down 0.01 ringgit at 0.56, after its year to November net profit came in below the forecast made in its initial public offering (IPO) prospectus.