Malaysian share prices closed firmer on Tuesday led by select blue chips and plantation stocks but trade volume was thin ahead of key economic data and earnings announcements, dealers said. They said the market will move sideways for the next two weeks as investors await economic data and earnings announcements from big companies.
The central bank is due to release second-quarter GDP data at the end of the month. The Kuala Lumpur Composite Index closed up 2.41 points at 945.02 on volume of 385.22 million shares valued at 695.56 million ringgit (199 million dollars) while gainers and losers were even at 338 stocks and 338 stocks were unchanged.
At the close the ringgit was quoted at 3.6755/6805 to the dollar. Plantation stocks were broadly higher, with PPB Oil Palms rising 0.15 ringgit to 8.00, IOI Corp gaining 0.10 to 16.20 and Golden Hope up 0.02 to 4.82.
Maxis Communications rose 0.15 to 8.80 ahead of its second-quarter results.
AirAsia was sharply higher despite worries over the low-cost carrier's earnings outlook after Malaysia Airlines launched lower fares on certain routes. The stock was up 0.03 to 1.38. AirAsia will announce its year to June results later this week. Malaysia Airlines rose sharply on follow-through buying and ended the day up 0.08 at 3.00.
Among heavyweights, Telekom Malaysia lost 0.05 to 8.95 as investors locked in profits after yesterday's gains, while Maybank rose 0.10 to 10.80 ahead its full-year results and Tenaga was steady at 9.15.