Malaysian share prices closed 0.66 percent higher on Wednesday in mixed trade, as interest in blue chips offset profit-taking in the broader market, dealers said. The Kuala Lumpur Composite Index edged up 7.93 points to 1,189.35.
Declining stocks outpaced advancers 571 to 312. Trading volume was 1.19 billion shares, valued at 2.46 billion ringgit (702 million dollars). "The key index continues to go up but the market sentiment is weak, so you can say the KLCI is not reflective of what's happening in the market," said Cheah King Yoong, head of research at SJ Securities.
At the close, key blue chips in finance and plantations like IOI Corp, KLK, Bumiputra-Commerce and Maybank helped lift the market. Plantation stock IOI Corp was up 0.10 ringgit to 18.40, while KLK gained 0.30 ringgit or 2.05 percent to 14.90.
Finance stock Bumiputra-Commerce added 0.05 ringgit to 9.20, while index heavyweight Maybank put on 0.30 ringgit or 2.44 percent to 12.60. Genting and Gamuda also helped to boost the market, with Genting gaining 0.25 ringgit to 38.00, while Gamuda was up 0.20 ringgit or 2.9 percent to 7.10. Among the heavyweights, Tenaga was down 0.10 ringgit to 12.30, while Telekom Malaysia was flat at 10.30.