Malaysian share prices closed 0.69 percent higher on Wednesday due to follow-through buying, with the benchmark setting a fresh record high, dealers said. They said aggressive buying by local funds offset losses posted by plantation stocks as well as some selling by foreign funds.
The Kuala Lumpur Composite Index gained 9.48 points to 1,386.27. The previous closing high was 1,376.79, set on June 19. Trading volume was 1.77 billion shares, valued at 2.66 billion ringgit (782 dollars) while gainers led losers 641 to 274. At the close, the ringgit was quoted at 3.4270/4320 against the dollar.
"The market has been climbing and generally on an upward bias," Pong Teng Siew, head of research at MIMB Investment Bank, said. National utility Tenaga was up 0.10 ringgit at 11.60, while the country's largest banking group Maybank was flat at 12.40.
Telekom Malaysia gained 0.20 ringgit to 10.60, after its 49 percent-owned Indian affiliate Spice Communications Ltd said it has received the necessary approvals for a listing of its shares on the Bombay Stock Exchange.
Transmile Group shares plunged as investors remain cautious over its prospects even after the air cargo group took follow-up action against material accounting irregularities. Transmile shares ended down 0.81 ringgit at 4.94. National carrier Malaysia Airlines added 0.10 ringgit at 6.10, after it announced changes to key management positions.