Malaysian share prices closed up slightly Thursday with property stocks soaring on expectations the government will introduce incentives for the sector in its budget for 2008, dealers said. The Kuala Lumpur Composite Index (KLCI) closed up 0.92 points to 1,298.85.
Advancing stocks led decliners 521 to 326, with 246 stocks unchanged while trading volume was 1.33 billion shares, valued at 1.94 billion ringgit (570 million dollars). Among property stocks, KLCC Properties, which owns the Petronas Twin Towers in central Kuala Lumpur, advanced 10 sen to 3.52 ringgit.
Elsewhere, air cargo company Transmile surged 57 sen to 5.05 ringgit after its new management assured shareholders that its core businesses and relationship with its key customer DHL International remain intact despite recent problems. Index heavyweights ended the day mixed, with state-run Telekom Malaysia gaining 5 sen to 9.85 ringgit and national power company Tenaga falling 10 sen to 10.20 ringgit.