Malaysian shares closed up 0.5 percent on Friday in a mixed session as investors anticipated the government's 2008 budget announcement. The Kuala Lumpur Composite Index (KLCI) closed up 6.05 points at 1,304.90. Over the week, the KLCI gained 30.97 points or 2.4 percent.
Declining stocks led advancers 467 to 335 during the session, with 273 stocks unchanged. Trading volume was 1.101 billion shares, valued at 1.949 billion ringgit (557 million dollars).
"The market is still studying the budget but it looks good and the effects will only be seen next week," said Kenanga Investment Bank research economist Wan Suhaimi Sadie. "The outlook looks good at least until end of the month." Index heavyweights ended the day flat, with state-run Telekom Malaysia steady at 9.85 ringgit, as was national power company Tenaga, at 10.20 ringgit and Maybank, Malaysia's largest bank, at 11.70 ringgit.
Among index-linked stocks, Lion Diversified, the holding company of Parkson department stores, led the gainers list, up 105 sen to 10.80 ringgit, followed by gaming group Tanjong, up 50 sen at 17.20 ringgit, while the third-largest banking group by assets Public Bank Bhd was up 20 sen to 9.60 ringgit.
National car maker Proton was flat at 5.40 ringgit despite Thursday's annual general meeting where it attempted to assure shareholders of good times ahead. Air cargo company Transmile declined on profit-taking after a strong surge over the past two days on hopes that the company's new management may turn the troubled air cargo company around. The stock lost 31 sen to 4.74 ringgit. At the close, the ringgit was quoted at 3.5030/5070 against the dollar.