Malaysian share prices closed 0.9 percent higher Tuesday with palm oil stocks leading the advance, dealers said. The Kuala Lumpur Composite Index (KLCI) closed up 12.69 points at 1,432.35. Trading volume was 834.44 million shares, valued at 1.88 billion ringgit (582 million dollars), while advancers led decliners 387 to 308.
"We are positive about the local market's near-term outlook as we expect companies to report better results in the coming earnings season," said Kaladher Govindan, head of research at TA Securities. Increasing signs that a snap election may be held soon should help sustain the market's momentum, he said. Analysts say polls could be held in March.
The bourse will be closed on Thursday and Friday for the Lunar New Year celebrations. Malaysia's largest bank Maybank was unchanged at 12.10 ringgit, state-owned power utility Tenaga lost five sen at 9.40 ringgit and Telekom Malaysia was flat at 11.40 ringgit. IOI Corp, the second largest palm oil stock on the local bourse, climbed 45 sen to 7.75 ringgit and Kuala Lumpur Kepong, one of the largest Malaysian palm oil companies by planted area, jumped 60 sen to 18.40 ringgit.
Mid-sized planter IJM Plantations rose 28 sen to 3.80 ringgit and Kulim, which owns oil palm estates in Malaysia, Papua New Guinea and the Solomon Islands, firmed five seen to 8.40 ringgit.