Malaysian share prices closed slightly higher on Wednesday in volatile trade with plantations and consumer stocks leading the gains, dealers said. The Kuala Lumpur Composite Index gained 1.19 points or 0.1 percent at 1,376.62 off a high of 1,382.90 on volume of 779 million shares worth 1.4 billion ringgit (435.3 million dollars).
Gainers led losers 370 to 361. The ringgit closed the day at 3.2020/2040 to the dollar. "The market remains weak with late-day price maintenance lifting this heavily manipulated KLCI ahead of March 8," said Lee Cheng Hooi, an analyst at MIMB Investment Bank.
Lee was referring to the late buying in recent sessions ahead of Malaysia's general election on March 8. "Plantation counters may remain in the limelight but how long these stocks can hold up the KLCI remains to be seen," he added.
Among major counters, Telekom Malaysia added 0.10 sen to 11.50 ringgit after the state-controlled telecommunications group reported a 23 percent rise in net profit for 2007. Malaysia's largest bank, Maybank was steady at 9.35 ringgit while national utility Tenaga Nasional was unchanged at 9.10 ringgit. The world's largest listed palm oil Sime Darby added 0.10 sen to 12.00 ringgit ahead of the release of its fourth-quarter results.