Malaysian share prices ended 0.80 percent higher on Monday as gains in blue chips and a rebound in plantation stocks pushed the key index close to the record high, dealers said. The Kuala Lumpur Composite Index was up 11.63 points at 1,372.28, only 0.1 percentage point off the all-time June 6 closing high of 1,372.38.
Volume traded was 1.36 billion shares worth 2.14 billion ringgit (625.7 million dollars) while gainers led losers 499 to 403 and 269 stocks were unchanged. "The market has been doing well, with the rally on Wall Street last Friday a major factor in today's surge, but it is still showing signs of consolidation," said Cheah King Yoong, head of research at SJ Securities.
"The market was also boosted by the rebound in plantation counters after Indonesia announced an increase in export taxes, which is seen as a boost to crude palm oil prices," he said. Indonesia on Friday raised the export tax rate on crude palm oil to 6.5 percent from 1.5 percent to help stabilise the country's cooking oil prices. The move is seen to benefit Malaysian planters.
IOI Corp, the world's largest palm oil producer, surged 0.40 ringgit to 5.55, while United Plantation was up 0.10 at 14.50 and Kuala Lumpur Kepong gained 0.30 to 13.30. Index heavyweights Telekom Malaysia was flat at 10.40 ringgit, Tenaga gained 0.10 to 11.50, while Maybank added 0.20 to 12.40. At the close, the ringgit was quoted at 3.4215/4250.
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