Malaysian share prices closed 0.31 percent higher on Thursday in quiet trade led by select construction and property counters, dealers said. They said a deal inked between a Malaysian consortium and a Qatar-based firm for a planned collaboration in a 2.9 billion dollars energy city project there helped spur interest in select construction and property counters.
The Kuala Lumpur Composite Index gained 4.15 points to 1,357.18 on turnover of 1.354 billion shares worth 2.19 billion ringgit (632 million dollars) while winners led losers 461 to 385, with 298 stocks unchanged. At the close, the ringgit was quoted at 3.4655/4705 against the dollar.
"There has been a trend that local companies are embarking on overseas expansion," said Kaladher Govindan, head of research at TA Securities. Mah Sing Group, Ranhill, IJM Corp and Isyoda Corp are among members of a Malaysian consortium hoping to secure the construction and development of the Gulf's first dedicated energy business district worth 2.6 billion dollars.
Govindan said he remains bullish about the construction sector as industry players are expected to deliver stronger performance riding on new contracts under the Ninth Malaysia Plan - a national development plan - which runs through 2010.
At the close, index heavyweights were mostly flat as national utility Tenaga was unchanged at 11.30 ringgit, Maybank was flat at 12.20 ringgit, while Telekom Malaysia gained 0.30 ringgit to 10.40.
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