Malaysian share prices closed 0.73 percent higher on Monday as gains in selected oil and gas and financial stocks extended the key index's advance amid a mixed trading session, dealers said. The Kuala Lumpur Composite Index closed up 9.99 points at 1,364.37, off a high of 1,365.33.
Volume traded was 977.07 million shares worth 1.66 billion ringgit (483.96 million dollars, while losers led gainers 485 to 409 and 259 stocks were unchanged. "The market has been in consolidation mode despite the rise in the key index, which was mainly boosted by blue chips and big-caps," a local brokerage dealer said.
"We expect the market to consolidate further with volatile trading going forward as news coming out of the US and China are not encouraging," he said. He was referring to fears that China's authorities may introduce more measures to cool down its surging markets and the recent US Federal Reserve statement that inflation remains a primary concern.
Among oil and gas firms, KNM jumped 0.50 ringgit to 14.20, while UMW added 0.90 to 13.50. Banking stocks Bumiputra-Commerce Holdings gained 0.50 ringgit to 12.20 while Maybank added 0.20 to 12.20. Index heavyweight Tenaga was flat at 11.40 ringgit, while Telekom Malaysia added 0.10 to 10.40.
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