Malaysian shares soar

Malaysian share prices closed 0.33 percent higher on Tuesday on buying of selected blue chips as investors brushed aside concerns over rising crude oil prices, dealers said. They added that investors were more focused on the corporate development of individual companies.
The benchmark Kuala Lumpur Composite Index gained 3.11 points to 941.33 and volume traded was 496.39 million shares, worth 746.65 million ringgit (199.12 million dollars) while gainers outnumbered losers 403 to 297.
At the close, the ringgit was at 3.75 against the US dollar.
"The index was steadier on continued buying support for selected key index counters like MISC, Maybank and Genting," a local brokerage dealer said.
Among blue chips, Tenaga Nasional and Telekom Malaysia were both flat at 11.10 ringgit, while Malayan Banking was up 0.10 at 11.50.
Measat Global was up 0.17 at 2.30, after Standard and Poor's Equity Research recommended a "strong buy" on the satellite operator with a target price of 2.78 ringgit a share, dealers said.