Malaysian share prices closed 0.12 percent higher on Thursday, at another record high as investors ignored Wall Street's overnight slump, dealers said. However, they said considerable profit-taking, especially on big-cap stocks, limited the market's upside.
The Kuala Lumpur Composite Index gained 1.69 points to 1,387.96, off an all-time intraday high of 1,391.41. Trading volume was 1.81 billion shares, valued at 2.93 billion ringgit (849.3 million dollars) while gainers led losers 495 to 391 and 302 stocks were unchanged. At the close, the ringgit was quoted at 3.4525/4575 against the dollar.
MIMB Research technical analyst Lee Cheng Hooi noted that the local bourse appeared to be decoupling from events in the US. "The market has managed to ignore the big drop on Wall Street to continue with its upward trend," Lee said, adding that there is increased liquidity coming into the market as seen from the higher daily turnover. Index heavyweights Telekom Malaysia closed up 0.30 ringgit at 10.90, while national utility Tenaga was steady at 11.60 as was the country's largest banking group Maybank, at 12.40.
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