The Kuala Lumpur Composite Index rose for a second day, gaining 7.70 points to 862.50, the highest close since November 28.
Forty-seven stocks climbed and 33 fell on the 100-member measure.
December index futures advanced 0.6 per cent to 870.50
Overall, gainers led losers by 264 to 240 while 190 counters were unchanged, 557 untraded and 31 others suspended.
Turnover increased to 338.102 million shares valued at RM544.749 million from Tuesday’s close of 301.663 million shares worth RM344.707 million.
Sime Darby Bhd, Malaysia’s biggest palm oil producer, added 20 sen, or 3.8 per cent, to RM5.50, accounting for almost a third of the Composite Index’s gain. IOI Corp increased 10 sen, or 3.1 per cent, to RM3.30, the highest close since November 5. Palm oil futures jumped as much as 2.5 per cent in Malaysia, its first gain in four, amid a rebound in crude oil.
DiGi.Com Bhd, a Malaysian mobile-phone operator, advanced 40 sen, or 1.9 per cent, to RM21.50, its highest level since December 5. The stock will go ex-dividend December 18, meaning investors buying from tomorrow won’t be entitled to a special dividend of 78 sen per share.
Lafarge Malayan Cement Bhd, Malaysia’s biggest cement producer, dropped 4 sen, or 1.2 per cent, to RM3.38, its first decline in three days. Aseambankers Malaysia Bhd lowered its share-price estimate on the stock to RM3.42 from RM3.76, saying cement prices may fall in 2009 as demand slows.
Malaysian Bulk Carriers Bhd, a Malaysian shipping group, rose 10 sen, or 4.3 per cent, to RM2.43, the highest level since November 5. The Baltic Dry Index, a measure of commodity-shipping rates, advanced 3.1 per cent yesterday, its seventh-day of gains. Malaysian Bulk also said it completed its US$221 million acquisition of a 22 per cent stake in PACC Offshore Services Holdings Pte Ltd, a provider of marine support services for the oil and gas industry.
MMC Corp, a builder and power producer, dropped 5.5 sen, or 5.5 per cent, to 95.5 sen, the lowest close since July 5, 2005. Credit Suisse Group AG lowered its share-price estimate to RM1.50 from RM2.40.
Multi-Purpose Holdings Bhd climbed 1 sen, or 1 per cent, to RM1.05. The betting, property and insurance company said it agreed to buy some property assets from its betting unit, Magnum Corp, for RM550 million (US$156 million), and sell other non-gaming assets under a reorganisation of the group.
Proton Holdings Bhd slipped 2 sen, or 1.1 per cent, to RM1.82. Goldstar Heavy Industrial Co is suing the Malaysian state-controlled carmaker for RM520 million over an alleged breach of contract, a newspaper reported, citing a court notice. “Proton views Goldstar’s action to file a legal suit as a contravention of the agreed arbitration process,” Proton said in a statement today.
Tenaga Nasional Bhd, Malaysia’s biggest power producer, added 10 sen, or 1.7 per cent, to RM6. OSK Research Sdn Bhd said investors should buy Tenaga because the company will benefit from a weaker US dollar given its “large” dollar-denominated debt. - Bloomberg