MALAYSIA'S benchmark Kuala Lumpur Composite Index rose for the first time in five days, climbing 5.06, or 0.6 per cent, to close at 843.45, the largest increase since February 24.
More than two stocks climbed for each one that fell on the 100-member gauge.
The measure fell 1.7 per cent for the holiday-shortened week, its second decline. March index futures gained 0.8 per cent to 842.
According to the dealers, the rally on regional markets as well as gains on US stocks after the release of better retail sales data as well as merger and acquisition activities in the biotech sector pushed up the local market.
The Dow Jones gained 239.66 points to 7,170.06, the S&P 500 climbed 29.38 points to 750.74 and the Nasdaq added 54.46 points to 1,426.10.
One of the dealers said that there were some active bargain-hunting activities in the market which helped to increase overall gains following the market losses over three consecutive days.
"Buying interest was seen in blue chips since the early session amid positive market sentiment," he said.
The key index traded between the 841.7 and 847.04 points level throughout the day.
At close, the Emas Index rose 31.97 points to 5,473.82 and the Second Board Index increased 19.67 points to 3,813.22.
The Industrial Index gained 6.34 points to 2,042.61 and the Finance Index added 5.04 points to 6,141.01 but the Mesdaq Index lost 3.96 points to 2,917.47.
IOI Corp, Malaysia’s second-largest palm-oil producer, led gains by plantation stocks after palm oil futures climbed for the first time in three days.
IOI added 1.6 per cent to RM3.80. Kuala Lumpur Kepong Bhd rose 4 per cent to RM10.40 and Sime Darby Bhd gained 0.9 per cent to RM5.40, the most since February 11.
Gains by the three stocks accounted for 40 per cent of the Composite Index’s advance.
IGB Corp, Malaysia’s biggest owner of commercial properties, rose for the first time in five days, gaining 5 per cent to RM1.25, the most since February 24.
Investors should buy property asset-owners instead of developers, said Citigroup Inc in a report today.
IGB and KLCC Property Holdings Bhd (KLCC MK) are its “top picks,” it said. KLCC, owner of the Petronas Twin Towers, jumped 2.8 per cent to RM2.93.
Kencana Petroleum Bhd climbed 1.5 per cent to RM1, the steepest increase since February 19.
The oil and gas services provider said it will spend US$17 million to acquire stakes in two companies that own and operate offshore support vessels.
The plan will help expand its scope of services and allow it to secure potential long-term contracts and generate recurring income, Kencana said in a statement.
OSK Property Holdings Bhd jumped 6.9 per cent to 31 sen.
PJ Development Holdings Bhd (PJD MK) bought a 6 per cent stake in OSK Property, a stock exchange filing showed.
PJ Development acquired 11.2 million OSK Property shares on March 5, according to the filing, which didn’t disclose the price paid for the shares.
PJ Development lost 2.4 per cent to 40 sen.
TM International Bhd rose 3 per cent to RM2.44, the most since February 18 and the first advance in three days.
The state-controlled mobile phone operator will set the price for shares on sale in a US$1.4 billion rights offer on March 27.
New shares will be on sale from April 15 through April 29, according to the sale terms sent to clients by the managing banks and obtained by Bloomberg News. - Agencies
More than two stocks climbed for each one that fell on the 100-member gauge.
The measure fell 1.7 per cent for the holiday-shortened week, its second decline. March index futures gained 0.8 per cent to 842.
According to the dealers, the rally on regional markets as well as gains on US stocks after the release of better retail sales data as well as merger and acquisition activities in the biotech sector pushed up the local market.
The Dow Jones gained 239.66 points to 7,170.06, the S&P 500 climbed 29.38 points to 750.74 and the Nasdaq added 54.46 points to 1,426.10.
One of the dealers said that there were some active bargain-hunting activities in the market which helped to increase overall gains following the market losses over three consecutive days.
"Buying interest was seen in blue chips since the early session amid positive market sentiment," he said.
The key index traded between the 841.7 and 847.04 points level throughout the day.
At close, the Emas Index rose 31.97 points to 5,473.82 and the Second Board Index increased 19.67 points to 3,813.22.
The Industrial Index gained 6.34 points to 2,042.61 and the Finance Index added 5.04 points to 6,141.01 but the Mesdaq Index lost 3.96 points to 2,917.47.
IOI Corp, Malaysia’s second-largest palm-oil producer, led gains by plantation stocks after palm oil futures climbed for the first time in three days.
IOI added 1.6 per cent to RM3.80. Kuala Lumpur Kepong Bhd rose 4 per cent to RM10.40 and Sime Darby Bhd gained 0.9 per cent to RM5.40, the most since February 11.
Gains by the three stocks accounted for 40 per cent of the Composite Index’s advance.
IGB Corp, Malaysia’s biggest owner of commercial properties, rose for the first time in five days, gaining 5 per cent to RM1.25, the most since February 24.
Investors should buy property asset-owners instead of developers, said Citigroup Inc in a report today.
IGB and KLCC Property Holdings Bhd (KLCC MK) are its “top picks,” it said. KLCC, owner of the Petronas Twin Towers, jumped 2.8 per cent to RM2.93.
Kencana Petroleum Bhd climbed 1.5 per cent to RM1, the steepest increase since February 19.
The oil and gas services provider said it will spend US$17 million to acquire stakes in two companies that own and operate offshore support vessels.
The plan will help expand its scope of services and allow it to secure potential long-term contracts and generate recurring income, Kencana said in a statement.
OSK Property Holdings Bhd jumped 6.9 per cent to 31 sen.
PJ Development Holdings Bhd (PJD MK) bought a 6 per cent stake in OSK Property, a stock exchange filing showed.
PJ Development acquired 11.2 million OSK Property shares on March 5, according to the filing, which didn’t disclose the price paid for the shares.
PJ Development lost 2.4 per cent to 40 sen.
TM International Bhd rose 3 per cent to RM2.44, the most since February 18 and the first advance in three days.
The state-controlled mobile phone operator will set the price for shares on sale in a US$1.4 billion rights offer on March 27.
New shares will be on sale from April 15 through April 29, according to the sale terms sent to clients by the managing banks and obtained by Bloomberg News. - Agencies
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