The benchmark Kuala Lumpur Composite Index rose 15.09 points, or 1.5 per cent, to close at 1,023.96, the highest level since September 25. May index futures gained 2.2 per cent to 1,028.50. Four stocks climbed for each that dropped on the 100-member gauge.
In the market, 2.5 billion shares changed hands, more than triple the three-month daily average of 754 million shares, the busiest trading session since April 4, 2007.
Dealers said that retail investors and funds poured fresh money into equities, reflecting confidence that the economy is poised for turnaround.
Investors have become more bullish and positive newsflow tends to trigger a wave of fresh buying,” one dealer said.
United Plantations Bhd rose 1.9 per cent to RM10.90, the highest level since February 27. IOI Corp, Malaysia’s second-biggest palm oil producer, gained 1.4 per cent to RM4.40. Tradewinds Plantation Bhd added 4.8 per cent to RM1.96.
Palm oil futures in Malaysia gained 2.2 per cent to RM2,683 a metric ton.
Genting Bhd, Asia’s biggest listed casino operator, climbed 3.8 per cent to RM4.98, the highest since October 14. Macquarie Group Ltd raised its target price to RM7.50 from RM6.50 to reflect higher earnings from its plantation unit. Genting’s stock rating was maintained at “outperform.”
Kencana Petroleum Bhd rose 2.3 per cent to RM1.78, the highest level since August 11. The oil and gas services provider said it won a RM64 million contract from Murphy Sarawak Oil Co for the fabrication of offshore platform facilities.
Malaysian Resources Corp, a Malaysian property developer and builder, advanced 3.3 per cent to RM1.25, the highest close since June 17. RHB Research Institute Sdn Bhd said the company won two building contracts valued at RM239 million, boosting its outstanding order book to RM2 billion. RHB increased its target price on the stock to 86 sen from 69 sen, saying new jobs will help underpin its construction profits. - Agencies