KL Composite Index Gain 26.30 Points.

MALAYSIAN shares were firmer at close yesterday on follow-through buying in selected heavyweights, particularly plantation stocks, dealers said. The Kuala Lumpur Composite Index (KLCI) ended 26.30 points, or 2.941 per cent, higher at 920.66, the highest since the market went on a downtrend last year, pushed by gains mostly in IOI Corporation and Sime Darby. It opened 7.84 points higher at 901.84.

The Industrial Index went up 51.84 points to 2,140.63, the Finance Index surged 145.69 points to 7,070.90 and the Plantation Index jumped 352.29 points to 4,776.03.

The FBMEmas was 182.50 points higher at 6,039.88, the FBM30 rose 167.30 points to 5,931.19, the FBMMesdaq increased 142.62 points to 3,489.48 and the FBM2BRD surged 49.79 points to 4,081.92.

Gainers thumped losers by 530 to 119 while 131 counters were unchanged, 472 untraded and 27 others suspended. Turnover surged to 845.96 million shares valued at RM1.02 billion from Friday’s close of 507.41 million shares worth RM682.42 million. IOI Corp, Malaysia’s second- largest palm-oil producer, jumped 48 sen, or 12 per cent, to RM4.38, the best performer on the Composite Index.

Sime Darby Bhd, the biggest planter, climbed 30 sen, or 5.6 per cent, to RM5.70. The two stocks accounted for almost a third of the index’s gain. Kuala Lumpur Kepong Bhd advanced 40 sen, or 4.2 per cent, to RM10. SapuraCrest Petroleum Bhd gained 6.5 sen, or 7.9 per cent, to 88.5 sen, its highest level since Novemner 13. Petra Perdana Bhd jumped 15 sen, or 11 per cent, to RM1.46, the most since November 10, after crude oil in New York climbed for a third day, boosting prospects of exploration-related contracts. KNM Group Bhd advanced 4.5 sen, or 10 per cent, to 48 sen.

AWC Facility Solutions Bhd added 1.5 sen, or 15 per cent, to 11.5 sen, its highest since September 29. The design and engineering company said an associate company, Multi Link Environmental Services LLC, won a 171-million dirham (US$47 million) contract to provide a waste-collection system for a development on Al-Reem Island in the United Arab Emirates. The contract will mostly be completed by the end of 2010, AWC said.

Coastal Contracts Bhd climbed 11 sen, or 12 per cent, to RM1.04, the largest increase since November 3. The shipbuilder said it completed its acquisition of 22 acres of land and buildings for RM4 million (US$1.14 million). Idaman Unggul Bhd advanced 2 sen, or 44 per cent, to 6.5 sen, the steepest gain since March 25. The insurer said it agreed to sell Lambang Pertama, a Malaysian timber company, for RM400 million. The sale to Satin Court will lead to a gain of about RM136.6 million, or 33 sen a share, in the year ending December 31, 2009, Idaman said.

IJM Corp, Malaysia’s third-largest builder by market value, rose 30 sen, or 9.9 per cent, to RM3.32, its highest level since October 23. ECM Libra Capital said in a report today investors should buy the stock as the shares are “trading deep in value” with most divisions expected to “perform decently” in the coming financial year. - Agencies

Article from Business Times.com