KL shares end 2.5pc higher

MALAYSIA'S benchmark Kuala Lumpur Composite Index jumped 21.48, or 2.5 per cent, to close at 878.30, the biggest advance since January 5. The gauge rose for a fifth straight day, the longest winning streak since November 5.

Just seven stocks fell on the 100-member board. March index futures surged 2.7 per cent to 884. In the market, 660 million shares changed hands, higher than the three-month daily average of 386 million shares.IOI Corp, Malaysia’s second- largest oil-palm planter, led gains by plantation stocks after palm oil futures climbed the most in six months.

IOI rose 4.8 per cent to RM3.90, the most since January 5.Kuala Lumpur Kepong Bhd jumped 6 per cent to RM10.60 and Sime Darby Bhd added 3.5 per cent to RM5.85.Oil and gas services provider, KNM Group Bhd jumped 9.7 per cent to 39.5 sen, the most since January 5.

It was the most active stock on the local stock exchange, with 47.4 million shares traded. Scomi Group Bhd surged 11 per cent to 34.5 sen, the largest increase since November 4.Kencana Petroleum Bhd climbed 7.3 per cent to RM1.18.

Crude oil in New York gained for a third day, increasing optimism for new exploration-related contracts.IJM Corp advanced 3.1 per cent to RM4.02, the highest level since October 22.A group led by Shimizu Corp. and its partners, including Nishimatsu Construction Co, IJM and UEM Group, are the front runners to win bidding for the tunneling portion of Malaysia’s RM7 billion interstate water project, a weekly reported, citing unidentified people familiar with the plan.MMC Corp slid 4.1 per cent to RM1.41, the steepest decline since February 12.

Malaysia’s largest port operator won shareholder approval to pay RM1.7 billion for an airport operator to help expand its logistics business.NTPM Holdings Bhd gained 6 per cent to 53 sen, the largest increase since August 4.

The Malaysian tissue-paper maker said profit in the fiscal third quarter ended January 31 rose to RM12.3 million from RM10.5 million. Revenue climbed to RM91.6 million from RM84.8 million.

According to the dealers, normally there will be a rally during the Umno general assembly which usually provided some positive sentiment.They said the market started the day on a firmer note with buying interest centred on major plantation and banking stocks which helped the key index to stay in positive territory.

"Strong gains on the regional markets also spurred buying interest in the local market," said one of the dealers.At close, the Industrial Index rose 43.62 points to 2,116.19, the Plantation Index increased 172.78 points to 4,526.96 and the Finance Index climbed 215.31 points to 6,534.62.

The FBMEmas gained 155.62 points to 5,725.64, the FBM30 went up 152.98 points to 5,630.67, the FBM2BRD advanced 65.96 points to 3,905.14 and the FBMMesdaq added 34.04 points to 2,987.18.Gainers led losers by 415 to 129 while 165 counters unchanged, 536 untraded and 34 suspended.Volume increased to 642.4 million shares worth RM921.6 million from 311.7 million shares valued at RM545.8 million last Friday. - Agencies