MALAYSIAN stocks were higher in early trading today ahead of the Umno General Assembly meeting in expectations of a rally, dealers said. At 9.31 am the Kuala Lumpur Composite Index (KLCI) rose 5.26 points to 883.56.
It opened 11.84 points higher at 890.14. Dealers said the Umno General Assembly usually provides positive sentiment sparking a strong rally in the market. Gainers led losers by 190 to 68 while 112 counters were unchanged, 900 untraded and 60 suspended.
Volume was at 177.551 million shares worth RM215.508 million. At 9.31am, IOI Corp, Malaysia’s second-largest oil-palm planter, rose eight sen to RM3.98. At 9.26am, Kian Joo Can Factory Bhd rose 2.5 per cent to RM1.23, on course for the highest level since February 24.
Can-One Bhd said it signed an agreement to buy 33 per cent of the maker of tin cans for RM241.1 million (US$65 million), or RM1.65 each. MAA Holdings Bhd fell 1 per cent to 47.5 sen. The insurer expects to conclude the sale of its general insurance business to AmG Insurance Bhd within the four to six weeks, a financial daily reported, citing a company executive. - Bloomberg