KL shares close 1.7pc higher

Published: 2009/06/01

Malaysia’s benchmark Kuala Lumpur Composite Index rose 17.69, or 1.7 per cent, to close at 1,061.80, the highest level since Sept 10. Six stocks gained for each one that fell on the 102-member measure.June index futures added 1 per cent to 1,067.50.

In the market, 1.6 billion shares changed hands, higher than the three-month daily average of 1.2 billion shares.Malayan Banking Bhd led gains among Malaysian banks after HwangDBS Vickers Research Sdn Bhd said earnings at the nation’s lenders will recover next year, helped by the “rejuvenation” of capital market activities.

Maybank, as the nation’s biggest bank is known, gained 5 per cent to RM5.30, the highest level since May 20. Bumiputra-Commerce Holdings Bhd, the No 2 bank, climbed 2.3 per cent to RM8.75, the most since May 7. AMMB Holdings Bhd. (AMM MK) advanced 1.8 per cent to RM3.36.

Astro All Asia Networks Plc, a pay-television operator, gained 1.7 per cent to RM3 , the highest level since Sept. 30. Maxis Communications Bhd, a mobile phone operator which was taken private by its owners in 2007, may be injected into Astro, OSK Research Sdn Bhd said.Maxis had been planning to re-list and the plan is “not implausible,” OSK said in a report.

Maxis Chief Executive Officer Sandip Das didn’t immediately reply to e-mails seeking comment. Astro said by e-mail “we do not comment on market speculations or press reports on specific opportunities.”JAKS Resources Bhd, a Malaysian pipe-maker, surged 6.3 per cent to RM0.84, the highest level since March 7, 2008.

The company has a “strong chance” of winning an RM800-million (US$229 million) contract on the Pahang-Selangor interstate water project, CIMB Investment Bank Bhd said in a report today. JAKS’ order book may rise to as much as RM4.5 billion from RM467 million, CIMB said. JAKS Managing Director Ang Lam Poah didn’t answer his office telephone for comment.Kumpulan Fima Bhd.

(FIMA MK) leapt 15 per cent to 66.5 sen, the highest level since Jan 11, 2008. The manufacturing, property and plantation group said fiscal fourth-quarter profit more than doubled to RM16.9 million from a year earlier.Muhibbah Engineering Bhd gained 3.9 per cent to RM1.34, the highest since Oct 3. The Malaysian builder said first-quarter profit dropped 25 per cent to RM15.2 million from a year earlier. Sales fell to RM381.2 million from RM385.9 million, it said in a statement. - Bloomberg