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Tuesday 2 November 9:25 PM
Malaysian Shares End Up At 7-Mo High;Trade Data,Oil PriceKUALA LUMPUR (Dow Jones)--Malaysian shares ended up Tuesday at a seven-month high as record September exports and imports, coupled with easing crude oil prices, prompted foreign investors to buy key blue chips, traders said. Banks were the main gainers as they will directly benefit from a robust domestic economy, traders added. The weighted Composite Index of 100 blue-chip stocks closed up 10.13 points, or 1.2%, at 874.17. Advancers led decliners 498 to 229, with 279 shares unchanged and 264 shares not traded. Volume was around 425 million shares valued at MYR1.01 billion. September trade data released earlier Tuesday exceeded economists' forecasts, indicating economic growth may not have peaked in the second quarter as many had earlier expected, but could have continued accelerating into the third quarter, an analyst said. Exports swelled 29% on year in September, the fastest pace for any month so far in 2004, to a record MYR44.38 billion, while imports climbed 35% to MYR37.07 billion, also a record. Softer oil prices also spurred retail buying in the stock market, traders said. Light, sweet crude futures for December delivery traded at $49.95 a barrel on the New York Mercantile Exchange at 0645 GMT. "Buyers were mostly foreign funds, with locals nibbling on select counters," said a stockbroker. Among the bank stocks that rose Tuesday were Commerce Asset-Holding, the country's second-biggest financial group, which gained 2.2% to MYR4.70; AMMB Holdings, which added 1.8% to MYR3.36; and Public Bank, which rose 2.3% to MYR6.70. The biggest blue-chip gainer in percentage terms was water treatment company Puncak Niaga, which soared 7.2% to MYR2.82. Investors have taken a shine to Puncak as the Selangor state government is now repaying the over MYR1.3 billion in arrears it owes Puncak, traders said. The imminent privatization of Malaysia's state-controlled water supply and distribution systems also means many big contracts could be up for grabs for the likes of Puncak, they added. Plastic product maker Tek Seng, which debuted on the Second Board Tuesday, was the most active stock. Tek Seng ended up 2% at 51 sen from its 50 sen initial public offering price. As much as 18.3 million of the shares were traded mostly by retail investors, traders said. The market is likely to be buoyant Wednesday, traders said, assuming crude oil prices remain benign. The outcome of the U.S. presidential election isn't likely to influence the market much as investors aren't certain about its economic impact, if any, they added. Market resistance is pegged at 875 points, near Tuesday's 875.68 intraday high, they said. -By Carolyn Lim, Dow Jones Newswires; 603-2692-5254; carolyn.lim@dowjones.com -Edited by Sarah C. de Mesa
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