10-05-2008 - Malaysian shares close higher driven by plantation, energy stocks

KUALA LUMPUR (Thomson Financial) - Malaysian shares closed higher on Friday, bucking the regional trend, led by plantation and oil and gas stocks following a rebound in crude palm oil (CPO) futures after crude oil prices hit new highs. Gains by financial counters and select blue chips further supported the market. Crude oil struck a fresh record near $125 a barrel on Friday, even after the OPEC cartel insisted that the market was well-supplied and that the rise in prices was driven by speculators. Analysts said OPEC's view has already been factored into prices. New York's main oil futures contract, light sweet crude for June delivery, reached a record of $124.70 a barrel in Asian trading hours. CPO tracks the performance of crude oil as palm oil can be used as feedstock in the making of biodiesel. The Kuala Lumpur Composite Index (KLCI) was up 4.92 points or 0.4 percent at 1,285.27. For the week, the KLCI gained 1.1 percent or 13.8 points. The FTSE Bursa Malaysia 30-large cap index gained 45.36 points or 0.6 percent to 8,356.47 and the FTSE Bursa Malaysia second board index added 7.99 points or 0.1 percent to 5,875.64. Advancers led decliners 351 to 310, with 299 stocks unchanged and 460 counters untraded. Trading volume was low at 510 million shares valued at 1 billion ringgit.
($1 = 3.21 ringgit)