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KL stock

prices end up

KUALA LUMPUR: Kuala Lumpur stock prices ended on the plus side, but the moderate gains marked a waning of the recent hectic buying pace.

"At this stage, perhaps the buy signal is not so compelling," said one dealer. "The Malaysian market is by no means that cheap." After a morning in the doldrums, the key Kuala Lumpur Stock Exchange Composite Index ended up 2.03 points to 1,174.23.

Still, the lure of quick gains especially from the fast-running Second Board index continues to attract local and foreign punters, dealers said.

The second Board index ended down 1.42 points at 514.30 after hitting a session high of 521.69.

Volume totalled 462.5 million shares and gainers outran losers by 360 to 185.

"Second board stocks by their very nature are a lot of individual stocks being held in a very tight fashion," said one market analyst. "I would not expect prices to evaporate overnight, as long as people are holding those stocks."

Dealers said the strong ringgit was attracting funds to Malaysian stocks.-Reuter