23/03/2009 (Business Times, Malaysia) - MALAYSIA shares were higher in early trading today on window-dressing ahead of the Umno General Assembly meeting in expectations of a rally, dealers said.

The Kuala Lumpur Composite Index rose for a fifth day, gaining 2.35, or 0.3 per cent, to 859.17 at 9:36 am, set for the highest close since March 5. The gauge is headed for the longest winning streak since November 5. March index futures advanced 0.4 per cent to 864.

"Normally, the market will see a rally during the Umno General Assembly," a dealer said.

Gainers led losers by 62 to 39 while 58 counters unchanged, 1,111 untraded and 59 suspended.

Volume after 20 minutes of trading stood at 41.831 million shares worth RM32.613 million.

IOI Corp, Malaysia’s second largest oil palm planter, led gains by plantation stocks after palm oil futures climbed the most in five weeks on March 20. IOI rose 1.6 per cent to RM3.78, set for the biggest gain since March 10. Kuala Lumpur Kepong Bhd added 4 per cent to RM10.40. Palm oil futures in Malaysia surged 3.9 per cent at the close on March 20, the most since February 10 amid gains in crude oil.

KNM Group Bhd jumped 7 per cent to 38.5 sen, the highest since February 26. Kencana Petroleum Bhd climbed 5.5 per cent to RM1.16, the biggest gainer on the benchmark Composite Index. Crude oil in New York gained for a third day, fueling prospects of exploration-related contracts. Dialog Group Bhd added 2.5 per cent to 83 sen.

NTPM Holdings Bhd gained 2 per cent to 51 sen, set for the largest increase since February 24. The Malaysian tissue-paper maker said profit in the fiscal third quarter ended January 31 rose to RM12.3 million from RM10.5 million. Revenue climbed to RM91.6 million from RM84.8 million. - Bernama, Bloomberg