The country's stocks closed 0.29 percent higher today led by stocks seen benefiting from the government's stimulus package, dealers said.

The Kuala Lumpur Stock Exchange composite index rose 1.88 points to finish at 642.25.

Dealers said some property stocks were among the gainers, particularly those building lower cost housing projects, following incentives announced to boost housing purchases.

Gaming stocks were also in the limelight amid expectations punters may be more willing to bet or raise their average bets following measures to raise the public's disposable income, they said.

"Stocks in the sectors that benefit from the stimulus package are seeing gains but those that had run-up earlier o­n expectations are now seeing some profit-taking," said a dealer with a bank-based brokerage.

Tax breaks

The RM7.3 billion package, which was unveiled yesterday, offers tax breaks and low lending rates to encourage home ownership and to reduce a glut in residential properties, and other relief for the tourism sector.

A two percentage point cut in employees contribution to the pension fund for a year and a half-month bonus for civil servants are also expected to release RM2.7 billion disposable income into the system.

Volume traded was 187 million shares valued at about RM371.90 million. Losers led gainers 280 to 258.

Casino operator Genting closed RM0.40 up at 12.70. Gaming counters Magnum Corp gained 0.06 to 2.36, Berjaya Sports Toto rose 0.08 at 3.38 and Tanjong Plc added 0.15 to 9.70.

Banking stocks Commerce Asset-Holding rose 0.04 to 2.99, AMMB Holdings gained 0.02 to 3.30 while Public Bank was up 0.03 at 2.25.

Top bank Maybank was flat at 7.95, power firm Tenaga Nasional rose 0.05 at 8.75 while Telekom Malaysia was unchanged at 7.60. - AFP