KUALA LUMPUR (May 4): The FBM KLCI rose 6.14 points or 0.4% as investors bargain hunted for beaten-down Malaysian shares.
 
At 5pm, the KLCI closed at 1,657.58 on gains in stocks like CIMB Group Holdings Bhd and Public Bank Bhd. Yesterday, the KLCI fell 21.28 points to close at 1,651.44.

Today, Malacca Securities Sdn Bhd analyst Kenneth Leong said the KLCI's gain was seen as a technical rebound, following recent losses.

“There is also some bargain hunting activities after foreign funds offloaded some RM660 million over the past four days.

"The KLCI's rebound may not be sustainable as there are still uncertainties regarding 1Malaysia Development Bhd and crude oil prices," Leong told theedgemarkets.com via telephone.

Bursa Malaysia saw 1.7 billion shares, worth RM2.13 billion traded. Gainers outnumbered decliners at 483 versus 342.

Leading gainer was British American Tobacco (M) Bhd, while Nestle (M) Bhd was top decliner. Vivocom Intl Holdings Bhd and SapuraKencana Petroleum Bhd were among the exchange's most actively-traded stocks.

The KLCI rose despite regional share losses. Hong Kong's Hang Seng declined 0.73%, while South Korea's Kospi was down 0.49%.  

Japan markets, which were closed yesterday and today, will remain closed tomorrow for the Golden Week holidays.

Today, Reuters reported Asian shares skidded on Wednesday, as investors fretted about weak global growth and creeping deflation, undermining commodities and boosting demand for safe-haven sovereign debt.