KUALA LUMPUR (Aug 8): The FBM KLCI rose 13.64 points or 0.76% on what appeared to be foreign investor demand for Malaysian stocks. At 5pm, the KLCI closed at its intraday high at 1,804.73 points.
A senior analyst at local investment bank told theedgemarkets.com that foreign investors had been net buyers of Malaysian stocks for three consecutive trading days since Friday.
The analyst said : "After the (Malaysian) general election, foreign investors had generally been net sellers. But as the stocks took a plunge even though some of them have their fundamentals still intact, the valuations emerge as attractive for foreigners to engage in 'bargain hunting' as they say it," he said.
Across Bursa Malaysia today, 2.77 billion shares worth RM2.71 billion changed hands. Top gainers included Hengyuan Refining Co Bhd, ABM Fujiya Bhd and Axiata Group Bhd.
ABM Fujiya shares neared limit up after the stock jumped by as much as 29.5 sen to 74 sen during intraday trades. At 5pm, ABM Fujiya closed at 66 sen with 953,200 shares traded.