KUALA LUMPUR (Feb 25): The FBM KLCI closed 10.82 points or 0.73% higher today at 1,500.88, on bargain hunting, after Malaysian stocks' substantial drop yesterday into a bear market, as investors weighed factors including Malaysian political uncertainties, besides the global Covid-19 outbreak and crude oil price slump.

It was reported that Malaysia is facing an unprecedented politicial situation following Tun Dr Mahathir Mohamad's surprise resignation as its seventh prime minister yesterday, and the exit of his political party, Parti Pribumi Bersatu Malaysia, from the Pakatan Harapan coalition. It was reported that the Yang di-Pertuan Agong has appointed Dr Mahathir as interim prime minister, following the resignation.

Today, Malacca Securities Sdn Bhd senior analyst Kenneth Leong told theedgemarkets.com that the KLCI rebounded as the "political situation appeared to have slightly stabilised" after Dr Mahathir was appointed as the interim prime minister shortly after he resigned as prime minister.

The KLCI closed up at 1,500.88 on bargain hunting today, after finishing down 41.14 points or 2.69% yesterday at 1,490.06, as Malaysian stocks were seen entering into a bear market, where stock prices record a 20% decline from their recent peak.

Today, Bursa Malaysia saw 3.13 billion shares worth RM2.76 billion traded across the exchange. Top gainers included Carlsberg Brewery Malaysia Bhd, Fraser & Neave Holdings Bhd and British American Tobacco (M) Bhd, as investors appeared to take a defensive approach as they weighed the impact of the global Covid-19 outbreak and crude oil price slump, besides Malaysian political uncertainties on equities.

Crude oil prices rose today, after falling some 4% in overnight trades, amid Covid-19 outbreak concerns.

Reuters reported Brent crude rose 19 cents or 0.3% to US$56.49 a barrel by 0436 GMT today, after slipping 3.8% on Monday, the largest single-day price fall since Feb 3. It was reported that the US crude futures gained 17 cents or 0.3% to US$$51.60, recovering from a 3.7% drop in the previous session.