KUALA LUMPUR (Aug 8): The FBM KLCI today closed up 11.32 points or 0.71% after broad-based buying across Bursa Malaysia as global investors took cue from higher crude oil prices and China's surprise export rise.

Bargain hunting for Malaysian stocks were apparent after local shares were beaten down recently amid US-China trade war concerns. At 5pm today, the KLCI closed at 1,616.02 while Bursa's index for small market capitalisation stocks rose 138.11 points or 1.06% to 13,179.93.

“After a selldown and coupled with no negative news so far, investors have turned buyers and are looking for bargain hunting opportunities,” Hong Leong Investment Bank Bhd head of retail research Loui Low told theedgemarkets.com.

Within the KLCI's 30 components, Sime Darby Plantation Bhd was the biggest percentage gainer, after the stock closed 21 sen or 4.68% higher at RM4.70, followed by Press Metal Aluminium Holdings Bhd and Axiata Group Bhd.

Press Metal rose 11 sen or 2.34% to RM4.81 while Axiata climbed 11 sen or 2.25% to RM5.

Across Bursa Malaysia, the exchange saw 2.12 billion shares worth RM1.52 billion traded. There were about 500 gainers versus some 300 decliners.

Immigration-related counters Datasonic Group Bhd and Iris Corp Bhd closed among the top-active stocks. Datasonic rose 7.5 sen or 10.34% to 80 sen with some 41 million shares traded.

Global share markets took cue from higher crude oil prices and news on China's July export rise. Reuters reported that Asian shares were trying to piece together a rally on Thursday as Beijing reported surprisingly solid trade numbers while also limiting the fall in its yuan, offering a brief respite from fears of a global currency war.

It was reported that data showed Chinese exports rose 3.3% in July from a year earlier, when analysts had looked for a fall of 2%.

In oil markets, it was reported that futures jumped more than US$1 a barrel on Thursday, recovering half of the nearly 5% losses in the previous session, on expectations that lower prices may lead to production cuts. Brent crude rebounded to US$57.75 a barrel, up US$1.52, or 2.7%, from its last close by 0401 GMT, according to Reuters.