KUALA LUMPUR (Nov 15): The FBM KLCI gained 13.92 points or 0.9% as investors bargain hunted for Malaysian shares like PPB Group Bhd and Sime Darby Bhd following the KLCI's recent drop.

Today, the KLCI closed at 1,630.56 points as KLCI-linked plantation shares PPB and Sime Darby rose among Bursa Malaysia top gainers. Plantation shares could have taken the cue from a weaker ringgit, which bodes well for Malaysian crude palm oil (CPO) exports and prices.

PPB and Sime Darby added 24 sen each to close at RM15.82 and RM8.09 respectively. The KLCI's 13.92-point gain today followed yesterday's 17.55-point drop.

Yesterday, the KLCI fell as investors braced for higher US inflation and interest rates amid expectation of US President-elect Donald Trump's expansionary fiscal policies.

Higher US interest rates do not bode well for Asian markets in anticipation that investors will shift their money into US dollar-denominated assets.

Today, the ringgit weakened to 4.3403 against the US dollar at the time of writing.

Kenanga Investment Bank Bhd commissioned dealer's representative Ng Soon Kiat said the market could have overreacted to the US presidential election result.

But as the ringgit started to stabilise, some investors were back to the market, according to Ng.

"I think investors should look into plantation stocks due to rising CPO prices as well as some oil and gas counters as OPEC members are due to meet later this month with an expectation of oil production cut," he told theedgemarkets.com.

Across Bursa Malaysia, 1.34 billion shares worth RM1.9 billion changed hands.

There were 531 gainers versus 258 decliners.