KUALA LUMPUR (April 7): The FBM KLCI snapped its two-day losing streak on fresh buying interest today, closing at the day’s high on the back of a massive push in the final hour of trade.

The benchmark index closed up 1.37% or 21.68 points at 1,600.59 after moving within the positive range of between 1,580.9 and 1,600.59.

Remisier Jeffry Azizi Jaafar said the market saw a technical rebound with late buying bringing the KLCI back above the 1,600 level.

“The last-minute buying interest was underpinned by Malayan Banking Group Bhd on bargain hunting and Sime Darby Plantation as investors bet on rising palm oil prices due to tight supply,”  he told theedgemarkets.com

He said the market optimism was also fuelled by higher oil prices against the backdrop of the world's two largest economies, the US and China, on recovery paths.  

Jeffry noted that steel and aluminium manufacturers such as Press Metal Aluminium Holdings Bhd and Ann Joo Resources Bhd have hogged the limelight today amid rising steel prices.

Press Metal went up four sen or 0.4% at RM10.14 with 3.76 million shares traded while Ann Joo closed up 26 sen or 12.15% at RM2.40, after 12.05 million shares changed hands.

Among the KLCI constituent stocks, Sime Darby Plantation was the biggest gainer, closing up 4.68% or 21 sen at RM4.70. This was followed by DiGi.com Bhd (up 3.31% or 12 sen at RM3.75) and Axiata Group Bhd (up 2.98% or 11 sen at RM3.80).

Other gainers included Nestle (M) Bhd, Petronas Gas Bhd, Vitrox Corp Bhd, MCOM Holdings Bhd, Rapid Synergy Bhd, Fraser and Neave Holdings Bhd and Central Global Bhd.

Notable losers included Malaysian Pacific Industries Bhd (MPI), Euro Holdings Bhd, Cheetah Holdings Bhd,  MR DIY Group (M) Bhd, Heineken (M) Bhd and KESM Industries Bhd.

The top actives were Berjaya Corp Bhd, Dagang NeXchange Bhd, Macpie Bhd, Dataprep Holdings Bhd and Focus Dynamics Group Bhd.

Across Bursa Malaysia, gainers outpaced losers 589 to 442 while 463 counters were unchanged. Trading volume totalled 6.3 billion shares worth RM3.65 billion

Elsewhere in Asia, Reuters reported that shares pulled back from a three-week high today, dragged lower by Chinese stocks, though investors were still focused on upcoming company earnings for more signs of a global economic recovery.

Hong Kong’s Hang Seng fell 0.91% and Shanghai Composite Index closed down 0.1% while Japan's Nikkei 225 rose 0.12% and South Korea's Kospi added 0.33%.