KLCI at intraday high on bargain hunting

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KUALA LUMPUR (May 23): The FBM KLCI gained 6.1 points or 0.4% as investors bargain hunted for Malaysian stocks following earlier intraday losses.

At 5pm, the KLCI settled at its intraday high at 1,634.89 points. The index had earlier fallen to its intraday low at 1,621.43 points.

Inter-Pacific Securities Sdn Bhd research head Pong Teng Siew told theedgemarkets.com over telephone that the KLCI's gain "was supported by bargain hunting by some investors".

According to him, the KLCI's recent fall had spurred bargain-hunting activity among investors on selected blue chips. "Investors are buying into technology-related stocks (due to weakening ringgit) and construction-related stocks," Pong said.

Across Bursa Malaysia, decliners led gainers by 451 to 337. Volume was 1.74 billion shares valued at RM1.38 billion.

United Plantations Bhd was top gainer while leading decliner was Focus Lumber Bhd. AirAsia X Bhd and XOX Bhd were among the most-actively traded counters.

Across Asian share markets, Japan's Nikkei 225 fell 0.49% while Hong Kong's Hang Seng dropped 0.22%. South Korea's Kospi, however, climbed 0.39%.

Reuters reported that Asian shares rose on Monday after a solid session on Wall Street, while the dollar moved away from recent highs though remained supported as investors bet that the US Federal Reserve was on track to raise rates sooner rather than later.