Malaysian stocks end higher, buck trend in region

Malaysian stocks end higher, buck trend in region
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KUALA LUMPUR (Sept 6): Malaysian stocks bucked regional trend to finish higher today, as bargain hunting helped the market to recover from yesterday's fall.

The FBM KLCI closed 0.16% or 2.85 points higher at 1,772.48. The market traded between an intra-day high of 1,772.62 and a low of 1,767.07 today.

Malacca Securities Sdn Bhd senior analyst Kenneth Leong said while the KLCI opened lower today, bargain-hunting activities in selected heavyweights pushed the benchmark index higher.

"It is also probably because of the stronger ringgit and higher crude oil prices that pushed the key index upward," he told theedgemarkets.com.

Leong said trading volume is at a healthy 2 billion range since yesterday, indicating fresh money coming into the market.

However, trading volume fell to 2.21 billion shares worth RM1.81 billion compared with yesterday's 2.53 billion shares worth RM2.18 billion. Market breadth was positive with 407 gainers compared with 377 losers.

Top gainers were Petron Malaysia Refining & Marketing Bhd, Lafarge Malaysia Bhd, Hong Leong Financial Group Bhd and United Plantations Bhd. Lagging movers were Ajinomoto (Malaysia) Bhd, British American Tobacco (Malaysia) Bhd, Batu Kawan Bhd and MISC Bhd.

According to Bloomberg, Asian shares finished lower today, to extend losses for a second day in a row, after North Korea's nuclear test on Sunday rattled global equity markets.

Japan's Nikkei 225 dropped 0.14%, South Korea's Kospi fell 0.29% while Hong Kong's Hang Seng was down 0.46%.

A top North Korean diplomat reportedly warned yesterday his country is ready to send "more gift packages" to the US as world powers struggled to find an effective response to Pyongyang's latest nuclear weapons test.