KUALA LUMPUR (Feb 8): The local stock market closed higher today for a second straight session of gains, as local institutions appear to buy back into stocks, albeit selectively.

The FBM KLCI ended the day 2.76 points or 0.15% higher at 1,839.44. The benchmark index rose as high as 1,842.65 points today. At its session low, it was down to 1,834.83 points.

“Investors are still watching developments in the US markets and looking out for clues,” Areca Capital Sdn Bhd chief executive officer Danny Wong told theedgemarkets.com today.

He said foreign funds and retail investors have turned net sellers recently. 

Wong is of the view there are no signs of a crisis, with the local market still fundamentally strong.

“I doubt there will be any large impact on Bursa,” he said in relation to the volatility in the US markets.

Trading volume decreased to 2.05 billion shares worth RM2.08 billion, compared with yesterday's 3.32 billion shares worth RM3508.28 million. Market breadth was positive with 520 gainers versus 361 declines.

British American Tobacco (Malaysia) Bhd, Hengyuan Refining Co Bhd and Panasonic Manufacturing Malaysia Bhd topped the day’s list of gainers, while Hartalega Holdings Bhd, Chin Teck Plantations Bhd and Batu Kawan Bhd were among the top losers.

PDZ Holdings Bhd, PUC Bhd and Sapura Energy Bhd were most actively-traded counters.

Globally, investors remained on edge, after recent volatility seen in equity markets, with US bond yields rising towards four-year highs, Reuters reported.

MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.3%, led by gains in India, while Japan’s Nikkei ticked up 1.1%.