Bursa Malaysia closes higher, propped up by bargain hunters

KUALA LUMPUR: Bursa Malaysia ended higher for the second day in a row, with bargain hunters entering the market after a recent period of selling. 

At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) closed 3.19 points or 0.22 per cent higher to 1,457.41 from Wednesday's close of 1,454.22. 

The FBM KLCI started the day 0.36 points lower at 1,453.86, fluctuating between 1,453.06 and 1,459.10 over the course of the day. 

On the broader market, gainers outnumbered losers 486 to 404, while 466 counters were unchanged. 

Turnover increased to 4.24 billion units valued at RM2.39 billion, up from Wednesday's figures of 3.29 billion units worth RM2.06 billion. 

Malacca Securities Research said the FBM KLCI closed higher in line with the postive regional markets, due to buying interest within banking heavyweights, as window dressing activities picked up. 

The firm noted that the technology sector up 0.75 per cent was the leading sector, thanks to buying support in Greatech Technology Bhd, which rose eight sen and Unisem (M) Bhd up six sen. 

"Meanwhile, the energy sector declined by 0.27 per cent following selling pressure in Dialog Group Bhd which fell two sen and Hibiscus Petroleum Bhd fell five sen," it said in its daily market. 

The top three active stocks were Pelikan International Corp Bhd, which increased by 16.5 sen to 34 sen, Hong Seng Consolidated Bhd, which rose by 0.5 sen to three sen, and Sarawak Cable Bhd up one sen to 40 sen.

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