Malaysian share prices closed 0.69 percent higher on Friday on a technical rebound with investors picking up bargains in index-linked stocks after Thursday's sell-off, dealers said. The Kuala Lumpur Composite Index closed up 9.01 points at 1,315.37, off a high of 1,316.81 points and a low of 1,306.22 points.
Trading reached 1.625 billion shares worth 2.464 billion ringgit (720.4 million dollars), as gainers led losers 824 to 145 with 191 stocks unchanged. At the close, the ringgit was quoted at 3.4205/4255 to the dollar.
"As usual, investors picked up bargains in index-linked stocks after yesterday's sell-off. The local market's outlook in the short to medium-term is likely to be guided mainly by external developments, especially those emerging from the US and China markets," said a dealer from a local brokerage.
Sentiment is likely to remain cautious for a while. However, with the domestic capital market still flush with liquidity and the ringgit expected to appreciate further, this should provide a buffer against the market's downside risk, the dealer said. Among index heavyweights, Tenaga was up 0.20 ringgit at 12.00, Telekom Malaysia gained 0.10 to 10.30, while Maybank lost 0.10 to 12.50.
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