Malaysian share prices closed 0.40 percent higher on Thursday, supported by firmer regional markets and mid-year window-dressing activity by fund managers, dealers said. The market was holding firm at its current level but the underlying trend is still downwards, they added.
The Kuala Lumpur Composite Index gained 3.64 points to 910.54 on volume of 605.98 million shares worth 868.47 million ringgit (235.5492 million dollars). Gainers beat losers 467 to 220, with 294 stocks unchanged and 331 stocks untraded. The ringgit was at 3.6845/6870 to the dollar.
A technical analyst with a local brokerage said the market was still in a consolidation mode but noted a rebound in the main index over the past few days was considered a "good bounce". "Nevertheless, it is still too early to tell if the main index has reversed from its underlying downtrend," he added.
He said the index may require fresh news leads to reverse the current downtrend and that investors would focus on what the US Federal Reserve announced later in the day on the direction for US interest rates. "Hopefully, by the first week of July, we can have clearer signals from the market," another dealer said.
Blue chips generally closed higher, with Maybank gaining 0.20 ringgit to 10.70, while Telekom Malaysia was up 0.10 ringgit at 9.00. Tenaga was steady at 9.20 ringgit.