Malaysian share prices closed 0.69 percent higher on Tuesday on late institutional support after China's stock markets rebounded from their steep falls, dealers said.
The Kuala Lumpur Composite Index rose 9.32 points to record 1,369.59 points. Turnover was 1.26 billion shares worrth 2.03 billion ringgit (597 million dollars) as winners led losers 671 to 208, with 244 stocks unchanged. At the close, the ringgit was quoted at 3.4050 against the dollar.
An investment analyst at a local brokerage said China's stock markets rebounded Tuesday afternoon, easing concerns of further free-falls there. A sharper-than-expected correction was triggered after China raised its stamp duty on stock transactions last week.
TA Research technical analyst Stephen Soo said global markets are showing more resilience to the correction in China's stock markets, which is a positive sign. "We believe further corrections or attempts to cool down the Chinese markets would work in favour of regional markets," he said.
Soo said China's recent move to allow institutional investors to buy overseas stocks would act as a catalyst to divert some funds out of the country. Index heavyweights, Tenaga was unchanged at 11.50 ringgit, Maybank added 0.10 at 12.40 and Telekom Malaysia gained 0.10 to 10.40.