Malaysian share prices closed 1.5 percent higher on Thursday due to bargain hunting in selected blue chips and a rebound in US stocks, dealers said. The Kuala Lumpur Composite Index closed up 19.46 points at 1,299.69 on volume of 571.55 million shares valued at 1.34 billion ringgit (424 million dollars). Advancers led decliners 481 to 239.
At the close, the Malaysian ringgit was quoted at 3.1660/1665 against the US dollar. "The Malaysian market rebounded in tandem with the US as well as the regional markets," said Ang Kok Heng, chief investment officer of Phillip Capital Asset Management.
Ang said the outlook for the market remains fragile despite the rebound. Among other market heavyweights, Malaysia's top bank Maybank rose 20 sen to 8.90 ringgit, state-controlled Telekom Malaysia added 20 sen to 11.20 ringgit and national utility Tenaga climbed 15 sen to 8.75 ringgit.
Gaming group Tanjong topped the advancers' list, rising 70 sen to 15.90 ringgit, followed by infrastructure conglomerate YTL, which surged 50 sen to 7.60 ringgit. Stock exchange operator Bursa Malaysia ended the day up 25 sen at 10.10 ringgit and casino operator Genting advanced 25 sen to 6.70 ringgit.
Sime Darby, the world's largest oil palm grower, climbed 20 sen to 11.10 ringgit and IOI Corp, the second largest palm oil stock on the bourse by market value, traded up 20 sen at 7.55 ringgit.