Malaysian share prices closed 1.2 percent higher on Friday on bargain hunting by retail investors and local and foreign funds in index heavyweights, dealers said. The Kuala Lumpur Composite Index was up 10.05 points to end the day at 863.61 in heavy volume of 810.2 million shares with gainers outrunning decliners 380 to 265.
"The market was quite bullish today in line with the regional markets as well. Thursday's positive sentiments have spilled over into today," said Kaladher Govindan, research head at local brokerage TA Securities. Dealers said bargain hunting by retail investors and funds helped lift broader market.
"This rebound looks sustainable. The KLCI seems to have bottomed out at 801.27 and looks set to extend its rise next week," a dealer told Dow Jones Newswires. Dealers said they expected the index to trade in the 850-900 range next week as investors continue to bargain hunt oversold stocks. Among the gainers, Resorts World added 6.9 percent to 2.48 ringgit, Genting rose 7.6 percent to 4.52, Sime Darby climbed 1.6 percent at 6.20 ringgit.