KUALA LUMPUR (July 9): The FBM KLCI gained 0.83%, tracking substantial China share gains and as investors expected Greece's financial landscape to improve.
Reuters reported that Asian shares and the euro gained on Friday as investors took heart from strength in recently volatile Chinese markets, and after Greece's offer of a new reform plan raised hopes of a deal at a weekend summit of European leaders.
Malaysia's KLCI closed at 1,715.58 at 5pm on gains in stocks like Public Bank Bhd and PPB Group Bhd. Both stocks ended among Bursa Malaysia top gainers.
Despite the KLCI's gains, remisiers said sentiment was still cautious as investors eyed Malaysia's political backdrop.
Malaysia has been in the spotlight as investigations on state-owned 1Malaysia Development Bhd (1MDB) is in progress.
“It might be a temporary rebound (in the KLCI) as there are domestic political uncertainties and external issues to be solved. The market is still shaky.
“However, the market is more optimistic now that Greece has submitted economic reform proposals before the deadline,” SJ Securities remisier Goh Kay Chong told theedgemarkets.com.
In China, the Shanghai Composite Index rose 4.5% while Hong Kong's Hang Seng was up 2.08%
Bursa Malaysia saw 1.67 billion shares worth RM1.66 billion transacted. There were 537 gainers versus 283 decliners.
Top decliners included Top Glove Corp Bhd while top-active stocks included Multi Sports Holdings Ltd and AirAsia Bhd.
Among gainers, Scanwolf Corp Bhd rose as much as 4.5 sen or 14% to 36 sen before paring gains. Dealers said the stock had risen in anticipation of a management change in the property developer.
At 5pm, Scanwolf closed at 35 sen with some 16 million units changing hands.
A dealer told theedgemarkets.com Scanwolf's share price rise was due to anticipation of "a positive development in the management".