Stocks on Bursa Malaysia closed slightly higher yesterday, supported by late buying interest which helped pare losses in the earlier session. The volatile market movement was mainly influenced by the long-awaited announcement on the 13th general election. Panic selling was seen on the local bourse, resulting in the key index falling more than 50 points, an hour before the prime minister went “live” over television for the announcement of the dissolution of the Parliament to pave the way for the general election. However, the FBM KLCI started to stabilise later as investors resumed their activities and began bargain hunting. The FBM KLCI inched up 0.40 of a point to close at 1,685.40, after opening 3.33 points higher at 1,688.33. The key index dipped to a low of 1,632.28, while scaling a high of 1,692.85 for the day. Decliners led losers by 585 to 237 with 300 counters unchanged. Turnover advanced to 1.345 billion shares worth RM2.893 from the 1.007 billion shares worth RM1.976 billion on Tuesday.
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