KUALA LUMPUR, March 10 ― ursa Malaysia closed higher today on heavy buying in selected heavyweights following the rise in crude oil prices coupled with the positive news of the European Central Bank's (ECB) plan to cut interest rate, dealers said.

The benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) finished 4.56 points higher at 1,690.91 versus Wednesday's close of 1,686.35.

The index moved between 1,684.10 and 1,694.33 throughout the day. It opened 1.66 points easier at 1,684.69.

Market breadth was positive with gainers outpacing losers by 441 to 355, while 353 counters were unchanged and 558 untraded.

Volume fell to 1.72 billion shares valued at RM1.81 billion versus yesterday's 1.82 billion shares valued at RM1.9 billion.

A dealer said the local bourse and its regional peers reacted positively to news that New Zealand would cut its interest rate.

It was reported that the Reserve Bank of New Zealand has cut its lending rates for the fifth time since June last year to a record low of 2.25 per cent, down by 25 basis points.

"This will keep traders on the look-out for more stimulus from the European Central Bank," the dealer said, adding that a rebound in global oil prices also calmed investors.

The international benchmark, brent crude oil, today climbed 3.3 per cent to US$40.94 (US$1 = RM4.09) a barrel.

Meanwhile, Bank Negara Malaysia's decision to keep its overnight policy rate unchanged at 3.25 per cent affirmed that liquidity in the banking system remained sufficient, creating more confidence among investors.

The most active stock today were AirAsia, which rose one sen to RM1.74, Bumi Armada, down one sen to 79 sen and Compugates was half-a-sen better at 50 sen.    

Bursa Malaysia had issued an unusual market activity query to Key Alliance today due to the sudden surge in volume of its shares.

On the scoreboard, the FBM Emas Index rose 35.07 points to 11,696.25, the FBMT100 Index gained 34.24 points to 11,408.65 and the FBM Emas Shariah increased 28.75 points to 12,373.92.

The FBM 70 surged 51.25 points to 12,880.14 and the FBM Ace was 33.16 points better at 5,623.90.

Sector-wise, the Industrial Index inched down 8.09 points to 3,279.45, the Finance Index increased 84.38 points to 14,368.60 and the Plantation Index rose 28.62 points to 7,882.63.

Main Market volume fell to 1.23 billion units, worth RM1.73 billion, from 1.31 billion units worth RM1.81 billion.

Turnover on the ACE Market went down to 288.52 million shares worth RM44.85 million versus 309.39 million shares worth RM46.99 million.

Warrants narrowed to 191.28 million units, valued at RM38.86 million, against 103.96 million units worth RM39.6 million, yesterday.

Consumer products accounted for 78.33 million shares traded on the Main Market, industrial products (196.75 million), construction (44.33 million), trade and services (571.42 million), technology (17.53 million), infrastructure (6.99 million), SPAC (182.96 million), finance (47.65 million), hotels (421,600), properties (42.01 million), plantations (34.82 million), mining (10,000), REITs (11.09 million) and closed/fund (108,000). ― Bernama