KUALA LUMPUR: Foreign buying helped propel the FBM KLCI sharply higher for the fourth consecutive session on Wednesday on the back of buying interest in the index-linked stocks.

       At 5pm, the 30-stock index closed up 16.43 points, or 1.06% to 1,569.80, its highest in more than two months. In the past three days, the KLCI has risen 51.77 points.

       On the broader market, losers outpaced gainers 532 to 509, while 469 counters were unchanged. Total volume stood at 4.55 billion units worth RM2.89bil.

       Dealers noted foreign funds had been net buyers for the past few sessions and helped Bursa Malaysia regain its footing.

       Stock market data showed foreign funds were net buyers of local equities at RM154mil on Tuesday. Local institutions and retail investors were net sellers at RM105mil and RM49mil respectively.

       As the US Federal Reserve starts to talk of its tapering timeline, yield hungry investors are expected to make a comeback, dealers said.

       Among the 30 FBM KLCI constituents, 24 stocks were higher; five were lower while one traded flat.

       Nestle jumped 80 sen to RM137.70, Tenaga rose 31 sen to RM10.28, Kuala Lumpur Kepong added 40 sen to RM20.90, Press Metal gained 24 sen to RM5.24 and Petronas Chemicals climbed 21 sen to RM8.15.

       Petronas Dagangan fell 38 sen to RM19.02, MR DIY lost 10 sen to RM3.70, Sime Darby Plantation shed five sen to RM4.11, Genting Malaysia gave up two sen to RM2.92 and Public Bank declined one sen to RM4.10.

       On the broader market, KESM shed 64 sen to RM12.82, Genetec lost 62 sen to RM27.18 and APM Automotive declined 19 sen to RM2.05.

       Elsewhere in the region, Japan’s Nikkei Stock Average fell 0.26%, South Korea’s Kospi rose 0.27%, China’s Shanghai Composite index was up 0.74% and Hong Kong’s Hang Seng Index closed down 0.13%.