I believe penny stocks are those stocks that have low market capitalisation. It is not correct to call 5 dollar stocks as penny stocks because although it looks cheap, it might have billions of shares floating in the market.

Even Genting shares which recently split 5 ways can be as low as RM1 if they issue bonus in the future.

Regarding penny stocks in KLSE, not sure to be honest but I always thought the 2nd board and Mesdaq have more of those compared to the Mainboard. Just a thought, not backed by facts or anything.