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I'm not sure if this is supported, but I built kde from trunk yesterday and i can only navigate krunner results using tab and shift-tab. I believe it is much easier and more intuitive to (also) use the up/down arrows for that job.

If the focus is in the text field, up/down browses history and left/right moves the text cursor. If you press tab once (to give the list focus) you can browse the results with arrow keys.

I agree that's it's confusing at first, but this idea is already implemented. If you have a suggestion for a better behavior, please post a new idea.