KUALA LUMPUR: Bursa Malaysia pared down losses at the close today, as investors sought bargains among index heavyweights after recent’s sharp selling.
At 5pm, the benchmark FBM KLCI was down 24.05 points, or 1.88% to 1,256.58. It hit an intra-day high of 1,278.43 points and a low of 1,211.95 points. The index opened 63.35 points lower at 1,217.28 this morning
Turnover was at 4.43 billion shares valued at RM3.87bil. Losers beat gainers 713 to 267 with 279 counters unchanged.
The ringgit extended its downtrend against the US dollar. Ringgit was quoted at 4.3498, down 0.98% against the US dollar.
Dealers said the tick rule announced by Bursa Malaysia will be beneficial to traders, especially during a market downtrend.
Earlier, Bursa Malaysia announced that the tick rule will now be extended to intraday short-selling (IDSS) and permitted short-selling activities of the investment accounts and market makers.
It will also be applied to the short-selling activities of the proprietary day traders, it said.
In addition, Bursa Malaysia and its subsidiaries will continue to operate as normal during the 14-day control movement order from March 18 to 31, 2020.
Over the broader market, consumer stocks rebounded with Nestle adding RM2.30 to RM135.50, Heineken rising 66 sen to RM19.96 and F&N gaining 38 sen to RM28.
Among the heavyweights, Maybank added seven sen to RM7.36, Public Bank fell 60 sen to RM13.90 and Tenaga shed six sen to RM11.24.
Oil jumped on Tuesday as bargain hunters entered the market after the sharp sell-off in recent days.
Brent crude was up by 0.37% to US$30.16 a barrel while U.S. West Texas Intermediate (WTI) crude rose 2.06% to US$29.29.
On the external front, MSCI’s Asia ex-Japan stock index was weaker by 0.2%
The Shanghai Composite index closed 0.3% lower at 2,779.64 while the CSI300 index lost 0.5% to 3,709.68.
Japan’s Nikkei 225 closed 0.1% higher at 17,011.53 and Sout Korea’s Kospi ended down 42.42 points, or 2.47%, to 1,672.44, the lowest close since early-October 2011.
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