KUALA LUMPUR: The FBM KLCI pared some of its earlier losses but remained in the red, closing below the 1,500-mark.
At 5pm, the 30-stocks index closed 7.2 points, or 0.48% to 1,499.430 as the underlying trend remained bearish, against the backdrop of cautious regional markets.
The index opened 3.79 points higher at 1,510.42 this morning. The market traded within a range of 14.80 points between an intra-day high of 1,511.77 and a low of 1,496.97 during the session.
Market breadth turned negative as losers overpowered the gainers on a ratio of 873-to-275 stocks. Traded volumes stood at 7.02 billion worth RM3.55bil.
Dealers said selling pressure was seen across the board and the local bourse remained in consolidation mode following the recent gains.
Last week, foreign funds sold RM558.4mil net of local equities on Bursa Malaysia against RM71.2mil net acquired the week prior.
Year-to-date, foreign investors net selling has amounted to RM21.43bil worth of equities on Bursa, according to MIDF Research.
It added that local players, institutions are net buyers at RM9.59bil and retailers at RM11.47bil.
Leading the index lower, Public Bank shed 26 sen to RM15.68, Petronas Dagangan fell 76 sen to RM20.40, Maxis shaved 12 sen to RM5.02 and Hartalega declined 16 sen to RM14.
On the broader market, Heineken fell 50 sen to RM21.50, F&N declined 50 sen to RM32.50 while Khind lost 37 sen to RM2.01.
On the external front, Hong Kong stocks closed down. The Hang Seng index was down 504.72 points, or 2.06%, at 23,950.69, its biggest daily percentage drop since July 24.
China’s Shanghai Composite index was down 0.63% at 3,316.94 while the CSI300 index shed 0.96% to 4,691.43.
South Korea’s Kospi index closed down 23.01 points, or 0.95%, at 2,389.39 and Japan's Nikkei added 0.18% to 23,360.
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