KUALA LUMPUR: The FBM KLCI rebounded 0.28% on Wednesday after four consecutive sessions of losses, but the broader market remained weak with almost 600 counters in the red.
At 5pm, the benchmark index closed up 4.26 points to 1,535.56. Turnover was 2.35 billion shares valued at RM1.18bil.
Market breadth turned negative as losers overpowered the gainers on a ratio of 586-to-310 stocks. Traded volumes stood at 2.35 billion units worth RM1.81bil.
Dealers said investors took to bargain-hunting for oversold counters after recent losses. They expect sentiment to remain cautious as global recession worries persist.
On Bursa Malaysia, Cypark Resources’ shares came under pressure following the resumption of short selling. The counter tumbled 24%, or 12 sen to a record low of 38 sen with 116.73 million shares done.
Carlsberg rose 62 sen to RM22.72, Nestle added 60 sen to RM133.90, Kuala Lumpur Kepong gained 40 sen to RM26.30 and Petronas Dagangan advanced 40 sen to RM21.30.
On the other hand, F&N shed 52 sen to RM20.20, Batu Kawan fell 44 sen to RM27.06, Sam Engineering lost 43 sen to RM4.05 and Hong Leong Capital eased 38 sen to RM6.09.
Meanwhile, US light crude oil rose US$1.16 to US$110.93 and Brent added US$1.18 to US$114.74 per barrel.
Elsewhere in the region, Nikkei 225 ended 0.26% lower at 26,677.80, while South Korea’s Kospi rose 0.44% to 2,617.22.
Hong Kong’s Hang Seng added 0.3% to 20,171.27.
China’s CSI300 index rose 0.6% to 3,983.18 while the Shanghai Composite Index gained 1.2% to 3,107.46 points.