Rebound on Bursa Malaysia fizzles as foreign selling continues


KUALA LUMPUR: The rebound on the domestic market proved short-lived once again after gains in equities prices evaporated amid persistent selling by foreign funds.

Rakuten Trade in its morning note had posited that offshore investors were offloading Malaysian equities in the lead-up to the inauguration of President-elect Donald Trump on Jan 20.

The FBM KLCI, which had bounced nearly 15 points to 1,576.57 in intra-morning trade, was seen succumbing to profit-taking.

Entering the midday break, the benchmark index was 0.44 points lower at 1,561.68, en route to a fourth straight day of decline.

Over the broader market, the number of decliners continued to outpace the gainers 504 to 382. Turnover was 2.27 billion shares changing hands for RM1.52bil.

Bursa Malaysia, however, proved to be laggards among Asian markets. Key Asian bourses bounced higher, tracking the release of lower-than-expected US inflation data, and the subsequent rally. in Wall Street stocks.

In Japan, the Nikkei was 0.27% higher at 38,549.

China's composite index rose 0.21% to 3,233 and Hong Kong's Hang Seng jumped 0.83% to 19,445.

Singapore's Straits Times rallied 0.66% to 3,797.

Stocks that led decline on the FBM KLCI included Gamuda diving 23 sen to RM4.22, Tenaga Nasional falling 14 sen to RM13.36, Sunway shedding nine sen to RM4.10.

Meanwhile, Sunway's subsidiary Sunway Construction was seen plunging 40 sen to RM3.50.

Leading the actives, ACE Market debutant CBH Engineering rose 4.5 sen to 32.5 sen.

MN Holdings, also a top traded stock, dropped nine sen to 95 sen.

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