KUALA LUMPUR: The FBM KLCI saw a modest recovery but failed to gain momentum, remaining in negative territory as investor sentiment stayed subdued amidst ongoing market uncertainties.
At 5pm, the 30-stock index fell by 6.28 points, or 0.4%, to 1,552.69, after reaching an intraday high of 1,557.44 and a low of 1,544.87.
There were 372 gainers, 537 losers and 466 counters traded unchanged on the Bursa Malaysia. Turnover stood at 2.18 billion shares valued at RM2bil.
Reuters reported that Malaysian shares fell to a near six-month low on Tuesday, joining a global AI selloff sparked by the emergence of a low-cost Chinese artificial intelligence model.
The benchmark index slipped as much as 0.9%, marking its lowest level since Aug 6, 2024.
Dealers noted that the mood was further dampened by the new US tariff threats, which added to the overall negative sentiment in the market.
YTL Power, one of the biggest drags on the index, dropped 11 sen to RM3.11, contributing to a 1.2930-point decline.
Maybank fell 12 sen to RM10.24, pulling the index down by 2.0577 points, while CIMB Group
declined nine sen to RM7.94, lowering the index by 1.3725 points.
Dutch Lady, the top loser on Bursa Malaysia, fell 60 sen to RM30.12. Malaysian Pacific Industries lost 50 sen to RM22.26, PETRONAS Dagangan declined 26 sen to RM19.24 and United Plantations gave up 22 sen to RM30.50.
Among the gainers, SD Guthrie jumped 30 sen to RM4.98, Kuala Lumpur Kepong gained 26 sen to RM20.08, F&N rose 24 sen to RM25.56 and Tenaga Nasional climbed 16 sen to RM13.60.
Meanwhile, the local currency has depreciated by 0.4% against the US dollar, now at 4.3960, but has gained 0.12% against the Singapore dollar, reaching 3.2506.
Meanwhile, US West Texas Intermediate crude rose 43 cents to US$73.60 and Brent added 46 cents to US$77.54 per barrel.
Around the region, MSCI's Asia ex-Japan stock index was weaker by 0.21%. Japan’s Nikkei 225 closed down 1.4% at 39,016.87.
Trading in the region is expected to remain subdued this week, with many exchanges closed for the Lunar New Year holidays. Markets in China will be closed from Tuesday and will reopen on 5 February.
Bursa Malaysia and its subsidiaries will be closed on Jan 29 and 30 in conjunction with the Chinese New Year public holiday.
