KUALA LUMPUR: Bursa Malaysia retreated from Wednesday’s gains to close lower yesterday as investors adopted a risk-off stance amid growing external uncertainty, analysts say.
At 5pm, the FBM KLCI fell 2.11 points to 1,586.60 from Wednesday’s close of 1,588.71.
The market bellwether opened 0.72 easier at 1,587.99 and moved between 1,583.45 and 1,588.29 throughout the day.
On the broader market, gainers led decliners 573 to 419, while 484 counters were unchanged, 912 untraded, and 97 suspended.
Turnover improved to 2.89 billion shares worth RM2.45bil from 2.81 billion shares worth RM2.47bil on Wednesday.
UOB Kay Hian Wealth Advisors Sdn Bhd head of investment research Mohd Sedek Jantan said the technology, and industrial products and services sectors showed continued resilience.
“We believe the sectoral rebound was supported by Nvidia’s strong earnings performance, which exceeded market expectations.
“This has improved sentiment in the technology and artificial intelligence (AI) sector. The steep drop in oil prices could also conceivably relieve pressures in operating costs this year,” he told Bernama.
