KUALA LUMPUR: Bursa Malaysia’s benchmark index reversed earlier losses to end at its intraday high yesterday, staging a late rebound during the final hour of trading.
At 5pm, the FBM KLCI rose 2.23 points to 1,711.01 from the previous day’s close of 1,708.78.
The market bellwether opened 8.09 points lower at 1,700.69, and slipped to its day’s low of 1,694.80 during the mid-morning session before gaining momentum in the afternoon trading toward the close.
However, market breadth was negative, with losers leading gainers 538 to 529. A total of 525 counters were unchanged, 1,075 untraded and 17 suspended.
Turnover climbed to 3.01 billion units worth RM3.53bil from Wednesday’s 2.70 billion units worth RM2.78bil.
IPPFA Sdn Bhd director of investment strategy and country economist Mohd Sedek Jantan said the FBM KLCI initially came under pressure at the opening bell following a sharp deterioration in global risk sentiment, but it gradually recovered and moved into positive territory toward the close as bargain hunting emerged in selected index heavyweights.
“Investor sentiment turned cautious earlier in the session after reports that two oil tankers were struck in Iraqi waters, forcing Iraq to suspend operations at its oil terminals.
“The situation escalated further as additional drone and projectile attacks targeted ships and port infrastructure in the United Arab Emirates and Oman, raising concerns that the disruption could destabilise key regional shipping routes and threaten global energy exports beyond the Strait of Hormuz,” he told Bernama.
He said Brent crude prices surged as markets reacted to the rising risk of prolonged supply disruptions.
