KUALA LUMPUR: The FBM KLCI rebounded to close marginally higher on Thursday, although broad-based selling pressure persisted with more than 800 stocks declining on Bursa Malaysia.
The 30-stock index inched up 1.6 points, or 0.09%, to 1,722.02, closing just a whisker below its intraday high of 1,722.03 after touching a low of 1,712.14.
For the week, the FBM KLCI edged up 0.09%, while it gained 1.9% in April. Year to date, the index is up about 2.5%.
Market breadth turned sharply negative, with 816 decliners against 310 gainers, as more than twice as many stocks fell as rose, signalling sustained selling pressure. About 2.92 billion shares, valued at RM3.21bil, changed hands.
Among the losers, Malaysian Pacific Industries
slid RM1.38 to RM36.62, Allianz-PA fell 58 sen to RM21.42, United Plantations declined 26 sen to RM31.74 and F&N eased 22 sen to RM31.30.
In contrast, Nestle surged to RM5.50 to RM108.40, Kuala Lumpur Kepong rose 66 sen to RM21.22, LPI Capital added 44 sen to RM14.84 and PETRONAS Chemicals climbed 26 sen to RM5.92.
Dealers said the marginal rebound in the FBM KLCI was largely driven by selective buying in heavyweight stocks, even as broader market sentiment remained cautious amid external uncertainties and persistent selling pressure.
Stock market data showed foreign investors and local retailers were net buyers at RM110mil and RM50mil respectively on Wednesday. Local institutions were net sellers at RM161mil.
Meanwhile, Reuters reported that Brent crude surged to a four-year high on Thursday amid fears an escalating U.S.-Iran conflict could trigger prolonged Middle East supply disruptions and weigh on global growth.
Brent crude rose US$3.42, or 2.9%, at US$121.45 a barrel while US crude oil climbed US$1.05, or 0.98% per barrel.
Elsewhere in the region, MSCI's Asia ex-Japan stock index was lower by 1.2%. Among the key regional markets:
Japan’s Nikkei 225 closed down 1.06% to 59,284.92;
Hong Kong’s Hang Seng Index fell 1.28% to 25,776.53;
China’s CSI300 index lost 0.63% to 4,807.31;
Taiwan’s Taiex declined 0.96% to 38,926.63;
South Korea’s Kospi slid 1.38% to 6,598.87 and;
Singapore’s Straits Times Index climbed 1.06% to 4,912.69 points.
