KUALA LUMPUR: The FBM KLCI snapped a two-day losing streak on Wednesday, outperforming most regional markets, although broader sentiment remained cautious amid escalating tensions in the Middle East and ahead of key US inflation data.
The 30-stock index gained 3.46 points, or 0.21%, to close at 1,678.96, after moving between 1,673.64 and 1,684.22 during the session.
Profit-taking outweighed bargain hunting, with 705 decliners versus 422 gainers, while 521 counters closed unchanged. Turnover stood at 3.97 billion shares worth RM2.72bil.
Dealers said buying interest today was interspersed with profit-taking as investors remained cautious ahead of the release of key US inflation data later tonight.
They added that market sentiment is likely to remain cautious until there is greater clarity on the US Federal Reserve's interest rate trajectory.
Among the gainers, Heineken rose 38 sen to RM19.42, Kuala Lumpur Kepong added 36 sen to RM20.48, Carlsberg gained 24 sen to RM16.64 and Allianz advanced 16 sen to RM20.96.
In contrast, Concrete Engineering Products
tumbled 95 sen to RM3.95, Nestle slid 66 sen to RM93.78, F&N lost 52 sen to RM25.78 and Ajinomoto declined 40 sen to RM15.08.
On the forex front, the ringgit declined 0.09% against the US dollar to 4.0640 but edged up 0.07% against the Singapore dollar to 3.1559.
Reuters reported that oil prices were little changed as renewed tensions between the US and Iran clouded the market outlook, although expectations of a drawdown in U.S. crude inventories lent support.
Brent crude edged down four cents to US$91.41 a barrel while US West Texas Intermediate crude was at US$87.98 per barrel, down 22 cents.
Around the region, MSCI’s Asia ex-Japan stock index fell 2.29%, with most regional bourses ending lower
Japan’s Nikkei 225 fell 1.89% to 64,179.27 while South Korea’s Kospi closed down 4.52% at 7,730.82.
China’s CSI300 index fell 1.11% to 4,748.59 while the Shanghai Composite eased 0.42% to 3,993.23. Hong Kong’s Hang Seng Index was down 0.64% at 24,407.96.
