KUALA LUMPUR: The FBM KLCI eked out modest gains on Wednesday, snapping a two-day losing streak as investors accumulated beaten-down blue chips amid mixed regional sentiment.
The 30-stock index rose 2.21 points, or 0.13%, to close at 1,682.13, after trading within a 10.17-point range between an intraday low of 1,680.49 and a high of 1,690.66.
The broader market was mixed, with gainers edging out losers at 518 to 483, while 564 counters were unchanged. A total of 2.8 billion shares worth RM2.43 billion changed hands.
Dealers said bargain hunting in selected blue chips helped the FBM KLCI snap a two-day losing streak, although gains were capped.
They noted sentiment remained cautious as investors monitored global developments, with foreign funds remaining net sellers of Malaysian equities.
Among the gainers, United Plantations rose 66 sen to RM33.62, Nestle gained 66 sen to RM95.66, Malaysian Pacific Industries
added 38 sen to RM46.88 and Kelington Group climbed 26 sen to RM7.54.
On the other hand, F&N slid 50 sen to RM27.40, Hong Leong Industries fell 28 sen to RM18.72, TMK Chemical declined 16 sen to RM2.48 and Hong Leong Financial Group gave up 14 sen to RM18.18.
Meanwhile, the ringgit gained 0.08% against the US dollar to 4.1370, and edged up 0.3% against the Singapore dollar to 3.1880.
The local currency also rose 0.59% against the euro to 4.6968 and edged 0.47% higher against the pound sterling at 5.4538.
According to Bursa Malaysia data, foreign investors continued to sell local equities, disposing of RM177mil on Tuesday, while local institutions and retailers bought equities worth RM13mil and RM164mil, respectively.
Reuters reported that oil prices fell more than 1% on Wednesday, extending this week's losses to fresh four-month lows amid signs of increased tanker traffic through the Strait of Hormuz.
Brent crude declined US$1.42, or 1.84%, to US$75.66 a barrel, while U.S. West Texas Intermediate crude fell US$1.29, or 1.76%, to US$71.92 per barrel.
Elsewhere, Asian markets closed mixed, with Japan's Nikkei 225 falling 0.88% and Taiwan's Taiex declining 2.24%, while South Korea's Kospi surged 3.26%, Hong Kong's Hang Seng gained 0.33% and China's CSI300 rose 0.5%.
