KUALA LUMPUR: Last-minute buying helped the FBM KLCI edge higher on Friday, but the broader market remained under pressure amid cautious investor sentiment and a regional sell-off.
The market barometer index rose 3.92 points, or 0.24%, to close at 1,667.74 after trading between an intraday low of 1,659.74 and a high of 1,668.75. For the week, the FBM KLCI fell 2.6%.
Market breadth turned negative, with losers outnumbering gainers 729 to 334. With more than twice as many stocks declining as advancing, bearish sentiment persisted across the broader market.
Dealers said investor sentiment remained cautious as steep losses across regional markets prompted broad-based selling despite the FBM KLCI's modest gain.
They added that weak market breadth reflected continued risk aversion amid lingering external uncertainties.
Among the gainers, United Plantations rose 30 sen to RM32.600, Nestle added 22 sen to RM95.84, Hong Leong Financial Group advanced 20 sen to RM18.50 and PETRONAS Dagangan climbed 20 sen to RM18.60.
In contrast, Malaysian Pacific Industries
slid RM2 to RM47, UMS Integration lost 70 sen to RM7.80, ViTrox fell 59 sen to RM7.26 and F&N declined 48 sen to RM27.70.
On the forex front, the ringgit strengthened 0.73% against the US dollar to 4.0880, bringing its year-to-date gain to 2.75%.
The ringgit edged up 0.55% against the Singapore dollar to 3.1583, rose 0.41% against the euro to 4.6593 and gained 0.57% versus the British pound to 5.3995.
Reuters reported that crude oil prices fell 2% on Friday and were on track for steep weekly losses.
The decline came as supply concerns eased, with more stranded oil tankers exiting the Strait of Hormuz despite a cargo vessel being hit near Oman on Thursday.
Brent crude fell US$1.90, or 2.52%, to US$73.36 a barrel, while U.S. West Texas Intermediate crude gained US$1.92, or 2.67%, to US$70 per barrel.
Around the region, MSCI’s Asia ex-Japan stock index fell 2.91%, with most regional bourses ending lower. Among the key regional markets:
Japan's Nikkei 225 fell 4.15% to 69,360.88;
Hong Kong's Hang Seng Index lost 1.76% to 22,671.86;
China’s CSI300 Index fell 3.03% to 4,868.22;
Taiwan's Taiex closed down 3.64% to 44,571.76;
Singapore's Straits Times Index declined 0.57% to 5,189.45 and
South Korea's KOSPI slumped 5.81% to 8,411.21, after falling 9% earlier in the day and triggering circuit breakers for the second time this week;
