PETALING JAYA: The FBM KLCI rebounded yesterday, snapping a three-session losing streak as bargain hunting lifted the benchmark index despite continued weakness in the broader market.
The benchmark index closed five points, or 0.3%, higher at 1,661.83 after trading between an intraday high of 1,666.26 and a low of 1,657.77.
In the broader market, decliners outpaced advancers, with 641 stocks ending lower while 426 closed higher. This gave a market breadth ratio of 0.66, signalling that selling pressure dominated.
Turnover came to 2.7 billion shares valued at RM2bil.
Dealers said the rebound was largely driven by bargain hunting in selected heavyweight stocks after three straight sessions of losses, although the negative market breadth suggested investors remained cautious.
They added that weakness across regional markets continued to weigh on overall sentiment. Looking ahead, a dealer said the near-term outlook for the FBM KLCI remains cautiously optimistic.
“We expect the benchmark to find support from its reasonable valuations, resilient domestic economic fundamentals and selective opportunities in sectors such as technology, construction, telecommunications and consumer-related stocks.
“However, gains are likely to be gradual as investors remain mindful of persistent headwinds, including foreign fund outflows, uncertainty over the US interest rate outlook, weakness in the ringgit and broader global market volatility.”
Meanwhile, among the gainers on the local bourse yesterday, United Plantations Bhd
rose 50 sen to RM33.48, Nestle (Malaysia) Bhd added 24 sen to RM92, PPB Group Bhd gained 17 sen to RM9.33 and Fraser & Neave Holdings Bhd climbed 16 sen to RM28.10.
In contrast, Dutch Lady Milk Industries Bhd tumbled 94 sen to RM32.06, Malaysian Pacific Industries Bhd slid 94 sen to RM48.06 and UMS Integration Ltd declined 39 sen to RM8.10.
Stock market data showed foreign investors and local retailers were net sellers on Bursa Malaysia on Wednesday at RM130mil and RM92mil, respectively, while local institutions were net buyers at RM223mil.
Meanwhile, Brent crude fell 57 cents or 0.8%, to US$71 a barrel, while US West Texas Intermediate crude was last traded at US$68.02 per barrel, down 56 US cents or 0.82%.
Around the region, MSCI’s Asia ex-Japan stock index fell 2.37%, with most regional bourses ending weaker.
Japan’s Nikkei 225 declined 2.47% to 68,733.15, while South Korea’s Kospi tumbled 7.89% to 7,648.09. Hong Kong’s Hang Seng Index rose 0.76% to 23,055.03, while Taiwan’s Taiex eased 0.58% to 46,744.16.
China’s blue-chip CSI300 Index dipped 2.96% to 4,812.30, its lowest since June 12, while the Shanghai Composite Index closed 2.03% lower at 4,028.90.
