KUALA LUMPUR: The FBM KLCI slipped below the psychological 1,600-point level on Wednesday, extending its losing streak to a third straight session and bucking the broader regional rally.
The 30-stock index fell 8.88 points, or 0.55%, to 1,595.19, after trading between an intraday low of 1,588.75 and a high of 1,602.54.
Market breadth was positive, with 695 gainers against 426 losers, while 473 counters were unchanged. Trading volume stood at 2.903 billion shares worth RM2.334bil.
Dealers said the index's fall below 1,600 could dampen near-term sentiment as investors remained cautious amid foreign fund outflows and geopolitical uncertainties.
Among the decliners, F&N plunged RM1.46 to RM20.54, Allianz-PA shed 60 sen to RM20, Hong Leong Bank fell 50 sen to RM21.48 and Allianz declined 30 sen to RM19.60.
Other losers included MISC, which dropped 29 sen to RM7.70, Hong Leong Financial Group eased 24 sen to RM17.48 and Tenaga Nasional slipped 22 sen to RM12.96.
Meanwhile, technology and semiconductor stocks dominated the gainers' list, with Malaysian Pacific Industries
rising 62 sen to RM38.30, UWC adding 54 sen to RM6.68 and MI Technovation climbing 42 sen to RM6.35.
Other notable gainers included Nestle, which added 54 sen to RM95.54, PETRONAS Dagangan rose 30 sen to RM19.52 and Pentamaster gained 29 sen to RM5.29.
Newly listed SKA Capital rose 15.12%, or 6.5 sen, to 49.5 sen, with 193.63 million shares traded, making it one of Bursa Malaysia's most actively traded counters.
On the forex market, the ringgit weakened 0.48% against the US dollar to a one-week low of 4.0755 and slipped 0.14% against the Singapore dollar to 3.1789.
In terms of fund flows, foreign investors were net sellers of local equities on Tuesday, with outflows totalling RM184mil.
Local institutions and retail investors were net buyers, purchasing RM55mil and RM129mil worth of equities, respectively.
Meanwhile, Reuters reported that oil prices rebounded from two-month lows amid hopes of easing US-Israeli tensions with Iran and concerns over shipping attacks in the Strait of Hormuz.
Brent crude oil added 34 cents, or 0.37%, to US$91.83 a barrel, while US crude oil futures climbed 15 cents, or 0.17%, to US$86.19 per barrel.
Regionally, MSCI’s Asia ex-Japan index rose 1.94%, with most major markets ending higher.
Japan’s Nikkei 225 gained 1.31% to 61,248.59, while South Korea’s Kospi surged 2.6% to 5,375.36.
Taiwan’s Taiex jumped 3.62% to 44,257.15, while Hong Kong’s Hang Seng Index bucked the trend, falling 0.98% to 24,315.92.
In China, the CSI300 Index rose 0.41% to 4,075.71, while the Shanghai Composite Index added 0.46% to 3,680.64.
