KUALA LUMPUR, Jan 28 (Bernama) -- Bursa Malaysia snapped its five-day winning streak to close lower on Wednesday, as investors took profit following a cumulative gain of 4.25 per cent over the past five sessions, said an analyst. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) fell 14.76 points or 0.83 per cent to 1,756.49 from Tuesday’s close of 1,771.25. The market bellwether opened 1.46 points lower at 1,769.79, marking the day’s high, and hit a low of 1,750.05 during the mid-afternoon session. Market breadth was negative with losers trouncing gainers 876 to 384, while 525 counters were unchanged, 964 untraded and 94 suspended. Turnover improved to 3.65 billion units worth RM4.41 billion from Tuesday's 3.58 billion units worth RM4.46 billion.
As Brent crude oil prices hit a five and a half year low of nearly US$57 per barrel and the ringgit hit a near five year low of 3.5027 to the dollar, the FBM KLCI also slips 0.09% today and closes at 1,766.830.
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| FBM KLCI closes at 1,766.830 |
There were 382 gainers against 402 decliners, while 304 counters remained unchanged.
In our post earlier on the oil price slump, we were of the opinion that Bursa Malaysia would follow suit as per the declining trend of the oil price as we see a sharp drop.
Today's top gainers: Hong Leong Capital Berhad, British American Tobacco Bhd and Apex Healthcare Bhd.
The top decliners: Multi-Usage Holdings Bhd, Press Metal Bhd, and Aeon Co. Bhd.
Hubline Bhd was the most actively traded stock for today.
While the oil price dropped about 1%, the FBM KLCI only decline slightly at about 0.09%. This is most likely because of the support from the local institutional investors.
The holiday season also contribute to one of the reasons why the market did not react in tandem to falling oil prices.
Regionally, Hong Kong's Hang Seng was down by 1.14%, Japan's Nikkei was 1.57% lower, and South Korea's Kospi was also lower by 0.64%.
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