KUALA LUMPUR, Jan 7 (Bernama) -- Bursa Malaysia’s benchmark index rebounded from earlier losses to close at its intraday high on Wednesday, gaining 0.27 per cent in late trading as buying interest returned to selected heavyweights. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) advanced 4.48 points to 1,676.83 from Tuesday’s close of 1,672.35. The benchmark index opened 0.88 of-a-point lower at 1,671.47 and subsequently hit a low of 1,665.94 during the mid-morning session before gaining momentum toward closing. On the broader market, losers led gainers by 565 to 512, while some 526 counters were unchanged, 1,046 untraded, and 10 suspended. Turnover improved to 2.73 billion units worth RM2.76 billion versus Tuesday’s 2.66 billion units worth RM2.76 billion. Dealers said that investors were cautious following geopolitical developments in Asia.
The FBM KLCI index lost 20.79 points or 1.23% on Wednesday. The Finance Index fell 1.86% to 14056.35 points, the Properties Index dropped 0.94% to 1209.09 points and the Plantation Index down 1.39% to 7614.28 points. The market traded within a range of 16.80 points between an intra-day high of 1674.68 and a low of 1657.88 during the session.
The index closed at 1,665.320.
Across Bursa Malaysia, decliners outweighed gainers by 710 against 279, while 254 counters remained unchanged.
The top losing counter was British American Tobacco (M) Bhd, while gainers were led by Petronas Dagangan Bhd.
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| British American Tobacco (M) Bhd is the biggest decliner for the day |
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| Petronas Dagangan Bhd led the gainers with an increase of 94 cents |
Hibiscus Petroleum Bhd was the most actively traded counter today, with some 156.44 million shares done.
The FBM KLCI has dropped as investors concern over China's economic growth. Market breadth was negative amid absence of fresh catalyst. The decline of the crude oil also impacted the Bursa Malaysia.
Reuters reported that Asian stock markets pulled back slightly on Wednesday after a mixed batch of Chinese data showed that growth in the world's second-biggest economy was still in low gear.
It also noted that oil prices resumed their decline on news that US crude stocks jumped last week.
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