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.
The benchmark KLCI FBM index lost 19.88 points or 1.2% to close at 1,633.3.
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| FBM KLCI downtrend continued as oil stumbles |
Last week, the market had a short rally after the
announcement made by Prime Minister Najib on the recalibrated Budget 2016 but
at this level, the KLCI is on a lower level than after the rally.
The decline in the index is in line with the world market, as oil price's decline worsen after hopes for oil-producing nations to reach an agreement for cutting production seem to falter.
It appears that the bear market is here to stay.Most Asian markets tumbled today as oil prices dropped for a third day. Japan's Nikkei 225 lost 3.15%, Hong Kong's Hang Seng Index fell by 2.36%, China's Shanghai Composite Index lost 0.38%, Australia's S&P/ASX200 dropped by 2.33%, and South Korea's Kospi Index shed 0.84%. Singapore's Straits Times Index also fell by 1.1%.
Shell Refining Co (Federation of Malaya) Bhd was the biggest decliner, falling by as much as 29.96% to RM3.46 before paring its losses to close at RM3.68. Shell Refining's major shareholder Shell Overseas Holdings Ltd has agreed to sell its 51% stake at a huge discount, for RM1.80 apiece.
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