KUALA LUMPUR: Bursa Malaysia’s benchmark index reversed earlier gains to end lower on Wednesday, weighed down by losses in telecommunications and banking sectors, despite a broadly positive performance across Asian markets.
Rakuten Trade Sdn Bhd vice-president of equity research Thong Pak Leng said the local market remains under pressure amid lingering concerns over geopolitical tensions, elevated oil prices and uncertainty surrounding the global interest rate outlook.
At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) fell 10.33 points, or 0.61%, to finish at its intraday low of 1,672.74 compared with Friday’s close of 1,683.07.
The local bourse resumed trading today after being closed on Monday and Tuesday for public holidays.
The benchmark index opened 4.06 points higher at 1,687.13 and climbed to an intraday high of 1,693.09 during the morning session before losing momentum to end the day lower.
Market breadth was negative, with decliners outnumbering advancers 702 to 517, while 535 counters were unchanged, 849 untraded, and 13 suspended.
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