KUALA LUMPUR: Bursa Malaysia pared earlier losses and eked out small gains in volatile trading mid-morning, buoyed by buying sentiment for selected heavyweights.
At 11.02 am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) was 0.77 of a point higher at 1,655.90.
A dealer said although the market turned better, the underlying market sentiment remained subdued as selling momentum had not diminished following bearish global financial markets and the continued slide in crude oil prices.
The US market tumbled over two per cent overnight after China’s seven per cent drop triggered the circuit breaker for a second time this week, following lower oil prices and the devaluation of the Chinese currency.
AllianceDBS Research, in its evening edition on Thursday, said that it was supposed to see a follow through buying attempt to trade higher yesterday, but the benchmark index could only reach a high of 1,669.79 before turning lower.
Market participants were reluctant to make a stronger commitment on the buying side, said the research house.
“As such, FBM KLCI would likely trade below the 1,655.13 points level today,” it added.
On the scoreboard, the FBM Emas Index reduced 7.43 points to 11,594.44, the FBMT100 decreased 6.28 points to 11,264.14 and the FBM Emas Shariah Index dropped 18.97 points for 12,591.48.
The FBM 70 slid 48.55 points to 13,048.75 and the FBM Ace eased 6.12 points to 6,279.63.
Sector-wise, the Industrial Index increased 5.64 points to 3,198.02, the Plantation Index fell 11.16 points to 7,640.27 and the Finance Index gave up 28.66 points to 13,905.14.
Market breadth was mixed as losers beat gainers 367 to 288, with 339 counters unchanged, 728 untraded and 11 others were suspended.
Turnover stood at 821.83 million shares worth RM527.45 million.
Among the top losers, Panasonic Manufacturing fell 38 sen to RM24, Globetronics lost 30 sen to RM6.18 while Malaysian Pacific and Scientex each decreased 18 sen to RM10.26 and RM9.59, respectively.
Of heavyweights, Maybank inched up one sen to RM8.31, TNB gained two sen to RM13.14, Public Bank was down four sen at RM18.30 and Petronas Chemicals lost nine sen to RM7.38.--BERNAMA