KUALA LUMPUR: Bursa Malaysia has reversed some of its losses but remained in the red at closing, mirroring the performance on Key Asian markets. The benchmark FBM KLCI closed 3.79 points, or 0.24% to 1,577.75 after moving between 1,586.23 and 1,563.56. The index opened 0.57 of-a-point lower at 1,580.97 this morning. For the month of February, the key index has risen 11.35 points from 1,566.40 on January 29. In the broader market, there were 931 losers against 317 gainers while 414 counters unchanged. About 9.81 billion shares, valued at RM7bil, changed hands. Dealers said the mood among investors was cautious, as surging bond yields spooked investors. Overnight, the benchmark 10-year U.S. yield touched its highest in a year at 1.614%, causing a sell-off in U.S. equities. At the same time, gold prices fell to their lowest in eight months on Friday. Spot gold eased 0.54% to US$1,760.95 per ounce Half of the KLCI-component stocks were traded lower today while 14 closed higher and one counter closed unchanged. Nestle jumped RM1.90 to RM137.90, Hong Leong Financial Group rose 76 sen to RM16.96, Petronas Dagangan advanced 60 sen to RM20 and Hap Seng added 59 sen to RM8.51. Petronas Chemicals shed 35 sen to RM7.43, Supermax declined 15 sen to RM4.84 and Hartalega fell 14 sen to RM10. Public Bank, Genting Malaysia and IHH Healthcare fell one sen each to RM4.16, RM2.89 and RM5.08 respectively. On the broader market, MPI led the losers’ list, falling RM1 to RM37. KESM fell 80 sen to RM15.10 while Ajinomoto declined 65 sen to RM1.05. The ringgit depreciated 0.21% to 4.0485 against the US dollar. Stock market data showed foreign funds were net buyers at RM144mil but local institutions were net sellers at RM235mil on Thursday. Retail investors were net buyer at RM91 million. Stock market data showed foreign funds were net sellers at RM135mil but local institutions were net buyers at RM2mil and retail investors at RM133mil on Wednesday. Meanwhile. Asian markets were trading mostly in red today. China’s CSI300 index fell 2.4% to 5,336.76, while the Shanghai Composite Index dropped 2.1% to 3,509.08 points. Hong Kong’s Hang Seng index fell 3.6% to 28,980.21. South Korea’s Kospi closed down 86.74 points, or 2.80%, to 3,012.95 while Japan’s Nikkei 225 fell 4% to 28,966.01.
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