KUALA LUMPUR, Jan 8 — Bursa Malaysia ended marginally higher today as investor confidence improved on the back of higher oil prices, a dealer said.

At 5pm, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) settled at 1,657.61, up 2.48 points or 0.15 per cent, after fluctuating between 1,648.66 and 1,664.53 throughout the day.

Market breadth was positive as gainers overwhelmed decliners 529 to 375 while 324 counters were unchanged, 494 untraded and 12 others suspended.

Total volume eased to 2.07 billion shares worth RM1.93 billion from 3.05 billion shares valued at RM2.27 billion yesterday.

Brent Crude rose 1.99 per cent to US$34.42 per barrel after tumbling to a 12-year low for the first time since April 2004 yesterday, and as China allowed the Renminbi to slip, sending global stock markets on a further fall.

Earlier today, the FBM KLCI see-sawed from negative to positive in the first 30 minutes of trade in the morning session. It traded higher after China ditched the “circuit breakers” system that was blamed for its stock market turmoil.

Affin Hwang Investment Bank vice-president and retail research head Datuk Dr Nazri Khan Adam Khan said there was growing unease in markets at the moment over the weakening Renminbi and falling ringgit.

“Market sentiment also remained subdued on news that China’s main stock exchange would suspend the use of ‘circuit breakers’, which is negative for the broad mass of investors,” he told Bernama.

Meanwhile, Hong Leong Investment Bank believes that severe downside risks are well shielded by the reintroduction of Valuecap funds, potential further stimulus measures from the fund, resiliency in Malaysia’s economic fundamentals and sovereign ratings.

Thee undervalued ringgit, it added, could provide another good basis for the return of foreign exposure on Malaysian equities.

Of the heavyweights, Maybank inched up four sen to RM8.34, Public Bank eased six sen to RM18.28, Petronas gained eight sen to RM7.55 but TNB was unchanged at RM13.12.

On the regional front, Japan’s Nikkei 225 decreased 0.39 per cent to 17,697.96, Hong Kong’s Hang Seng slid 3.09 per cent to 20,33.34, and Singapore’s Straits Times increased 0.86 per cent to 2,753.43.

On the local scoreboard, the FBM Emas Index garnered 21.40 points to 11,623.28, the FBMT100 Index gained 19.55 points for 11,289.97 and the FBM Emas Shariah Index was 13.92 points higher at 12,624.38.

The FBM 70 rose 32.32 points to 13,129.62 and the FBM Ace bagged 37.62 points to 6,323.37.

Sector-wise, the Industrial Index increased 10.85 points to 3,203.23, the Finance Index contracted 15.21 points to 13,918.59 and the Plantation Index fell 25.24 points to 7,626.19.

Among top losers, Kossan Rubber fell 31 sen to RM8.85, Globetronics shed 26 sen to RM6.22, Scientex lost 18 sen to RM9.59 and Huat Lai Resources contracted 14 sen to RM4.56.

Main Market volume declined to 1.33 billion units worth RM1.75 billion from 2.01 billion units worth RM2.01 billion yesterday.

Turnover on the ACE Market fell to 334.77 million shares valued at RM92.09 million from 440.73 million shares worth RM115.14 million.

Warrants slipped to 410.45 million shares valued at RM85.57 million from 603.24 million units worth RM147.37 million.

Consumer products accounted for 255.78 million shares traded on the Main Market, industrial products (259.27 million), construction (75.75 million), trade and services (407.52 million), technology (35.86 million), infrastructure (8.42 million), SPAC (21.81 million), finance (43.31 million), hotels (2.24 million), properties (191.68 million), plantations (20.54 million), mining (15,700), REITs (5.81 million) and closed/fund (80,000). — Bernama