KUALA LUMPUR, Jan 20 ― Share prices on Bursa Malaysia closed lower today on declining oil prices and worries over slowing growth in China, dealers said.
The benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) closed 10.39 points lower at 1,618.83 against yesterday's close of 1,629.22 points.
The index opened easier at 1,628.16 points and fluctuated between 1,618.32 and 1,628.65 throughout the day in cautious trading.
Market breadth was negative with losers overwhelming gainers 830 to 168 while 259 counters were unchanged, 494 untraded and 12 suspended.
Total volume rose to 2.35 billion shares, worth RM2.10 billion, from yesterday's 2.20 billion shares, valued at RM1.77 billion.
Crude oil prices slumped to a fresh 12-year low at US$28 per barrel today, while China’s economic growth in 2015, the slowest in 25 years, dampened investor sentiment.
"Despite near-term external volatilities, the local market remains cautiously optimistic, thanks to the potential deployment of ValueCap funds, progress of 1Malaysia Development Bhd's restructuring and resilience in Malaysia’s economic fundamentals," Hong Leong Investment Bank said.
Inter-Pacific Research Sdn Bhd's Head of Research Pong Teng Siew said the local market had not been bullish for quite some time, particularly the small-and mid-cap stocks which are immune to economic slowdown.
Regionally, Japan's Nikkei decreased 3.71 per cent to 16,416.19, Hong Kong's Hang Seng lost 3.13 per cent to 19,020.55 and Singapore's Straits Times declined 2.86 per cent to 2,562.96.
Back home, heavyweights Maybank lost five sen to RM8.28, TNB eased two sen to RM12.88, Public Bank gave up four sen to RM18.14 and Petronas Chemicals shed two sen to RM6.99.
Leading the top losers list were Lay Hong which dropped 39 sen to RM8.10, UMW Holdings fell 35 sen to RM6.70, Kossan Rubber was 31 sen lower at RM8.69 and Shell Refining gave up 29 sen to RM5.15. ― Bernama
