The benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) ended the day at 1,634.05, down 5.93 points, after recovering from its intraday low of 1,611.88.
   
“The financial markets and spectators across the globe are in a complete state of shock following the unexpected outcome to the EU referendum,” said Vice President of Market Research at FXTM, Jameel Ahmad.

He said markets were completely reliant on the final lead up to the vote following the bookmakers, who heavily favoured a one-sided remain and as such, were simply positioned for only a remain outcome.

Hence, Bursa Malaysia’s performance today was in line with the regional markets, said Mercury Securities Head of Research Edmund Tham.

“Although it has rebounded a little, the overall market is still negative,” he said, adding the the stock market would remain volatile in the short term.

On the local bourse, losers outnumbered gainers by 760 to 179 while 277 counters were unchanged, 509 untraded and 20 suspended.

Turnover stood at 2.23 billion shares worth RM2.36 billion from yesterday’s turnover of 1.10 billion shares worth RM1.43 billion.

Among key regional markets, Japan’s Nikkei 225 fell 7.92 per cent to 14,952.02, Hong Kong’s Hang Seng shed 2.92 per cent to 20,259.13 while Singapore’s Straits Times slipped 1.30 per cent to 2,854.29.

Tham opined that it would take about two weeks before the global stock and financial markets factor in the absolute effect of Brexit.

And as an outcome of this, the local bourse would continue to struggle amid a weaker global market and remain below the 1,620 level, he said.

Asked on Brexit impact on Malaysian companies that are either operating or have investments in the United Kingdom, he said: “We have to wait as we don’t know how the regulations will actually change.” — Bernama