KUALA LUMPUR, March 5 — Bursa Malaysia recouped most of its earlier losses to close slightly lower as late buying in gaming, telecommunications and banking stocks supported the benchmark index, amid the downbeat performance in most regional markets, dealers said.

At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) shed 2.29 points to 1,536.98 from yesterday’s close of 1,539.27.

The benchmark index, which opened 1.35 points lower at 1,537.92, moved between 1,518.84 and 1,537.92 throughout the day.

On the broader market, losers outpaced gainers 654 to 380, while 450 counters were unchanged, 767 untraded and 13 others suspended.

Turnover rose to 3.81 billion units worth RM2.80 billion from 3.32 billion units worth RM2.56 billion yesterday.

Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said that the key regional indices mostly ended lower, seeing strong selling in technology stocks following a negative cue from Wall Street overnight.

Back home, he said sentiment turned cautious after the benchmark index broke the 1,534 support level. The next support level is seen at 1,520, he added.

“Despite the prevailing cautious sentiment, we believe the sell-off presents an opportunity for investors to seek bargains in stocks at lower levels,” he told Bernama.

Meanwhile, head of wealth research & advisory, designated portfolio manager at UOB Kay Hian Wealth Advisors Mohd Sedek Jantan said investor disappointment was particularly palpable following announcements made at the National People’s Congress today.

The Chinese government reportedly set a conservative five per cent economic growth target for 2024, significantly lower than the previous double-digit figures.

“This shift towards stability rather than aggressive stimulus measures has raised concerns among investors regarding the future growth prospects,” he said.

On the local bourse, heavyweights Maybank added three sen to RM9.63, CIMB rose eight sen to RM6.53, Public Bank increased two sen to RM4.32, while Tenaga Nasional fell four sen to RM11.16, and Petronas Chemicals dipped two sen to RM6.86.

As for the actives, Harvest Miracle Capital shrank half-a-sen to 13.5 sen, Sapura Energy shaved off half-a-sen to 4.5 sen, Widad Group declined 1.5 sen to 9.5 sen, and both TWL Holdings and Fitters Diversified were unchanged at 3.5 sen and five sen, respectively. — Bernama