KUALA LUMPUR: Bursa Malaysia closed in the red on Wednesday in tandem with the weak regional performance as concerns over global economy dampen investor appetite.
At 5pm, FTSE Bursa Malaysia (FBM) KLCI slipped 0.57 per cent to 9.34 points to 1,632.63 versus Tuesday's close of 1,641.97.
The key index moved between 1,629.81 and 1,643.80 levels today.
The broader market was negative with decliners leading gainers 698 to 337 while 512 counters were unchanged. The index board was a sea of red with FBM100 losing 0.44 per cent to to 11,971.82. FBM Emas dropped 0.45 per cent to 12,268.95 and FBM Ace lost 0.29 per cent to 5,060.85.
Rakuten Trade Sdn Bhd equity research vice president Thong Pak Leng said the FBM KLCI closed lower in tandem with the weak performance across region following negative cue from global equities overnight with strong selling on tech stocks such as ASML, TSMC and Nvidia.
"Many investors believe the chipmaker sell-off, which fueled the tech retreat, reflects growing skepticism around the AI rally and signals deeper concerns for the global economy," said Thong.
The firm maintained its cautious view on the market given the increasing volatility and uncertainty in the macro environment, nonetheless, the benchmark index remains well supported above the 1,630 level.
"Despite today's selloff, we believe it creates an attractive entry point for bargain hunters, given the robust economic fundamentals supporting the FBM KLCI's long-term prospects. We hold our weekly target at between 1,630-1,650," he said.