The FBM KLCI finished lower on Wednesday amid negative trading sentiment ahead of Bank Negara’s monetary policy meeting.
Market sentiment was also affected by the US Federal Reserve’s signal that rate hikes will continue to rein in inflation rates.
At 5pm, the FBM KLCI fell 4.01 points, or 0.27% to 1,454.66 with 18 of the component stocks closing lower while nine chalked up gains.
Broader market sentiment was weak, with 536 losers outpacing 314 gainers and 413 counters which traded unchanged. Turnover was at 2.82 billion shares valued at RM1.97bil.
Sixteen of 26 economists in the Feb. 28 to March 6 Reuters poll expected Bank Negara to again keep the overnight policy rate unchanged at 2.75% at its March 9 meeting. The other 10 forecast a rise of 25 basis points.
Among the losers on Bursa Malaysia, Malaysian Pacific Industries fell 80 sen to RM29.20, Nestle shed 70 sen to RM134.30, Dutch Lady eased 68 sen to RM27.70 and PPB slid 64 sen to RM16.86.
Heineken rose 28 sen to RM29.08, Hong Leong Financial Group gained 20 sen to RM18.38, Pertama added 20 sen to RM2.40 and AirAsia X climbed 13 sen to RM1.06, according to The Star.
Among the banks, Maybank fell one sen to RM8.67, Public Bank lost two sen to RM4.11, CIMB rose two sen to RM5.57 and RHB Bank declined four sen to RM5.69.
On the external front, MSCI’s Asia ex-Japan stock index was lower by 1.46%.
Japan’s Nikkei 225 advanced 0.48% to 28,444.19 while South Korea’s Kospi closed down 1.28%, at 2,431.91.
Hong Kong’s Hang Seng ended 2.35% lower at 20,051.25.
China’s CSI300 index fell 0.36% to 4,034.11 while the Shanghai Composite declined 0.056% to 3,283.25.
