FBM KLCI cuts losses after Asian markets end higher

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KUALA LUMPUR (June 5): The FBM KLCI closed 0.03 point lower at 1,755.14 points on local institutional support. At 5pm, the KLCI cut losses from its intraday low of 1,747.76 points after major Asian stock markets ended higher.

Across Bursa Malaysia, 2.73 billion shares were traded for RM2.69 billion.

Inter-Pacific Securities Sdn Bhd head of research Pong Teng Siew told theedgemarkets.com: “I believe that the support from the local funds will be sufficient to offset the foreign selling since we have seen some easing in their selling recently.

"The retailers will also provide some support to the market especially stocks that were beaten down recently.”

Across Asian stock markets today, Japan’s Nikkei 225 was up 0.28%, South Korea's Kospi rose 0.25% while Hong Kong’s Hang Seng was 0.31% higher.

Reuters reported that Asian stocks steadied on Tuesday as investors paused for breath after the previous day's rally, although tech-inspired Wall Street gains supported broader sentiment as focus shifted to bullish economic fundamentals, away from trade concerns.