KUALA LUMPUR (March 24): The FBM KLCI snapped its three-day losing streak as investors jumped in to scoop up battered stocks and sent the benchmark index solidly above the key 1,600 level.

At 5pm, the FBM KLCI was up 7.11 points or 0.45% to 1,602.24. Earlier, the index opened 3.63 points lower at 1,591.66 against yesterday’s closing of 1,595.29.

On the broader market, turnover was at 6.95 billion shares worth RM3.52 billion, lower compared to yesterday’s trading volume of 7.05 billion shares worth RM4.05 billion.

However, sentiment was mixed with losers leading gainers by 631 to 435, while 482 counters remained unchanged.

Rakuten Trade Research head of equity sales Vincent Lau told theedgemarkets.com that the FBM KLCI closed in positive territory today mainly due to bargain hunting following three consecutive days of sell-off since last Friday (March 19).

He also noted that the sentiment has improved from yesterday, which saw 860 counters in the red.

Notable gainers included Nestle (M) Bhd (up RM1.40 or 1.03% to RM137), Hong Leong Financial Group Bhd (up 18 sen or 1.06% to RM17.24) and Petronas Chemicals Group Bhd (up 15 sen or 1.89% to RM8.07).

Other top gainers by value included BLD Plantations Bhd, Fraser and Neave Holdings Bhd, Dutch Lady Milk Industries Bhd and Rapid Synergy Bhd.

Meanwhile, Panasonic Manufacturing (M) Bhd topped the losers list, after it closed down 42 sen or 1.34% to RM30.94.

Other notable losers by value included Carlsberg Brewery (M) Bhd, Hong Leong Bank Bhd and Bursa Malaysia Bhd.

Of the actives, MMAG Holdings Bhd, a company engaged in offering information and communication technologies solutions, was ranked the most actively traded stock, with 352.69 million shares traded. It closed down 10.5 sen or 21.21%.

Other top actives were Dagang NeXchange Bhd, Green Ocean Corp Bhd, South Malaysia Industries Bhd, Saudee Group Bhd, Yong Tai Bhd, Berjaya Corp Bhd and Sapura Energy Bhd.

Across Asia, Japan's Nikkei 225 skid 2.04% while South Korea's Kospi fell 0.28%. In China, Hong Kong’s Hang Seng plunged 2.03% while the Shanghai Stock Exchange Composite Index closed down 1.3%.

Bloomberg reported that Asian stocks and European equity futures declined Wednesday after setbacks to the recovery from the pandemic weighed on US shares and crude oil, and drove haven trades into Treasuries and the US dollar.