KUALA LUMPUR (March 15): The FBM KLCI closed 5.11 points or 0.3% lower at 1,717.36 on lower crude oil price overnight, and due to institutional funds taking profit on heavyweight banking stocks.

"Investors are cautious on the commodity sector, particularly with the low oil price," a senior analyst with Malacca Securities Sdn Bhd told theedgemarkets.com. "There were also some good run-up in banking heavyweights and investors are taking profit at those levels."

The Brent crude oil price was trading at US$51.60 (RM229.54) per barrel, while the West Texas Intermediate was trading at US$48.49 per barrel, Bloomberg data at 4:50pm showed.

"Tomorrow's trading sentiment is likely to be cautious. I foresee the FBM KLCI to consolidate and trading is expected to be sideways, with negative bias momentum," the senior analyst said, adding that the FBM KLCI will trade between 1,710 and 1,720 points.

The broader market was also negative with decliners outpacing gainers by 480 to 395. Total volume was 3.3 billion shares valued at RM2.23 billion.

Information technology and security solutions firm Digistar Corp Bhd was the most active counter. The company announced the launching of a new advanced security product in collaboration with Celcom Axiata Bhd.

Digistar saw 115.78 million shares changing hands, equivalent to 19.32% of its free float.

Far East Holdings Bhd led the gainers with its shares closing 30 sen or 3.6% up, while the top decliners were led by Petronas Dagangan Bhd, which fell 42 sen or 1.76%.

The FBM KLCI's lacklustre performance tracked the downward trend in Asian shares, with Japan's Nikkei 225 closing 0.16% down, while Hong Kong's Hang Seng fell 0.15%.