KUALA LUMPUR (June 24): It was another bleak performance for the FBM KLCI today as it fell 4.41 points or 0.29% to close at 1,502.63 after trending lower for much of the day.

An analyst said the benchmark index was dragged down by Petroliam Nasional Bhd (Petronas) related heavyweights following the national oil major's move to withdraw its legal action over the 5% petroleum sales tax imposed by the Sarawak state government.

“At the same time, the pullback in crude oil prices due to the larger-than-expected weekly inventory build-up compounded the weakness,” Malacca Securities Sdn Bhd analyst Kenneth Leong told theedgemarkets.com.

Petronas Dagangan Bhd was the worst hit stock among the KLCI constituents, falling RM1.04 or 4.59% to close at RM21.64.

This was followed by Hap Seng Consolidated Bhd, which fell 19 sen or 2.17% to RM8.55, and Genting Malaysia Bhd, which was five sen or 1.87% lower at RM2.63.

“For now, we will continue to observe the 1,500 level as the immediate support,” said Leong. “Should that level fail to hold, we think that weakness may prevail over the near term.”

“At the same time, investors would be keeping an eye on the final reading of the US' first-quarter 2020 gross domestic product data tomorrow evening,” Leong added.

Overall, 5.39 billion shares worth RM2.6 billion were traded on Bursa Malaysia today, with 556 losers and 409 gainers.

Elsewhere in Asia, Reuters reported that shares cleared a four-month high as investors remained stubbornly upbeat on the outlook for a reopening of the global economy even as cases of the coronavirus looked to be accelerating to new peaks.

MSCI's broadest index of Asia-Pacific shares outside Japan added 0.5% to reach its highest since pandemic lockdowns first cratered markets in early March.