Market Close KLCI pares gains as Asian shares fall

by **Cals** Wed 24 Feb 2016, 03:51

Market Close

[size=28]KLCI pares gains as Asian shares fall

By Tan Siew Mung / theedgemarkets.com | February 23, 2016 : 5:41 PM MYT

KUALA LUMPUR (Feb 23): The FBM KLCI rose 2.69 points or 0.16%, paring earlier gains as Asian share markets ended lower.

At 5pm, the KLCI closed at 1,677.28 points on profit taking after reaching an intraday high at 1,685.88. Across Asia, Japan's Nikkei 225 fell 0.37%, South Korea's Kospi dropped 0.11%, while Hong Kong's Hang Seng fell 0.25%.

Reuters reported that Asian shares retreated from a seven-week high on Tuesday as the oil price rally that had boosted global equity markets reversed, while the euro and sterling were hit by uncertainty over Britain's membership of the European Union.

US front-month West Texas Intermediate (WTI) crude futures were trading at US$32.72 per barrel at 0753 GMT, down 67 US cents from Monday's settlement. International benchmark Brent was down 61 US cents at US$34.08 a barrel.

Oil prices jumped as much as 7% on Monday as speculation about falling US shale output fed the notion that crude prices may be bottoming after their 20-month collapse.

In Malaysia today, Affin Hwang Investment Bank Bhd head of retail research Datuk Mohd Nazri Khan told theedgemarkets.com that the KLCI made a "convincing breakout at 1,680 on strong volume in earlier trades".

Other than corporate financials, Mohd Nazri said crude oil prices, which recovered earlier, had also affected the market.

Bursa Malaysia saw 1.91 billion shares valued at RM1.8 billion traded. Gainers outpaced decliners at 438 against 417.

The top gainer was Panasonic Manufacturing Malaysia Bhd while the leading decliners included Nestle (M) Bhd and Cycle & Carriage Bintang Bhd. The most active stock was APFT Bhd.
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