KUALA LUMPUR (April 5): The FBM KLCI fell 2.52 points or 0.1% as institutional investors pulled their money from big market capitalisation (big cap) companies' shares and channeled their funds into small market capitalisation (small cap) counters.
At 5pm, the KLCI closed at 1,744.67 points after falling to its intraday low at 1,741.51 points. The FBM Small Cap Index rose 225 points or 1.3% to 17,532.27 points.
Bursa Malaysia saw 4.44 billion shares valued at RM3.49 billion traded. Gainers outpaced decliners by 612 versus 353 respectively.
“It is a rotational play market. Today, we are seeing the recovery in crude oil prices. Continue to watch small and medium capitalisation stocks.
"The electronic commerce story is to stay and generate excitement and interest,” Hong Leong Investment Bank Bhd," analyst Loui Low Ley Yee told theedgemarkets.com.
The KLCI pared losses on late buying of index-linked Petronas Gas Bhd shares, buoyed by a recovery in crude oil prices. Petronas Gas shares fell six sen to close at RM19.74 after touching its intraday low at RM19.64.
Reuters reported that oil climbed to a near one-month high on Wednesday on signs of a gradual tightening in global oil inventories and on concerns about a supply outage at a field in the United Kingdom's North Sea that feeds into an international benchmark price.
Brent crude futures, the international benchmark for oil, were at US$54.52 per barrel at 0658 GMT, up 35 cents, or 0.65 percent, from their last close. US West Texas Intermediate (WTI) crude futures were up 33 cents, or 0.65 percent, at US$51.35 a barrel.
Source: The Edge