KUALA LUMPUR (July 27): The FBM KLCI rebounded today after yesterday’s dip, bucking the trend seen among its regional peers, amid China’s crackdown on certain sectors and the cautiousness ahead of the upcoming US Federal Open Market Committee meeting.

At its close, the benchmark index was up 2.07 points or 0.14% at 1,514.60, a slight rebound after two straight days of decline.

The index remained in positive territory throughout the day, possibly due to a slightly more optimistic sentiment, as Prime Minister Tan Sri Muhyiddin Yassin yesterday said that most states will move into Phase 4 of the National Recovery Plan as early as October.

The gainers among the KLCI constituents were led by MISC Bhd, which rose 2.3% to close at RM6.83, IOI Corp Bhd (up 1.6%) and PPB Group Bhd (up 1.1%).

However, market breadth remained negative, as 657 decliners outnumbered 326 gainers.

The top percentage gainers were Vsolar Group Bhd and Artroniq Bhd, while the decliners were led by B.I.G. Industries Bhd.

Among Bursa Malaysia indices, the Real Estate Investment Trust (REIT) Index was the top gainer, up 0.23% at 809.16, followed by the Plantation Index (up 0.16%) and the Transportation & Logistics index (up 0.11%).

Meanwhile, the Healthcare Index was the top decliner, down by 1.11% at 2,826.22 points, followed by the Technology Index, which fell 0.51% to 88.61 points.

The FBM Small Cap index declined 80.34 points or 0.51% to close at 15,599.79 points.

The rebound in the KLCI was despite the decline among Asian stocks today, which included the Shanghai Composite Index (down 2.49%), the Hang Seng Index (down 4.22%) and the TAIEX Index (down 0.77%).

On the other hand, Japan’s Nikkei 225 rose 0.6%, while South Korea’s Kospi gained 0.23%. 

Reuters reported Asian stocks hit their lowest this year on a third straight session of selling in Chinese internet giants, and real bond yields hit record lows ahead of a Federal Reserve policy meeting.

MSCI’s broadest index of Asia-Pacific shares outside Japan fell 2.2% to its lowest level since end-December, having slid 2.45% the previous day, the wire said.