KUALA LUMPUR: The FBM KLCI clawed back to limit its losses to 1.66% on Tuesday, Aug as global markets continued to be routed by panic selling on the back of the fears of a global downturn.
The FBM KLCI fell 24.85 points to close at 1,472.14, staging a spectacular clawing back after having fallen more than 68 points to its intra-day low of 1,423.47.
Losers beat gainers by 828 to 159, while 179 counters traded unchanged. Volume was 1.90 billion shares valued at RM3.59 billion.
OSK Research director Chris Eng said he had expected the market to carry out a mild rebound eventually after the sharp sell downs of the last few days.
'As for stock picks, we will go with our alternative defensive Buys still KPJ, Media Chinese and QL Resources. These are for the longer term rather than just for the rebound which may be short lived,' he said.
Meanwhile, some of the key regional markets managed to cut down their losses as investors lapped up battered stocks on bargain hunting, but the mood was less enthusiastic at the European markets where investors resumed their sell-down in early trade.
Focus remains on a meeting of the US Federal Reserve later in day, with investors likely to scour for hints about any new monetary stimulus programme with fears of a new global downturn growing, according to Reuters.
Higher-than-expected inflation data from China added to investor concerns, with the United States slowing and its credit rating downgraded, and Europe reeling under a debt crisis, it said.
Among the regional markets, Hong Kong's Hang Seng Index lost 5.665 to 19,330.70, South Korea's Kospi down 3.64% to 1,801.35, Japan's Nikkei 225 fell 1.68% to 8,944.48, Taiwan's Taiex shed 0.79% to 7,493.12 and the Shanghai Composite Index edged down 0.03% to 2,526.07.
On Bursa Malaysia, BAT led the losers and was down RM1.40 to RM43.20, Panasonic and F&N fell 80 sen each to RM22.90 and RM18, Batu Kawan 50 sen to RM15.10, GAB and LPI Capital 46 sen each to RM10.06 and RM12.68, Dutch Lady and Nestle 40 sen each to RM17.70 and RM47.20, Hong Leong Bank and PPB 36 sen each to RM12.60 and RM16.64, while CIMB lost 20 sen to RM8.10.
Ranhill was the most actively traded counter after it received a takeover offer for 90 sen per share. The stock jumped 13.5 sen to 88 sen with 55.6 million shares done.
Other actives included Axiata, Sanichi, CIMB, UEM Land, Petronas Chemicals, Dialog, E&O and Karambunai.
Gainers included Gamuda, Ajiya, DiGi, Manulife, Hong Leong Industries, Muhibbah and EPIC.
The FBM KLCI fell 24.85 points to close at 1,472.14, staging a spectacular clawing back after having fallen more than 68 points to its intra-day low of 1,423.47.
Losers beat gainers by 828 to 159, while 179 counters traded unchanged. Volume was 1.90 billion shares valued at RM3.59 billion.
OSK Research director Chris Eng said he had expected the market to carry out a mild rebound eventually after the sharp sell downs of the last few days.
'As for stock picks, we will go with our alternative defensive Buys still KPJ, Media Chinese and QL Resources. These are for the longer term rather than just for the rebound which may be short lived,' he said.
Meanwhile, some of the key regional markets managed to cut down their losses as investors lapped up battered stocks on bargain hunting, but the mood was less enthusiastic at the European markets where investors resumed their sell-down in early trade.
Focus remains on a meeting of the US Federal Reserve later in day, with investors likely to scour for hints about any new monetary stimulus programme with fears of a new global downturn growing, according to Reuters.
Higher-than-expected inflation data from China added to investor concerns, with the United States slowing and its credit rating downgraded, and Europe reeling under a debt crisis, it said.
Among the regional markets, Hong Kong's Hang Seng Index lost 5.665 to 19,330.70, South Korea's Kospi down 3.64% to 1,801.35, Japan's Nikkei 225 fell 1.68% to 8,944.48, Taiwan's Taiex shed 0.79% to 7,493.12 and the Shanghai Composite Index edged down 0.03% to 2,526.07.
On Bursa Malaysia, BAT led the losers and was down RM1.40 to RM43.20, Panasonic and F&N fell 80 sen each to RM22.90 and RM18, Batu Kawan 50 sen to RM15.10, GAB and LPI Capital 46 sen each to RM10.06 and RM12.68, Dutch Lady and Nestle 40 sen each to RM17.70 and RM47.20, Hong Leong Bank and PPB 36 sen each to RM12.60 and RM16.64, while CIMB lost 20 sen to RM8.10.
Ranhill was the most actively traded counter after it received a takeover offer for 90 sen per share. The stock jumped 13.5 sen to 88 sen with 55.6 million shares done.
Other actives included Axiata, Sanichi, CIMB, UEM Land, Petronas Chemicals, Dialog, E&O and Karambunai.
Gainers included Gamuda, Ajiya, DiGi, Manulife, Hong Leong Industries, Muhibbah and EPIC.
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