Kuala Lumpur:Bursa Malaysia experienced a downturn after an initial rise on Wednesday, as selling pressure in key sectors like financial services and industrial products dragged the market down.

According to BERNAMA News Agency, the FTSE Bursa Malaysia KLCI (FBM KLCI) fell by 3.68 points to 1,629.67 shortly after opening at 1,633.54, a slight increase from Tuesday's closing at 1,633.35. Despite the decline in the index, the broader market saw more gainers than decliners, with 221 stocks rising, 180 falling, and 306 remaining unchanged.

The market turnover stood at 327.37 million units worth RM150.56 million. Key contributors to the decline included Hong Leong Bank, CIMB, and Press Metal Aluminium, which collectively reduced the index by 7.23 points.

Rakuten Trade Sdn Bhd's vice-president of equity research, Thong Pak Leng, commented on the global market context, noting Wall Street's positive momentum, driven by a tech rally, despite high US 10-year yields and stable Brent oil prices. Thong anticipates potential bargain-hunting in the local market but cautions that foreign fund selling might limit gains, predicting the FBM KLCI to consolidate within the 1,630-1,640 range.

Other notable stock movements included AMMB, Petronas Gas, and Mr D.I.Y., which saw declines, while IHH Healthcare and Maybank recorded gains. Top Glove and Supermax were among the active gainers, while Malaysian Pacific Industries and Nestle led the top gainers. In contrast, TMK Chemical and Pekat were among the top losers.

On the indices, the FBM Mid 70 Index rose, while the FBM Emas Index and the FBM Top 100 Index fell. Sector-wise, the Industrial Products and Services Index saw a slight decrease, while the Energy and Plantation Indices recorded gains. The Financial Services Index experienced a significant drop.