Trading on the Bursa Malaysia remained lethargic Tuesday. There was not much in terms of new corporate developments. Wall Street’s very marginal gain overnight as well as range bound trading in key regional markets too offered little fresh cues.

The headline index, FBM KLCI, fluctuated within a very narrow band throughout the trading day. The benchmark index opened in positive territory but slipped into the red soon after where it remained for the rest of the day. Losses were, however, limited. In fact, trading was rather directionless as investors waited for fresh impetus.

The FBM KLCI ended the day almost four points lower at 1,261.5 points. Market breadth was negative with losing counters outnumbering gaining ones by a ratio of about four to three at the close.

Blue chips BAT, KL Kepong and Genting were among the bigger losers for the day. At the other end, MISC, BTM Resources, Jaycorp and Tan Chong Motor were among the more actively traded top gainers.

Market volume was little changed from that registered in the last three trading days. About 641 million shares changed hands. Most of the most heavily traded counters were lower liner stocks including Melewar-WA, Talam, Tanco, Vastalux Energy and Jaycorp.

Asian stock markets traded on a weaker footing on Tuesday. On a positive note, the selling pressure appears limited. Investors are treading water waiting for greater clarity on the global economic outlook next year.

The US Federal Reserve chairman tempered expectations overnight, claiming that the world’s largest economy faces “formidable headwinds” that would limit the pace of recovery. He also reaffirmed intentions to keep near zero interest rates for an extended period. That kept the pressure on the US dollar against major currencies.

Elsewhere, Japan unveiled US$81 billion of new stimulus spending Tuesday, to keep the country from falling back into recession. The move underpinned the fragility of the global economic recovery. — InsiderAsia