KUALA LUMPUR: Shares on the Bursa Malaysia drifted sideways for the better part of Wednesday. Trading was directionless as investors waited for more concrete leads to help with their investment decisions, either way.

There was no direction from Wall Street. The Dow Jones Industrial Average closed just a hair's breadth higher overnight, after slumping near the close. Trading was also lackluster with investor staying wary ahead of the jobs data due out Friday.

Meanwhile, Greece is slated to announce new austerity measures, on top of wage freezes and tax increases already announced last month. The country hopes that plans to cut its budget deficit will help it raise the funds needed to refinance maturing debts.

In Asia, equities traded of a broadly firmer footing but gains were, by and large, limited. Bellwether indices in key markets ended in positive territory except for the Hang Seng index, which closed marginally in the red.

In other developments, crude oil futures held steady at around US$80 (RM269.60) per barrel. Oil prices have also been somewhat range bound in recent days on the back of mixed data on the pace of the global economic recovery.

On the home front, the FBM KLCI opened in positive territory but slipped into the red as the day progressed. The benchmark index ended just about two points lower at 1,286.1 points. KKB Engineering was the top gainer for the day. The stock gained 69 sen to close at RM4.93.

At the other end, Tanjong plc was among the big losers for the day. The stock lost 18 sen to finish at RM17.78. Other notable losers include CIMB and Sime Darby.

Less than 864 million shares were traded Wednesday. Mulpha-OR was the most heavily traded counters. Other actives include Affin-WC, Axiata, KNM, Jaks Resources and Genting.

Note: This report is brought to you by Asia Analytica Sdn Bhd, a licensed investment adviser. Please exercise your own judgment or seek professional advice for your specific investment needs. We are not responsible for your investment decisions. Our shareholders, directors and employees may have positions in any of the stocks mentioned.