KUALA LUMPUR: The FBM KLCI pulled back below 1,600 points on Wednesday as sellers dominated the market amid profit taking activities.

       The 30-stock KLCI fell 14.49 points, or 0.9% to 1,586.89, its intra-day low after rising to a high of 1,604.98.

       Sellers led buyers by 562 to 510, while 427 counters traded unchanged. Volume was 4.91 billion shares, valued at RM3.39bil

       Dealers anticipated profit taking activities following the recent rally and expected market sentiment to continue to be supported by the reopening of more economic activities.

       Market sentiment was also affected by the latest manufacturing PMI data.

       The headline IHS Markit Malaysia manufacturing Purchasing Managers’ Index (PMI) rose to 43.4 in August from 40.1 in July, indicating a sharp deterioration in the health of the sector, but one that was softer than those recorded over the prior two months.

       According to data on Bursa Malaysia, foreign investors continued to buy into local stocks on Monday, acquiring RM514mil worth of equities.

       Local institutions and retailers sold equities worth RM486mil and RM28mil respectively.

       On Bursa Malaysia, Malaysian Pacific Industries was the top gainer, jumping 98 sen to RM45, followed by Kotra, which added 73 sen to RM3.18 and Khind, which rose 50 sen to RM4.46.

       Genetec fell 68 sen to RM30.42, Hartalega shed 26 sen to RM7.12, Hong Leong Bank declined 26 sen to RM18.92 and Petronas Gas fell 26 sen to RM16.54.

       Petronas Dagangan gave up 16 sen to RM19.80, MISC fell 15 sen to RM7.05, Tenaga declined 12 sen to RM10.34 and Telekom Malaysia lost 11 sen to RM6.

       Meanwhile, Reuters reported that Opec+ revised up its 2022 oil demand forecast ahead of a meeting of the oil-producing group on Wednesday.

       Two OPEC+ sources said the group's experts revised the 2022 oil demand growth forecast to 4.2 million barrels per day (bpd), up from the previous forecast of 3.28 million bpd, Reuters reported.

       Brent crude added 65 cents to US$72.28 a barrel while US crude oil was up 60 cents to US$69.10 per barrel.

       Among the key regional markets:

       Japan’s Nikkei 225 closed up 1.29% to 28,451.02 ;

       Hong Kong’s Hang Seng Index rose 0.58% to 26,028.29;

       Shanghai Composite Index added 0.65% to 3,567.10;

       Taiwan’s Taiex fell 0.09% to 17,473.99;

       South Korea’s Kospi advanced 0.24% to 3,207.02 and;

       Singapore’s Straits Times Index rose 1.07% to 3,087.84 points.