KLCI, key Asian markets close in the red on China jitters

KUALA LUMPUR: The FBM KLCI snapped its four-straight days of gains on Tuesday to close nearly four points down, tracking the losses in the key Asian markets as worries mounted about the slowdown in China’s economy.

At 5pm, the KLCI was down 3.53 points or 0.22% to 1,609.21 – a massive contrast from the high of 1,655. Turnover was 2.05 billion shares valued at RM2.59bil. There were 369 gainers, 400 losers and 326 counters unchanged.

However, the ringgit managed to hold up against the US dollar, Singapore unit and the pound sterling. It was quoted at 4.1645 against the greenback compared with the previous close of 4.1925; it was at 6.3909 against the pound sterling from 6.4667 and firmed up against the Singapore dollar to 2,9560 from 2.9675.

Reuters reported world stocks and commodity prices tumbled on Tuesday, as poor Chinese data saw fears about its economic health intensify. Its giant manufacturing sector was shrinking at its fastest pace in three years and its services sector also cooling.

London, Frankfurt and Paris were down 2.3% to 2.5% and oil was also back in the red as it cut almost U$1.5 off the US$10 it had leapt between Thursday and Monday, which had been its biggest three-day surge in 25 years, according to Reuters.

At Bursa Malaysia, CIMB fell 16 sen to RM4.84 and erased 2.34 points from the KLCI. RHB Cap lost 11 sen to RM6.37, AmBank shed two sen to RM4.68 while Public Bank was flat at RM18 and Maybank edged up one sen to RM8.77.

Plantations were also impacted as crude palm oil for third month delivery rose RM6 to RM1,997 per tonne. KL Kepong fell 42 sen to RM20.40 and Genting Plantations 20 sen to RM9.67, PPB Group 18 sen to RM15.16 and IOI Corp six sen RM3.94 but Sime Darby gained two sen to RM7.47.

Crude oil prices fell after the previous day’s surge. US light crude oil fell US$1.85 to RM47.35 and Brent lost US$1.99 to US$52.16. 

SKPetro rose seven sen to RM1.79 in active trade. Petronas Gas gained eight sen to RM21.40, Petronas Chemicals shed one sen to RM6.06, Petronas Dagangan fell 16 sen to RM21.

Genting Bhd was the top gainer, up 29 sen to RM7.14 and pushing the KLCI up 1.87 points, MISC gained 13 sen to RM8.23.

Among the telcos, DiGi fell 15 sen to RM5.08, Axiata was down three sen to RM6.11 while Maxis and TM shed one sen each to RM6.56 and RM6.48.

AirAsia rose three sen to 90 sen in very active trade as investors picked up the airline after its recent hammering which saw its share price fell to fresh lows last week.

Among the key regional markets,

Japan’s Nikkei 225 fell 3.84% to 18,165.69;

Hong Kong’s Hang Seng Index fell 2.24% to 21,185.43;

CSI 300 fell 0.13% to 3,362.08;

Shanghai’s Composite Index fell 1.23% to 3,166.62;

Shenzen Composite fell 4.61 to 1,707.78;

Hang Seng China Enterprise fell 2.95% to 9,454.11;

Taiwan’s Taiex fell 1.92% to 8,017.56;

South Korea’s Kospi fell 1.4% to 1,914.23; and

Singapore’s Straits Times Index fell 1.36% to 2,881.65.

Spot gold rose US$6.92 to US$1,141.85.