KUALA LUMPUR: Rising worries about a sharp slowdown in the global economy battered China and Hong Kong markets while Malaysia saw its key FBM KLCI fall below 1,600 amid a weakening ringgit.
At 12.30pm, the KLCI was down 9.44 points or 0.59% to 1,598.99. Turnover was 995.58 million shares valued at RM1.02bil. Decliners beat advancers 539 to 163 while 221 counters were unchanged.
The ringgit continued to lose ground against the US dollar to a fresh 1997-98 low of 4.4745 against the US dollar from the previous close of 4.4235.
It weakened against the pound sterling to 6.7861 from 6.7355 and was softer against the Singapore dollar at 3.1233 from 3.0964.
On the external markets, China and Hong Kong stocks tumbled on Tuesday, joining a global equity selloff triggered by fears of a sharp slowdown in the world economy, Reuters reported.
At Bursa Malaysia, banks were among the losers, with Hong Leong Bank down 12 sen to RM13.10, RHB Cap 11 sen to RM5.91, Public Bank 10 sen to RM17.38, CIMB nine sen to RM4.54 and Maybank seven sen to RM8.33.
Crude palm oil for third-month delivery fell RM28 to RM2,366 per tonne. PPB Group fell the most, down 14 sen to RM15.30, Sime Darby and IOI Corp three sen each to RM7.45 and RM3.85 but KL Kepong gained eight sen to RM21.38.
UMW was down 22 sen to RM7.46.
US light crude oil eased two sen to US$44.41 and Brent was flat at US$47.34. SapuraKencana fell six sen to RM1.85, Petronas Gas was flat at RM21.86, Petronas Chemicals gained three sen to RM6.07 and Petronas Dagangan edged up six sen to RM21.78.
Among the key regional markets,
Japan’s Nikkei 225 fell 3.47% to 17,032.49;
Hong Kong’s Hang Seng Index lost 3.59% to 20,462.73;
CSI 300 fell 1.89% to 3,181.50;
Shanghai’s Composite Index fell 1.84% to 3,043.85;
Shenzen Composite fell 1.37% to 1,714.03;
Hang Seng China Enterprise fell 4.12% to 9,120.56;
Taiwan’s Taiex rose 0.11% to 8,132.35;
South Korea’s Kospi fell 0.22% to 1,942.85;
Singapore’s Straits Times Index fell 1.49% to 2,750.40.
Spot gold rose 23 cents to US$1,132.18.
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