For the month, the FBM KLCI is down 3.18% and year-to-date, it is down 8.02%.
KUALA LUMPUR: Bank stocks took a hit on Monday on selling of Maybank and CIMB as the FBM KLCI closed lower in tandem with the cautious key Asian markets.
The weaker market sentiment was due to concerns over the impact of Britain's exit from the European Union, said Reuters. Sentiment was also hit as US policy uncertainty lingered ahead of President-elect Donald Trump's inauguration this week.
At 5pm, the FBM KLCI was down 13.66 points or 0.82% to 1,658.84 as selling picked up about 3.30pm when European markets opened.
Turnover was 1.79 billion shares valued at RM1.61bil. Decliners beat advancers nearly three to one or 611 losers to 225 gainers and 303 counters unchanged.
Market data showed that foreign funds were net sellers at more than RM92mil while local retailers and local institutions were net buyers.
Meanwhile, JPMorgan lowered its recommendation on Malaysian stocks to neutral from overweight, cited that weakness in the Ringgit hit equity investors’ confidence, according to Bloomberg.
It said the downgrade was “consistent with a more cautious view on Tenaga”. JPMorgan’s preferred large caps are Petronas Chemicals Group, CIMB Group
Holdings and Sime Darby.
The ringgit fell against the US dollar but firmed up against the other key currencies. It fell 0.08% to 4.4668 from the previous close of 4.4630. However, it firmed up against the pound sterling to 5.3770 from 5.4400 and it rose against the Singapore dollar to 3.1230 from 3.1260. It edged up against the Euro to 4.7270 from 4.7460.
Maybank fell 27 sen to RM8.05 and erased 4.68 points from the KLCI while CIMB lost 10 sen to RM4.72 and wiped out 1.51 points, Hong Leong Bank was down eight sen to RM13.10, Public Bank shed six sen to RM20.02 and AmBank gave up five sen to RM4.44. However, RHB Bank she done sen to RM4.86.
Among the telcos, Maxis fell 14 sen to RM6.02 and erased 1.79 points, Digi shed two sen to RM4.89 while Axiata was flat at RM4.72 and Telekom gained two sen to RM6.05.
US light crude oil and Brent fell 12 cents each to US$52.25 and US$55.33. Petronas Gas lost 42 sen to RM20.38, Petronas Chemicals five sen to RM7.14 and Petronas Dagangan two sen lower at RM23.76.
Crude palm oil for third month delivery rose RM20 to RM3,103 a tonne on stronger export demand and a weaker ringgit. United Plantations fell 38 sen to RM27, KL Kepong 10 sen to RM24.10, Sime Darby seven sen lower at RM8.45, PPB Group six sen to RM16.24 and IOI Corp three sen to RM4.46.
Only World Group fell 28 sen or 12% to RM2.01 with 11.9 million shares done after it announced that 14 outlets in First World Hotel, Genting Highlands would be temporarily closed from Feb 12 .
Genting Bhd rose 12 sen to RM8.38 and pushed the KLCI up 0.76 of a point but Genting Malaysia lost six sen to RM4.73. Tenaga shed two sen to RM13.92.
Apex Healthcare was the top performer of the day, gaining 28 sen to RM4.88 while Magni-Tech added 18 sen to RM4.53.
Among the key regional markets,
Japan’s Nikkei 225 fell 1% to 19,095.24;
Hong Kong’s Hang Seng Index fell 0.96% to 22,718.15;
CSI 300 shed 0.01% to 3,319.45;
Shanghai’s Composite Index lost 0.3% to 3,103.43;
Hang Seng China Enterprise was down 1.24% to 9,666.09;
Taiwan’s Taiex fell 0.92% to 9,292.33;
South Korea’s Kospi declined 0.61% to 2,064.17; and
Singapore’s Straits Times Index lost 0.4% to 3,013.12.
Spot gold rose US$4.77 to US$1,202.11.
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