Banks drag KLCI into the red for fifth straight decline

KUALA LUMPUR: Selling of Maybank, AmBank, RHB Bank and CIMB dragged the FBM KLCI into the red for the fifth straight day in the absence of strong fresh catalysts to attract buying interest.

At 5pm, the KLCI was down 1.9 points or 0.11% to 1,769.14. Turnover was 2.46 billion shares valued at RM2.34bil. Decliners beat advancers more than two to one or 558 losers to 264 gainers while 412 counters were unchanged.

Reuters reported Hong Kong stocks posted their biggest one-day loss in six weeks on Monday, with a slump in property shares hitting already fragile sentiment after the Federal Reserve's hawkish stance and Standard & Poor's downgrade of China's credit rating last week.

The Hang Seng index dropped 1.4%, to 27,500.34 while the Hong Kong China Enterprises Index lost 1.8%, to 10,912.46.

At Bursa, Maybank fell seven sen to RM9.78 and erased 1.26 points from the KLCI. AmBank fell 13 sen to RM4.37, RHB Bank 12 sen to RM5.16, CIMB lost four sen to RM6.31 while Hong Leong Bank eased two sen to RMRM15.88 but Public Bank added two sen to RM20.60.

Petronas-linked stocks were among the top gainers, with Petronas Gas up 42 sen to RM18.44 and pushing the KLCI up 1.41 points, Petronas Chemicals gained five sen to RM7.35 and Petronas Dagangan four sen to RM24.26.

As for plantations, IOI Corp fell five sen to RM4.55, Sime Darby three sen to RM98.10, PPB Group two sen to RM16.84 but KL Kepong gained eight sen to RM24.62.

Among the other heavyweights, Genting Malaysia fell seven sen to RM5.53, Tenaga four sen to RM14.40 but Genting Bhd gained one sen to RM9.76.

Among the key regional markets, markets outside Japan went lower as investor sentiment was undermined by concerns that China's beefed-up environmental protection could reduce demand, and consequently economic growth.

Japan’s Nikkei 225 was up 0.46% to 14,797.55 points.

The Shanghai Shenzen CSI 300 was down 0.52% to 3,817.79 points.

Shanghai’s Composite Index fell 0.33% to 3,341.55 points

Taiwan’s Taiex was down 1.09% to 10,335.89 points.

South Korea’s Kospi fell 0.35% to 2,380.40 points.

Singapore’s Straits Times Index was down 0.13% to 3,215.91 points.

Spot gold was down 0.1% to US$1,295.95 per troy ounce.

Oil prices were little changed with WTI Crude falling 0.16% to US$50.58 per barrel and Brent Crude rising 0.6% to US$57.20.

On the forex market, the ringgit traded 0.11% weaker against the USD at 4.2025, 0.23% stronger against the pound sterling at 5.6827 and 0.04% stronger against the Singapore dollar at 3.1126.