The key FBM KLCI fell briefly below the crucial 1,600 level in afternoon trade on Monday on mounting selling pressure in line with the key Asian markets.
KUALA LUMPUR: Foreign funds stepped up their selling pressure on Bursa Malaysia and sent the FBM KLCI to close below the crucial 1,700 on Monday, with IHH Healthcare, Maybank and Tenaga Nasional among the losers.
At 5pm, the KLCI was down 11.95 points or 0.7% to 1,696.14. Turnover was 1.63 billion shares valued at RM1.32bil. Decliners led advancers 452 to 294 while 360 counters were unchanged.
On the external front, Asean markets closed lower with Jakarta down 1.65%, Singapore 0.32% and Thailand 0.82%.
Stocks in Hong Kong moved up marginally on Monday, but were left out from the policy-inspired rally seen in the technology sector in the mainland market, as investors in the city appeared cautious ahead of key earnings announcements and global events, Reuters reported.
Bursa Malaysia came under foreign selling the past week, with net selling by foreign funds at RM182.90mil and raising the total net outflow since January to RM9.9bil, according to MIDF Research.
IHH fell 18 sen to RM4.67 and erased 2.66 points from the KLCI while Tenaga lost 16 sen to RM14.84 and wiped out 1.62 points.
Maybank fell nine sen to RM9.20 and reduced the index by 1.78 points, CIMB fell six sen to RM5.51, RHB Bank and Public Bank two sen each to RM5.24 and RM24.68 but Hong Leong Bank bucked the trend, up four sen to RM20.66. HLFG fell 48 sen to RM18.32.
Crude palm oil for third month delivery rose RM2 to RM2,042 per tonne.
Sime Plantation ended down nine sen to RM5.16, IOI Corp seven sen to RM4.49, PPB Group 10 sen to RM16.88 and KL Kepong flat at RM24.88.
As for telcos, Axiata ended down six sen to RM3.52, Maxis and Digi lost three sen each to RM5.42 and RM4.2 but Telekom eked out one sen to RM2.37.
US light crude oil rose 49 cents to US$60.68 and Brent gained 92 cents to US$71.10 as Saudi Arabia sought to tighten supplies.
Petronas Dagangan ended down 30 sen to RM26.70, Petronas Chemical two sen lower at RM16.88 and Petronas Gas unchanged at RM18.76.
MISC rebounded 17 sen to RM6.62 and added 1.36 points, Genting Malaysia two sen higher at RM3.60 but Genting Bhd
slumped six sen to RM6.72. Sime Darby ended five sen lower at RM2.40.
BAT fell the most, sliding RM1.48 to RM36.42, F&N 22 sen lower to RM33.62 while Nestle was up 20 sen to RM143.90.
MRCB rose one sen to 77.5 sen in active trade. It will receive RM1.32bil under a termination and settlement agreement with the government over the concession for the Eastern Dispersal Link Expressway (EDL) in Johor.
The ringgit weakened 0.21% against the US dollar to 4.1877 but it climbed 0.92% against the pound sterling at 5.3861, edged up 0.41% to the euro at 4.7162 and added 0.17% to the Singapore dollar at 3.0284.
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