KUALA LUMPUR: Bursa Malaysia finished lower on Monday, tracking a global sell-off as sentiment for equities soured on growing fears about a U.S. recession.
Losses on index-linked counters pushed the market barometer FBM KLCI to close lower by 17.51 points, or 1.05% to 1649.15. The index opened 14.52 points weaker at 1,652.14 this morning.
Losers thumped gainers 684 to 191, while 335 counters were unchanged. Turnover was at 2.78 billion shares valued at RM1.73bil.
In today’s session, KLCI-component stocks were overwhelmingly in the negative, with 24 decliners, four gainers and two counters unchanged.
Most stock markets in the region fell after disappointing economic data in Europe and the United States stoked fears of recession and on caution ahead of fresh U.S.-China trade talks.
Reuters reported that Hong Kong stocks posted their worst day in nearly three months on Monday, tracking a global selloff, as investors fled equities.
The Hang Seng index fell 2% to 28,523.35 points, its biggest single-day drop since Jan. 2, while the China Enterprises Index lost 2.5% to 11,232.07 points.
China’s CSI300 index fell 2.4% to 3,742.83 points, while the Shanghai Composite Index closed down 2% to 3,043.03 points.
Japan’s Nikkei 225 stumbled 3% to 20,977.11, the lowest since mid-February and the steepest daily fall since late December while South Korea’s KOSPI index closed down 42.09 points, or 1.92%, to 2,144.86 points.
On Bursa Malaysia, Nestle tumbled RM1.50 to RM144.70, Hong Leong Financial Group shed 54 sen to RM18.92 and Dutch Lady
fell 42 sen to RM63.68.
Among the banks, CIMB fell nine sen to RM5.12, Maybank declined six sen to 9.23 and Public Bank ended 10 sen lower at 23.76.
Allianz was one of the top gainers, rising 20 sen to RM14.50. United Plantations gained 20 sen to RM27.36 and Genting Plantations closed 20 sen higher at RM10.60.
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