KLCI hammered as declining stocks at 1,024

  • Business
  • Monday, 15 Dec 2014

KUALA LUMPUR: Malaysia’s FBM KLCI was battered by relentless foreign selling on Monday, sending the 30-stock index below the psychologically important 1,700 level.

At 4.16pm, the KLCI was down 36.95 points or 2.13% to 1,696.04. Turnover was 1.73 billion shares valued at RM1.75bil. Declining stocks hammered advancers 1,024 to 43 or nearly 24 to one.

Reuters reported Hong Kong shares finished down on Monday despite a late afternoon rally on mainland indexes, as Hong Kong investors sold off China-related financials and real estate names.

The Hang Seng index fell 1.0%, to 23,027.85, while the China Enterprises Index lost 0.2%, to 11,212.65.

Oil markets saw volatile trading in Asia on Monday as Brent prices first fell to a 5-1/2 year low after the International Energy Agency (IEA) cut its outlook and then rose on hopes of improving manufacturing data.

Brent futures fell to near US$60 per barrel after the IEA forecast further price falls and OPEC's chief on Sunday defended the group's decision not to cut its output target, and although prices picked up later in volatile trading on Monday, most analysts were cutting their outlooks, Reuters added.

At Bursa Malaysia, KL Kepong fell the most, down 98 sen to RM20.34 and PPB Group 50 sen to RM13.60.

Petronas Dagangan lost 66 sen to RM16. SK Petro fell 11 sen to RM2.09 and Perisai two sen to 39 sen.

Aeon Credit lost 84 sen to RM10.60 on worries about its asset quality risk and a weaker economic outlook.

Consumer stocks were among the major losers, with BAT down 70 sen to RM65.40, Dutch Lady 60 sen lower at RM44.40 and Nestle 50 sen to RM68.

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