KLCI gets another hammering after Wall St tumble

KUALA LUMPUR: There was no let-up in the selling on Bursa Malaysia with the FBM KLCI falling more than 22 points in early Tuesday trade after the overnight plunge on Wall Street and weak oil prices.

At 9.04am, the FBM KLCI was down 22.3  points or 1.28% to 1,714.32. Turnover  was  111.31 million shares valued at RM53.33mil.  There were 26 gainers, 334  losers and 92 counters unchanged.

BIMB Securities Research, in its market outlook, expects Malaysian equities to come under some selling pressure after the overnight fall on Wall Street.

“We reckon the local market to trend lower today as the selling on O&G stocks may continue following crude oil futures hitting a 5 ½ year low. Expect to see immediate support at 1,730/25,” it said.

Its data showed foreign funds were net sellers on Monday at -RM123.5mil.

At Bursa Malaysia, Petronas Gas fell 72 sen to RM21.10  while Petronas Dagangan was down 24 sen to RM16.80.

Among the banks and finance stocks, HLFG fell 50 sen to RM16.10, Hong Leong lost 44 sen to RM13.82 while AmBank skidded 22 sen to RM6.22 and Public Bank shed 18 sen to RM13.94.

UMW was down 38 sen to RM10.50.

KL Kepong fell the most among the plantation stocks, shedding 20 sen to RM21.80 and PPB Group lost 18 sen to RM13.94.

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