KLCI sees over 17 pts erased, ringgit at 16-year low (Update)

KUALA LUMPUR: Key Asian markets except for China closed sharply lower on Monday, following Greeks’ move to reject the bailout terms, while the FBM KLCI lost more than 17 points on continued selling by foreign funds and the ringgit sunk to a 16-year low.

At 5pm, the ringgit was at 3.8092 to the US dollar. It was the worst performing currency in Asia, down 8.14% year-to-date.

The support levels for the ringgit versus the US dollar were 3.7601, 3.7409 and 3.7083. The resistance levels were 3.7926, 3.8058 and 3.8383.

The KLCI closed down 17.19 points or 1% to 1,717.05, but off the intra-day low of 1,706. The broader market was weaker with four decliners to one advancer or 646 losers versus 158 gainers.

Shares fell in Europe and Asia, the euro stumbled and yields on weaker euro zone economies' bonds rose after Greece overwhelmingly voted against conditions for a rescue package, but there was no rout and contagion was limited.

At Bursa Malaysia, foreign funds continued to reduce their shareholdings in Malaysian equities, with net selling -RM199.24mil while local retail investors were seen stepping up their buying with net buying at RM8.75mil. Local institutions were net buyers at RM190.49mil.

Only KL Kepong was in the positive out of the 30-stock KLCI. KLK rose two sen to RM22.46.

Crude palm oil for third-month delivery fell RM32 to RM2,238 per tonne. PPB Group lost 22 sen to RM14.98, Sime Darby nine sen to RM8.57 and IOI Corp three sen to RM4.20.

US light crude oil tumbled US$2.23 to US$54.70 and Brent was down US$1.06 to US$59.26. Petronas Dagangan was down 14 sen to RM20.66, Petronas Gas eight sen to RM21.42,  SKPetro six sen to RM2.41 and Petronas Chemicals one sen to RM6.40.

IHH Health fell 11 sen to RM5.78 and erased 1.57 points from the KLCI, Genting was down 15 sen to RM8.13 while Tenaga ended down six sen to RM12.62.

Among the telcos, TM fell 14 sen to RM6.71, Maxis closed down 12 sen to RM6.26,  Axiata lost eight sen to RM6.37 and DiGi four sen to RM5.49. Maxis erased 1.56 points from the KLCI and Axiata 1.2 points.

As for banks, Maybank lost nine sen to RM9.19 and wiped out 1.49 points. RHB Cap and Hong Leong Bank lost 18 sen each to RM7.41 and RM13.42, AmBank 15 sen to RM5.86 and CIMB three sen to RM5.45.

SAM Engineering rose 19 sen to RM5.32 while Country View and MinHo gained 11 sen to RM2.34 and RM1.44.

Among the key regional markets,

Japan’s Nikkei 225 fell 2.08%to 20,112.12;

Hong Kong’s Hang Seng Index skidded 3.18% to 25,236.28;

Shanghai’s Composite Index rose 2.41% to 3,775.91;

Taiwan’s Taiex fell1.09% to 9,255.96;

South Korea’s Kospi fell 2.4% to 2,053.93 and

Singapore’s Straits Times Index down 0.29% to 3,332.94.

Spot gold fell US$4.43 to US$1,164.26.
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