China markets plunge unnerves markets, KLCI down 11 pts

KUALA LUMPUR: The plunge in the China markets of up to 8.5% on Monday unnerved investors in Asia and the FBM KLCI extended its losses as the ringgit weakened to 17-year lows.

At 5pm, the FBM KLCI was down 11 points or 0.64% to 1,709.76. Turnover was 2.216 billion shares valued at RM1.78bil. Decliners beat advancers two to one with 609 losers to 290 gainers and 265 counters unchanged.

The ringgit weakened to 3.8200 against the US dollar from the previous close of 3.8098. 

The only bright spot was Ikhmas Jaya which surged 25 sen to 82 sen with 171 million shares done on its debut on the Main Market of Bursa Malaysia.

Another piece of positive news was from Standard & Poor's Ratings, which kept Malaysia's long-term foreign currency sovereign credit rating at A-, with a "stable" outlook, saying allegations of graft involving debt-laden state fund 1Malaysia Development Berhad (1MDB) will not impede policymaking.

Reuters reported S&P does not see the decline in energy prices affecting Malaysia's long-term fiscal consolidation.

CIMB fell 17 sen to RM5.33 and wiped out 2.5 points from the KLCI. RHB Cap lost 17 sen to RM7.22, Hong Leong Bank 16 sen to RM13.50, Public Bank 10 sen to RM18.90 while Maybank lost seven sen to RM9.16. 

Crude palm oil fell RM37 to RM2,141 per tonne as soyabean prices tumbled. KL Kepong fell 40 sen to RM22.12, PPB 28 sen to RM15.10 while IOI Corp was flat at RM4.22 and Sime Darby edged up one sen to RM8.49.

US light crude oil fell 18 cents to US$47.96 and Brent was down 17 cents to US$54.45. 

Petronas Gas fell two sen toRM21.58 but Petronas Chemicals and Petronas Daganagan added two sen each to RM6.35 and RM20.60. SKPetor she done sen to RM2.38.

Among the key stocks, Genting fell 16 sen to RM8.11 and erased 1.04 points, MISC was down eight sen to RM7.82 and Astro seven sen to RM2.96 while Tenaga shed four seb to RM12.24.

As for telcos, DiGi rose five sen to RM5.43, Axiata and Maxis were flat at RM6.36 and RM6.58 while TM shed two sen to RM6.61.

Among the key regional markets,

Japan’s Nikkei 225 fell 0.95% to 20,350.10;

Hong Kong’s Hang Seng Index fell 3.09% to 24,351.96;

CSI 300 plunged 8.55% to 3,819.09;

Shanghai’s Composite Index skidded 8.48% to 3,725.56;

Shenzen Composite fell 7% to 2,160.09;

Hang Seng China Enterprise was down 3.84% to 11,230.67;

Taiwan’s Taiex lost 2.41% to 8,556.68;

South Korea’s Kospi fell 0.35% to 2,038.81 and

Singapore’s Straits Times Index lost 1.09% to 3,315.98.

Spot gold rose US$3.27 to US$12,102.38.
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