Banks, plantations drag KLCI into the red, foreign funds still buying

Bears on the prowl on Bursa Malaysia

KUALA LUMPUR: Banks and plantations dragged the FBM KLCI into the red on Thursday on rising geopolitical risk and a slump in crude palm oil prices but foreign funds were still maintaining their positive outlook on Malaysian equities and were net buyers.

At 5pm, the KLCI was down 5.90 points or 0.34% to 1,738.18. Turnover declined to 3.86 billion shares valued at RM2.59bil. The broader market weaken further with decliners beating advancers nearly four to one, with 765 losers and 220 gainers while 305 counters were unchanged.

Stock market data showed foreign funds were net buyers at RM66.89mil and retail investors were seen to be joining in the fray but at a smaller scale at RM8.06mil while local institutions were net sellers at RM74.95mil