Genting slumped 15 sen to RM6.80 and erased 1.01 points while GentingM was down three sen to RM3.25 following the recent corporate news which were viewed as negative by investors.
KUALA LUMPUR: Just last Thursday on April 19, the FBM KLCI closed at a record high of 1,895 but this seems like a fading memory for investors.
Just as fast as the KLCI went up, it has surrended 30 points over the past three days on Tuesday.
The KLCI stumbled to close at Tuesday's low of 1,865, down 15.02 points or 0.8%, ahead of the General Election on May 9. Turnover was 1.93 billion shares valued at RM2.32bil.
Declining stocks beat advancers three to two or 574 losers to 291 gainers with 386 counters unchanged.
The KLCI was the second worst performer after Taiwan's 1.1% fall, despite the rally in crude oil prices.
China stocks posted their strongest gains in two months on Tuesday as the Communist Party declared its determination to achieve this year's economic targets in the face of rising global trade tensions.
The Shanghai Composite Index closed up 1.99%, Hong Kong's Hang Seng Index added 1.26% while Japan's Nikkei 225 closed 0.86% higher. Nearer home, Sinhgapore's STI was up 0.14%.
The ringgit slipped against the US dollar and the Singapore unit. It fell 0.19% against the greenback to 3.9053 and was down 0.17% to the Singapore dollar at 2.9523. However, it eked out a 0.01% gain against the pound sterling to 5.4495 and gained 0.05% to the euro at 4.7663.
Oil rose on Tuesday above US$75 a barrel to its highest since November 2014, supported by OPEC-led production cuts, strong demand and the prospect of renewed US sanctions on Iran, Reuters reported. US light crude oil rose 27 cents to US$68.91 and Brent added 14 cent s to US$74.85.
Despite the rally, Petronas Dagangan fell 50 sen to RM27 and Petronas Gas was down 26 sen to RM17.96 while Petronas Chemicals gained three sen to RM8.49.
BAT was the top loser, sliding RM1 to RM24 while Nestle gave up 50 sen to RMRM147.50 and Heineken lost 22 sen to RM20.60.
Under pressure again was Press Metal
, falling 31 sen to RM4.79 with 18.3 million shares done. It erased 2.15 points from the KLCI. Its warrants, WC fell more, sliding 53 sen to RM4.28 as aluminium prices slid. Aluminium prices had falled more than 7% to US$2,295 on the London Metal Exchange.
Public Bank fell 20 sen to RM24.10 and erased 1.39 points from the KLCI, Hong Leong Bank was down 28 sen to RM19.08, RHB Bank was down six sen to RM5.30, AmBank six sen lower at RM3.80, CIMB two sen to RM7.22 while Maybank was flat at RM10.62.
Axiata erased 1.95 points from the KLCI when it fell 12 sen to RM5.33. Telekom lost 13 sen to RM5.24, Maxis seven sen lower at RM5.82 while Digi lost four sen to RM4.45.
Among the heavyweights, Tenaga was flat at RM15.88, Genting Bhd was down 11 sen to RM8.75 and Genting Malaysia six sen lower at RM5.02.
Crude palm oil for third month delivery fell RM6 to RM2,402 per tonne. KL Kepong shed two sen to RM25.50, IOI Corp and PPB Group unchanged at RM4.78 and RM19.10.
Sime Darby lost 10 sen to RM2.67 and erased 1.22 points from the KLCI, Sime Plantations three sen lower at RM5.54 and Sime Property shed pone sen to RM1.38.
Top Glove hit a speed bump after its bonus issue plan, fall 55 sen to RM9.45.
However, insurer Allianz-PA was the top gainer, up 50 sen to RM11.70 and the shares gained 40 sen to RM11.90.
Tech stocks rebounded with Inari recovering from a week-long selloff, climbing 15 sen to RM1.85 with 22 million shares done while its warrants added 12 sen to RM1.32.
Semicon company KESM was up 14 sen to RM16.04.
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