The key FBM KLCI fell briefly below the crucial 1,600 level in afternoon trade on Monday on mounting selling pressure in line with the key Asian markets.
KUALA LUMPUR: Blue chips closed off Friday's intra-day low in volatile trade, following the wide swings in the China markets, while smaller-capitalised stocks MyEG and Datasonic were in focus.
At 5pm, the FBM KLCI was down 5.87 points or 0.34% to 1,732.14 but off the intra-day low of 1,718, dragged down by losses in telco stocks.
Turnover was 2.41 billion shares valued at RM2.30bil. Decliners beat advancers 579 to 252 while 366 counters were unchanged.
On the external front, Chinese stocks bounced after regulators mounted a coordinated campaign to try and put a floor under the tumbling market and support a slowing economy.
China's blue-chip CSI300 index ended the day up 3% and the Shanghai Composite index rose 2.58% after slumping to near four-year lows, Reuters reported.
At Bursa, MyEG and Datasonic came under selling pressure on reports alleging their links to ex deputy prime minister Datuk Seri Ahmad Zahid Hamidi. However, both companies were quick to refute the allegations.
MyEG, the e-government services company, tumbled to a low of RM1.130, down 37 sen with 169 million shares done.
Trading was halted in the afternoon for it to issue a statement that it was seeking clarification from the Malaysian Anti-Corruption Commission (MACC) on the details of the charges and it was not a party to the investigation.
Datasonic hit limit-down but managed to reduce its losses to end the day 21 sen lower at 48.5 sen.It also issued a statement at the midday break that it had not issued any payment to Ahmad Zahid over the supply of 12.5 million chips for the Malaysian passport.
However, Iris Corp
rose in active trade, up three sen to 17.5 sen with 188 million shares done It had in the past supplied passports to the government.
Telco stocks weighed down the KLCI. Axiata fell 18 sen to RM3.71 and erased 2.94 points from the KLCI, Maxis and Digi lost 12 sen each to RM5.39 and RM4.30 while Telekom was down nine sen to RM2.41.
IHH Healthcare fell 11 sen to RM4.96, Genting Malaysia and Tenaga two sen lower to RM4.49 and RM14.56 while Genting Bhd bounced 13 sen to RTM7.44 and gave the KLCI a 0.9 of a point lift. MISC gained 14 sen to RM5.73.
Sime Plantation rose 15 sen to RM5.28 and added 1.83 points to the KLCI but Sime Darby lost seven sen to RM2.50.
IOI Corp lost five sen to RM4.53 but KL Kepong and PPB Group edged up two sen each to RM25 and Rm16.90.
Petronas Chemical lost four sen to RM9.39, Petronas Gas 14 sen to RM18.32 and Petronas Dagangan unchanged at RM26.28. Dialog shed one sen to RM3.40.
As for banks, Public Bank shed two sen to RM25, CIMB one sen lower at RM6.02, Maybank and HLBank unchanged at RM20.72 and RM5.33 but RHB Bank advanced two sen to RM5.73.
As for consumer stocks, BAT fell RM1.58 on concerns of higher taxes, Carlsberg lost 64 sen to RM17.36, Heineken 54 sen to RM17.66 while Dutch Lady and Nestle lost 50 sen each to RM63/40 and RM144.50.
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