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 stumbled in late selling pressure on Friday, capping a volatile November amidst disappointing corporate results, with trading value surging past the RM4bil mark, on rising trade risks.
At 5pm, the FBM KLCI was down 16.48 point or 0.97% to 1,679.86. Turnover was 3.09 billion shares valued at RM4.55bil. Decliners beat advancers more than three to one or 614 losers to 273 gainers and 324 counters unchanged.
The KLCI was the worst performer among the key Asian markets on Friday as the index hit the lowest since July 9. Year-to-date, it is down 6.52% or 116.95 points.
Over the past month, the KLCI had tumbled 29.41 points or 1.72%. At 1,679 as of Friday, it is trading at a price-to-earnings of 18.46 times.
However, the MSCI Malaysia Index, a free-float weighted equity index, was up 1.6% to 585.11 for the month but YTD it is down 6.45%.
China stocks rose in thin trading volume, amid caution ahead of a most-awaited meeting between US President Donald Trump and his Chinese counterpart Xi Jinping on the sidelines of the G20 summit in Argentina, Reuters reported.
Japan's Nikkei 225 rose 0.4%; Hong Kong's Hang Seng Index gained 0.21%; Shanghai's Composite Index advanced 0.81%; South Korea's Kospi fell 0.82% and Singapore's Straits Time advanced 0.26%.
Crude palm oil for third month futures rose RM6 to RM2.033 per tonne.
Sime Plantation lost 27 sen to RM4.70 and wiped out 3.27 points from the index. KL Kepong 24 sen to RM24.50, IOI Corp lost 15 sen to RM4.25 and PPB Group three sen to RM17.60. FGV fell 2.5 sen to 88.5 sen in active trade.
As for banks, RHB Bank gained four sen to RM5.25, Public Bank two sen to RM24.92 but Maybank fell six sen to RM9.39, CIMB nine sen to RM5.76 and and Hong Leong Bank 32 sen to RM20.38.
Axiata fell 15 sen to RM3.63 and erased 2.42 points, Telekom shed two sen to RM2.33, Digi edged up one sen to RM4.24 and Maxis gained three sen to RM5.43.
IHH Healthcare also fell, down 13 sen to RM5.37 and wiped out 2.03 points. Khazanah sold its 16% stake in IHH to Mitsui & Co. for RM6 a share and punters had chased up the stock though there was no evidence the offer would be made to the other minority shareholders.
MISC fell 18 sen to RM6.15, Genting Bhd
six sen lower to RM6.28 while Tenaga was flat at RM14.24. Genting Malaysia edged up two sen to RM2.86.
US light crude oil fell 27 cents to US$51.18 and Brent shed three cents to US$59.48.
Among the oil and gas stocks, Petronas Gas rose 14 sen to RM18.94 but Petronas Dagangan fell 32 sen to RM25.80 and Petronas Chemical five sen to RM9.20. Dialog lost six sen to RM3.17.
Chip maker MPI tumbled RM1.18 to RM10 and it was the worst performer for the day.
Padini fell 72 sen to RM4.80, HL Industries 66 sen to RM9.86, Aeon Credit 50 sen to RM15.20 and Supermax 29 sen to RM3.42.
MyEG bounced up six sen to RM1.11 while Bumi Armada plumbed to fresh lows of 16 sen, down three sen despite it was profitable in the third quarter if the impairments were excluded. The unusual market activity saw it being queried by Bursa Malaysia Securities.
The ringgit weakened against most key currencies in late trading. It fell 0.06% to the US dollar to 4.1865; shed 0.07% to the pound sterling to 5.3615; lost 0.09% to the euro to 4.7693 and gave up 0.04% to the Singapore unit at 3.0562.
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