KUALA LUMPUR: The FBM KLCI gave up all its hard-earned gains to close in the red on Monday, weighed down by losses in Petronas-linked stocks and telcos despite a stronger broader market.
At the close, the KLCI was down 0.01 point to 1,622.06. Turnover rose to 4.77 billion shares valued at RM3.18bil. Advancers beat decliners two to one or 621 gainers to 323 losers and 360 counters were unchanged.
Sentiment was impacted by the fall in Chinese stocks. Reuters reported China stocks fell from a 13-month high , posting their worst session in nearly four weeks, as comments from top policymaking bodies raised investor fears that Beijing will slow the pace of policy easing after some signs of stabilisation in the world's second-largest economy.
The blue-chip CSI300 index fell 2.3%, to 4,025.61, while the Shanghai Composite Index skidded 1.7% to 3,215.04, both logging their biggest single-day drop since March 25.
Japan's Nikkei 225 rose 0.08% to 22,217.90, Taiwan's TAIEX 0.18% higher and Singapore's STI advanced 0.3%.
At Bursa, Axiata fell 16 sen to RM3.88 – the lowest since Feb 15 – and erased 2.51 points from the KLCI.
It had until Monday to settle the 39.06 billion Nepalese rupees (RM1.45bil) that Nepal authorities have imposed on them as capital gains tax for buying a stake in the country’s largest mobile player, Ncell Pte Ltd.
Digi lost 12 sen to RM4.53 and gave up 1.61 points while Maxis inched up three sen to RM5.38.
US light crude oil jumped US$1.43 or 2.23% to US$65.43 and Brent rallied US$1.75 or 2.43% to US$73.72.
Petronas Dagangan fell 50 sen to RM24.22 and Petronas Chemical five sen to RM8.90 while Petronas Gas was flat at RM17.64. Diloh eked out a one sen gain to RM3.18.
IHH lost four sen to RM5.52, GentingM three sen lower at RM3.21 but Genting rose one sen to RM6.79 while Sime Darby rallied 12 sen to RM2.35.
CIMB was the top performer among the banks, climbing 10 sen to RM5.17 and adding 1.65 points to the KLCI, Maybank ended six sen higher at US$9.15, Public Bank two sen to RM22.54, AmBank fell two sen to RM4.45 while Hong Leong Bank and RHB Bank gave up four sen each to RM20.04 and RM5.76.
Crude palm oil for third month delivery fell RM13 to RM2,177 per tonne.
As for plantations, KL Kepong fell 12 sen to RM24.68, PPB Group eight sen to RM18.70 ,Sime Plantation four sen to RM5.06 and IOI Corp two sen to RM4.45.
Cement players Tasek and Lafarge rose on news about the revival of Bandar Malaysia. Tasek was the top gainer, up 66 sen to RM5.81 and Lafarge 31 sen to RM2.64.
IWCity rallied 30sen to RM1.32, Ekovest and Ekovest-WB 30 sen each to 97 sen and 48 sen in active trade.
DWL put on a stron performance, up 37 sen to RM1.68.
Last Friday, DWL appointed former CEO of Mass Rapid Transit Corporation Sdn Bhd Datuk Seri Shahril Mokhtar as its managing director.
It had earlier announced it was teaming up with Gadang Holdings to jointly bid for infrastructure projects.
The ringgit weakened 0.02% against the US dollar to 4.1340 and was unchanged versus the pound stering to 5.3722 and shed 0.08% to the euro ar 4.6508 but eked out a gain 0f 0.04% to the Singapore unit at 3.0481.