KLCI slumps 64 points, falling below 1,300 level

  • Markets
  • Monday, 16 Mar 2020

KUALA LUMPUR: Bursa Malaysia ended in negative territory today, hitting near a ten-year low in line with its Asian peers amid uncertainties due to coronavirus (Covid-19).

At 5pm, the benchmark FBM KLCI tumbled 64.12 points to 1,2880.63. The index opened 25.38 points lower at 1,319.37 this morning.

There were 97 gainers, 1041 losers and 158 counters traded unchanged on the Bursa Malaysia. Turnover was 4.47 billion shares valued at RM3.68bil.

Analysts said the sell-off comes after the US Federal Reserve and its global counterparts moved aggressively with rate cuts. Additionally, foreign funds continued to sell stocks on Bursa Malaysia.

The Fed cut interest rates to near-zero levels and pledged to expand its balance sheet by at least US$700bil in the coming weeks, joining a global effort to combat the pandemic which has forced stringent lockdowns and travel bans worldwide.

Last week, international investors took out RM1.91bil net of local equities last week, according to MIDF Research.

“Last week’s foreign net selling brings the year-to-date foreign net outflow from Malaysia to RM5.21bil,” it said.

On Bursa Malaysia, Maybank, Tenaga and Public Bank contributed a combined 8.9621 points to the losses in the composite index.

Maybank fell 59 sen to RM7.29, Tenaga shed 52 sen to RM11.30 and Public Bank declined 80 sen to RM14.50.

Consumer stocks were the biggest losers of the day, with Carlsberg closing RM2.94 lower at RM19.88, followed by Heineken down by RM2.60 at RM19.30 and Panasonic Manufacturing fell RM2.12 to RM27.68.

The ringgit was down 0.69% against the US dollar at 4.3070 and fell 0.59% against the euro at 4.8336. The local currency gained 1.31% against the pound at 5.3278 and advanced 0.4% to 3.0314against the Singapore dollar.

Around the region, MSCI's Asia ex-Japan stock index plunged 5.2%.

Reuters reported that China stocks ended sharply lower on Monday after dismal data and a second emergency rate cut by the U.S. Federal Reserve.

China’s CSI300 index fell 4.3%, to 3,727.84, while the Shanghai Composite Index shed 3.4% to 2,789.25.

Japan’s benchmark Nikkei average skidded 2.5% to finish at 17,002.04, its lowest closing level since November 2016.

South Korea’s Kospi ended down 56.58 points, or 3.19%, at 1,714.86.

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 18
Cxense type: free
User access status: 3

Bursa Malaysia , KLCI


Did you find this article insightful?


100% readers found this article insightful

Across The Star Online