KLCI drifts lower as banking stocks drag

  • Markets
  • Monday, 24 Aug 2020

KUALA LUMPUR: Bursa Malaysia ended in red today, dragged by losses in selected heavyweights led by banking stocks.

The benchmark FBM KLCI fell 8.54 points or 0.54% to 1,568.58. The index opened 1.43 points higher at 1,578.55 this morning.

The overall market breadth remained positive with gainers leading losers 645 to 504, while 376 counters were unchanged. Turnover stood at 9.95 billion shares worth RM5.76bil.

Dealers said the pullback was due to a lack of domestic catalysts. In addition, investors were cautious on corporate earnings to be announced this week.

Banking counters Public Bank, Maybank, CIMB, Hong Leong Bank and RHB all recorded losses for the day.

Public Bank tumbled 32 sen to RM16.98, Maybank declined seven sen to RM7.48, CIMB shed three sen to RM3.40, Hong Leong Bank fell 10 sen to 14.50 and RHB bank slipped two sen to RM4.78.

Nestle (M) Bhd, Pharmaniaga Bhd and JF Technology Bhd are the top gainers on Bursa Malaysia. Nestle jumped RM2.30 to RM141.60, Pharmaniaga added 94 sen to RM5.27 and JF rose 81 sen to RM4.33.

As for the losers, Panasonic and Heineken Malaysia were down 56 sen and 46 sen to RM30.98 and 21.04 respectively.

Meanwhile, the ringgit was quoted at 4.1755 against the US dollar, up 0.06%. It gained 0.79% to the pound at 5.4706 and flat against the euro at 4.9357. The local unit strengthens 0.15% against the Singapore dollar at 3.0486.

Among the key regional markets:

Japan’s Nikkei 225 rose 0.45% to 2,321.51;

Hong Kong’s Hang Seng Index added 1.74% to 25,551.58;

CSI 300 gained 0.78% to 4,755.85;

Taiwan’s Taiex advanced 0.31% to 12,647.13;

South Korea’s Kospi gained 1.1% to 2,329.83 and

Singapore’s Straits Times Index rose 0.4% to 2,538.61.

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KLCI , Bursa Malaysia


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