All Asian markets in red, KLCI below key 1,500

  • Markets
  • Wednesday, 09 Sep 2020

Glove makers were among the top losers.

KUALA LUMPUR: Investors in all Asian markets suffered losses on Wednesday as the overnight fall on Wall Street battered sentiment including Bursa Malaysia where the FBM KLCI fell below the key 1,500 level.

At 12.30pm, the KLCI was down 23.61 points or 1.55% to 1,495.71 – the lowest since June 29. Turnover was 4.62 billion shares valued at RM2.53bil. Decliners battered advancers more than four to one or 879losers to 201 gainers and 302 counters unchanged.

Glove makers, the recent darlings of investors, recorded losses as profit taking picked pace. Bursa Malaysia data showed that foreign funds have continued to sell down their stakes in Malaysian equities while retail investors had upped their shareholdings.

More than 27.57 million people have been reported to be infected by the novel coronavirus globally and 895,990 have died, according to a Reuters tally.

Top Glove fell 45 sen to RM7.19 and erased 5.55 points from the KLCI while Hartalega lost 66 sen to RM12.94 and wiped out 3.43 points. Kossan was the top loser, skidding RM1.04 to RM11.46 and Supermax 63 sen to RM7.78.

IHH Healthcare lost 27 sen to RM5.41. Pharmaniaga 12 sen to RM4.44 and Duopharma eight sen to RM2.96.

Maybank fell 20 sen to RM7.30 and erased 3.41 points, CIMB three sen to RM3.20 and Hong Leong Bank two sen to RM14.78 but Public Bank added 10 sen to RM16.10.

US light crude oil fell 18 cents to US$36.58 and Brent 15 cents to US$39.63.

Petronas Dagangan lost 50 sen to RM21.12, Petronas Chemicals fell six sen to RM5.61 and Petronas Gas 14 sen to RM16.64 while Dialog was unchanged at RM3.65.

Crude palm oil for third month delivery fell RM27 to RM2,844 per tonne. Bloomberg reported Sime Darby Plantation sees CPO to trade around RM2,800 for the rest of the year.

Batu Kawan fell 48 sen to RM15.08, IOI Corp three sen to RM4.42 and PPB Group six sen to RM18.60 while Sime Plantation was flat at RM5.09 but KL Kepong gained six sen to RM22.66.

As for tech stocks, MPI fell the most, down 48 sen to RM17.32, Globetronics seven sen to RM2.50 but Unisem gained three sen to RM3.30.

The ringgit weakened by 0.13% against the US dollar to 4.1730.

Among the key Asian markets, Japan's Nikkei 225 fell 1.27%, Hong Kong's Hang Seng Index 0.97%, Shanghai Composite 1.07%, Taiwan's Taiex 0.73%, South Korea's Kospi 0.68% and Singapore's STI 0.53%.

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