Late selling sees KLCI slump to lowest since June 26

The KLCI was the worst performer among the key Asian markets as Petronas-related stocks fell due to the dip in crude oil prices while banks, the proxy to the economy, closed lower.

KUALA LUMPUR: Selling pressure accelerated on Bursa Malaysia on Wednesday as rising Covid-19 cases and the fallout on the economy saw the FBM KLCI close down at its lowest since June 26 while the ringgit weakened.

At 5pm, the KLCI was down 19.91 points or 1.32% to 1,489.56 – with most of the losses in the last half-hour. Turnover was 5.25 billion shares valued at RM3.61bil. The broader market was firmer with 637 gainers, 373 losers and 416 counters unchanged.

The KLCI was the worst performer among the key Asian markets as Petronas-related stocks fell due to the dip in crude oil prices while banks, the proxy to the economy, closed lower.

Most key Asian markets managed to end off their day's low on optimism about an aid package after the Nov 3 US elections. Markets were earlier impacted at US President Donald Trump's decision to cancel fiscal stimulus negotiations with lawmakers in Washington.

The ringgit weakened 0.08% against the US dollar to 4.1570.

US light crude oil fell 74 cents to US$39.93 and Brent 58 cents lower at US$42.07. Petronas Dagangan lost 90 sen to RM19.10, Petronas Chemicals 30 sen to RM5.70 and Petronas Has 28 sen to RM16.10. PetronasChemicals erased 3.65 points from the KLCI. Dialog shed three sen to RM3.77.

Power giant Tenga fell 30 sen to RM10.24 and wiped out 2.60 points while MISC was downb 21 sen to RM6.90 and erased 1.42 points. Genting was down three sen to RM3.15 and GentingM one sen to RM2.05.

Maybank fell nine sen to RM710 and wiped out 1.54 points, Public Bank 26 sen to RM15.58, Hong Leong Bank 12 sen to RM14.88, RHB Bank seven sen to RM4.49 and CIMB two sen to RFM3.03.

As for glove makers, Top Glove rose 16 sen to RM8.80 and added 1.99 points to the KLCI but Hartalega lost 12 sen to RM16.90. Supermax gained 35 sen to RM9.58. IHH Healthcare was down 13 sen to RM4.89.

Four areas - three in Sabah and one in Selangor - have been put under a conditional movement control order effective Friday, Senior Minister Datuk Seri Ismail Sabri Yaakob said. The areas were Klang in Selangor, and Sandakan, Papar and Tuaran in Sabah.

Meanwhile, Dutch Lady was the top gainer, up 40 sen to RM38.80 and Heineken 36 sen to RM20.68.

Crude palm oil rose RM41 to RM2,859 per tonne. However, Sime Darby Plantation fell 13 sen to RM4.89, IOI Corp 12 sen to RM4.27, KL Kepong 14 sen to RM22.46 and PPB Group 30 sen to RM18.50.

As for telcos, Axiata fell eight sen to RM2.88, Digi was flat at RM4, Maxis shed one sen to RM5.03 and Telekom seven sen lower at RM4.03.

AirAsia X fell 0.5 sen to 4.5 sen after it proposed a debt revamp. With RM10.3bil in total liabilities on its balance sheet, exceeding total assets of RM9.36bil, AirAsia X said the restructuring plan, if approved, would secure the airline’s continued ability to stay afloat.

Bina Puri rose two sen to 9.5 sen and its warrants 1.5 sen to 4.5 sen in very active trade after its joint-venture company has won a RM1.03bil bid for part of the high-speed railway project to connect Bangkok to Nakhon Ratchasima.

Spot gold rose US$10.60 to US$1,888.78 per troy ounce.

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Covid-19 , Petronas , banks


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