KLCI closes at 5 month low, Bursa sees 1,000 counters in the red

The broader market weakened with declining stocks hammering advancers five to one or 1,033 losers to 203 gainers while 309 counters were unchanged.

KUALA LUMPUR: Selling pressure picked up pace in the afternoon on Friday, with Public Bank, Top Glove and Tenaga Nasional among the bigger losers as the FBM KLCI fell to the lowest in five months.

At 5pm, the KLCI was down 28.31 points or 1.89% to 1,466.89 – the lowest since May 29 on political worries ahead of the Budget 2021 proposals next Friday and the impact of the spreading Covid-19 infections.

The broader market weakened with declining stocks hammering advancers five to one or 1,033 losers to 203 gainers while 309 counters were unchanged.

Key Asian markets also closed lower as Japan's Nikkei 225 fell 1.52% and the Topix 1.96% while Hong Kong's Hang Seng Index skidded 1.95% and China's Shanghai Composite 1.47%.

South Korea's Kospi was the worst performer, ending the day 2.56% lower and Singapore's Straits Times Index shed 0.98%.

Reuters reported world stocks slipped further and safe havens got a fillip as jitters over a rising global Covid-19 infection rate and next week's US presidential election weighed on sentiment.

World stocks were down 0.3% at 0717 GMT, tracking weakness in Asia and giving a nod to a likely weaker open on Wall Street later in the day. In Europe, the blue-chip EuroSTOXX 50 was down 0.6% to take its weekly loss to 6.8% and leaving it at levels last seen in late May. US stock futures, meanwhile, were pointing to drops of around 1.4% to 1.9%.

The ringgit was flat against the US dollar at 4.1545.

At Bursa, Public Bank fell 60 sen to RM15.08 and erased 3.52 points from the KLCI, Maybank fell seven sen to RM7 and wiped 1.19 points, Hong Leong Bank 16 sen to RM14.80, RHB Bank eight sen to RM4.23 and CIMB Group five sen to RM2.95.

Tenaga fell 24 sen to RM9.54 and wiped 2.06 points, MISC 16 sen to RM6.59, IHH Healthcare 13 sen to RM4.97 and erasing 1.72 points. GentingM and Genting shed two sen each to RM2 and RM2.96.

Crude palm oil for third month delivery fell RM45 to RM3,006 per tonne. KL Kepong dropped RM1.18 to RM21.22, PPB Group 40 sen to RM18.80, IOI Corp six sen to RN4.30 and Sime Plantation one sen to RM4.84.

MPI retreated 56 sen to RM22 as investors took profit after the recent rally in semicon and tech stocks.

As for glove makers, Top Glove lost 21 sen to RM8.57 and erased 2.6 points, Hartalega two sen to RM18. Mah Sing, which recently announced its foray into the glove manufacturing business, lost five sen to 91 sen. Supermax inched up two sen to RM9.47.

US light crude oil fell five cents to US$36.12 and Brent one cent to US$37.64. Petronas Gas lost 24 sen to RM15.74, Petronas Chemicals 10 sen to RM5.85 and Petronas Dagangan six sen to RM17.24.

Spot gold price rose US$5.86 to US$1,873.45 per troy ounce.

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