KLCI slumps over 40 points in regional sell-off


KUALA LUMPUR: An afternoon slump followed by a deep dive in the closing minutes of trading sent the FBM KLCI down over 40 points on Monday, dashing investor hopes of further gains amid the bullish sentiment.

The sharp decline was in line with the performance of its regional peers, as foreign funds sold down on equities following the recent rally.

The Philippines led losses with a 5% decline while Jakarta's composite index shed 3% and Thailand lost 1.8%. Singapore's Straits Times Index slid 2%.

According to sources, Malaysia's negative performance could also be attributed to a rebalancing on the MSCI Index.

At 5pm, the key index dropped 44.88 points or 2.8% to 1,562.71 on the final day of the stock exchange's corporate earnings season.

Nineteen of the 30 KLCI-linked counters were in the red while eight gained and three were unchanged.

However, the broader market remained positive with 688 counters rising versus 563 falling.

Among the heavyweights, bank counters were the hardest-hit with Public Bank dropping RM1.20 to RM17.40, Maybank losing 39 sen to RM7.90 and CIMB dropping 20 sen to RM3.63

Petronas Chemicals slumped 44 sen to RM6.42 and Tenaga Nasional fell 64 sen to RM10.08.

In telcos, Axiata dropped 18 sen to RM3.55 followed by Maxis sliding 12 sen to RM4.90 and Digi falling 17 sen to RM4.

Top traded counters on the broader market were AT Systemization unchanged at 20 sen, YTL down 0.5 sen at 64.5 sen and Sapura Energy flat at 11.5 sen.
Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 18
Cxense type: free
User access status: 3

Bursa Malaysia , FBM KLCI , equities

   

Did you find this article insightful?

Yes
No

100% readers found this article insightful

Next In Business News

Morgan Stanley CEO's annual pay rises by over 20%
‘Unstoppable’ luxury stocks remind some investors of US tech
Ambani’s Reliance doubles down on 5G pledge after record profit
PUNB offers payment deferment, rental discount
CPO futures may undergo technical correction next week
Blackstone-backed Patria eyes expansion in Latam, Asia
METALS: Tin, aluminium, copper prices down
Oil price falls on China's COVID-19 cases, high crude build
IBM, Intel slump weighs on Wall St as coronavirus concerns rise
GLOBAL MARKETS-Weak data, earnings drag stocks lower

Stories You'll Enjoy