KLCI tumbles 20 points; over 1,100 stocks in red

KUALA LUMPUR: Bursa Malaysia sank into the red at closing with over 1,100 counters falling as heavy selling continued to bash down blue chips and small-cap stocks.

The FBM KLCI closed 20.12 points, or 1.26% lower at 1,576.62. The index opened 3.80 points higher at 1,600.54 this morning.

Market breadth turned negative as losers hammered gainers on a ratio of 1,119-to-231 stocks. Traded volumes stood at 7.48 billion shares worth RM5.16bil.

Dealers noted that investors turned more cautious in the afternoon trading session. They added that the overall sentiment appeared weak amid worries of potential stricter lockdowns as high daily Covid-19 cases.

Adding to the downbeat note, foreign funds are back in selling mode. Foreign funds turned net sellers last week with net outflow of RM288.13mil against a net buying of RM326.06mil in the preceding week.

The performance of KLCI was in contrast with regional peers.

China’s blue-chip CSI300 index rose 1% to 5,625.92, while the Shanghai Composite Index added 0.5% to 3,624.24. Hong Kong’s Hang Seng index closed 2.4% firmer at 30,159.01, while the China Enterprises Index also gained 2.4% to 11,960.49. South Korea’s Kospi index rose 2.18%, to 3,208.99 while Japan’s Nikkei 225 advanced 0.67% at 28.822.29.

Twenty-five of the 30 KLCI-linked counters were in the red with oil and gas stocks among the most negatively impacted.

Petronas Chemicals tumbled 45 sen to RM6.90, Dialog closed 23 sen lower to RM3.03 and Petronas Gas fell 34 sen to RM16.22 despite firmer crude oil prices.

Glove manufacturers are the major stock advancers among the component stocks. Hartalega jumped 68 sen to RM13, Supermax rose 47 sen to RM7 and Top Glove rose 27 sen to RM6.52 as the infections continue to rise.

Among the banks, Public Bank tumbled 36 sen to RM21.30, Maybank declined 12 sen to RM7.88, CIMB shed 14 sen to RM3.84, Hong Leong Bank fell 32 sen and RHB closed 11 sen lower at RM5.23.

Meanwhile, the ringgit was quoted at 4.0455, down 0.05% against the US dollar.

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