Fallout in Chinese market weighs on FBM KLCI


KUALA LUMPUR: Market sentiment was soft on Wednesday amid the ongoing rout in Chinese markets, even as investors turned their attention towards a recovery theme.

At 12.30pm, the FBM KLCI was down 1,510.67, erasing the modest gains made in the previous session.

"Although investors will be shifting their focus from daily Covid-19 infections to the positive vaccination rate locally, the local sentiment may still remain cautious following the negative performances in China and Hong Kong after Beijing announced additional measures for the technology, education and real estate sectors," said Malacca Securities Research.

Press Metal led the fall on the blue-chip index, sliding nine sen to RM4.81.

Top Glove was down five sen to RM3.95 while Hartalega rose one sen to RM7.31, with Kossan's recent 1H earnings result unable to shore up sentiment in the gloves sector.

Financial stocks were mostly in the red led by CIMB down four sen to RM4.49 and Hong Leong Bank sliding six sen to RM18.16. Maybank rose two sen to RM8.02 while Public Bank was unchanged at RM4.01.

On the broader market, the country's technology sector was seeing some pullback led by Genetec down 40 sen to RM20, MPI sliding 26 sen to RM41.64, KESM falling 16 sen to RM12.30 and Globetronic shedding 14 sen to RM2.13.

Top actives were XOX unchanged at four sen, AT Sytemization flat at 6.5 sen and Artroniq up 7.5 sen to 48 sen.

In Asian markets, while China's and Hong Kong's equities found some stability after two days of furious selling, the overall sentiment remained dour.

China's main index was down 0.6% and Hong Kong's Hang Seng slid 0.25%.

Japan's Nikkei shed 1.5% while South Korea's Kospi lost 0.4%.

In Australia, the ASX20 was down 0.7%.
Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 46
Cxense type: free
User access status: 3
Join our Telegram channel to get our Evening Alerts and breaking news highlights

Bursa Malaysia , FBM KLCI , equities

   

Next In Business News

UK seeks to break down digital trade barriers
UK set for most widespread pay rises in over a decade
Oil giant Shell sets sights on sustainable aviation fuel take-off
U.S. opens probe into 30 million vehicles over air bag inflators
Nigeria to incorporate state-oil firm NNPC, board appointed
Egypt to sell minority stake in state payments firm e-finance
Malaysia looking forward to welcoming China in CPTPP as early as next year
Indonesia’s halt to palm oil expansion set to expire soon
China defends tech crackdown in meeting with Wall Street chiefs
CPO futures likely to see technical correction next week

Stories You'll Enjoy


Vouchers