Political volatility sends KLCI below key 1,500 again

KUALA LUMPUR: Worries about the rising political volatility impacted the local stock market and selling pressure on key stocks sent the FBM KLCI briefly below the crucial 1,500.

At 9.41am, the KLCI was down 3.52 points or 0.23% to 1,500.92. Turnover was 721.50 million shares valued at RM376.61mil. There were 229 gainers, 364 losers and 345 counters unchanged.

Bloomberg reported Asian stocks rose early Thursday after U.S. shares climbed on signs of moderating inflation that reduced concerns about an imminent paring back of Federal Reserve stimulus. The dollar held a drop.

Equities edged up in Japan and Australia and were steady in South Korea. U.S. contracts were little changed after the S&P 500 hit a record and the tech-heavy Nasdaq 100 fell amid a rotation to cyclical shares.

On the home front, the political situation in the country remains fluid after a day of intense drama, which is certain to only escalate in the coming days, The Star reported.

The question that some sources are asking is when will Parliament convene and whether this will be even sooner than the Sept 6 date that had been set earlier.

Consumer stocks fell the most with Nestle down 40 sen to RM132.80 in thin trade, Heineken 38 sen to RM22.60, F&N 12 sen to RM25.90 and Padini eight sen to RM2.96.

KL Kepong gave up the previous day’s gains, falling 14 sen to RM19.46, MAHB nine sen to RM5.91, Press Metal and HL Bank shed eight sen to RM4.92 and RM18.16.

PDZ-WB surged 9.5 sen to 19 sen in active trade. DNeX edged up 0.5 sen to 82 sen.

Serba Dinamik gained 1.5 sen to 41.5 sen, T7 GLOBAL 0.5 sen to 34 sen but Globaltec lost 2.5 sen to 70.5 sen and Censof 3.5 sen to 41.5 sen.

Chip and semicon stocks edged up with MPI adding 58 sen to RM44.08, Genetec 10 sen to RM27.10, SAM 24 sen to RM14.24 while Greatec added 18 sen to RM7.23, Widete 15 sen to RM4.19 and PMB Tech 13 sen to RM5.73.

PPB Group rose 14 sen to RM18.32 while Hartalega added 11 sen to RM7.05.

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