KLCI in the red, ringgit hit the lowest since March 2020

KUALA LUMPUR: The FBM KLCI ended 0.35% lower on Thursday as risk sentiment soured as investors were concerned over the global economic slowdown.

At 5pm, the benchmark index closed down 5.50 points, or 0.35% to 1,549.41. The index hit an intraday low of 1,545.02 and an intraday high of 1,554.91.

ALSO READ: Ringgit hits 4.4 against US$, lowest since March 2020

Market breadth turned negative as losers overpowered the gainers on a ratio of 692-to-272 stocks. Traded volumes stood at 2.68 billion worth RM2.23bil.

Along with investors' profit-taking, dealers said investors were also concerned about economic recession due to inflationary pressures.

On Bursa Malaysia, Malaysian Pacific Industries tumbled 82 sen to RM30.80, Dutch Lady fell 48 sen to RM33.52, Sarawak Oil Palms lost 33 sen to RM5.72 and Carlsberg declined 28 sen to RM22.

Among the gainers, Genting jumped 22 sen to RM4.86, Kuala Lumpur Kepong added 20 sen to RM26.90, PPB rose 20 sen to RM17.12 and Petron Malaysia advanced 18 sen to RM7.13.

ALSO READ: Ringgit vs US dollar: What we need to understand

Serba Dinamik, the most actively traded counter on Bursa Malaysia, fell 1.5 sen to 14.5 sen with 186.17 million shares traded.

Sapura Energy declined one sen to 6.5 sen with 166.53 million shares done.

Meanwhile, the ringgit was quoted at 4.4043, down 0.17% against the US dollar.

The ringgit hit a record low on March 23, 2020 when it reached RM4.447.

SPI Asset management managing partner Stephen Innes said it would be interesting to see whether the US dollar gives back some of its recent gains.

“Despite the ongoing stock market malaise, the US dollar hardly fires on all cylinders. US slowdown concerns could be undermining the dollar, with a rally in fixed income supporting that idea,” he said.

On the external front, MSCI’s Asia ex-Japan stock index was lower by 2.21%.

Japan’s Nikkei 225 fell 1.89% to 26,402.84 while South Korea’s Kospi index closed down 1.28%, at 2,592.34.

Hong Kong’s Hang Seng index fell 2.54% to 20,120.68.

China's CSI300 index closed up 0.19% at 3,999.60 while the Shanghai Composite index rose 0.36% to 3,096.96.

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KLCI , FBM KLCI , Bursa Malaysia , ringgit


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