KLCI ends lower as caution over banking turmoil persists

KUALA LUMPUR: The FBM KLCI finished lower on Monday as investors remained cautious as markets digested Credit Suisse's buyout.

The benchmark index closed down 9.92 points, or 0.7% at 1,401.81 after moving between its intraday high of 1,408.52 and low of 1,400.49.

In the broader market, losers outnumbered gainers 653 to 275, with 3.47 billion shares worth RM1.93bil changing hands.

Along with the banking crisis, dealers said investors were also concerned about the Federal Reserve's interest rate. They added that banking turmoil would continue to weigh on markets.

According to MIDF Research, foreigners offloaded RM536.0mil worth of equities on Bursa Malaysia last week, only 3.8% lower than the net selling amount of RM556.9mil the week before.

Local institutions bought RM565.7mil worth of equities, the highest weekly amount in 2023 while local retailers turned net sellers at a rate of RM29.7mil last week.

Among the losers on Bursa Malaysia, Heineken shed RM1 to RM27, Hextar Technologies fell 64 sen to RM24.30, Kuala Lumpur Kepong eased 56 sen to RM21 and Aeon Credit declined 42 sen to RM10.92.

PETRONAS Dagangan gained 14 sen to RM20.36, ViTrox added 12 sen to RM7.68, F&N rose 12 sen to RM25.10 and Tomei climbed 12 sen to RM1.24.

Elsewhere in the region, Japan’s Nikkei 225 fell 1.42%, Hong Kong’s Hang Seng Index tumbled 2.65%, South Korea’s Kospi eased 0.69%, China’s CSI 300 lost 0.5% and Singapore’s Straits Times Index closed down 1.37%.