FBM KLCI ends lower for third straight day

KUALA LUMPUR: The FBM KLCI closed lower on Thursday, its third straight session in negative territory as US economic data spooked investors.

At 5pm, the 30-stock index ended down 4.66 points, or 0.33% to 1,424.89 after rising to an intraday high of 1,431.32.

Market breadth turned negative as losers overpowered the gainers on a ratio of 450-to-321 stocks. Traded volumes stood at 2.5 billion shares worth RM1.54bil.

“Risk-off sentiment has continued to build in market circles thanks to another round of weak data compounding fears about a potential US recession.

“And it morphed into a global event that triggered losses in Asia despite a rise in the Caixin services and composite PMIs from China in March, suggesting the mood remains pretty downcast more broadly,” SPI Asset Management managing partner Stephen Innes said.

At Bursa Malaysia, South Malaysia Industries rose 17 sen to RM1.03, United Plantations gained 14 sen to RM16.40, Bintulu Port added 10 sen to RM5.20 and Salutica climbed 9.5 sen to 55.5 sen.

Nestle tumbled RM1.60 to RM135.80, Malaysian Pacific Industries slid 50 sen to RM28.50, Hextar Technologies lost 42 sen to RM23.58 and Heineken eased 32 sen to RM27.

Classita rose 5.5 sen to 19.5 sen with 80.22 million shares traded. The company has reached a settlement over a RM3.96mil advance provided by its substantial shareholder Datuk Seri Tee Yam and former executive vice-chairman Jessie Wong Siaw Puie to the company.

Meanwhile, the ringgit was quoted at 4.4010 against the greenback, down 0.03%.

The local currency was up 0.43% against the euro at 4.7963. It rose 0.13% against the pound sterling at 5.4832 and rose 0.22% against the Singapore dollar at 3.3107.

Among the key regional markets:

Japan’s Nikkei 225 closed down 1.1% to 27,507.65;

Hong Kong’s Hang Seng Index gained 0.01% to 20,277.01;

Shanghai Composite Index fell 0.01% to 3,312.22;

Taiwan’s Taiex fell 0.36% to 15,810.77;

South Korea’s Kospi slid 1.44% to 2,459.23 and;

Singapore’s Straits Times Index fell 0.53% to 3,301.19 points.