FBM KLCI edges lower in line with lackluster regional markets

KUALA LUMPUR: The FBM KLCI edged lower on Monday in line with the negative performance of regional bourses.

At 5pm, the benchmark index fell 1.28 points to 1,387.33. The index had earlier risen to an intraday high of 1,390.50.

Market breadth was negative with 452 losers and 372 gainers, while 426 counters traded unchanged. Trading volume was 2.58 billion shares valued at RM1.47bil.

The sentiment in regional markets was soft on as investors awaited testimony from U.S. Federal Reserve Chair Jerome Powell and further stimulus measures from China to revive demand.

Among the losers, PETRONAS Dagangan eased 66 sen to RM21.88, Maxis fell 41 sen to RM4.14, F&N lost 38 sen to RM25.32 and Press Metal declined 26 sen to RM4.74.

Kuala Lumpur Kepong surged RM1.28 to RM21.90, Hextar Technologies rose 30 sen to RM26.98, Batu Kawan gained 26 sen to RM20.70 and Time Dotcom advanced 25 sen to RM5.35.

The net selling by foreign investors on Bursa Malaysia stretches into its ninth consecutive week with net foreign outflows amounting to RM189.4mil last week, according to MIDF Research.

Foreign investors have been sellers for 18 out of 24 weeks this year, with a total net foreign outflow of RM3.66bil.

Meanwhile, local institutional investors remained net buyers for the third consecutive week at RM81.2mil while local retailers acquired RM108.3mil.

On the external front, MSCI’s Asia ex-Japan stock index was lower by 0.53%.

Japan’s Nikkei 225 slid 1% to 33,370.42 while South Korea’s Kospi closed down 0.62% at 2,609.50.

Hong Kong’s Hang Seng ended 0.64% lower at 19,912.89.

China’s CSI300 index fell 0.82% to 3,930.91 while the Shanghai Composite eased 0.54% to 3,255.81.