Bursa Malaysia slides as nearly 1,000 stocks fall into the red

KUALA LUMPUR: Bursa Malaysia started the week in the red as almost 1,000 counters ended lower, with investors grappling with soaring tensions in the Middle East.

The FBM KLCI lost 8.51 points, or 0.55% to 1,542.53, its intraday low. The index has risen to an intraday high of 1,548.34.

In the broader market, losers outnumbered gainers with 993 stocks ending lower and 230 stocks finishing higher, indicating the bears were in better control. Volume was 4.3 billion shares valued at RM3.25bil.

In a statement this morning, Bank Negara (BNM) announced its readiness to deploy the tools at its disposal to ensure the Malaysian financial markets remain orderly and continue to function efficiently in light of the current geopolitical situation.

“BNM continues to closely monitor conditions in the financial markets and will manage any risks arising from heightened financial market volatility.

“BNM has engaged with financial market participants, including heads of treasury operations, who concur that any uncertainties would recede and stabilise once the geopolitical situation de-escalates,” it added.

On Bursa Malaysia, Nestle tumbled 80 sen to RM122.10, Dutch Lady lost 38 sen to RM33.62, Malaysian Pacific Industries fell 38 sen to RM31 and Ajinomoto slid 28 sen to RM19.32.

Among the gainers, Sungei Bagan Rubber rose 22 sen to RM4.87, Ge-Shen added 19 sen to RM3.94, Greatech gained 13 sen to RM4.60 and Kuala Lumpur Kepong climbed 12 sen to RM22.90.

Meanwhile, the ringgit was quoted at 4.7800, down 0.2% against the US dollar.

Reuters reported that the ringgit stood at a nearly two-month low, although the country stands out as the only net oil and gas exporter among the major emerging Asian economies and could be a beneficiary of higher oil prices.

Elsewhere in the region, Japan’s Nikkei 225 fell 0.74%, Hong Kong’s Hang Seng Index closed down 0.72%, South Korea’s Kospi declined 0.42%, China’s CSI 300 Index added 2.11% and Singapore’s Straits Times Index fell 1.09%.

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Bursa Malaysia , FBM KLCI , KLCI


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