Last-minute selling drags FBM KLCI down; Lagenda Properties most active

KUALA LUMPUR: The FBM KLCI erased gains made earlier to end lower following last-minute selling in heavyweights.

At closing, the benchmark index closed down 1.09 points, or 0.07% at 1,604.26 after moving between its intraday high of 1,608.84 and low of 1,602.32.

Market breadth was negative with 620 losers, 577 gainers and 473 counters unchanged on the Bursa Malaysia. Turnover was at 5.3 billion shares valued at RM4bil.

In today’s session, 13 of the KLCI-component stocks ended lower while nine counters chalked up gains.

Among the losers on Bursa Malaysia, Malaysian Pacific Industries slid 76 sen to RM38.74, Carlsberg lost 28 sen to RM19.20, United Plantations fell 20 sen to RM25.10 and Chin Hin declined 20 sen to RM3.22.

Dutch Lady jumped RM1.08 to RM35.98, IJM added 23 sen to RM2.77, Press Metal rose 22 sen to RM5.59 and Mah Sing gained 19 sen to RM1.71.

Lagenda Properties, the most active counter on Bursa Malaysia, declined five sen, or 4.27% to RM1.12 with 289.81 million shares traded.

The developer, in response to an unusual market query from Bursa Securities, said it had become aware of news reports that the Malaysia Anti-Corruption Commission (MACC) had granted a four-day remand order involving a senior personality of the company.

It said the investigation is isolated from Lagenda's business operations and that the operations of the group remained unaffected by the event.

Meanwhile, the ringgit was quoted at 4.7025, up 0.04% against the US dollar.

US West Texas Intermediate crude fell nine cents to US$79.14 and Brent declined 13 cents to US$83.47 per barrel.

Elsewhere in the region, Japan’s Nikkei 225 fell 1.30%, Hong Kong’s Hang Seng Index closed down 1.34%, South Korea’s Kospi ended down 1.56% and China’s CSI300 Index declined 0.53%.

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