KUALA LUMPUR: Bursa Malaysia experienced a bloodbath on Black Monday, plunging to a near four-month low as relentless selling pressure mirrored bearish regional markets. Fears of a potential U.S. recession sent investors rushing from risk.
At the close, the FBM KLCI plunged 74.57 points or 4.63% to 1,536.48, recovering from an intraday low of 1,532.24. The slide is the biggest since falling 4.77% on March 16, 2020.
Losers thumped gainers at 1,659 to 83 while 131 counters were unchanged. Turnover surged to 9.26 billion securities valued at RM7.97bil.
Dealers expect the local bourse to stay in bearish consolidation as fears of a potential U.S. recession drive investors away from risk assets.
Bursa Malaysia has also halted intraday short-selling (IDSS) for a number of stocks that fell more than the limit including Mah Sing Group Bhd
, VS Industry Bhd, WCT Holdings Bhd, Nationgate Holdings Bhd and Deleum Bhd.
The suspension of IDSS trading is triggered when the price action is greater than 15 per cent for stocks valued at over RM1 or movement of over 15 sen for penny stocks.
Among the FBM KLCI’s component stocks, YTL Power contributed the most to the index decline and had the largest move, decreasing 11.36%, or 51 sen to RM3.98.
Malaysian Pacific Industries, the biggest loser on Bursa Malaysia tumbled RM2.10 to RM32.90. Allianz slid RM1.76 to RM20.02, United Plantations declined RM1.50 to RM24.70 and Nestle fell RM1.50 to RM109.00.
MyEG, the most actively traded counter on Bursa Malaysia fell 14.95%, or 14.5 sen to 82.5 sen with 202.56 million shares done.
Meanwhile, Reuters reported that the ringgit soared 2.3% earlier to its highest levels since April last year, and logged its best day since January 2016.
The local unit appreciated 1.5% to 4.4295 against the US dollar.
Around the region, MSCI's Asia ex-Japan stock index was weaker by 4.18%.
Japanese stocks collapsed on Monday in their biggest single-day rout since 1987's Black Monday selloff, Reuters reporter.
Nikkei 225 stock index plunged 12.4% overnight in its biggest one-day fall since 1987.
China’s blue-chip CSI300 index was down 1.21% to 3,343.32 while the Shanghai Composite index was down 1.54% at 2,860.70.
Hong Kong's Hang Seng closed down 1.46% to 16,698.36 points.
South Korea’s Kospi tumbled 8.77% to 2,441.55. Reuters reported that trading on South Korea's Kosdaq market was halted for 20 minutes from 1:56 pm local time, after the Korea Exchange activated circuit breakers.
