KUALA LUMPUR: The local bourse was awash in red on Monday, with 1,140 stocks in the red as crude oil surged above US$100, spooking investors.
The benchmark FBM KLCI clawed back some of its losses but still plunged 43.89 points, or 2.55%, its biggest fall since April 9, 2025, when it dropped 2.98%.
The index closed at 1,674.17, its lowest level since early January 2025. It hit an intraday low of 1,664.07.
In the broader market, decliners outpaced advancers, with 1,140 stocks closing lower against 284 gainers, translating to a market breadth of 0.25 and signalling broad-based selling pressure.
Trading activity was brisk, with 5.51 billion shares worth RM5.9bil changing hands.
Consumer stocks were among the biggest losers, with Nestlé tumbling RM3.20 to RM102.60, F&N falling RM1.30 to RM31.62 and Dutch Lady
losing RM1 to RM31.00.
Other laggards included Malaysian Pacific Industries, which fell RM1.06 to RM29.04, Hong Leong Financial Group, which slid 76 sen to RM20.10, and Petronas Gas, which dropped 74 sen to RM17.18.
Among the gainers, United Plantations jumped RM1.42 to RM31.70, Hibiscus added 34 sen to RM2.39, Batu Kawan gained 24 sen to RM19.64 and Kuala Lumpur Kepong climbed 22 sen to RM19.58.
Dealers said overall sentiment remained weak and selling pressure could persist, taking cues from external markets.
Adding to the downbeat mood, regional sentiment was also dampened by ongoing geopolitical tensions in the Middle East, which drove oil prices towards the US$120 mark earlier.
SPI Asset Management managing partner Stephen Innes said oil’s surge above US$110 has become the “metronome” for global markets, triggering a broad risk-off move across Asia.
He said that when crude spikes sharply, it drives the global macro playbook, sending risk assets tumbling as investors rush to cut exposure.
Reuters reported that oil prices came off earlier highs on Monday but were still up more than 15% at levels not seen since mid-2022.
Brent crude futures were up US$14.51, or 15.65%, at US$107.20 per barrel, while U.S. West Texas Intermediate (WTI) crude futures were up US$11.93, or 13.12%, at US$102.83.
On the external front, MSCI’s broadest index of Asia-Pacific shares outside Japan was down 3.67%.
Japan’s Nikkei 225 tumbled 5.2% to 52,728.72 while South Korea’s Kospi sank 5.96% to 5,251.87.
Hong Kong’s Hang Seng Index closed down 1.35% at 25,408.46. China’s CSI300 Index declined 0.97% to 4,615.46, while the Shanghai Composite Index fell 0.67% to 4,096.60.
