KUALA LUMPUR: The FBM KLCI slipped below the 1,700-point level as escalating Middle East tensions weighed on sentiment after U.S. President Donald Trump signalled more aggressive strikes on Iran.
Trump said in a televised address that while the conflict could end soon, U.S. forces would continue strikes on Iran for the next two to three weeks, offering no clear timeline and dampening hopes for a swift resolution.
The FBM KLCI closed down 10.6 points, or 0.62% to 1,698.30, recovering from its intraday low of 1,688.89. The index hit an intraday high of 1,712.80.
Market breadth turned negative as losers overpowered the gainers on a ratio of 737-to-468 stocks. Traded volumes stood at 3.6 billion shares worth RM3.7bil.
A dealer said sentiment remained cautious as escalating geopolitical tensions dampened risk appetite, prompting investors to trim positions amid heightened uncertainty.
Among the decliners, Nestle fell RM1.84 to RM98.86, PETRONAS Dagangan lost 90 sen to RM91.10, Malaysian Pacific Industries
slid 88 sen to RM29.08, and United Plantations declined 80 sen to RM34.
On the upside, PETRONAS Chemicals rose 57 sen to RM5.97, Kuala Lumpur Kepong gained 36 sen to RM21.88, Batu Kawan added 26 sen to RM21.56, and PPB Group climbed 26 sen to RM12.16.
Concrete Engineering Products surged to limit-up, closing 29.95% or 56 sen higher at RM2.43 after receiving an unconditional takeover offer from YTL Cement Bhd at RM2.60 per share in cash.
Meanwhile, the ringgit weakened 0.33% against the US dollar to 4.0400, but edged up 0.02% versus the Singapore dollar to 3.1377.
Around the region, MSCI’s Asia ex-Japan stock index fell 1.79%, with most regional bourses ending lower.
Japan’s Nikkei 225 slid 2.38% to 52,463.27 and South Korea’s Kospi tumbled 4.47% to 5,234.05.
China’s blue-chip CSI300 Index lost 1.04% to 4,478.91 while the Shanghai Composite index fell 0.74% to 3,919.29.
Hong Kong’s Hang Seng Index dropped 0.7% to 25,116.53.
