KUALA LUMPUR: The FBM KLCI ended lower on Thursday amid broad-based selling pressure, while the ringgit extended its decline against the US dollar to a one-month low.
The 30-stock index fell 4.47 points, or 0.27%, to 1,674.74 after trading within a 14.17-point range, between an intraday high of 1,684.92 and a low of 1,670.75.
In the broader market, decliners outnumbered advancers 673 to 465, resulting in a market breadth ratio of 0.69, indicating broad-based selling pressure.
Dealers said market sentiment was weighed down by the US Federal Reserve’s decision to raise interest rates by 25 basis points, which renewed concerns over tighter global financial conditions and pressured regional equities and currencies.
They said the stronger US dollar following the Fed’s decision also weighed on the ringgit, which extended its decline to a one-month low.
Pioneer Heat, which made its debut on the ACE Market today, closed 20%, or five sen, higher at 30 sen, with 80.18 million shares traded.
Among the decliners, Hong Leong Bank fell 36 sen to RM23.10, PETRONAS Chemicals slid 34 sen to RM4.86, F&N lost 26 sen to RM22.86 and Hong Leong Financial Group declined 22 sen to RM18.56.
In contrast, ViTrox jumped 48 sen to RM9.58, Malaysian Pacific Industries
added 40 sen to RM40.10, Carlsberg gained 36 sen to RM12.74 and Nestle climbed 34 sen to RM90.52.
Meanwhile, AirAsia tumbled 21.09%, or 13.5 sen, to 50.5 sen, marking its biggest intraday decline since March 9 and its lowest level since December 2022. Capital A fell 16.36%, or 4.5 sen, to 23 sen.
The sharp declines came after Reuters reported that the government had asked Malaysia Airlines and Batik Air whether they could potentially absorb AirAsia’s domestic market share as part of scenario planning while authorities monitor the low-cost carrier’s financial health.
On the forex front, the ringgit weakened for a fourth consecutive day, falling 0.54% against the US dollar to 4.0982, its lowest level in a month. Despite the decline, the local currency remained 0.8% stronger year-to-date.
Against the Singapore dollar, the ringgit eased 0.35% to 3.2122.
Meanwhile, Brent crude fell US$1.53, or 1.45%, to US$104.30 a barrel, while U.S. West Texas Intermediate crude eased US$1.02, or 1%, to US$101.41 per barrel.
On the external front, MSCI’s Asia ex-Japan stock index was lower by 0.2%.
Japan’s Nikkei 225 advanced 0.33% to 64,136.25 while South Korea’s Kospi closed down 0.04%, at 6,715.41.
Hong Kong’s Hang Seng ended 0.44% lower at 24,604.29.
China’s CSI300 index fell 0.45% to 4,460.16 while the Shanghai Composite eased 0.41% to 3,875.60.
