Friday 29 Mar 2024
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KUALA LUMPUR (Nov 30): The FBM KLCI closed 16.48 points or 0.97% lower today after foreign institutional investors' portfolio adjustments led to a sharp drop in KLCI-linked stocks' prices. Across Bursa Malaysia, share trade value expanded to RM4.56 billion.   
 
At 5pm, the KLCI closed at 1,679.86 after a mid-afternoon tumble due to a sharp drop in prices of stocks including Sime Darby Plantation Bhd, MISC Bhd and IHH Healthcare Bhd.

“The index [falling so much] is rather unexpected, but I would not say it’s uncharacteristic. Usually, as we’ve seen in the recent years, right at the end of every month, there are often some portfolio adjustments,” Inter-Pacific Securities Sdn Bhd research head Pong Teng Siew told theedgemarkets.com.

Among the 30 KLCI stocks, Sime Darby Plantation was the biggest decliner, in percentage terms, after the shares closed 27 sen or 5.43% lower at RM4.70.

Sime Darby Plantation also ended among Bursa Malaysia top decliners, which included PPB Group Bhd. Frank Lin, a dealer’s representative at Hong Leong Investment Bank Bhd said weaker crude oil and palm oil prices had hit Malaysian stock market sentiment.

Across Bursa Malaysia today, 3.09 billion shares worth RM4.56 billion were traded. Yesterday, the bourse saw 2.16 billion shares worth RM2.45 billion transacted.

Globally, Reuters reported that Asian shares wavered on Friday as investors were on edge before a crucial weekend meeting between the Chinese and US presidents that could determine the course of a heated trade war over the next year.

It was reported that investor attention is now squarely focused on planned talks between Chinese President Xi Jinping and his US counterpart over the weekend on the sidelines of a G20 summit in Argentina.

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