KLCI dips 0.73% as Asian markets skid

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KUALA LUMPUR (Dec 16): The FBM KLCI fell 0.73% at mid-morning on Tuesday and remained below the crucial 1,700-point level as Asian markets skidded.

At 10am, the FBM KLCI lost 12.42 points to 1,684.89.

The top losers included British American Tobacco (M) Bhd, P.I.E Industrial Bhd, Dutch Lady Milk Industries Bhd, LPI Capital Bhd, Perduren (M) Bhd, Tahps Group Bhd, Hap Seng Plantations Bhd, Petra Energy Bhd, Berjaya Auto Bhd and DKSH Holdings Bhd.

The actives included Sumatec Resources Bhd, Tiger Synergy Bhd, Bumi Armada Bhd, IFCA MSC Bhd, SapuraKencana Petroleum Bhd and Perisai Petroleum Teknologi Bhd.

The gainers included Nestle (M) Bhd, United Plantations Bhd Kim Loong Reources Bhd, Parkson Holdings Bhd, Carlsberg Brewery (M) Bhd and Gas Malaysia Bhd.

Regionally, oil prices continued to slide on Tuesday, while the rouble jumped against the dollar after Russia sharply hiked its benchmark interest rate to halt a collapse in its currency, according to Reuters.

The dour mood kept equities down in Asia, with MSCI's broadest index of Asia-Pacific shares outside Japan down 0.1 percent in early trade, it said.

JF Apex Securities Research said U.S. stocks finished lower overnight, topping off a wild ride that had the Dow Jones Industrial Average trading in a more than 300-point range on either side of neutral as investors monitored the price of oil.

Similarly, it said European shares closed sharply lower with earlier gains in the price of oil reversed after the siege at the Sydney cafe ended in gunfire and explosions and reports of several fatalities and casualties.

“On the local exchange, the FBM KLCI tumbled 35.68 points to 1697.31 points.

“Asian equity markets are bracing for losses on after Wall Street tumbled overnight in volatile trading as investors monitored the price of oil,” it said.