KLCI tumbles 1.13% as regional sentiment takes a beating

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KUALA LUMPUR (Aug 13): The FBM KLCI tumbled 1.13% at the midday break today as sentiment took a beating and key blue chips on Bursa Malaysia fell in tandem with the regional markets.

At 12.30pm, the FBM KLCI lost 20.48 points to 1,785.27.

Losers beat gainers by 493 to 123, while 536 counters traded unchanged. Volume was 1.12 billion shares valued at RM954.13 million.

The top losers included Nestle (M) Bhd, KESM Industries Bhd, IHH Healthcare Bhd, Hong Leong Industries Bhd, Hengyuan Refining Company Bhd, Tenaga Nasional Bhd, Hong Leong Bank Bhd, Petronas Gas Bhd and Westports Holdings Bhd.

The actives included Edaran Bhd, Borneo Oil Bhd, Malaysian Resources Corp Bhd, Sapura Energy Bhd, IHH Healthcare, FoundPac Group Bhd, Nova MSC Bhd, Frontken Corp Bhd and Priceworth International Bhd.

The gainers included SAM Engineering & Equipment (M) Bhd, Edaran, Fraser & Neave Holdings Bhd, Revenue Group Bhd and Malaysia-listed Hang Seng Index-linked put warrants.

Asia share markets skidded and the euro hit one-year lows on Monday as a renewed rout in the Turkish lira infected the South African rand and drove demand for safe harbours, including the US dollar, Swiss franc and yen, according to Reuters.

The run from risk dragged MSCI's broadest index of Asia-Pacific shares outside Japan down 1.3% to a five-week low. Japan's Nikkei lost 1.6% with every bourse in the region in the red, it said.

Affin Hwang Capital Research said the FBM KLCI Index was little changed on Friday (+0.8 points).

"Prices have formed two consecutive 'gravestone doji' (candlestick pattern) — a bearish formation which further strengthens the possibility of a consolidation in our local index.

"Market participants likely to see weakness in stock prices across the board," it said.