KLCI down as constituent stocks among top losers

KLCI down as constituent stocks among top losers
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KUALA LUMPUR (Sept 21): The FBM KLCI closed down 2.54 points today at 1,771.04 as its constituent stocks ranked among the top losers for the day.

Petronas Gas Bhd, British American Tobacco (M) Bhd and Hong Leong Industries Bhd were among the top losers. Also down was Genting Bhd, Genting Malaysia Bhd and Hong Leong Financial Group Bhd.

Stocks have been trading in a tight range, but the market saw a sizable volume of 3.25 billion shares valued at RM2.41 billion, noted Pong Teng Siew, head of research at Inter-Pacific Securities Sdn Bhd noted.

"There was heavy volume on some of the oil and gas counters, which are retreating on high volume after having made gains on similar volumes,” Pong told theedgemarkets.com

Hibiscus Petroleum Bhd and UMW Oil and Gas Corp Bhd were the top two most active counters, followed by Trive Property Group Bhd.

Meanwhile, semiconductor counters retook the limelight as top gainers with counters such as KESM Industries Bhd and Pentamaster Bhd alsp rising.

Overall, 434 counters closed lower compared to 378 gainers, while 438 counters closed unchanged.

Meanwhile, the US Federal Reserve’s "great unwinding" of its monetary policy and a December rate hike brought down Asian shares.

MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.5%, with Australian shares declining most by 0.8%, Reuters reported.