KUALA LUMPUR (Sept 3): The FBM KLCI closed down 22.14 points or 1.44% at 1,515.40 today while the number Bursa Malaysia decliners rose past 800 on profit-taking and as investors took cue from China share losses.

Across Bursa at 5pm, there were 874 decliners and 315 gainers.

Trading volume stood at 9.41 billion shares valued at RM5.43 billion.

Inter-Pacific Securities Sdn Bhd head of research Victor Wan told theedgemarkets.com the KLCI fell today as investors took profit after yesterday’s gain.

“I was surprised looking at how steep the selloff was at the KLCI today as I was initially anticipating the buying momentum in the technology-driven rally seen yesterday [to] continue today.

“Also, I was expecting there will be more upside for the KLCI following the [end of the] corporate second quarter earnings [reporting season, during] which most of them (companies) should have reflected their worst due to the (Covid-19) pandemic-induced slump,” Wan said.

Yesterday, it was reported that the KLCI closed up 16.11 points or 1.06% at its intraday high of 1,537.54 while Bursa's technology index rose by a larger quantum as the healthcare gauge fell in an apparent tack change where investors priced in an earnings recovery after businesses were hit by the Covid-19 pandemic.

It was reported that the technology index, which tracks shares of companies like electronic component manufacturers, ended up 2.97% to become the largest-percentage gainer among Bursa indices.

Across Bursa, it was reported that 11.6 billion securities were traded for RM5.39 billion. There were 552 gainers against 537 decliners.

Today, all Bursa indices closed lower except for the REIT index and the telecommunications and media gauge.

The healthcare index, which tracks share prices of companies including rubber glove manufacturers, fell the most in percentage terms, after the gauge ended down 163.92 points or 4.01% at 3,925.15.

The telecommunications and media gauge closed up 0.71% while the REIT index rose 0.2%.

Rubber glove manufacturers ended among Bursa leading decliners.

Hartalega Holdings Bhd closed down RM1.50 or 9.77% at RM13.86, Kossan Rubber Industries Bhd fell RM1.12 or 7.41% to RM14, Supermax Corp Bhd dropped RM1.10 or 5.14% to RM20.30 while Top Glove Corp Bhd closed 32 sen or 3.68% lower at RM8.37.

Top Glove and Hartalega are KLCI stocks.

Global markets took cue from China today. Reports that China was planning sweeping policy changes to its semiconductor industry to fight US restrictions added fuel to concerns about deteriorating relations between the world's two biggest economies.

It was reported that China's blue-chip index closed 0.5% lower, while Hong Kong's Hang Seng fell 0.7% to take some of the shine off gains of 0.9% and 1.3% in Tokyo and Seoul respectively.

"The China chip talk came after the United States said on Wednesday it would now require senior Chinese diplomats to get State Department approval before visiting US university campuses or holding cultural events with more than 50 people outside mission grounds.

"Shares of Chinese gaming and social media powerhouse Tencent had also fallen more than 2% after India banned 118 mobile apps, including the firm's popular PUBG game," Reuters reported.