KUALA LUMPUR (March 23): The FBM KLCI plunged 21.44 points or 1.33% after trading downwards today, as the market reflected the rest of the broader region which was in negative territory on dampened risk appetite.

At 5pm, the benchmark index closed at 1,595.29. It had earlier traded at a high of 1,616.78. Losers led gainers by 860 to 315 with 420 unchanged. Trading volume stood at 7.05 billion shares worth RM4.05 billion.

Remisier Jeffry Azizi Jaafar noted all sectors were in the red except for technology stocks, as the semiconductor counters had staged a rebound.

He said Bursa Malaysia’s heavy correction today was due to several factors including the uncertainty in global markets after the Turkish lira plunged, following the firing of Turkey’s central bank chief Naci Agbal.

“Bursa Malaysia and other Asian markets reacted negatively towards this issue,” he told theedgemarkets.com, adding that IHH Healthcare Bhd and Malaysia Airports Holdings Bhd have business operations there.

Meanwhile, he said foreign investor selling pressure has returned after they became net buyers in the previous weeks.

According to Reuters, Japanese shares snapped early gains to end lower on Tuesday, tracking lacklustre performance in Chinese markets as investors locked in profit on a recent rally in some mainland firms, while the volatility of US bond yields also dampened risk appetite.

It added that most regional currencies weakened as the US dollar steadied ahead of a Congressional testimony by US Federal Reserve Chair Jerome Powell and Treasury Secretary Janet Yellen later in the day.

Japan’s Nikkei 225 index fell 0.61%, while South Korea’s Kospi composite index dropped 1.01%. In China, the Hang Seng declined 1.34% and the Shanghai composite index dipped 0.93%.