Friday 29 Mar 2024
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KUALA LUMPUR (March 17): The FBM KLCI was dragged down by Press Metal Aluminium Holdings Bhd, Hap Seng Consolidated Bhd, Malaysia Airports Holdings Bhd (MAHB) and Maxis Bhd.

At 9:39am, the benchmark index was 3.06% or 39.22 points lower at 1,241.41 points.

Press Metal was trading 11.53% or 40 sen lower at RM3.07, valuing the aluminium company at RM12.4 billion. Some 3.28 million shares were traded across the local bourse today.

Hap Seng shares fell 7.33% or 55 sen to RM6.95, valuing the diversified group at RM17.3 billion. It saw a trading volume of 93,600 shares.

Airport operator MAHB declined 7.4% or 40 sen to RM5.05, giving it a market capitalisation of RM8.38 billion. The counter saw some 727,500 shares traded.

Telecommunications company Maxis fell 6.16% or 32 sen to RM4.87, on a trading volume of 332,600 shares. Maxis now has a market capitalisation of RM38.09 billion.

The declines seen on the FBM KLCI are reflective of a broader selldown, which is also present in other regional bourses.

Hong Kong's Hang Seng Index declined 0.96% or 220.31 points to 22,843.26 points, while the Shanghai Composite was trading 0.56% or 15.59 points lower at 2,733.66 points.

South Korea's Kospi was down 2.82% or 48.41 points at 1,666.45 points. However, Japan's Nikkei 225 posted a marginal gain of 0.42% or 71.50 points to 17,073.54 points.

The declines seen in Asian bourses were hot on the heels of the Dow Jones Industrial Average in the US falling 12.93% or 2,997.10 points to 20,188.52 points during its overnight trading session.

Investor sentiment is still weak, with concerns over how the Covid-19 outbreak will impact economic activity in the face of governments worldwide implementing stricter measures to halt the spread of the disease.

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