Friday 29 Mar 2024
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KUALA LUMPUR (March 16): Hap Seng Consolidated Bhd, CIMB Group Holdings Bhd and Genting Bhd were leading the decliners on the FBM KLCI, amid regional declines as investors react to the US Federal Reserve (Fed)'s rate cut on Sunday.

At the noon market close, shares in Hap Seng were 8.18% or 63 sen lower at RM7.07, giving the diversified group a market capitalisation of RM17.6 billion. It saw some 376,700 shares transacted on the local bourse today.

CIMB was 6.48% or 26 sen lower at RM3.75, valuing the banking group at some RM37.21 billion. The counter saw 14.98 million of its shares traded. 

Both Genting and Genting Malaysia Bhd (GenM) were among the top laggards on the benchmark index today. Genting was 5.76% or 23 sen lower at RM3.76, valuing it at some RM14.58 billion.

GenM declined by 6.17% or 15 sen to RM2.28, resulting in a market capitalisation of RM13.54 billion.

The majority of the 30 FBM KLCI constituent stocks posted losses during the morning trading session today. The only exception was Sime Darby Plantation Bhd, which inched up 0.998% or four sen to RM4.05.

The FBM KLCI is 2.76% or 37.1 points lower at 1,307.65 points at the midday break. The index opened at 1,319.87 points before reaching an intra-morning low of 1,299.42 points.

Other key Asian markets were also in the red today. Singapore’s Straits Times Index was trading 3.18% or 83.78 points lower at 2,550.22 points.

In China, the Shanghai Composite Index was trading 0.55% or 15.93 points lower at 2,871.49 points, while Hong Kong’s Hang Seng fell 2.19% or 525.78 points to 23,507.13 points.

South Korea's Kospi was trading 1.45% or 25.64 points lower at 1,745.80 points, while Japan's Nikkei 225 declined by 0.01% or 2.34 points to 17,428.71 points.

The Fed cut interest rates by 100 basis points on Sunday to a target range of 0% to 0.25% and said it would be expanding its balance sheet by US$700 million in the coming weeks.

However, the drastic rate cut and quantitative easing have failed to calm worries over the wider spread of the Covid-19 virus worldwide.

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