KLCI down 1.01%, slips below 1,600 level

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KUALA LUMPUR (Sept 2): The FBM KLCI fell 1.01% and slipped below the 1,600-point level at mid-morning today in line with the retreat at most global markets.

At 10am, the FBM KLCI lost 16.20 points to 1,593.01.

The top losers included Malayan Banking Bhd (Maybank), United Plantations Bhd, UMW Holdings Bhd, Freaser & Neave Holdings Bhd, Suiah Corporation Bhd, Genting Bhd, AMM Holdings Bhd, Axiata Group Bhd, IOI Corporation Bhd, Panasonic Malaysia Manufacturing Bhd and British American Tobacco (M) Bhd.

The actives included APFT Bhd, AirAsia Bhd, The Media Shoppe Bhd, KNM Group Bhd, Sumatec Resources Bhd, Tiger Synergy Bhd and Maybank.

The top gainers included Far East Corporation Bhd, V.S. Industry Bhd, Petronas Gas Bhd, APM Automotive Bhd, Kossan Rubber Industries Bhd and Guinness Anchor Bhd.

Asian shares got off on the back foot on Wednesday after weak manufacturing activity reports from both the US and China sent Wall Street reeling, while the dollar steadied after steep losses, according to Reuters.

US S&P e-mini equity futures were up 0.7, suggesting that some calm could return to markets later in the global day, it said.

Hong Leong IB Research reiterated its view that the FBM KLCI’s relief rally from a 3½ year low of 1,504 on August 24 was ripe for profit taking consolidation, with stiff resistances near 1,654–1,678 levels amid lingering internal and external concerns of political woes, 1MDB scandal, renewed worries of Malaysia sovereign ratings, sliding currencies and commodity prices, ballooning external debt, ailing stock market, falling international reserves, China rapid slowdown and the timing of Fed’s rate hike.