KUALA LUMPUR (Oct 11): The FBM KLCI pared some of its losses at the midday break today, having gyrated between above and below the 1,700-point level during the morning session.
At 12.30pm, the FBM KLCI fell 2.03% or 35.26 points to 1,699.92. The index had earlier slumped to its intra-morning low of 1,682.98 from a high of 1,700.99.
Market breadth was negative with 924 losers and 119 gainers, while 829 counters traded unchanged. Volume was 1.77 billion shares valued at RM1.71 billion.
The top losers included Nestle (M) Bhd, British American Tobacco (M) Bhd, Malaysian Pacific Industries Bhd, United Plantations Bhd, Heineken Malaysia Bhd, Tenaga Nasional Bhd, Ajinomoto (M) Bhd, KESM Industries Bhd, Petronas Gas Bhd and Petronas Dagangan Bhd.
The actives included Sapura Energy Bhd, Gamuda Bhd, Hibiscus Petroleum Bhd, Sumatec Resources Bhd, Velesto Energy Bhd, My EG Services Bhd, Hubline Bhd and Orion IXL Bhd.
Gainers included Malaysia-listed Hang Seng Index-linked put warrants, Gamuda, IJM Corp Bhd and Axiata Group Bhd.
Asian share markets sank in a sea of red on Thursday after Wall Street suffered its worst drubbing in eight months, a conflagration of wealth that could threaten business confidence and investment across the globe, according to Reuters.
It also raised the stakes for US inflation figures due later on Thursday as a high outcome would only stoke speculation of more aggressive rate hikes from the Federal Reserve, it said.
Affin Hwang Capital Research said going forward, the FBM KLCI and market as a whole was anticipated to drift lower in tandem with global market correction.
"The next key critical support is in the range of 1,650-1,600. If major markets continue to slide in the coming days, the FBM KLCI index might plunge to [a] four-year low, ie around 1,503.
"The FBM KLCI index may experience normal consolidation with downward bias in the near term," it said.