KLCI falls 1.18% in line with regional rout, key blue chips drag

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KUALA LUMPUR (Dec 26): The FBM KLCI took a beating in the morning session today in line with the global rout, falling 1.18% at the midday break.

At 12.30pm, the FBM KLCI lost 19.84 points to 1,663.98.

Broader market sentiment turned negative with losers leading gainers by 592 to 118, while 230 counters traded unchanged. Volume was 694.67 million shares valued at RM427.74 million.

The top losers included Nestle (M) Bhd, Tenaga Nasional Bhd, Petronas Gas Bhd, Petronas Dagangan Bhd, Genting Bhd, UMW Holdings Bhd, IHH Healthcare Bhd, Top Glove Corp Bhd and Press Metal Aluminium Holdings Bhd.

The actives included Sapura Energy Bhd, Hubline Bhd, Hibiscus Petroleum Bhd, V.S. Industry Bhd, Prestariang Bhd, My EG Services Bhd, Genting Malaysia Bhd, Jaks Resources Bhd, FGV Holdings Bhd and Red Sena Bhd.

The gainers included Fraser & Neave Holdings Bhd, Gopeng Bhd, MBM Resources Bhd, Malaysian Pacific Industries Bhd, Unisem (M) Bhd, AirAsia Group Bhd, Apex Healthcare Bhd and BIMB Holdings Bhd.

Most Southeast Asian stock markets fell tracking their global peers on Wednesday, with Singapore taking the maximum hit, as continued concerns over political uncertainty in the US prompted investors to steer clear of riskier assets, according to Reuters.

Local trading volumes were largely subdued due to the holiday season, it said.

US equities fell into a tailspin on Christmas Eve as investors fretted over a number of political issues, ranging from the convening of a crisis group to reports of President Donald Trump considering the sacking of the Federal Reserve chairman. The drop created ripples across most equity markets around the globe, said Reuters.

Affin Hwang Capital Research said Asian markets were expected to be flat with slight downward bias as the US market continues to weaken.

"The FBM KLCI Index expected to be very volatile.

"Nonetheless, weakness from the US market should be capitalised as opportunity to accumulate local stocks since these stocks are in a deeply oversold range and anticipated to edge higher in the near future. Accumulate quality stocks on price weakness.

"Anticipate FBM KLCI Index to test the short-term resistance in the near future," it said.