KLCI falls 1.3% as blue chips dip

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KUALA LUMPUR (March 9): The FBM KLCI fell 1.3% at mid-morning on Monday as blue chips including Petronas-linked stocks fell.

At 10am, the FBM KLCI lost 27.29 points to 1,779.67.

The top losers included Petronas Gas Bhd, Panasonic Malaysia Manufacturing Bhd, Petronas Dagangan Bhd, Hong Leong Capoital Bhd, Hong Leong Financial Group Bhd, Kuala Lumpur Kepong Bhd, MSM Malaysia Holdings Bhd, Public Bank Bhd and UMW Holdings Bhd.

The actives included Eti Tech Corporation Bhd, Privasia Technology Bhd, Asia Bio Energy Technologies Bhd, Wintoni Group Bhd, Tiger Synergy Bhd and SapuraKenchana Petroleum Bhd.

The gainers included Danainfra Nasional Bhd, Far East Corporation Bhd, Kossan Rubber Industries Bhd, Only World Group Holdings Bhd, Bursa Malaysia Bhd, KLCC Properties Holdings Bhd, C.I. Holdings Bhd and WCT Bhd.

Asian stocks buckled while the dollar held firm in early Monday trade after strong U.S. jobs data fanned expectations that the U.S. Federal Reserve may raise interest rates sooner than previously thought, according to Reuters.

Japan's Nikkei fell 0.7 percent while MSCI's broadest index of Asia-Pacific shares outside Japan dropped 0.5 percent, it said.

Hong Leong IB Research said the market undertone was turning increasingly negative following last week’s retreat.

“Weekly supports are near 1780 whilst resistance remains at 1829 (200-day simple moving average),” it said.