KLCI falls 1.81%, regional markets slump

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KUALA LUMPUR (Aug 24): The FBM KLCI fell 1.81% at the midday break today as decliners hammered advancers in line with the slump at regional markets.

At 12.30pm, the FBM KLCI lost 27.93 points to 1,546.74.

Losers led gainers 869 to 64, while 130 counters traded unchanged. Volume was 1.31 billion shares valued at RM962.82 million.

The top losers included Aeon Credit Services (M) Bhd, Public Bank Bhd, Dutch Lady Milk Industries Bhd, Batu Kawan Bhd, Tasek Corporation Bhd, Sime Darby Bhd, Latitude Tree Holdings Bhd, LPI Capital Bhd, PPB Group Bhd, Nestle (M) Bhd and Uzma Bhd.

The actives included Frontken Corporation Bhd, Sumatec Resources Bhd, APFT Bhd, AirAsia Bhd, IFCA MSC Bhd and AirAsia X Bhd.

The top gainers included JMR Conglomeration Bhd, Top Glove Corporation Bhd, Apollo Holdings Bhd and Petronas Dagangan Bhd.

Asian stocks slumped to three-year lows on Monday as a slump in Chinese equities gathered pace, hastening an exodus from riskier assets as fears of a China-led global economic slowdown churned world markets, according to Reuters.

A 2.6% fall in S&P 500 mini futures to a 10-month trough during Asian trading hours suggested the falls could continue later in the global session, it said.

AffinHwang Capital Research said more downside was anticipated in the near future.

“Volatility in currency and commodity markets remains while additional risk could be added from correction in the US equity market.

“Technically, market breadth remains weak while the FBM KLCI supports continue to be broken as overall technical indicators remain bearish,” it said.