KUALA LUMPUR (May 29): The FBM KLCI fell by a sharp 7.41 points or 0.4% in the final trading minutes to close at 1,764.89 points on late selling of Petronas Gas Bhd and Genting Bhd shares.
From a broader viewpoint, analysts said the KLCI could have also taken the cue from first quarter earnings, which they said had not met market expectations.
“The decline in the index could be a case of disappointment over results. There has been so much expectation placed on companies, especially in the technology sector, that they were bound to disappoint.
“Some of these counters rose quite a bit prior to the results season,” Inter-Pacific Securities Sdn Bhd research head Pong Teng Siew told theedgemarkets.com.
KLCI-linked Petronas Gas and Genting Bhd were among Bursa Malaysia's top 10 decliners. Petronas Gas fell 36 sen to RM18.60 while Genting Bhd dropped 21 sen to RM9.73.
Bursa Malaysia saw 2.32 billion shares worth RM1.87 billion traded. Decliners outnumbed gainers at 688 against 224 respectively.
Across Asian share markets, Japan's Nikkei 225 fell 0.02% while Hong Kong's Hang Seng added 0.24%. Mainland China markets are closed on Monday and Tuesday for the Dragon Boat Festival.
US markets will also be closed on Monday for Memorial Day.
Reuters reported that Asian stocks handed back earlier modest gains and drifted lower on Monday, running short of incentives to push past two-year highs with many key markets closed for holidays.