KUALA LUMPUR: A knee jerk reaction to the change of ruling government after General Election 14 last week, the benchmark FBM KLCI was once pulled down to a low of 1,797.14 points, down more than 40 points after the morning bell. However, it managed to regain the lost ground, crawling near to the positive territory within the first 30 minutes.
The FBM KLCI dropped barely 1.54 points at 1,844.97 points as at around 9.45am on the first trading day after the poll. The selldown at this hour is not as heavy as many have expected earlier. The local bourse had earlier factored in the incumbent Barisan Nasional to retain in power. Consequently, analysts and fund managers were anticipating the likelihood of a sharp selldown after the surprising victory of Pakatan Harapan.
As at 9.45am, the scoreboard shows that it is mixed performance across the market, with 491 winners versus 363 losers and 196 counters unchanged.
Nonetheless, construction counters are among the biggest victims amidst concern that the new government would postpone or cancel some major infrastructure projects moving forward. Both George Kent Bhd and Gabungan AQRS Bhd have hit limit down this morning.
My EG Services Bhd also tumbled to limit down this morning.