Friday 29 Mar 2024
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KUALA LUMPUR (Feb 9): The FBM KLCI remains under pressure in the first hour of the afternoon session.

The benchmark index was down 18.63 points or 1.01% at 1,820.96 as at 3.38pm, with trading volume totalling 1.88 billion shares worth RM1.73 billion.

Market breadth skewed heavily to the negative side, with 940 losers against 145 gainers, while 268 counters remained unchanged.

Hang Seng Index-linked call warrant HIS-C1P was the biggest loser, down 86 sen or 49.71% to trade at 87 sen.

Bloomberg reported that the sell-off in global stocks that briefly looked to have ended mid-week has come back, tipping markets from the US to Asia into declines exceeding 10% from their January highs. China, where retail investors dominate, got hit particularly hard Friday.

Hong Kong Hang Seng Index was down 2.95%, while South Korea's KOSPI closed 1.82% lower. Japan's Nikkei also closed 2.32% lower.

Malacca Securities Sdn Bhd senior research analyst Kenneth Leong said local investors are still taking the cue of the renewed weakness from Wall Street and the decline in crude oil prices.

"This round of weakness would take about one or two weeks to stabilise, as we observe that the US index futures are still volatile," he told theedgemarkets.com over the phone.

 

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