KUALA LUMPUR (June 12): The FBM KLCI took a dive at mid-morning today following the overnight rout in the US market. 

The local market takes cue from the worst one-day percentage plunge for US stocks since mid-March. 

By 11.30am, the benchmark index bounced back to 1,533.52 points from this morning’s low of 1,512.39 points, down 23.73 points or 1.52%.

Top Glove Corp Bhd is the only component stock that is trading in the positive zone while the other 29 counters are in the red. Its market capitalisation (cap) stands at RM44.72 billion. The world’s largest rubber glove maker is currently ranked sixth in terms of market cap. 

The five component counters that are still ahead of it are Malayan Banking Bhd (Maybank) with a market cap of RM88.9 billion, Tenaga Nasional Bhd (RM67.88 billion), Public Bank Bhd (RM65.2 billion), Petronas Chemicals Group Bhd (RM51.9 billion) and IHH Healthcare Bhd (RM48 billion). 

Hartalega Holdings Bhd, whose share price fell 12 sen to RM12.32, is ranked seventh with a market cap of RM41.87 billion after Top Glove. 

Malaysia Airports Holdings Bhd (MAHB) led the fall among the KLCI's 30 members, with its share price sliding 4.03% to RM5.71, followed by Press Metal Aluminium Holdings Bhd and Petronas Chemicals. 

Press Metal fell 3.81% to RM4.54 while Petronas Chemicals dropped 3.73% to RM6.45. 

Index-linked banking stocks fell across board this morning with RHB Bank Bhd declining the most, down 3.33% at RM4.93. CIMB Group Holdings Bhd dropped 3.29% to RM3.82 and AMMB Holdings Bhd (AmBank) lost 2.73% to RM3.21. 

Both MAHB and AmBank will be removed from the member list on June 22, to be replaced by Telekom Malaysia Bhd and KLCC Property & REIT. 

Public Bank was down 2.55% at RM16.78, Hong Leong Financial Group Bhd declined 2.52% to RM14.70, Maybank dropped 2.23% to RM7.90, Hong Leong Bank Bhd fell the least, only 0.8% lower at RM14.96. 

Among other heavyweights, Petronas Gas Bhd fell 2.23% to RM17.54, Dialog Group Bhd dropped 2.16% to RM3.62, Petronas Dagangan Bhd eased 1.09% to RM21.76 and MISC Bhd declined 0.97% to RM8.17.

Bursa Malaysia’s financial services index fell 312.84 points or 2.29% to 13,334.50, in line with the overall negative breath across all the indices. 

Energy stocks were hard hit in early trade after oil prices tumbled. Bursa Malaysia’s energy index fell the most among the exchange’s indices, declining 32.67 points or 3.98% to 787.43. 

At 11.15am, US West Texas Intermediate crude futures fell 2.9% to US$35.29 a barrel, while Brent crude oil spot price dropped 2.4% to US$37.63 per barrel.