KLCI slumps 1.18% as financial services stocks drag, in line with Wall Street tumble

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KUALA LUMPUR (Aug 15): The FBM KLCI slumped 1.18% at mid-morning today, dragged by financial services counters and key blue chip stocks, in line with the overnight tumble at Wall Street.

At 10.35am, the FBM KLCI lost 18.71 points to 1,581.60.

Losers hammered gainers by 612 to 74, while 223 counters traded unchanged. Volume was 710.03 million shares valued at RM488.46 million.

The top losers included Carlsberg Brewery Malaysia Bhd, Hong Leong Bank Bhd, Heineken Malaysia Bhd, Aeon Credit Service (M) Bhd, Kuala Lumpur Kepong Bhd, Public Bank Bhd, Nestle (M) Bhd, Hong Leong Financial Group Bhd, Hong Leong Industries Bhd and Genting Plantations Bhd.

All three major US indexes closed down about 3% on Wednesday, with the blue-chip Dow posting its biggest one-day point drop since October, after the US Treasury yield curve temporarily inverted for the first time in 12 years — considered a classic recession signal, according to Reuters.