KUALA LUMPUR (May 30): The FBM KLCI slumped 1.9% at mid-morning today as sentiment at the local bourse took a hit, tracking regional markets.
At 10am, the FBM KLCI lost 34.80 points to 1,741.04.
Losers thumped gainers by 656 to 102, whil 239 counters traded unchanged, Volume was 838.35 million shares valued at RM645.36 million.
The top losers included British American Tobacco (M) Bhd, Tenaga Nasional Bhd, Muda Holdings Bhd, Nestle (M) Bhd, Hong Leong Bank Bhd, Hengyuan Refining Company Bhd, Fraser & Neave Holdings Bhd, Gamuda Bhd, Ajinomoto (M) Bhd and Tasek Corp Bhd.
The actives included Sapura Energy Bhd, Sino Hua-An International Bhd, YTL Corp Bhd, Hibiuscus Petroleum Bhd, My E.G. Services Bhd and XOX Bhd.
The gainers included Far East Holdings Bdh, United Plantations Bdh, Nestle (M) Bhd and Hang Seng-linked put warrants.
Asian shares extended a global sell-off in early trading Wednesday as Italy's political crisis provoked a heavy retreat on Wall Street, sent the euro to a 10-month low and pushed up borrowing costs for the government in Rome, according to Reuters.
MSCI's broadest index of Asia-Pacific shares outside Japan was down 1.1 percent, while Japan's Nikkei average shed 1.7 percent to hit a six-week low. South Korea's KOSPI and the Australian stock benchmark slipped 1.6 percent and 0.7 percent, respectively, it said.
Hong Leong IB Research in a traders’ brief said on the Wall Street, the ongoing concerns on trade war and the focus on US-North Korea summit may provide volatility towards the stock markets.
“Also, political turmoil in Italy is likely to put further pressure on equities over the near term. We expect the consolidation to extend on Wall Street.
“KLCI outlook: We believe the market may turn choppy, tracking the external events such as Italy’s political turmoil and the new developments on the Trump-Kim summit, as well as the falling crude oil prices.
“Also, Tun Dr Mahathir has confirmed on the cancellation of HSR project, which may contribute towards heightened trading activities on the construction sector, especially MRCB, Gamuda and YTL Corp Bhd,” it said.