KLCI falls into the red in late-morning selloff; Maybank, Public Bank lead decline

TheStar Thu, Mar 21, 2019 01:01pm - 5 years View Original


KUALA LUMPUR: Bursa Malaysia experienced a sharp reversal in fortunes in the final hour of the morning session as a broad-based selloff in stocks overtook the local market.

At 12.30pm, the FBM KLCI slid 17.7 points to 1,666.51, after falling sharply off a day's high of 1,689.24 at about 11am.

   
Trading volume was 1.78 billion shares valued at RM1.05bil. There were 463 decliners versus 247 gainers and 388 counters unchanged.

Among the 30 KLCI-linked counters, 26 stocks were in the red. 

The decline was led by banking heavyweights Maybank, which fell 12 sen to RM9.35, and Public Bank, which dropped 60 sen to RM23.86. Hong Leong Bank also slid 32 sen to RM20.48 while Ambank shed 11 sen to RM4.50

Meanwhile, other leading decliners included IHH falling 10 sen to RM5.75 and Nestle losing RM3.20 to RM144.50.

Top Glove fell 12 sen to RM4.46, PPB dropped 52 sen to RM17.80 and KLK shed 52 sen to RM24.46.

Of the 10 biggest losers on Bursa Malaysia, eight were KLCI-linked counters. The remaining two stocks were Heineken shedding 14 sen to RM22.84 and Sarawak Plantation falling 10 sen to RM1.46.

The performance in Malaysian equity came at odds with the wider regional trend. Asian stocks were lifted by the overnight US Federal Reserve's announcement that it did not expect any rate hikes this year.

Japan's Nikkei was up 0.2% while Shanghai's Composite Index grew 0.6% and Hong Kong's Hang Seng Index gained 0.2%.

In SOutheast Asia, key markets were also positive. Jakarta's Composite Index  was up 0.15%, Thailand's SET Index grew 0.6%, Philippines SE Index rose 0.85% and Singapore's Straits Times INdex was marginally higher.

The ringgit was also gaining on the weakening US dollar, rising 0.15% to 4.0603 on the back of the Fed announcement. It also rose 0.3% against the pound sterling to 5.3639 and slipped 0.1% against the Singapore dollar to 3.0149.

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