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KLCI slumps 1.1% to remain rooted below 1,600 as region tumbles

TheEdge Mon, Aug 26, 2019 01:05pm - 9 months ago

KUALA LUMPUR (Aug 26): The FBM KLCI slumped 1.1% at the midday break to remain firmly rooted below the crucial 1,600-point level, as regional markets tumbled.

At 12.30pm, the FBM KLCI lost 17.48 points to 1,591.85.

Market breadth was negative as losers led gainers by 492 to 88, while 485 counters traded unchanged. Volume was 1.28 billion shares valued at RM861.22 million.

The losers included Nestle (M) Bhd, British American Tobacco (M) Bhd, Dutch Lady Milk Industries Bhd, DRB-Hicom Bhd, Petronas Gas Bhd, Hong Leong Bank Bhd, Petronas Dagangan Bhd, Aeon Credit Service (M) Bhd, Genting Plantations Bhd and QL Resources Bhd.

The actives included Ekovest Bhd, DRB-Hicom, Sapura Energy Bhd, Vsolar Group Bhd, Iskandar Waterfront City Bhd, KNM Group Bhd and Iris Corp Bhd.

The gainers included Carlsberg Brewery Malaysia Bhd, Panasonic Manufacturing Malaysia Bhd, Eng Kah Corp Bhd, United Malacca Bhd, IHH Healthcare Bhd, Kwantas Corp Bhd, CB Industrial Product Holding Bhd and Greatech Technology Bhd.

Southeast Asian stock markets dropped on Monday, tracking a broader global sell-off, with the Thai index losing the most as an escalation in the tit-for-tat Sino-US trade dispute over the weekend battered risk appetite, according to Reuters.

US President Donald Trump raised tariffs on about US$500 billion worth of Chinese goods by 5% on Friday, in response to China's imposition of as much as an extra 10% on existing tariffs against US goods worth about US$75 billion, it said.

Affin Hwang Capital Research said the FBM KLCI Index ended last week on a green note, gaining 6.86 points or 0.43% on Friday, closing at 1,609.33.

"Following a huge drop in the US market as sentiments soured due to the intensifying US-China trade war, anticipate our local markets to follow in tandem with global markets, adopting a bearish outlook for the week.

"Investors/traders advised to exercise extra caution when deploying capital as markets may be uncertain and volatile moving through this week.

"Short-term technical rebound in progress. Nonetheless, medium-term downward bias remains," it said.

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