FBM KLCI hit 7-month low over political turmoil

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KUALA LUMPUR: The uncertainties surrounding the country’s political landscape sent the local bourse to its lowest level since November 2020.

The FBM KLCI slumped 21.44 points or 1.4% to 1, 508.71 after moving between 1,525.90 and 1,501.21.

Market breadth turned negative as losers overpowered the gainers on a ratio of 1057-to-147 stocks. Traded volumes stood at 5.34 billion shares worth RM3.54bil.

Dealers said the FBM KLCI is expected to continue its downtrend if political uncertainties remain and expect a withdrawal from the local market.

They added that various quarters are holding meetings and may contribute to volatility in the markets.

The ringgit eased 0.38% to 4, 1772 against the US dollar.

Bernama reported Bank Islam Malaysia Bhd economist Adam Mohamed Rahim as saying the sentiment towards the ringgit was mainly influenced by the outcome of the UMNO supreme council meeting

Meanwhile, Bank Negara has maintained the Overnight Policy Rate (OPR) at 1.75 per cent at its Monetary Policy Committee (MPC) meeting today.

FBM KLCI-component stocks were in the negative, with 28 decliners, one gainer and one closed unchanged.

Among the KLCI constituents, Nestle fell 60 sen to RM133, Kuala Lumpur Kepong shed 40 sen to RM19.68, PPB declined 22 sen to RM18.26 and Telekom Malaysia lost 22 sen to RM5.83.

Top Glove fell 14 sen to RM3.72 and Hartalega declined eight sen to RM6.98.

Petronas Gas added 16 sen to RM15.72 while Digi closed unchanged at RM4.13.

Among the banks, CIMB fell 17 sen to RM4.43, Hong Leong Bank lost 12 sen to RM18.66 and RHB Bank declined seven sen to RM5.25. Maybank and Public Bank declined three sen each to RM8.03 and RM4.05 respectively.

Significant advancers on the broader market include Kumpulan H & L High-Tech, up 63 sen to RM4.34, Widetec rose 52 sen to RM4.20 and Y&G gained 37 sen to RM1.65.

Genetec tumbled 98 sen to RM17, KESM shed 28 sen to RM10.92, Malaysia Airports Holdings fell 27 sen to RM5.82 and F&N lost 24 sen to RM26.20.

Asian bourses closed lower today, with Japan’s Nikkei 225 losing 0.88%, South Korea’s Kospi fell 0.99%, Hong Kong’s Hang Seng closed down 2.89% and China’s Shanghai Composite lost 0.79%.



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