KUALA LUMPUR (Aug 19): The FBM KLCI ended lower today in line with the retreat by other Asian indices, following Wall Street’s slide that came after the US Federal Reserve (Fed) minutes signaled a pullback in stimulus measures.
The benchmark index closed 10.29 points or 0.67% lower at 1,515.95 after lingering in negative territory for the entire session.
Rakuten Trade head of equity sales Vincent Lau said the Fed’s taper talks has soured local sentiment, resulting in losses.
“Despite the drop seen today, the local bourse is still holding above the 1,500 level now, partly due to the fact that the political front has somehow shown some certainty with Datuk Seri Ismail Sabri Yaakob likely to clinch premiership,” he added.
Top Glove Corp Bhd plunged 4.07% or 16 sen to RM3.77 to become the top percentage decliner among the KLCI’s 30 component stocks.
This was followed by Press Metal Aluminium Holdings Bhd (down 2.77% or 14 sen to RM4.91), Genting Malaysia Bhd (down 2.13% or six sen to RM2.76) and Hartalega Holdings Bhd (down 2.08% or 15 sen to RM7.06).
On the broader market, losers led gainers by 634 to 334, while 451 counters finished unchanged.
Turnover declined to 3.3 billion shares valued at RM1.98 billion compared with yesterday’s 3.83 billion shares worth RM2.2 billion.
Notable top losers of the day included Vitrox Corp Bhd, Carlsberg Brewery Malaysia Bhd, Heineken Malaysia Bhd, KESM Industries Bhd, Greatech Technology Bhd, Sam Engineering & Equipment (M) Bhd, Pentamaster Corp Bhd, Petronas Dagangan Bhd and Rapid Synergy Bhd.
Top gainers included Nestle (M) Bhd, Computer Forms (M) Bhd, Bintulu Port Holdings Bhd, MyEG Services Bhd, Hong Leong Financial Group Bhd, Berjaya Food Bhd, Duopharma Biotech Bhd, Yinson Holdings Bhd, Kuala Lumpur Kepong Bhd and Dutch Lady Industries Bhd,
The top active counters were Advance Synergy Bhd, Avillion Bhd, Destini Bhd, Dagang NeXchange Bhd, Kanger International Bhd, Priceworth International Bhd, Appasia Bhd, Malayan United Industries Bhd and KNM Group Bhd.
Reuters reported that minutes from the Fed’s July meeting showed officials expected they could ease stimulus this year, though there was division over recovery in the labour market and the level of risk posed by coronavirus cases rising again.
“Stocks stumbled, global bond yields fell and the dollar hit a nine-month peak on Thursday as a double-whammy of Fed taper fears and Covid worries haunted equity markets and spurred a new rush into safe haven assets,” the newswire said.
In Asia, Japan's Nikkei 225 dropped 1.11%, South Korea's Kospi plummeted 1.93%, Hong Kong’s Hang Seng Index fell 2.13% and the Shanghai Stock Exchange Composite Index closed down 0.57%.
Source: The Edge
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