Foreign funds batter Bursa, send KLCI into tail spin


  • Markets
  • Thursday, 24 May 2018

KUALA LUMPUR: Sustained foreign selling on Bursa Malaysia sent the FBM KLCI into a tail spin early Thursday as the 30-stock index fell below the critical 1,800 level with more downside seen.

At 9.19am, the KLCI was down 11.24 points or 0.62% to 1,793.01. Turnover was 250.13 million shares valued at RM207.15mil. There were 117 gainers, 245 losers and 189 counters unchanged.

Kenanga Research said Wednesday’s close saw the KLCI decisively breaking below 1,820 level while momentum indicators appears bearishly-biased.

“From here we expect consolidation in the near term with 1,800 (S1) providing immediate support followed by next support identified at 1,780 (S2). Conversely, resistance can be located at 1,820 (R1) and 1,850 (R2),” it said.

Asian shares moved lower on Thursday as investors fretted about new setbacks in US-China trade talks, but negative sentiment was tempered by US Federal Reserve meeting minutes suggesting it would not raise the tempo at which it increases interest rates, Reuters reported.

MSCI's broadest index of Asia-Pacific shares outside Japan was flat, while Japan's Nikkei stock index was 0.6% lower.

At Bursa, Maybank fell 48 sen to RM10.20, Petronas Gas 38 sen to RM17.30, MAHB 34 sen to RM8.46 while Public Bank was down 22 sen to RM24.88.

MyEG came under fresh battering, slumping 15.5 sen to 76 sen with 37 million shares done.

F&N was the top gainer, up 28 sen to RM37.18, HLBank gained 22 sen to RM19.12, MBM Resources 15 sen to RM2.50 while PPB added eight sen to RM19.98 and Digi six sen higher at RM4.62.

Serba Dinamik added five sen to RM3.33.

Subscribe now and receive FREE sooka plan for 1 month.
T&C applies.

Monthly Plan

RM13.90/month

Annual Plan

RM12.33/month

Billed as RM148.00/year

1 month

Free Trial

For new subscribers only


Cancel anytime. No ads. Auto-renewal. Unlimited access to the web and app. Personalised features. Members rewards.
Follow us on our official WhatsApp channel for breaking news alerts and key updates!

   

Next In Business News

Ringgit maintains stronger footing at the close
Gagasan Nadi Cergas to acquire polytechnic concessions for RM185mil
F&N ends FY24 with higher net profit of RM542.77mil
Bursa Malaysia reverses early losses to end higher ahead of MPC outcome
Proton October sales up 13.6%, YTD hits 125,557 units
TCS secures RM86.38mil construction contract from Sime Darby Property
Oil trades in tight range ahead of US election
China shares jump, dollar skittish with all eyes on US Election Day
Bank Negara unveils key principles to harness Islamic finance for economic growth
Aneka Jaringan unit secures RM39mil contract for KL project

Others Also Read