Late fund buying shores up KLCI, tech stocks routed

The key FBM KLCI fell briefly below the crucial 1,600 level in afternoon trade on Monday on mounting selling pressure in line with the key Asian markets.

KUALA LUMPUR: Late fund buying helped the FBM KLCI close off the lows on Thursday, in line with most key Asian markets, but tech stocks were routed following the tumble in the US.

At 5pm, the KLCI was down just 3.45 points or 0.2% to 1,686.59 -- the lowest since July 10. The intra-day low was 1,670.

At 1,686, the KLCI is trading at a price-to-earnings of 17.91 times. The market capitalisation was RM1.06 trillion for the 30 stocks on the KLCI.

Turnover on Bursa Malaysia was 2.24 billion shares valued at RM2.33bil.  The broader market reflected the weaker investor sentiment with declining stocks beating advancers by more than four losers to one gainer. There were 333 counters unchanged.

China's main onshore stock market indexes clawed back from midday losses for a second day of weak gains but shares in Hong Kong ended lower despite a late rally, joining regional bourses battered in the wake of Wall Street's rout, Reuters reported.

At Bursa, semicon stock MPI fell the most in recent months, down RM1.08 to RM11.40 while burn-in tester KESM lost 60 sen to RM10.38 and Pentamaster slid 29 sen to RM3.13. Inari fell 12 sen to RM1.93 in active trade.

CIMB ended the day down 12 sen to RM5.58 and wiped put 2.07 points from the KLCI, RHB Bank lost two sen to RM5.18 but Public Bank edged up two sen to RM24.90, Hong Leong Bank eight sen higher at RM20.70 and Maybank nine sen up to RM9.47.

Axiata staged a mild rebound, up 11 sen to RM3.44 and added 1.8 points to the KLCI, Digi rose 10 sen to RM4.17, Maxis four sen higher at RM5.27 but Telekom fell three sen to RM2.19.

Brent crude oil rose 15 cents to US$76.32 while US light crude was unchanged at US$66.82.

Dialog lost 15 sen to RM3.21 and chipped off 1.52 points from the KLCI, Petronas Chemical nine sen lower at RM9.25, Petronas Dagangan lost six sen to RM26 but Petronas Gas climbed 22 sen to RM18.20.

Crude palm oil for third month delivery fell RM26 to RM2,174 per tonne. The Malaysian Palm Oil Board said the lower price was due to expectations of rising CPO production and weaker soabean oil prices.

Sime Darby lost nine sen to RM2.11 and Sime Plantation eight sen lower at RM5.17. IOI Corp shed two sen to RM4.51, PPB Group four sen to RM16.80 and KL Kepong was unchanged at RM24.96.

Genting Bhd fell RM7.22 , Genting  Malaysia four sen lower at RM4.44 while IHH gave up seven sen to RM4.81 but a positive outlook from analysts lifted MISC up 22 sen to RM6.10.

The ringgit fell 0.11% against the US dollar to 4.1710 and weakened 0.12% to the euro at 4.7604 and shed 0.14% to the Singapore dollar at 3.0235. But it edged up against the pound sterling by 0.03% to 5.3844.