Friday 29 Mar 2024
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KUALA LUMPUR (Nov 21): The local equity market got off to a shaky start on the first trading day following the 15th general election (GE15), and fell more than 1%, as the political impasse with a hung Parliament rattled investor nerves.

At 9.12am on Monday (Nov 21), the benchmark FBM KLCI index had fallen 1.22% or 17.74 points to 1,431.58. The index earlier slipped to a low of 1,434.55

The top losers included Heineken Malaysia Bhd, Petronas Dagangan Bhd, Carlsberg Brewery Malaysia Bhd, BLD Plantation Bhd, Genting Bhd, Hong Leong Financial Group Bhd, Genting Malaysia Bhd, Genting Plantations Bhd, Hengyuan Refining Company Bhd, Sports Toto Bhd and Magnum Bhd.

Hong Leong Investment Bank Research in a traders’ brief said that as a hung Parliament election outcome is unprecedented for Malaysia and accompanied by political risk premium, the KLCI is likely to see a knee jerk sell-off on Monday, but the impact could be cushioned by a 10.5% slide from the year-to-date high of 1,620.

The research house said immediate support is pegged at the 1,400 level, while more solid supports are situated in 1,350-1,373 zones (resistance: 1,454-1,469-1,482).

 

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