KLCI extends losses after breaking below 1,800pts

-A +A

KUALA LUMPUR (Oct 14): The FBM KLCI fell 5.7 points or 0.3% after overnight US stock losses prompted Asian bourses to trade lower today.

At 9.04am, Malaysia's KLCI was traded at 1,791.33 on losses in stocks like Petronas Gas Bhd and SapuraKencana Petroleum Bhd.

The KLCI had posted substantial losses in recent days. Last Friday, the KLCI fell 20.85 points or 1.14% to finish at 1,808.88 on global economic growth concerns.

Yesterday, the index declined another 11.68 points to close at its intraday low of 1,797.2.

Today, analysts said Malaysian stocks were oversold, hence, a possible technical rebound was seen.
Hong Leong Investment Bank Bhd analyst Nick Foo Mun Pang wrote in a note : "Bursa Malaysia is now in technical oversold territory and we believe a rebound is imminent although it may not be smooth given the wild swings in overseas markets."

"More knee- jerk selldown as 1,800 psychological support is violated," Foo said.

Bursa Malaysia saw some 106 million shares worth RM45 million changed hands. There were 41 gainers versus 358 decliners.

The top gainer was United Plantations Bhd while the leading decliner was Hong Leong Industries Bhd.

The most-active stock was Tiger Synergy Bhd.
Across Asia, Japan's Nikkei fell 2.16% while South Korea's Kospi rose 0.43%. Australia's S&P/ASX 200 added 0.73%.

Bloomberg reported that Asian stocks fell, with the regional benchmark index heading for a six-month low, extending a rout in global equities after the Standard & Poor’s 500 Index capped its biggest three-day loss since 2011.

Japanese stocks slumped, joining a global equities rout, as trading resumed after a holiday and the yen held gains amid concern about weakening economic growth.