Telegram华人群:FBM KLCI tumbles 17 points, Fed rate hike worries

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KUALA LUMPUR: The FBM KLCI slumped more than 1% on Monday, with major regional markets in the red, as investors evaluate the risks of interest rate hikes by the US Federal Reserve.

At 5pm, the 30-stock index tumbled 17.07 points, or 1.13% to 1,487.37, its lowest in about three weeks.

Market breadth turned negative as losers overpowered the gainers on a ratio of 670-to-219 stocks. Traded volumes stood at 2.2 billion worth RM1.56bil.

Dealers expect the local bourse to continue its bearish consolidation amid the lack of fresh new leads or positive catalysts.

The KLCI-component stocks were overwhelmingly negative, with 26 losers and one gainer while three closed unchanged.

Among the component stocks, Nestle shed 80 sen to RM134.20, PPB eased 40 sen to RM16.46, Hong Leong Financial Group fell 38 sen to RM19.24 and Petronas Dagangan declined 36 sen to RM22.30.

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Hartalega fell 12 sen to RM1.69 while Top Glove declined 3.5 sen to 83.5 sen.

The sole gainer among the KLCI-component stocks, MISC climbed nine sen to RM6.99.

On the broader market, Malaysian Pacific Industries tumbled RM1.58 to RM32.90, Greatech Technology lost 25 sen to RM3.77 and Carlsberg fell 24 sen to RM23.98.

Panasonic Manufacturing rose 28 sen to RM26.90, Chin Hin added 14 sen to RM2.54 and Hengyuan gained 11 sen to RM4.30.

Meanwhile, oil prices tumbled as investors were concerned about aggressive US interest rate hikes.

Brent crude futures fell by US$1.91, or 1.97%, to US$94.81 a barrel while the US West Texas Intermediate (WTI) fell US$1.86, or 2.05%, to US$88.91 per barrel.

Elsewhere in Asia, Japan’s Nikkei 225 index fell 0.47, South Korea’s Kospi ended down 1.21%, Hong Kong’s Hang Seng Index shed 0.6%, China’s Shanghai Composite Index closed up 0.61% and Singapore’s Straits Times Index rose 0.5%.