KUALA LUMPUR: The FBM KLCI fell to the lowest this year at midday on Monday, dragged down by losses in Petronas Dagangan and KL Kepong, while the broader market weakened with 886 counters in the red.
At 12.30pm, the KLCI was down 17.40 points or 1.12% to 1, 542.28 extending the decline from last Fridays close when it ended at the years low due to uncertainties about the economic outlook caused by the spike in Covid-19 infections and ensuing lockdown.
Turnover was 3.01 billion shares valued at RM1.39bil. Decliners hammered advancers nearly nine to one or 886 losers to 110 gainers while 321 counters were unchanged.
On the economic front, Malaysias exports increased by 47.3% to RM92.31bil in May from a year ago, underpinned mainly by robust demand for electrical and electronic (E&E) products. However, the exports contracted from April.
Bloomberg reported Asia stocks and US futures were steady Monday with investors weighing the pace of economic recovery against more potent Covid-19 strains and central banks mulling stimulus reductions.
Southeast Asian markets underperformed. Australia saw a modest dip despite a lockdown in Sydney to contain outbreaks of the highly contagious Delta strain. Japan and China fluctuated. Hong Kong will open for trading in the afternoon after the morning session was canceled because of a rain storm warning.
At Bursa, Nestle fell the most, down by RM1.50 to RM132.20 while F&N lost 40 sen tp RM26.26.
Among the KLCI stocks, Petronas Dagangan fell 72 sen to RM18.88 and HLFG 24 sen to RM17.62.
As for plantations, KL Kepong was down 26 sen to RM20.28, Sime Plantation 12 sen to RM4.07 and IOI Corp 11 sen to RM3.71.
MPI lost 24 sen to RM38.26 and Pentamaster 10 sen to RM4.56.
OMH, which was trading at a bigger premium to its shares on the ASX, retreated after the rally, lost 21 sen to RM3.29.
Serba Dinamik fell six sen to a fresh low of 35 sen with 457 million shares done and its warrants, 0.5 sen lower to eight sen with 73 million units done.
KPower lost 10 sen to 64.5 sen and SCIB 5.5 sen to 53.5 sen.
Euro Holdings continued to lost ground, falling 11 sen or 14.29% to 66 sen.