Broad selling across Asian, European markets, KLCI dn 17 points
KUALA LUMPUR: Asian and Europeans equities markets fell on Monday as investment sentiment was impacted by higher US bond yields and worries the US Federal Reserve could hike interest rates.
At 5pm, the FBM KLCI was down 17.41 points or 0.93% to 1,853.07 but off the early low of 1,845. Turnover was 2.66 billion shares valued at RM2.84bil. Decliners beat advancers more than five to one or 966 losers to 167 gainers and 290 stocks unchanged.
Foreign funds were net sellers at RM261.98mil while local institutions were net buyers at RM215.10mil and retail investors at RM46.88mil.
But by 9.20am in London, March e-mini contracts on the gauge had pared the drop to 0.4%, while those on the S&P 500 Index were down 0.2%.
Bloomberg reported other markets played catch-up on Monday, with the Stoxx Europe 600 Index heading for its worst six-day slide since 2016 and the MSCI Asia Pacific Index poised for its biggest drop in almost 14 months. Yields on 10-year Treasury notes edged higher, while the dollar steadied.
Among the key Asian markets, Japan's Nikkei 225 fell 2.55%, Hong Kong's Hang Seng Index lost 1.09%, Singapore Straits Times lost 1.33%, Shanghai's Composite Index gained 0.73%.
As for the ringgit, it fell 0.38% to 3.900 against the US dollar and shed 0.05% to the euro at 4.8597. However, it firmed up 0.39% against the po und sterling at 5.5109 and eked out a gain of 0.09% to the Singapore dollar at 2.9606.
US light crude oil fell 38 cents to US$65.07 and Brent lost 47 cents to US$68.11.
Refiners Hengyuan fell 58 sen to RM13.04 and Petron 48 sen to RM11.34. PetGas fell 24 sen to RM18.04 and erased 0.84 of a point, Petronas Chemical was unchanged at RM8.02 while Petronas Dagangan gained 22 sen to RM25.70.
MISC fell 37 sen to RM7.20 and erased 2.93 points from the KLCI. Genting Malaysia fell 10 sen to RMRM5.44 while Genting Bhd was down six sen to RM9.36.
Among the banks, which had rallied after the overnight policy rate was increased by 25 basis points two weeks ago, came under selling pressure.
CIMB fell 16 sen to RM7.09 and wiped out 2.62 points from the KLCI Maybank eight sen lower to RM10.02 and erased 1.54 points while RHB Bank lost 19 sen to RM5.30 and wiped out 1.35 points. AmBank fell 16 sen to RM4.58 while Public Bank lost two sen to RM21.98.
As for telcos, Maxis fell nine sen to RM6.01, Axiata and Telekom lost eight sen each to RM5.62 and RM6.13 and Digi five sen lower at RM4.93.
Crude palm oil for third month delivery rose RM24 to RM2,491 per tonne. KL Kepong lost 12 sen to RM25.14, PPB Group six sen to RM17.44 and IOI Corp five sen to RM4.65.
Sime Plantations lost six sen to RM5.49 and Sime Darby shed three sen to RM2.93 while Sime Property dipped two sen to RM1.53.
However, consumer stocks shone as investors sought safety in the stocks with Nestle up 70 sen to RM116.60, F&N 62 sen to RM29.88, Dutch Lady 54 sen to RM63.84 and Carlsberg 18 sen to RM16.42.