Bursa Malaysia slumps as Chinese economic data weighs on regional sentiment
KUALA LUMPUR: The domestic market slumped on Monday as the outlook for the regional economy dimmed while profit-taking pressure intensified ahead of the raft of corporate results scheduled for release over the next two weeks.
According to Reuters reports, Asian markets on Monday were dragged lower by negative sentiment as weak Chinese economic data weighed on the outlook.
At 12.30pm, the FBM KLCI was down 16.19 points to 1,555.56, erasing much of the gains made in the previous week.
The number of declining issues on the market outweighed advancing by 5.49-to-1, indicating the retreat was broad-based as investors sought safety in light of the uncertain economic environment.
Volume was 2.47 billion shares transacted for a total value of RM1.12bil.
Among the leading laggards, MPI dove RM1.32 to RM19.96 while PIE Industrial shed 33 sen to RM4.26.
Investors took profits from blue chips including PETRONAS Dagangan down 50 sen to RM19.58, Hong Leong Bank sliding 26 sen ot RM19.94 and Kuala Lumpur Kepong sliding 24 sen to RM20.14.
Active stocks were Harvest Miracle flat at 18 sen, SFP Tech down 2.5 sen to 23 sen and NexG unchanged at 37.5 sen.
In key Asian markets, indices were a sea of red. Japan's Nikkei dropped 0.78% to 37,458 and China's composite index dipped 0.1% to 3,364.
Singapore's Straits Times slipped 0.17% to 3,891 and Hong Kong's Hang Seng fell 0.5% to 23,230.
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