KUALA LUMPUR, Feb 24 — Shares on Bursa Malaysia were sharply lower today as investor appetite was clouded by crude oil prices, which tumbled coupled with a string of lower corporate earnings.
In thin trading, the FBM KLCI ended 13.11 points or 0.78 per cent weaker at 1,664.17 points at 5pm from yesterday’s close of 1,677.28 points.
The key index started the day 0.85 of a point weaker at 1,676.43. Losses in Sime Darby, Genting Malaysia, Genting, Axiata and CIMB dragged down the composite index by 8.96 points.
Sime Darby fell 32 sen to RM7.64, Genting Malaysia lost 16 sen to RM4.20, Genting declined 24 sen to RM7.86 while Axiata and CIMB eased 8 sen each to RM5.91 and RM4.27 respectively.
A dealer said crude oil tumbled more than 4 per cent after Saudi Arabia oil minister said production cuts won’t work, thus brushing off hopes of curbing current global supply.
Earlier, market sentiment was hurt by comments made by Iran’s oil minister who rejected the suggestion that it would freeze production.
On the scoreboard, the FBM Emas Index contracted 85.27 points to 11,578.96, the FBM Emas Shariah Index gave up 93.78 points to 12,396.16 and the FBM Ace fell 88.91 points to 5,746.94. The FBM 70 was 52.98 points lower at 12,907.42 and the FBMT100 Index declined 78.58 points to 11,276.79.
Sector-wise, the Industrial Index trimmed 42.9 points to 3,244.47, the Finance Index decreased 58.49 points to 13,998.12 but the Plantation Index rose 20.26 points to 7,903.06.
Losers outpaced gainers 601 to 229, with 303 counters unchanged, 620 counters untraded and 25 others were suspended.
Total volume reduced to 1.53 billion shares, worth RM1.51 billion, from 1.91 billion shares, valued at RM1.8 billion, registered yesterday.
Among heavyweights, Maybank slipped 1 sen to RM8.63, Public Bank lost 6 sen to RM18.34 while TNB, Petronas Chemicals and IHH Healthcare eased 2 sen each to RM13.20, RM7.05 and RM6.53 respectively.
Of actives, PUC Founder gained 1.5 sen to 10 sen but APFT slid 2 sen to 9.5 sen. Hubline was flat at 10 sen.
Main Market volume narrowed to 949.47 million units, worth RM1.43 billion, from 1.37 billion units, valued at RM1.7 billion, traded yesterday.
Turnover on the ACE Market improved to 425.09 million shares, worth RM50.11 million, from 352.18 million shares, valued at RM73.14 million, transacted yesterday.
Warrants declined to 143.26 million units, worth RM29.3 million, from yesterday’s 188.57 million units valued at RM31.21 million.
Consumer products accounted for 99.46 million shares traded on the Main Market, industrial products (221.22 million), construction (23.45 million), trade and services (381.4 million), technology (36.23 million), infrastructure (14.85 million), SPAC (34.02 million), finance (35.57 million), hotels (792,500), properties (73.72 million), plantations (17.57 million), mining (1,400), REITs (11.16 million) and closed/fund (23,100). — Bernama
