KUALA LUMPUR, June 24 — Local bourse Bursa Malaysia took a hit in line with global markets as they reacted adversely to the UK leaving the EU (Brexit) with over 700 counters registering losses, dealers said.

The benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) ended the morning session  22.66 points weaker at 1,617.32 after fluactuating between 1,619.24 and 1,640.07 It opened 0.14 point lower at 1,639.84.

On the broader market, losers outpaced gainers 747 to 96, while 197 counters were unchanged, 685 untraded and 20 others suspended.

Turnover stood at 994.55 million shares worth RM783.87 million.

A dealer said fears over Brexit had plunged the British pound to its 31-year low against the US dollar, trading at below US$1.35, the weakest level since September 1985.

“The current EU referendum results have dropped the pound by almost 10 per cent after Brexit votes are more than Bremain,” the dealer said.

Another dealer said Asian stock markets also showed volatile movement with Japan’s Nikkei 225 dropping 7.56 per cent to 15,010.68 while Hong Kong’s Hang Seng declined 4.67 per cent to 19,894.12 and Singapore’s Straits Times went down 2.61 per cent to 2,721.02.

Of the heavyweights, Maybank diminished nine sen to RM8.11, TNB lost 44 sen to RM13.80, Public Bank reduced eight sen to RM19.18 and IHH Healthcare fell five sen to RM6.45, while Petronas Chemicals added one sen to RM6.41.

For the top gainers, British American gained 74 sen to RM50.52, Nestle increased 24 sen to RM76.94 and P.I.E Industrial gained 36 sen to RM12.80.

Meanwhile, in a reseach note today, Hong Leong Investment Bank said it expects the FBM KLCI to likely trade below the 1,634.94 level.

The FBM Emas Index depreciated 174.80 points to 11,286.62, the FBMT 100 Index contracted 164.24 points to 11,002.58 and the FBM Emas Shariah Index lost 176.34 points to 11,834.70.

The FBM 70 shrank 227.41 points to 12,746.52 and the FBM Ace fell 157.57 points to 5,046.36.

The Finance Index was down 155.28 points to 13,976.08, the Plantation Index dropped 58.54 points to 7,516.66 and the Industrial Index slid 20.36 points to 3,040.34. — Bernama