Market Close KLCI extends fall as ringgit weakens; Maybank down 4%

by **Cals** Wed 02 Sep 2015, 19:37

Market Close
KLCI extends fall as ringgit weakens; Maybank down 4%

KUALA LUMPUR (Sept 2): The FBM KLCI fell 19.02 points or 1.18% while the ringgit weakened, as China concerns and lower crude oil prices weighed Asian shares down.

At 5pm today, the KLCI settled at 1,590.19 on losses in stocks like Malayan Banking Bhd (Maybank) and SapuraKencana Petroleum Bhd.
Maybank fell 35 sen or 4% to RM8.42. The third-largest decliner across Bursa Malaysia was also the 10th most-active stock.
Yesterday (Sept 1), the KLCI dropped 3.53 points or 0.2% to settle at 1,609.21. Today, analysts said Malaysian shares could see further losses as the country contended with China's yuan devaluation, amid slower economic growth prospects there.
“The market (KLCI) continued its downside momentum yesterday, due to both external and domestic factors, particularly China's currency (devaluation).
“I don’t think the market is at its bottom yet, the downside momentum would continue for the next few weeks," Affin Hwang Investment Bank Bhd head of retail research Datuk Dr Nazri Khan told theedgemarkets.com.
Despite the KLCI's losses today, Bursa Malaysia saw more gainers at 379, versus 347 decliners. There were 1.89 billion shares, worth some RM2.13 billion, traded.
Top gainer was Kuala Lumpur Kepong Bhd, while the biggest decliner was British American Tobacco (M) Bhd.

Most-active was KLCI put warrant FBMKLCI-HK, which closed lower at 46.5 sen, with some 174 million units traded.
Across the region, Japan’s Nikkei 225 fell 0.39%, while Hong Kong’s Hang Seng declined 1.18%.
Reuters reported Asian shares fell for a third straight day on Wednesday, as weak manufacturing reports from China, the United States and Europe fuelled worries about slowing global growth, while the dollar took back some lost ground in the previous session to safe-haven Japanese yen.
Oil prices fell on Wednesday, as concerns about the global economy exacerbated worries that an oversupply of crude could last longer than expected. Brent crude for October was down 75 cents at US$48.81 a barrel by 0915 GMT. U.S. crude for October fell $1.00 to US$44.41 a barrel.
Cheaper oil, which forms a crucial component of Malaysian exports, does not augur well for the ringgit.
The ringgit weakened to 4.2107 against the US dollar and compared to the Singapore dollar, the ringgit depreciated to 2.9774.