Multiple stocks hit limit down, FBM KLCI ends 0.48% lower

KUALA LUMPUR: It was a sea of red on Bursa Malaysia, with almost 800 stocks closing in the red, and several counters hitting the limit down on Tuesday.

The FBM KLCI ended 7.24 points, or 0.48% lower at 1,493.87 after moving between its intraday low of 1,492.40 and high of 1,503.73.

Selling was widespread with 775 counters closing lower as opposed to 324 gainers while 406 counters closed unchanged. Traded volumes stood at 5.84 billion shares worth RM3.6bil.

The KLCI-component stocks were overwhelmingly negative, with 21 losers and five gainers.

Rapid Synergy Bhd, YNH Property Bhd, and Sarawak Consolidated Industries Bhd (SCIB) hit limit down.

Rapid tumbled RM2.41, or 29.9% to RM5.65 with 854,800 shares traded. The counter fell more then 74% in the past six months.

YNH Property slid 74 sen, or 29.96% to RM1.73 and fallen about 65% in the past six months.

SCIB tumbled 35.5 sen, or 29.83% to 83.5 sen. It is the second most active counter on Bursa Malaysia with 230.2 million shares traded.

Bursa Malaysia has suspended the short selling of SCIB shares under its intraday short selling (IDSS) facility for the rest of the day after the stock dropped more than 15% or 15 sen from the reference price.

In a statement, the exchange said the IDSS facility will only be activated at 8.30 am tomorrow.

Leform Bhd, another top loser on Bursa Malaysia, tumbled 44.9%, or 22 sen to 27 sen with 215.31 million shares done.

Among the gainers on Bursa Malaysia, Nestle rose 40 sen to RM119.70, Allianz added 30 sen to RM20.10, Malaysian Pacific Industries rose 20 sen to RM28.70 and Kluang Rubber Co gained 19 sen to RM4.84.

Meanwhile, US West Texas Intermediate crude fell 15 cents to US$72.53 and Brent added six cents to US$78.21 per barrel.

Around the region, MSCI's Asia ex-Japan stock index was lower by 1.5%.

Japan’s Nikkei 225 closed 0.79% lower at 35,619.18 while South Korea’s Kospi closed down 1.12% at 2,497.59.

Hong Kong’s Hang Seng index was down 2.16% at 15,865.92 and China’s CSI 300 index edged up 0.61% to 3,300.88.